Allowed

Hdfc Bank Ltd., v. Atagalla Sri Ramulu

DRT17 Nov 2023OA/642/2022

Case brief

AI extract

What is this about?

The Tribunal adjudicated an Original Application filed by HDFC Bank Ltd. to recover a claimed sum from two respondent-defendants. The defendants remained absent. The Tribunal allowed the application, declaring the bank entitled to recovery from the defendants and their hypothecated vehicle.

What did the court decide?

Defendants directed to pay Rs. 21,79,99,566.71 with interest; bank entitled to recover from hypothecated vehicle and personal properties; recovery certificate issued.

Hdfc Bank Ltd., versus Atagalla Sri Ramulu — Banking and Recovery | DRT (2023)

¶1

IN THE DEBTS^{RECOVERYTRIBUNAL-II AT HYDERABAD}

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DATED THIS THE^{17th DAY OF NOVEMBER,2023}

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PRESENT: SH.^{MI4ESHWARKOTHE, B.Com., L'LB (Hons ), N1'A'} PRESIDING OFFICER

¶4

Origlnal Application^{No: 642 OF 2022}

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HDFC Bank Ltd., Having its office^{at # 1-10-60/3,} 4th Floor, SuryodaYa^comPlex, Begumpet, HYderabad^{- 500016.} Rep. by its Authorized^Signatory. .....Applicant.

¶6

Versus 1. Atagalla Sri^Ramulu, S/o. Balaiah A, Aged: 50 Years,^{Occ: Business,} 38-15/76 Vinoba^Nagar, Near Anjaneya SwamY^TemPle, Malkajgiri, Hyderabad-500094.

¶7

Aalladi Ashok Yadav, S/o. Balamallu.^A Aged: 43 Years, 1-2-111l1, Yellareddyguda, KaPra, Secunderabad, Hyderabad-500062. . '.Defendants

¶8

: Mr' M. P. Kashyap Counsel for the Applicant Defendants : Exoarte0Y**

oA.NO.54212022

:: !LLLqR ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.21,7999,566.71ps from the defendants jointly and severally with future interest @ 24o/o p,a, from the date of application till the date of realization along with costs and in default for sale of OA hypothecated vehicle.

¶13

Summons served on D1 to 2. They were set exparte on 27.O2.2O23 as called absent and no representation.

¶14

The Applicant Bank examined V V Pavan Kumar, ManagerLegal, as AW-1 and marked 7 documents through him as Ex. A.1 to Ex. A.7.

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Ld. Counsel for the Applicant Bank reported orders may be passed on merits. Perused the material placed on record.

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The point that arises for consideration is:-

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Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants and OA hypothecated vehicle?

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As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.7 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are^jointly and severally liable to^pay the OA claim to the Applicant Bank^{with future interest} and costs. /Y.c

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oa.No-64212022

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t. In the result, the present Original Application No.642/2022 is allowed as under: -

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i) The Defendants are joinfly and severally liable to pay to the Applicant Bank a sum of Rs.2t,7999,566.7 7ps with future interest @ 8.25o/o p.a. simple from the date of application till the date of realization;

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ii) the OA claim is secured by way of hypothecated vehicle described in the schedule annexed to OA and the applicant bank is entifled to proceed against the same to realise its debu

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iii) the applicant bank is also entiued to proceed against the person and properties of defendants for realization of its dues;

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iii) the applicant bank is entiued for the costs.

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The Applicant Bank is directed to flle Cost Memo within 2 weeks from the date of receipt of this Order.

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Issue Recovery Certificate accordingly.

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Communicate a copy of this order to the parties concerned. (Dictated_to the steno, coffected, signed and pronounced by me in the open court on this the 17"'Day of November,2023).

¶28

ft-...*, ESHWAR KOTHE) PRESIDING OFFICER

Hdfc Bank Ltd., v. Atagalla Sri Ramulu

Case brief

What is this about?

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Hdfc Bank Ltd., v. Atagalla Sri Ramulu

Case brief

What is this about?

What did the court decide?

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