Allowed

Indusind Bank Limited v. M/s Anjana Bikes

DRT13 Nov 2023OA/644/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an original application filed by Indusind Bank for recovery of dues against accused parties who remained in absentia, holding them jointly and severally liable for the principal sum, future interest, and costs secured by mortgaged assets.

What did the court decide?

Defendants directed to pay Rs. 1,78,70,016.67 with future interest @ 12.25% p.a.; bank entitled to proceed against secured assets and defendants' properties for realization; costs awarded.

Indusind Bank Limited versus M/s Anjana Bikes — Banking and Recovery | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDERABAD DATED THIS THE 13th DAY OF NOVEMBER, 2023

¶2

PRESENT: SH. MMESHWAR KOTHE, B.Com., L.LB. (Hons.), M.A. PRESIDING OFFICER

¶3

Original Application No: 644 OF 2022

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Indusind Bank Limitied, Br_anch Office at H. No. l-10-72. 3'" Floor, Ashoka Janardhan Chambers, Begumpet, Secunderabad-SOOO16. Rep. by its Authorised Signatory.

¶5

.....Applicant.

¶6

Versus

¶7

1.M/s.AnjanaBikes,
Rep.byits^proprietor
Mrs.GanjikuntaSuhasini, tS:9,1q^{years,Occ:Business,} D-.No.38/1681-2,MadrasRoad, ChinnaChowk,Kadapa,
Andhra^{pradesh_516002.}

¶8

Mrs. Ganjikunta Suhasini W/o. Ganjikunta Tirumala Kumar, Aged: 30^years, Occ: Business, D. No. 47/329-2-2, Near Mother India High School, Sankarapuram, Kadapa, Andhra pradesh-5 iG0o1.

¶9

Also at:

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f"lrs. Ganjikunta Suhasini, W/o. Ganjikunta Tirumala Kumar, Aged: 30^years, Occ: Business, D. No. 591234, Sy No. 3/1A1, Akkayapa i, Kadapa-516003.

OY'r"*

oA.NO.644/2022

l'1r. Ganjikunta^{Tirumala Kumar,} S/o. Gankikunta^{Pandurangaiah,} Aged: 40 Years,^{Occ: Business,} D. No.4U32a-2-2,^{Near Motherlndia} High School, Sankarapuram, Kadapa, Andhra Pradesh-516001.

¶15

... Defendants

¶16

Counsel for the^APPlicant

¶17

: Mr. G. Bhanu Murthy

Defendants

: Exparte

:: ILLqEB^::

The Applicant Bank^{filed the presentOA for the recovery a total} sum of Rs.1,78,70,016.67ps^{from the defendantsjointly and} severally wlth future^interest @^{18.75olo p.a. wlthmonthly} interest from 01.08.2022^{till the date of realization along with} costs and in default^{for sale of OA schedule assets.}

¶22

Summons served^{on D1} to^{3 through paper publication.They} were set exparte on^{27.02.2023as called absentand no} representation.

¶23

The Applicant Bank examined^{Kotagiri Srikanth,ChiefManager,} as AW-1 and marked 26 documents^{throughhim as Ex. A.1 to} Ex. A.26.

¶24

Heard the Ld. Counsel for the Applicant^Bank and^perusedthe material^placed on record.

¶25

til.y__,

¶26

/-/ '--6tt'

¶27

oa.No,5,44/2022

¶28

The point that arises for consideration is:_

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Whether the Applicant Bank is entitted for the claim made in the OA against the Defendants and OA sciedule assets?

¶30

As stated supra, the Defendants remained ex_parte. The Evidence Amdavit coupled with the recitals in the documents viz., Exs. A.1 to A.26 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinuy and severally liable to pay the OA claim to the Applicant Bank with future interest and costs.

¶31

In the result, the present Original Applicatio n No.644/2O22 is allowed as under: -

¶32

i) The Defendants are joinfly and severally liable to pay to the Applicant Bank a sum of Rs.1,78,70,016.67ps with future interest @ 12.25o/o p.a. simple From the date of application till the date of realization;

¶33

ii) the OA claim is secured by way of mortgage/hypothecation of asset described in the schedules annexed to OA and the applicant bank is entiued to proceed against the same to realise its debu Ary:.,, /./ ',c^'

¶34

oA.NO.6il4l2022

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iii) the applicant^{bankis alsoentitledto proceed} against the^{person and propertiesof}

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defendants^{for realization of its dues;}

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iii) the applicant^{bank is entitled for the costs'}

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The Applicant^{Bank is dlrectedto file Cost Memo within 2 weeks}

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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 orderto the parties concerned'} (Diaated to the steno,^{coriected,signed and pronouncedbY mein the open courton} thG the^{13sDaYof November,2023).}

Indusind Bank Limited v. M/s Anjana Bikes

Case brief

What is this about?

What did the court decide?

Indusind Bank Limited v. M/s Anjana Bikes

Case brief

What is this about?

What did the court decide?

What the court decided

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