Allowed

Hdfc Bank Ltd. v. Cs Creamics

DRT13 Dec 2023OA/646/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the Original Application filed by HDFC Bank Limited for recovery of dues from two respondents. The court held the defendants jointly and severally liable and secured the claim through hypothecation of assets.

What did the court decide?

Order allowed; Defendants held jointly and severally liable to pay Rs.48,99,849.37 with interest; claim secured by hypothecation of assets; bank entitled to proceed against assets and persons.

Hdfc Bank Ltd. versus Cs Creamics — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDERABAD DATED THIS THE 13th DAY OF DECEN4BER, 2023

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PRESENT: SH. RAN4ESHWAR KOTHE, B.Com, L.LB. (Hons.), M.A. PRESIDING OFFICER

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ORIGINAL APPLICATION No. 645 OF 2022

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HDFC Bank Limited, Department for Special Operations, Hyderabad, H.No.6-3-246 & 6-3-244/ A, 3'd Floor, Desk No.0196, Roxana Palladium Road No. 1, Banjara Hills, (Besides Virinchi Hospital) Hyderabad-500034, Hyderabad District, Rep by its Authorized Offlcer,

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Versus

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M/s. CS Ceramics, Represented by its Proprietor,

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Mr. T. Chandra Sekhar Reddy,

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Plot No. 166, Phase III,

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Ka malapu rl Colony,

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Srinagar Colony,

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Hydera bad- 5 0007 3, Tela ngana State.

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Mr. T Chandra Sekhar Reddy,

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S/o. T. Ivladhu Sudhan Reddy, House No.2-2-1166/1, Street No.20, Near Railway bridge, Nalla kunta, Musheerabad, H ydera ba d^- 500 0 73, Telanga na State.

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Defenda nts.

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Counsel for the Applicant : lY. V. KINI

Defendants

:ExDarte.

ffi,.o

oA.64612022

O_R.2.ER

The Applicant Bank filed the^present OA for the recovery of a sum of Rs.48,99,849.37Ps from the defendants^jointly and severally with interest @18o/o^p.a. from the date of application till the date of realization along with costs and in default^for sale of OA schedule assets.

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Summons served on D1 and 2 through^{paper publication.} They were set ex-parte on 18.08.2023 as called absent and no representation.

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The Applicant Bank examined Mr. Srikanth Sukhavasi, Manager as AW-1 and marked 23 documents through him as Ex. A.1 to Ex. A,23.

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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 assefs?

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As stated supra, defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A1 to A.23 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants 1 and 2 are jointly and severally liable Iltro/ ^nr .z-;.tr'-

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oA.64612022

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to pay the OA claim to the Applicant Bank with future interest and costs.

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In the result, the present Original Application No.646/2022 is allowed as under: -

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i) the Defendants 1 & 2 are jointly and severally liable to pay to the Applicant Bank a sum of Rs.48,99,849.37ps with future interest @l2o/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 hypothecation of assets described in the schedule annexed to the OA and the applicant bank is entifled to proceed against the same for recovery of its dues;

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

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iv) the applicant bank is entitled for the costs.

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B. The Applicant Bank is directed to file 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, signed and pronounced by me in the open court on this the L3th day of December, 2023).

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(RAMESHWAR KOTHE) PRESIDING OFFICER

Hdfc Bank Ltd. v. Cs Creamics

Case brief

What is this about?

What did the court decide?

Hdfc Bank Ltd. v. Cs Creamics

Case brief

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What did the court decide?

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