Allowed

Hdfc Bank Ltd., v. Mr.Aleri Lakshmikanth Reddy

DRT30 Oct 2023OA/654/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by HDFC Bank for recovery of dues of Rs. 20.81 lakhs plus interest and costs from two respondents who were absent in ex-parte proceedings. The bank was granted proceeds against mortgaged properties and defendants' personal assets.

What did the court decide?

Granted recovery of Rs. 20.81 lakhs with future interest and costs; permitted proceeds against mortgaged property and defendants' assets; issued Recovery Certificate.

Hdfc Bank Ltd., versus Mr.Aleri Lakshmikanth Reddy — Contract and Commercial Disputes | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDERABAD

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DATED THIS THE 3oth DAY OF OCTOBER, 2023

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

¶4

Original Application No: 654 OF 2022

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HDFC Bank Ltd., Having its office at Bank House, # 6-3-246 & 6-3-244lA, 6th Floor, Roxana Palladium, Road No. 1, Banjara Hills, Hyderabad-500034. Rep. by its Authorized Signatory. .....Applicant.

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Versus

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lYr. Aleri Lakshmikanth Reddy, S/o. Bala Rami Reddy, Aged: 58 Years, Occ: Farmer R/o. H. No. 7-121, Prakash Nagar Road, Ananthapur (V) & (M) & District-515871.

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Also at:

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Mr. Aleri Lakshmikanth Reddy, R/o. H. No. 2-12A, Gardachedu Village, Kanekal Mandal, Ananthapur District-515871.

¶10

Mr. Suram Narsimha Reddy, S/o. S Rami Reddy, Aged: 46 Years, Occ: Farmer, R/o. H.No. 8-189, OC Colony, K Kothapalli^(V) &^(M) ...Defendants Anathapur District-515871.

¶11

Counsel for the Applicant : Mr. M. Srinivas Reddy Defendants

:ExParte 1fu'**

oa.No.6s4l2022

::^qLLE.B ::

The Applicant Bank filed the^{presentOA for the recovery a total} sum of Rs. 20,81,488.48ps^{underCashCredit and Term Loan} from the defendants^jointly and severally^{With future interest} @^{18o/o p.a. compoundedwith monthlyrestsfrom 30.O5.2O22} till the date of realisation along^{withcostsand in default for} sale of OA schedule Property.

¶17

Defendants served summons through^{paper publication.They} were set exparte on 13.03.2023 as^{called absentand no} representation.

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The Applicant Bank examined D. Suresh,^{DeputyManager-} Legal, as Aw-1 and marked 20 documents^{throughhim as Ex.} A.1 to Ex. A.20.

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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 schedule propefty?

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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.20 marked on behalf of the^{ApplicantBank} 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 Bankwith future interest} and costs.

/fryu'^'*

oa.No.6s4l2o22

In the result, the present Original Application N}.6S4/2O22 is allowed as under: -

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i) The Defendants are joinuy and severally liable to pay to the Applicant Bank a sum of Rs. 20,81,489.48ps /_ under Cash Credit Loan and Term Loan from the defendants join y and severally with future interest @ 12qlo simple from the date of application till the date of realization;

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ii) the OA claim is secured by way of mortgage of property described in the schedule annexed to the OA and the applicant bank is entitled to proceed against the same realise its debt;

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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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iv) the applicant bank is entiued for the costs.

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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, corrected, si8ned and pronounced by me in the open court on this the 30"' day of October, 2023) .

¶34

/fr("o IYESHWAR KOTHE) PRESIDING OFFICER

Hdfc Bank Ltd., v. Mr.Aleri Lakshmikanth Reddy

Case brief

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Hdfc Bank Ltd., v. Mr.Aleri Lakshmikanth Reddy

Case brief

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