Allowed

Indian Bank v. Srvc Enterprises

DRT19 Oct 2023OA/66/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the Original Application filed by Indian Bank for recovery of a loan sum of Rs. 51,81,852/-. The respondent was ex parte. The claim including future interest, costs, and sale of hypothecated vehicle was allowed, and a recovery certificate was directed.

What did the court decide?

Recovery of Rs. 51,81,852/- with future simple interest, costs, and authorization to proceed against hypothecated vehicle and defendant's properties.

Indian Bank versus Srvc Enterprises — Contract and Commercial Disputes | DRT (2023)

¶1

IN THE DEBTS RECOVERY^{TRIBUNAL-II AT HYDERABAD} DATED THIS THE 19th^{DAY OF OCTOBER,2023}

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PRESENT: SH. MN4ESHWAR^{KOTHE, B.Com., L.LB. (Hons.),M.A.} PRESIDING OFF1CER

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Original Application No: 66^{OF 2023}

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Indlan Bank, Srinagar Colony Branch, Hyderabad. Rep. by its Chief Manager. Versus

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..'..Applicant.

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M/s. SRVC Enterprises, Rep. by its Proprietor,S. Revika, D/o. Sreeram Revika, Aged: 25 Years, R/o. H. No. 9-2-47121F7, Vamsi Krishna Society, Royal Enclave, Sreeram Ambika Nilayam, Hasmathpet, ...Defendant Bowenpally, Hyderabad-500001.

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Counsel for the Applicant : Mr. B. Damodar Reddy

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Defendants : Exparte

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:: qLLqB::

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The Applicant Bank filed the^present OA for the recovery a total sum of Rs. 51,81,852/- i.e. a sum of Rs. 38,81,381/-, Rs. !,L2,846/-, Rs. 4,77,711/- and Rs. 7,09,914/- under Term K'.ot'

¶11

¶12

oA.NO.56/2023

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Loan, OD Loan, FITL and Ind-GECLS_COVID from the defendant with future interest thereon @ 8.55olo @ 1O.2oolo, @ 7.85o/o and @ 9.25olo p.a. respectivety monthly rests from 30.11.2022 tilt the date of realisation along with costs and in default for sale of OA hypothecated vehicle.

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Summons served on sole defendant through paper publication. He was set exparte on 26.06.2023 as called absent and no representation.

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The Applicant Bank examined Mopuri Subba Rao, Service, as AW-1 and marked 28 documents through him as Ex. A.1 to Ex. A.28.

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Ld. Counsel for the Applicant Bank reported orders may be passed on merits. perused the material placed on record. The point that arises for consideration is:_

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Whether the Applicant Bank is enti ed for the claim made in the OA against the Defendants and OA hypothecation vehicle?

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As stated supra, the Defendant remained ex_parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A. 28 marked on behalfofthe Applicant Bank clinches the claim of the Applicant Bank against the Defendant. Hence, I hold that the Defendant is tiable to pay the OA ctaim to the Applicant Bank with future interest and costs.

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In the result, the present Original Application No.66/2023 is allowed as under: -

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i) The Defendant is liable to pay to the Applicant Bank a sum of Rs. 51,81,852/_ i.e. a sum of Rs. 38,91,381/-, Rs. 1,12,846/_, Rs. Ory^'*

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oA.NO.65/2023

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4,77,7fL/- and Rs. 7,O9,9I4/_ under Term Loan, OD Loan, FITL and Ind_GECLS_COVID with future interest @ 1oolo 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 vehicle described in the schedule annexed to the OA and the applicant bank is entifled to proceed against the same realise its debu

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iii) the applicant bank is also entiHed to proceed against the person and properties of defendant 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, signed and pronounced by me in the open court on this the 19"'day ofoctober,2O23).

¶30

OY** lMuesxwnn rotxey PRESIDING OFFICER

Indian Bank v. Srvc Enterprises

Case brief

What is this about?

What did the court decide?

Indian Bank v. Srvc Enterprises

Case brief

What is this about?

What did the court decide?

What the court decided

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