Allowed

Hdfc Bank v. Judicious Security Force and Services Pvt. Ltd.

DRT29 Aug 2023OA/678/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allows an Original Application filed by HDFC Bank for recovery of a loan amount of Rs. 31.88 lakks from three respondents including a security company, directing payment with future interest and authorizing sale of hypothecated vehicle.

What did the court decide?

Defendants directed to pay Rs. 31,88,483.11 with future interest; bank entitled to realize debt from hypothecated vehicle and Defendants' properties.

Hdfc Bank versus Judicious Security Force and… — Contract and Commercial Disputes | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 29th DAY OF AUGUST,2023

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

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Original Application No: 678 OF 2022

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HDFC Bank Ltd., Branch office at 1- 10-60/3, 3'o Floor, Suryodaya Complex, Begumpet, Secunderabad lvlandal Hyderabad District-500016. Rep. by its lvlanager Legal

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....Applicant

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Versus

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N4ls. Judcious SecurityForce & Services Pvt., Ltd.. Rep. by its Director Mr. Karan Kantam Office at # Flat No. 102, H. No. 8-2-6281629, Banjara Bahavan, Road No.1, Banjara Hills, Hyderabad-500034.

¶8

Mr. Karan Kantam, S/o. Shivaji Kantam, Aged: 38 Years, Occ: Director M/s. Judicious Security Force & Services Pvt. Ltd., R/-o. H.No. 6-3-24813/ABC, Ftat No. 5E, 5'" Floor, Maruti Heights, Road No.1, Beside Sakhti Builiding, Banjara Hills, Hyderabad-500034.

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Mr. G Laxmi Devi D/o. Konda Reddy Aged: 37 Years, Occ: Director of M/s. Judicious Security Force Service^pvt. Ltd., R/o. Flat No. 102, H. No. 8-2-628/629 Banjara Bhavan, Road No.1, OW

oA.NO.678/2022

... Defendants

Banjara Hills, Hyderabad-50OOO34

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Counsel for the Applicant

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Defendants

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Mr. lvl. Srinivas Reddy

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Exparte

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:: ORDER::

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The Applicant Bank filed the present OA for the recovery of a total sum of Rs. 31,88,483.11ps from the defendants join y and severally with future interest @ 18o/o p.a. from the date of application till the date of realisation along with costs and in default for sale of OA hypothecated vehicle.

¶20

Defendants served with summons through paper publication. They were set exparte on 10.03.2023 as called absent and no representation.

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The Applicant Bank examined S. prabhu Kumar, Senior l4anager, as AW-1 and marked 13 documents through her as Ex. A.1 to Ex. A.13.

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Heard the Ld. Counsel for the Applicant Bank and 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 enti ed for the claim made in the OA against the Defendants and OA hypothecated vehicle? oK*

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oA.NO.678/2022

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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.13 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.

¶27

In the result, the present Original Application No.678/2022 is allowed as under: -

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs. 31,88,483.11ps i.e. a sum of Rs. 5,54,580.59ps, Rs. 21,98,902.52ps and Rs. 4,35,OOO{- under loan account no. 62013825, 69891395 and 8364576 respectively with future interest @ 9.10olo 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 vehicie described in the schedule annexed to OA and the applicant bank is entitled to proceed against the same to realise its debt;

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

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oA.NO.678/20i2

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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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Crcmmunicate a copy of this order to the parties concerned. lurcrareo to the steno, corrected. signed and pronounced by me in the open court on this the 29th day of August, 2023) .

¶35

dw* (Afuesnwen KorHE) PRESIDING OFFICER

Hdfc Bank v. Judicious Security Force and Services Pvt. Ltd.

Case brief

What is this about?

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Hdfc Bank v. Judicious Security Force and Services Pvt. Ltd.

Case brief

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What did the court decide?

What the court decided

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