Allowed

Hdfc Bank v. Maha Crop Genetics

DRT29 Aug 2023OA/679/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Applicant Bank's original application for recovery of dues totaling Rs. 81.47 lakh plus interest and costs from the Defendants, holding them jointly and severally liable based on evidence marked on record.

What did the court decide?

Defendants ordered to pay Rs. 81.47 lakh with interest; Applicant Bank entitled to costs and directed to issue Recovery Certificate.

Hdfc Bank versus Maha Crop Genetics — Service and Employment | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDERABAD DATED THIS THE 29th DAY OFAUGUST,2023

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

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Original Application No: 679 OF 2022

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

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....Applicant

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Versus

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M/s. Maha Crop Gentics # 4-44, Flat No. SO4, 5th Floor Mohan Shrada Complex, Harshita Estate, Opp: NGRI Metro Rail RD No. 8, V V Nagar, Habsiguda, Hyderabad-5OOOO9. Rep. by its Managing^partner

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Mr. M Murali Krishna.

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Mr. Madasu Murali Krishna S/o. Venkateshwarlu

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Aged: 39 Years, Occ: Managing partner Of lv'l/s. Maha Crop Genetics R/o. H.No. 2-3-28, Flat No. 502, Venkata Sai Enclave, Hanuma Sai Nagar, Vijaypuri Colony, Uppat, Hyderabad-500039.

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Also at: Mr. Madasu Murali Krishna C/o. D. No. 164, Kancharagunta Vi age Durgi Mandal, Guntur District-522001 / Art"w--^5*"

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oA.NO.679/2022

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Also at: # 4-44, Flat No. 504, sth Floor, lv'lohan Shrada Complex, Harshita Estate, Opp: NGRI lvletro Rail RD No.8, V V Nagar, Habsiguda, Hyderabad-500009.

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Mr. Madasu Gopi Krishna S/o. Venkateswarlu, Aged: 36 Years, Occ: Partner of M/s. Maha Crop Genetics, R/o. H. No. 2-3-28, Flat No.309, Venkata Sai Enclave, Hanuman Sai Nagar, Vijayapuri Colony, Uppal, ...Defendants Hyderabad-500039. Counsel for the Applicant : lYr. N1. Srinivas Reddy Defendants : Exparte

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:: qLLEB::

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The Applicant Bank flled the present OA for the recovery of a total sum of Rs. 81,47,324.78ps from the defendants joinuy and severally with future interest @ 18o/o p.a. from the date of application till the date of realisation along with costs.

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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 Manager, as AW-1 and marked 16 documents through her as Ex. A.1 to Ex. A.16.

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Vfu1.*rt

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oa.No.579/2022

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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?

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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.16 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinfly and severally liable 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.679/2022 is allowed as under; -

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i) The Defendants are joinHy and severally liable to pay to the Applicant Bank a sum of Rs. 81.47.324.78ps i.e. a sum of Rs. L3,27,753.47, Rs. 53,99,472.92 and Rs. 14,20,098.45ps under loan account nos. 94097540, 50200046112671 and 8121303 respectively with future interest @ 8.25olo p.a. simple from the date of application till the date of realization;

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ii) the applicant bank is also enti ed to proceed against the person and properties of defendants for realization of its dues; ,/T^fttctt z^.t, Llnt**"

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oA.NO.679l2022

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iii) 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, corrected, signed and pronounced by me in the open court on this the 29s day of August, 2023) .

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kt'llesnwnn [ffi,^KorHE) PRESIDING OFFICER

Hdfc Bank v. Maha Crop Genetics

Case brief

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Hdfc Bank v. Maha Crop Genetics

Case brief

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