Allowed

Hdfc Bank Ltd. v. Areti Ramchandra Reddy

DRT14 Sept 2023OA/71/2022

Case brief

AI extract

What is this about?

The tribunal allowed the debt recovery application filed by the bank against three defendants. The defendants were set ex-parte. The claim, including principal amount, interest, and costs, was granted along with the right to proceed against hypothecated vehicles and other properties.

What did the court decide?

Defendants ordered to pay sum of Rs. 22,23,885.98 with future interest and costs; bank entitled to realize debt from hypothecated vehicles and properties.

Hdfc Bank Ltd. versus Areti Ramchandra Reddy — Banking and Recovery | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDEMBAD DATED THIS THE 14th DAY OF SEPTEMBER, 2023

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

¶3

Original Application No: 7l OF 2022

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HDFC Bank Ltd., H-aving its office at 1-10-60,/3, 4"' Floor, (4A), Suryodaya Comptex, Begumpet, Hyderabad-5OOO1G. Rep by its Manager-Legal

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.....Applicant.

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Versus

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Mr. Areti Ramachandra Reddy, S/o. Areti Kista Reddy,

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Yo: | !o.^{1-7-26,BrahamanStreet,} Medak, Telangana-5021 10.

¶9

Mrs. Areti^yashodha,

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C/o. Reamchandra Reddy,

¶11

H. No. 1-7-26, Brahaman Street, Medak, Telangana-5021 10.

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Mr. tYalla Reddy pagi a, C/o. Pandu Reddy^pagilla,

¶13

H. No.4-9-789lp 20, yella Reddy Colony, Road No. 10, Bagh Hayath Nagar.Hyderabad, Telangana-501505.

¶14

...Defendants

¶15

Counsel for the Applicant

Mr. Srihari Bathina

Defendants

Exparte
N**

oA.NO.71,/2022

:: ORDER::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.22,Z3,B85.9Bps from the defendants join y and severally with future interest @ 9.680/o0lo and @ 1O.O3o/o p.a. with monthly rests from the date of application till the date of realisation along with costs and in default for sale of OA hypothecated vehicles.

¶23

Summons served on D1 to 3. They were set exparte on 23.06.2022 as called absent and no representation.

¶24

The Applicant Bank examined Velamuri Venkata pavan Kumar, Manager-Legal, as AW-1 and marked 4 documents through him as Ex. A.1 to Ex. A.4.

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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 schedule hypothecated vehicles?

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As stated supra, the Defendants remained ex_parte. The Evidence Affldavit coupled with the recitals in the documents viz., Exs. A.1 to A.4 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants.

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Hence, I hold that the Defendants are joinuy and severally liable to pay the OA claim to the Applicant Bank with future interest andcosts.

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,N*

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oA.NO.7L/2022

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In the result, the present Original Application No,7t/2022 allowed as under: _

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i) fhe Defendants are joinfly and severally liable to pay to the Applicant Bank a sum of Rs. 22,23,885.98ps with future interest @ 9.690/o 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 vehicles described in the schedule annexed to the OA and the applicant bank is entitled to proceed against the same to realise its deb[

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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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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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Crcmmunicate a copy of this order to the parties concerned. tutcated to the steno, correcte4 signed and pronounced by me in the open court on this the 14h day of September,2O23) .

¶40

fr",w" tMfiesnwnn KorHE) PRESIDING OFFICER

Hdfc Bank Ltd. v. Areti Ramchandra Reddy

Case brief

What is this about?

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Hdfc Bank Ltd. v. Areti Ramchandra Reddy

Case brief

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What did the court decide?

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