Allowed

Indian Bank v. Sabavat Vijay Kumari

DRT24 Aug 2023OA/71/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the application filed by Indian Bank for recovery of dues amounting to Rs.35,83,470/- from the defendant, who remained in default and did not appear for the hearing. The bank was permitted to proceed against secured and unsecured assets.

What did the court decide?

Defendant liable to pay Rs.35,83,470/ -with future interest and costs; bank entitled to proceed against secured and unsecured assets.

Indian Bank versus Sabavat Vijay Kumari — Banking and Recovery | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 24.1H DAY OF AUGUST, 2023

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PRESENT: SH. RAMESHWAR KOTHE, B,COM., L.LB, (HONS.)/ IY.A. PRESIDING OFFICER

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Original Application No: 71 OF 2023

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Indian Bank Srinagar Colony Branch, Hyderabad. Represented by its Chief Manager.

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.....Applicant.

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Versus

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M/s. Sabavat Vijay Kumari Represented by its Proprietor. Sabavat Vijay Kumari, W/o.Sabavat Kishan, Aged 43 Years, R/o. A-4-329, Banjara Nagar, Opp Metro Factory, Erragadda. Santhnagar, l-lyderabad - 500001.

¶8

... Defendant

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Counsel for the Applicant : Mr.B.Damodar Reddy

Defendants

: Exparte

:: :: l![-[ff,

The Applicant Bank filed the present OA for the recovery of a total sum of Rs.35,83,4701- i.e., a sum of Rs.32,12,907/under Term Loan Account No.67057071456 as on 30.11.2022 with future interest @ 8.550/o p.a., a sum of Rs.55,702l- under OD Account No.6624206262 as on 30.11.2022 with future interest @ l2.2Qo/o p.a. and a sum of Rs.3,14,861/- under FITL N"*

¶14

oA.7t/2023

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Account No.6814796322 as on 30.77.2022 with future interest @^{7.85o/o p.a.} from the defendant with monthly rests, from date of application till the date of realisation along with costs, and in default, for sale of OA schedule asset.

¶17

Summon sent to sole defendant returned with endorsement refused, hence deemed to be served. The sole defendant was set exparte on 29.03.2023 as called absent and no representation.

¶18

The Applicant Bank examined Mopuri Subba Rao, Chief Manager as AW-1 and marked 22 documents through him as Ex. A.1 to Ex. 4.22.

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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 Defendant and OA schedule asset?

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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.22 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendant. Hence, I hold that the Defendant is liabte 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.7112023 is allowed as under: - ffn sn ^ UlYx*$t>

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oA.7712023

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i) The Defendant is liable to pay to the Applicant Bank a total sum of Rs.35,83,470l_ i.e., a sum of Rs.32,12,907/- under Term Loan Account No.67057071456, a sum of Rs.55,702/- under OD Account No.6624206262 and a sum of Rs.3,14,961/_ under FITL Account No.69t4796322 with future interest @ 7.85o/o 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 asset described in the schedule annexed to the 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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iv) the applicant bank is entiiled 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 according ly.

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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 24th day of August, 2023) .

¶32

PRESIDING OFFICER

Indian Bank v. Sabavat Vijay Kumari

Case brief

What is this about?

What did the court decide?

Indian Bank v. Sabavat Vijay Kumari

Case brief

What is this about?

What did the court decide?

What the court decided

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