Allowed

Indian Bank v. M/S.Krishnaveni Enterprises

DRT19 Oct 2023OA/72/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Original Application filed by Indian Bank to recover dues of Rs. 50,35,336/- from M/s. Krishnaveni Enterprises. The court held the defendant liable to pay the amount with interest and costs, exercising powers under the DPD Act to proceed against the hypothecated vehicle and the defendant’s properties. A Recovery Certificate was issued.

What did the court decide?

The defendant is directed to pay Rs. 50,35,336/- with future interest; the bank is entitled to proceed against the hypothecated vehicle and the defendant's properties; a Recovery Certificate was issue

Indian Bank versus M/S.Krishnaveni Enterprises — Banking and Recovery | DRT (2023)

¶1

.<.

¶2

IIORIGINAg,

¶3

IN THE DEBTS RECOVERY^{TRIBUNAL.IIAT HYDERABAD} DATED THIS THE 19Ih^{DAY OF OCTOBER, 2023}

¶4

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

¶5

Original Application No:^{72 OF 2023}

¶6

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

¶7

Versus

¶8

M/s. Krishnaveni EnterPrises, Rep. by its Proprietor, Surapu Krishnaveni W/o. Syed Ismaial, aged: 42 Years, R/o. Flat No. 105, 8-3-234/ 5, KDR Resdinecy, LNS Nagar, Yousufguda, Hyderabad-5000045. ...Defendant

¶9

: Mr. B. Damodar Reddy counsel for the Applicant Defendants : Exparte

¶10

::^qLLEB::

¶11

The Applicant Bank^{filedthe presentOA for the recoverya total} sum of Rs. 50,35,336/- i.e. a^{sum of Rs. 35,09,357l-,Rs.} 50,330/-, Rs. 3,83,590/-^{and Rs. 7,03,591/-underTermLoan,} Ory*

¶12

oA.NO.72l2023

¶13

oD Loan, FITL and Ind-GECLS-COVID^{from the defendant with} future interest thereon @ 8 850/o @ r2'200/o' @^{7'850/o and} @ 9.25o/o^p.a. respectively monthly^{rests from 30.11.2022till the} date of realisation along with costs and in default^for sale^{of oA} hypothecated vehicle.

¶14

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

¶15

The Applicant Bank examined Mopuri Subba Rao,^Cheif Manager, as AW-1 and marked 31 documents through^{him as} Ex. A.1 to Ex. A.31.

¶16

Ld. Counsel for the Applicant Bank reported orders may be passed on merits. Perused the material placed on record.

¶17

The^point that arises for consideration^is:-

¶18

Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants and OA hypothecated vedhicle?

¶19

As stated supra, the Defendant^remained ex-parte.^The Evidence Affidavit coupled with the^recitals in the^documents viz., Exs. A.1 to A. 31 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendant. Hence, I hold that the Defendant is liable to^pay the oA clalm to the Applicant Bank with future interest and costs//-^{V9,,^^} f__/._rq.l$p

¶20

¶21

oa-No.7212023

¶22

In the result, the present Original Application No.72/2O23 is allowed as under: _

¶23

i) The Oefendant is liable to pay to the Appticant Bank a sum of Rs. S0,35,336/- i.e. a sum of Rs. 35,09,357l_, Bs. SO.33o/- ec 3,83,sso/ -,.fr ;,. ;,;rd iX $# {:i}uq -4_ Loan, OD Loan, FITL and Ind_GECLS_COVID with future interest @ loyo simple from the date of application till the date of realization;

¶24

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 entiued to proceed against the same realise its debt; iiD the applicant bank is also entiued to proceed against the person and properties of defendant for realization of its dues; iv) the applicant bank is entiHed for the costs.

¶25

B. The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this Order.

¶26

Issue Recovery Certificate accordingly.

¶27

Communicate a copy of this order to the parties concerned, this the tgo day ofOctober,2023) . on (Dicrated to the steno, cor;ected, signed and pron**!a u, ." "li.lp"il"rn

¶28

ESHWAR KOTHE) PRESIDING OFFICER

Indian Bank v. M/S.Krishnaveni Enterprises

Case brief

What is this about?

What did the court decide?

Indian Bank v. M/S.Krishnaveni Enterprises

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Bank of Baroda versus Vicky Gupta

State Bank of India versus Sunil Arora

State Bank of India versus Naresh Pal and Anr.

Canara Bank versus M/S Suswa Infoway Pvt. Ltd.

Indian Bank versus Srvc Enterprises

Indian Bank versus Renar Enterprises