Allowed

Icici Bank Limited v. Srinivas Enumula

DRT11 Dec 2023OA/761/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal disposed of an application filed by ICICI Bank Limited for the recovery of a sum of Rs.28.08 lakhs with interest from two defendants, granting the bank's prayer for payment and enforcement of hypothecated vehicle.

What did the court decide?

Defendants jointly and severally liable to pay Rs.28.08 lakhs with interest; bank entitled to proceed against hypothecated vehicle and personal properties for realization.

Icici Bank Limited versus Srinivas Enumula — Banking and Recovery | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE 11th DAY OF DECEMBER, 2023 PRESENT: SH. MMESHWAR KO. o^.rrorrl,otirt..arofl^{.,L.LB.(Hons.),rvr.A.}

¶2

Original Application No: 761 OF 2022

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ICICI Bank Limited. Gachibowli, ICICI io*"r. Serilingampally Mandal, Ran9a Reddy District. R^ep. by jts Authorized Signatory & power of Attorney Holder:

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.....Applicant.

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Versus

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Srinivas Enumula. S/o. Mallaiah Enumula. R/o. l?^ed :. 1-Sg,.Devaruppula 3:^yejrs, occ: Business,Mandal, Lnowdur, Marudkalan. I^:1.- l"*r_Iutn,^{wa;ansarDist.,} I etangana_506303.

¶7

Mekala Sridhar pothula_ S/o. Bikshapathi Mekat;.

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lg:di ,34^{years,occ:Business,} Chowdur, Waddicherla. ]):wabpet,^{Near Ramaiayam Temple,} Warangal District, Telangana_506303.

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... Defendants

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Counsel for the Applicant

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Mr. G. Adrian Kiran Raj Exparte :: ORDER:: dY.*

Defendants

oA.NO.751l2o22

TheApplicantBankfiledthepresentoAfortherecoveryatotalsum^{of Rs'28'08} 'g[7l-^{from the defendants jointly and} severallywithfutureinterest@24o/op.a.444withmonthly restsfromthedateofapplicationtillthedateofrealization along^{with costs'}

¶16

The^{defendants were set exparte on 2O'LZ'2022as called} absent^{and no representation'}

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The^{Applicant Bank examined N Chandrasekhar' Regional} Relationship^{Manager' os AW-1 and marked t4 documents} through^{him, as Ex' A'1 to Ex' A'14'}

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Ld.^{Counselfor the ApplicantBank reported ordersmay be}

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passed^{on merits' Perused the materialplaced on record'}

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The^{point that arises for considerationis:-}

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Whether^{the Appticant Bank is.entitled} for the^{claim made in the OA against} the^{Defendants and OA hypothecated} vehicle?

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6.Asstatedsupra'theDefendantsremainedex-parte'The EvidenceAffidavitcoupledwiththerecitalsinthedocuments viz.,Exs.A.ttoA.l4markedonbehalfoftheApplicantBank clinchestheclaimoftheApplicantBankagainsttheDefendants. Hence,^{I hold that the Defendants are jointlyand severallyliable} topaytheoAclaimtotheApplicantBankwithfutureinterest and^costs' present Original^{Application No'76112022is}

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7.^{In the result' the} allowed^{as under:} frx{

oA.NO.76112022

In the result, the present Original Application No.76112022 is allowed as under: -

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i) The Defendants are joinuy and severally liable to pay to the Applicant Bank a sum of Rs.28,08,987/- with future interest @9.25yo p.a. simple from the date of application titl the date of realization;

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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 entitled to proceed against the same to realise its debt;

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iii) the applicant bank is 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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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 Certifi cate 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 11rh Day of December, 2023).

¶35

Ow,* ((c{qESHWAR KOTHE) PRESIDING OFFICER

Icici Bank Limited v. Srinivas Enumula

Case brief

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Icici Bank Limited v. Srinivas Enumula

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