Allowed

Icici Bank Limited v. Chapala Shiva

DRT27 Sept 2023OA/770/2022

Case brief

AI extract

What is this about?

Original Application by ICICI Bank Limited against Chapala Shlva, Chapala Raju, and Pagilla Salaiah, who remained ex-parte, was allowed on merits. The court held the defendants liable for a debt claim secured by hypothecated assets and directed issuance of a recovery certificate.

What did the court decide?

Defendants are jointly and severally liable to pay a sum of Rs. 2,87,074.06 with interest @ 9.25% p.a. Bank is entitled to proceed against hypothecated assets and person/property of defendants for rea

Icici Bank Limited versus Chapala Shiva — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II^{AT HYDERABAD}

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DATED THIS THE 27th DAY OF^{SEPTEMBER,2023}

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

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Original Application No: 77O OF 2022

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ICICI Bank Limited, Gachibowli, ICICI Towers, Serilingampally Mandal, Ranga Reddy District, Rep. by its Authorized Signatory and Power of Attorney holder. Hyderabad

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.....Applicant

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VERSUS

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Chapala Shlva

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S/o. Chapala Venkatesham,

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Aged:32^years, occ: Business,

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R/o. H. No. 13, Gujja Narayanapur Mandal,

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Gujja Narayanapur X Roads,

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Nalgonda District, Telangana- 508253

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Chapala Raju

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S/o Chapala Venkatesham,

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Agedi 27 years, occ: Business,

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R/o. H. No. 13, Gujja Narayanapur Mandal,

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Gujja Narayanapur X Roads,

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Nalgonda District, Telangana- 508253

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Pagilla Salaiah

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S/o. Pagilla Narsimha, Aged:45 years, occ: Business,

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R/o. H. No. 13 Gujja Narayanapur Mandal,

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Gujja Narayanapur X Roads,

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NalgondaDistrict,Telangana-508253 .....Defendants rAwa'4+ (l/^/,,..q'

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OA No.77O/2022

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Counsel for the Applicant : Mr. G. A. KIMN RAt Lounsel for the Defendant :Ex-Parte

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ORDER

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The Applicant Bank fited tota r su m "r R..,s,8?,8;:: il:"}::^J"". j:il::""::H:,; and severally as on 10.05.2022 with future,"*"" ar4r" 0.". with monthly rests from the date of oA to ti, the date of

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rearization and in defaurt for sale of oA schedule hypothecated

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assets.

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2, Summons served on Dl exparte on

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20.72.2022,. ."rr"a uo."nlou,?';" H:.::::,,:::

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The Applicant Bank exam Rerationship Manaser as'lil i:": ;::[;11":":,H,1 through him as Ex. A.1 to Ex. A. 17.

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

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The point that arises for consideration is;

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W-hether the Applicant Bank is enti ed for the ctaim made in the oi iiiiii the Defendants ana nvpotneriiir. ii assefs?

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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.17 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the

/ry-or-

OANo.77O/2022

Defendants. Hence, I hold that the Defendants are jointly and severally liable to pay the OA claim to the Applicant Bank with futu re interest and costs.

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In the result, the present Original Applicauo n N}.77O/2O22 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. 2,,B7,g74.t6ps with further interest @ 9.25Vo p.a. simple from the date of OA to till the date of realization;

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ii) The claim of the applicant is secured by way of hypothecation of assets described in OA schedule and applicant bank is entiued to proceed against the same for realization of its debt;

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iii) The applicant bank is also entitled to proceed against the person and propeiie; ;; defendants for realization of its duis;

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iv) The applicant bank is entiued for the costs.

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L 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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C^ommunicate a copy of this order to the parties concerned. j:]:.:",:a,:oD,I l,:1", :orrected, sisned and pronounced by me in the op"n .or.t on Ll,s rne z/ oay or 5eptember 2023) .

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WoYt> RAFIESHWAR KOTHE) PRESIDING OFFICER

Icici Bank Limited v. Chapala Shiva

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Chapala Shiva

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Statutes considered

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