Allowed

Hdfc Bank Limited v. M/S Vainqueur Corporate Services

DRT20 Jul 2023OA/782/2022

Case brief

AI extract

What is this about?

Debt Recovery Tribunal allowed Original Application No. 782/2022 filed by HDFC Bank Limited against three defendants for recovery of a sum of Rs. 44,93,229.89 with future interest, costs, and direction to issue a Recovery Certificate based on ex-parte proceedings.

What did the court decide?

Direction to pay Rs. 44,93,229.89 with interest @ 12% p.a., costs, and issuance of Recovery Certificate.

Hdfc Bank Limited versus M/S Vainqueur Corporate Services — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 2oth DAY OF JULY, 2023 PRESENT: SH. RAMESHWAR KOTHE, B.Com., L.LB. (Hons.), M.A. PRESiDING OFFICER

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Original Application No: 782 OF 2022

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M/s.HDFC Bank Limited, Department for Special Operations Hyderabad, H.No.6-3-246 & 6-3-244/ A, 3d Floot, Road No.0196, Roxana palladium, Road No.1, Banjara Hills, (Besides Virinchi Hosiptal) Hyderabad-500034, Hyderabad District, Rep by its Power of Authorized Offlcer.

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.....Applicant.

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Versus

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l4ls. Vainqueur Corporate Services, Rep. By its partners, Pasupula Udaybhanu & Pasupula Varalaxmi 4th Floot,6-3-249/3. Abhinandan Towers, Road No. 1, Banjara Hills Main Road, Hyderabad-500034,Telangana State.

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Mr. Pasupula Udhaybhanu
S/o Pasupula. Balaswamy
Aged 44 Years. Occ: Business,
H.No.3- L4- 124/ CP / 504,
Chaitanya Plaza, L.B Nagar,
Mansoorabad, Hayathnagar,
K.V. Rangareddy Dist-500068,
Telangana State.
nlw.o
L/ 9"

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OANo.78212022

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Also at: Mr. Pasupula UdhaYbhanu S/o Pasupula. BalaswamY Aged 44 Years. Occ:^Business HNo: 10-4-7, Flat^No:201, Park View APartments, Humayum Nagar,^HYderabad, Hyderabad-500028, Telangana State.

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Mrs. Pasupula^Varalaxmi, W/o PasuPula BalaswamY, Aged 63 Years, Occ:^Business, H.No:B-159, Marlu, Mahabubnagar-509001, Telangana state'

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.,.Defendants

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Counsel for the APPlicant : M'V. KINI Defendants : ExParte

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:: lLR D LB ::

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The Applicant Bank filed the^{present OA for the recoveryof a} sum of Rs.44,93,229.89/- as on^{3L.08.2O22 from the} defendants^jointly and severally with future^interest @^18o/o f.a.^{from date of application till the date of realisationalong} with costs, and for sale of OA schedule assets.

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Summons served on D1 to 3 through^{paper publication,} they were set exparte on 21.02.2023 as called absent and no representation.

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The Applicant Bank examined Srikanth Sukhavasi, Manager, as AW-1 and marked 21 documents through her as Ex. A.1 to Ex. A.2t. tM.*

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ul -$r.^,

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OANo.78212022

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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 entitled for the claim made in the OA against the Defendants and OA Schedule assets ?

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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.21 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinUy and severally liable 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.7B2/2O22 is allowed as under: -

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs. 44,93,229.89ps with future interest @ l2o/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 assets described in the schedule annexed to OA and the applicant bank is entitled to^proceed against the same to realise its debt;

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dXU

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OA No.782/2022

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iii) the applicant^{bankis alsoentitledto proceed} against the^{person and propertiesof}

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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 directedto flle Cost Memo within 2 weeks} from the date^{of receipt of this order.}

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9, Issue Recovery Certificate^accordingly.

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10, Communicate^{a copy of this orderto the parties concerned'} (Dictated to the steno. corrected,^{signed andpronounced by mein the open courton} thisthe 2Os^day ofjuly,2023).

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/Y" (MMESHWAR KOTHE) PRESIDING OFFICER

Hdfc Bank Limited v. M/S Vainqueur Corporate Services

Case brief

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Hdfc Bank Limited v. M/S Vainqueur Corporate Services

Case brief

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