Allowed

Hdfc Bank v. Sri Sai Lakshmi Agencies

DRT24 Nov 2023OA/80/2023

Case brief

AI extract

What is this about?

In an ex-parte judgment, the tribunal allowed the Debts Recovery Tribunal application filed by HDFC Bank against three defendants, holding them jointly and severally liable to pay the claimed amount with interest and costs, and directed issuance of a Recovery Certificate.

What did the court decide?

Defendants directed to pay Rs. 58,21,489.27 with interest; bank entitled to proceed against hypothecated vehicle and defendant properties; Recovery Certificate issued.

Hdfc Bank versus Sri Sai Lakshmi Agencies — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 24th DAY OF NOVEMBER, 2023

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PRESENT: SH. RAMESHWAR KOTHE, B.Com., L.LB. (Hons.), tvl.A. PRESIDING OFFICER

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Original Application No: 80 OF 2023

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HDFC Bank Ltd., Having its office at # 1-10-60/3,3'd Floor, Suryodaya Complex, Opp. Shoppers Stop, Begumpet, Secunderabad Mandal, Secunderabad District-500016, Telangana State. Rep. by its Legal Manager.

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.....Applicant.

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Versus

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Sri Sai Lakshmi Agencies, Rep. by its Proprietor, Kancherla Sweechcha, 6-1-288, Venkataramanapuram Colony, Padmmarao Nagar, Hyderabad-500025, Telangana State.

¶8

I4rs. Kancherla Sweechcha, D/o. Manikyam Kancherla, Aged: 35 Years, Occ: Business, Sarada Mansion-G2, Umanagar Kundanbhagh, Begumpet, Hyderabad - 500016, Telangana State.

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Also at:

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Mrs. Kancherla Sweechcha, D/o. Manikyam Kancherla, /ilyr-,urv (_/ -rr-'

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oa.No.80/2023

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Aged: 35 Years, Occ: Business, 21-1-43, Bangaru Vari Tank Street, Palakol-534260, Andhra pradesh.

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Mr. KVS Chakradhar Rao, S/o. Kota Venkata Sambashiva, Aged: 43 Years, Occ: Business. G2, Ground Floor, Sarada Mansion Near Ancons International, Street No.3, Umanagar, Begumpet, Hyderabad-500016, Telangana State.

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Also at:

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Ir4r. KVS Chakradhar Rao, S/o. Kota Venkata Sambashiva, Aged: 43 Years, Occ: Business, Venkatapuram Colony, Padmaro Nagar, Hyderabad-500025, Telangana State. ...Defendants

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Counsel for the Applicant : M. V.Kini Defendants : Exparte

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:: ORDER::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.58,2 7,489.27ps as on 02.11.2022 from the defendants jointly and severally with future interest @ 12.50o/o p.a. from the date of application till the date of realization along with costs and in default for sale of OA hypothecated vehicle.

ry!1'

oA.I{O.80/2023

Summons served on D1 to 3 through paper publication. They were set exparte on 22.06,2023 as called absent and no representation.

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The Applicant Bank examined Nikhila yedla, tvlanager_Legal, as AW-1 and marked I documents through her as Ex. A.1 to Ex. A.8.

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

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As stated supra, the Defendants remained ex-parte. The Evidence Affldavit coupled with the recitals in the documents viz., Exs. A.1 to A.8 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinfly 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.8O/2023 is allowed as under: -

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i) The Defendants are joinfly and severally liable to pay to the Applicant Bank a sum of Rs.58,21,489.27ps with future interest @ So

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oA.NO.80/2023

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8.5olo 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 vehicle 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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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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iii) 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 Certificate 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 24b Day of November, 2023) .

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dx* (RAMESHWAR KOTHE) PRESIDING OFFICER

Hdfc Bank v. Sri Sai Lakshmi Agencies

Case brief

What is this about?

What did the court decide?

Hdfc Bank v. Sri Sai Lakshmi Agencies

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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