Allowed

Icici Bank Limited v. Kethavath Laksjmamma

DRT21 Dec 2023OA/853/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the Debts Recovery Application filed by ICICI Bank against two defendants. The bank was directed to recover the principal sum of Rs. 33,41,583.82 with interest against the respondents jointly and severally, secured by hypothecated vehicles and personal properties.

What did the court decide?

The defendants ordered to jointly and severally pay Rs. 33,41,583.82 with interest; the bank entitled to realize the debt from hypothecated vehicles and the defendants' properties.

Icici Bank Limited versus Kethavath Laksjmamma — Contract and Commercial Disputes | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDERABAD DATED THIS THE 21St DAY OF DECEMBER, 2023

¶2

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

¶3

Original Application No: 853 OF 2022

¶4

ICICI Bank Limited, ICICI Bank Tower, Plot No.12lNanakramguda, Serilingam^pa lly, Ranga Reddy-500032. Telangana.

¶5

Rep. by its Power of Attorney.

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.....Appllcant.

¶7

Versus

¶8

Smt. Kethavath Lakshmamma,

¶9

Wo.^{Kethavathcopal,}

¶10

Age: 40 Years, Occ: Business,

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R/o. 5-12, Pallumidi Thanda, Balanagar Mandal, Mahaboob Nagar, Telangana-509202.

¶12

Sri. Kethavath Gopal, S/o. Kethavath Rupla,

¶13

Age: 52 Years, Occ: Business,

¶14

R/o. H.No.5-12. Pallumidi Thanda, Balanagar Mandal, Mahaboob Nagar, Telangana - 509202.

¶15

...Defendants

¶16

Counsel for the Applicant : Mr. R. Rajendra^prasad Defendants

: ExparteN""

oa,No.8s3/2022

:: ORDER::

The Applicant Bank filed the present OA for the recovery a sum of Rs.33,41,583.82ps with interest @ 24o/o p.a. with monthly rests from the date of application till the date of realization along with costs and in default for sale of OA hypothecated vehicles.

¶21

Summons seryed on D1 & 2. The defendants were set exparte on 18.01.2023 as called absent and no representation.

¶22

The Applicant Bank examined Sathish Kumar.M, Zonal Debt Manager, as AW-1 and marked 19 documents through him as Ex. A.1 to Ex. A.19.

¶23

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

¶24

The point that arises for consideration is:-

¶25

Whether the Applicant Bank is entitted for the claim made in the OA against the Defendants and OA hypothecated vehicles?

¶26

As stated supra, the Defendants remained ex_parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.19 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joindy and severally liable to pay the OA claim to the Applicant Bank with future interest and costs. /ve@''

¶27

¶28

oa.No.853/2022

¶29

In the result, the present Original Application No.853/2022 is allowed as under: -

¶30

i) The Defendants are joinHy and severally liable to pay to the Applicant Bank a sum of Rs.33,41,583.82ps with future interest @ 9.35o/o p.a. simple from the date of application till the date of realization;

¶31

ii) the OA claim is secured by way of hypothecation of vehicles described in the schedules annexed to the OA and the applicant bank is entifled to proceed against the same realise its debt;

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iii) the applicant bank is also entiued to proceed against the person and properties of defendants for realization of its dues; and

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iv) the applicant bank is entiHed for the costs.

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

¶35

Issue Recovery Certifi cate accordingly.

¶36

C^ommunicate a copy of this order to the parties concerned. turctateo to the steno, signed and pronoun(ed by me in the open court on this the 21,r Day of Oecemb€r, 2023) .

¶37

ESHWAR KOTHE) PRESIDING OFFICER

Icici Bank Limited v. Kethavath Laksjmamma

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Kethavath Laksjmamma

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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