Allowed

Icici Bank Limited v. M/S Jael Earth Movers

DRT15 Dec 2023OA/883/2022

Case brief

AI extract

What is this about?

Dr. Debts Recovery Tribunal allowed the Bank's original application for recovery of Rs. 25,40,7201 with interest and costs, holding defendants jointly and severally liable and directing issuance of a recovery certificate.

What did the court decide?

Defendants ordered to pay Rs. 25,40,7201 with interest; OA claim secured by hypothecated vehicle; Recovery Certificate issued.

Icici Bank Limited versus M/S Jael Earth Movers — Company and Corporate | DRT (2023)

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(

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 15th DAy oF DECEMBER, 2023

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

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ORIGINAL APPLICATION No. 883 oF 2022

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ICICI Bank Limited Branch at Gachibowli, ICICI Towers, Serilingampally Mandal, Ranga Reddy District, Rep by its Authorized Signatory and power of Attorney holder

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.....Applicant.

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Versus

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M/s. Jael Earth Movers Rep. by its Proprietor,

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Mrs. Masabattula Meghana, Aged about 35 years, Occ:Business,

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H.No. 13-1-338, Mahatmagandhi Colony, Near Main Road, Ananthapur-S15001,

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Andhra Pradesh.

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Mrs. Masabattula Meghana, Aged about 35 years, Occ:Business, H.No. 13-1-338, Magatmagandhi Colony, Near Main Road, Ananthapur-S15001, Andhra Pradesh

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Mr. Komalapati Sunil Kumar, S/o. Kommalapati Prabhakar, Aged about 35 years, Occ: Self Employee, H.No. 13-1-333,Mahatmagandhi Colony, Near Main Road, Ananthapur-S15001, Andhra Pradesh.

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Mrs. Yerra Ramanngari Adilakshmi D/o. Yerra Ramanngari Ramanjaneyulu, Aged about 35 years, Occ:Self Employee, Rlo. 8-225, Near Main Road,

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J. Kothapalli, Ananthapur-5 15445, Andhra Pradesh. frw

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oA.88tl2022

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Mr. KommalaPati^{Raj kumar,} S/o. kommalaPati^Prabhakar, Aged about^{41 years, Occ:SetfEmployee,} Hllto. 13-1-33S,Mahatmagandhi^Colony, Near Water^{Tank, Ananthapur-515001,} Andhra Pradesh. 6. Mr. Yerra Ramannagari^{Ramanjaneyulu,} S/o. Yerra^{RamannagariRamudu,} Aged about 38^{years, Occ: Self employee,} H.No.8-225,^{Near Main Road,} J. KothaPalli,^{AnanthaPur-515445,} Andhra Pradesh """Defendants' Counsel for^the Applicant : M.V' KINI Defendants : ExParte'

ORDER

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The Applicant^{Bank filed the present OA for the recovery of a} sum of Rs.25,40 ,7201-^{jointly and severallyfrom the} defendants with^interest @24o/o^{p'a' with monthlyrests from} 19.04.2022 till the^{date of realisation along with costs and sale} of OA Schedule^{hypothecated vehicle'}

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Z. Summons served^{on D1, 2, 3 and 5 returnedwith endorsement} unclaimed, hence^{deemedto be served.Summonsserved on} D4 and 6. All the defendants^{were set ex-parteon 19.01 .2023} as called absent and^{no representationon their behalf.}

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The Applicant^{Bank examined Mr. N. Chandrasekar,Regional} Relationship Manager as^{AW-1 and marked 18 documents;} through him as Ex. A.1 to^{Ex. A.18.} %t""

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oa.aa3l2o2z

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Learned Counsel for the applicant bank stated that 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, defendants remained ex-parte. The Evidence Atfidavit coupled with the recitals in the documents viz., Exs. A1 to A.18 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are^jointly 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.883/2022^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. Rs.25,40,7201- with future interest @9.25olo 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 property described in the schedule annexed to the OA and the applicant bank is entitled to^proceed against the same for recovery of its du( 0Y"*

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oA.883/2022

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iii) the applicant bank is also entitled to proceed against the person and properties of the 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 flle 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 15th day of December, 2023).

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dY',u* (RATVIESHWAR KOTHE) PRESIDING OFFICER

Icici Bank Limited v. M/S Jael Earth Movers

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. M/S Jael Earth Movers

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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