Allowed

Yes Bank Limited v. Mrs.Suddamallla Rajitha

DRT30 Oct 2023OA/956/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed Yes Bank Ltd.'s original application for recovery of dues totaling Rs. 35,64,852.33 plus interest from the respondents jointly and severally, holding the defendants jointly and severally liable based on unchallenged documentary evidence.

What did the court decide?

Directing the defendants to pay sum of Rs. 35,64,852.33 with future interest, proceeding against hypothecated assets and defendant person/properties for realization, and allowing costs.

Yes Bank Limited versus Mrs.Suddamallla Rajitha — Banking and Recovery | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 3oth DAY OF OCTOBER, 2023

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

¶3

Original Application No: 956 OF 2022

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Yes Bank Limited, Office at # 1-8-387, 2nd Floor, Agravanshi Plaza, HUDA Lane, S.P. Road, Secunderabad-500003. Rep. by its Authorized Signatory.

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.....Applicant.

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Versus

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Mrs. Suddamalla Rajitha, ryo.^{S Srinivas} Agedt 42 Years, Occ: Housewife,

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R/o. H. No. 10-358,

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Mulkanur(V). Bheemadevarapalli (M), Warangal-505471.

¶10

Mr. Suddamalla Srinivas,

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S/o. Bonaiah, Aged: 47 Years, Occ: Business, R/o. H. No. 10-358,

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Mulkanur(V), Bheemadevarapalli(M), ..Defendants Warangal-505471

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Counsel for the Applicant : Mr. M. Srinivas Reddy Defendants : Exparteffi,"

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oA.NO.955/2022

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:: qLLEB::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.35,64,852.33ps from the defendants jointly and severally with future interest @ 18o/o p.a. compounded with monthly rests frcm !6.O9.2022 till the date of realisation along with costs and in default for sale of OA schedule assets.

¶17

Summons served on D1 & 2. They were set exparte on 14.O2.2O23 as called absent and no representation.

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The Applicant Bank examined D. Shyam Kumar Reddy, Asst. Vice president, as AW-1 and marked 8 documents through him 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 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.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 jointly and severally liable to pay the OA claim to the Applicant Bank with future interest and costs. TYnta-r

1_--

oA.NO.956/2022

In the result, the^present Original^{Application No.956/2022is} allowed as under:^-

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i) The Defendants are^jointly and^severally liable to^pay to the Applicant^{Banka sum of} Rs.35,64,852.33ps with future^interest @ 9.75olo 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 the OA and the applicant bank is entitled to^proceed against the same realise its debu

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iii) the applicant bank is also entitled to^proceed against the person and^propertiesof 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 partiesconcerned.} {Dictated^{to the steno, corrected, signedand Pronouncedby me in theopencourton} thisthe 3os day ofoctober,2023)^.

¶34

H'"'o ESHWAR KOTHE) PRESIDING OFFICER

Yes Bank Limited v. Mrs.Suddamallla Rajitha

Case brief

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Yes Bank Limited v. Mrs.Suddamallla Rajitha

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