Allowed

Kotak Mahindra Bank Limited v. Veera Bhadra Swamy Tours and Travels

DRT20 Sept 2023OA/978/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's original application for recovery of a debt sum of Rs. 72,50,581.53 with interest against hypothecated vehicles and the defendants' properties.

What did the court decide?

Directing the defendants to pay the sum of Rs.72,50,581.53 with interest, securing the claim via hypothecated vehicles, and allowing action against defendants' properties for recovery.

Kotak Mahindra Bank Limited versus Veera Bhadra Swamy Tours… — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 2oth DAY OF SEPTEMBER, 2023 PRESENT: SH. MI4ESHWAR KOTHE, B.Com., L.LB. (Hons.), M.A. PRESIDING OFFICER

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Original Application No: 978 OF 2022

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Kotak Mahindra Bank Ltd., Having its oftrce at 3d Floor, Jewel Pawani Towers, Raj Bhavan Road, Somajiguda, Hyderabad-500082. Rep. by its Authorized Signatory.

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.....Applicant.

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Versus
1. Mr.VeeraBhadra SwamyTours & Travels.&Anr.,^prop:Mr.VenkateshGoud, 9-1-365/1-A1,LangerHouse,JanakiNagar, Hyderabad-500008.
2.Mr.VenkateshGoudTegulla, S/o.Mallayacoud, Aged:50 Years,9-2-287-7, Pension Pura,LangerHouse, Hyderabad-500008. ...Defendants
CounselfortheApplicant :Mr. N.B.Sudarshan
Defendants :Exparte

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:: qLLEB::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.72,60,581.53ps from the defendants joinuy and OY*s

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oA.NO.978/2022

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severally with future interest @^{18o/op.a. compounded with} monthly rests from the date of application till the^dateof realisation along with costs and in^default for sale^{of OA} hypothecated vehicles.

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Summons served on D1 & 2. They were set^exparteon 70.O4.2O23 as called absent and no representation.

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The Applicant Bank examined Kakarla Balaji^{Rao, Legal} Manager, as AW-1 and marked 8 documents^{throughhim as Ex.} A.1 to Ex. A.8.

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Ld. Counsel for the Applicant Bank reported orders^maybe 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 vehicles?

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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^{ApplicantBank} 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. ff1*

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oA.NO.97Al2022

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In the result, the present Original Application No.97g/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.72,50,581.53ps with future interest @ 14.7o/o 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 vehicles described in the schedule annexed to the OA and the applicant bank is entitled to proceed against the same 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 2Oe day of September,2023)

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(RAMESHWAR KOTHE)[/w,,* PRESIDING OFFICER

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Kotak Mahindra Bank Limited v. Veera Bhadra Swamy Tours and Travels

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Limited v. Veera Bhadra Swamy Tours and Travels

Case brief

What is this about?

What did the court decide?

What the court decided

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