Allowed

Idfc First Bank Limited v. Classic Cotton

DRT27 Sept 2024OA/1000/2022

Case brief

AI extract

What is this about?

In an ex-parte Original Application for recovery of dues, the Tribunal held that the Bank’s evidence affidavit and marked documents established the respondents’ liability. The order directed payment of the claim with future interest and costs.

What did the court decide?

Defendants directed to pay Rs.31,29,978.4ps with future interest at 9.25% p.a. and costs; Applicants directed to file cost memorandum within 2 weeks.

Idfc First Bank Limited versus Classic Cotton — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS RECOVERY^{TRIBUNAL.II AT HYDERABAD}

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DATED THIS^{THE 27TH DAYOF SEPTEMBER,2024}

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PRESENT: SH.^{RAMESHWAR KOTHE,B.COM.,L.LB. (HONS.), M.A.} PRESIDING OFFICER

¶4

Original Application^{No: 1000 OF 2022}

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IDFC FIRST BANK LIMITED Earlier M/s.Ca^{pital First Limited} Door No.6- 3-354, 2"d^Floor, S B Towers, Near^{Nagarjuna Circle,} Banjara Hills,^{Road No.1,} Hyderabad - 500034. Rep. by lts Authorized Representative.

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...Applicant

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Versus

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Classic Cotton

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Rep by Attuluri Sunil^Kumar, Flat No.503, Block No.4,

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Hill Ridge Spring, Gachibowli,

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Opp Pullela Goplchand^{Acadamy-500032.}

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Attuluri Sunil Kumar

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S/o. Prahalad Ray Trivedi,

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Aged about 55^{Years, Occ:Business,}

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Flat No.503, Block No.4, Hill Ridge Spring, Gachibowli, opppulleraGopichandAcadamy-500032

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......Defendants

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Counsel for the Applicant^{: M/s.V.Santosh}

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Defendants : Ex-Parte

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:: qLD-LL ::

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The Applicant Bank filed the^{presentOA for the recovery of a sum of} Rs.31,29,978.4ps as on 02.09.2022^{from the} defendants iointly^and

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OA.No.1000/2022

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severally with future interest @ 24o/o p.a. with monthly rests from the date of application till the date of realisation along with costs.

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Summons served on D1 and 2 through paper publication. They were set ex-parte on 13.10.2023 as called absent and no representation.

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The Applicant Bank examined Raj Shekar Shukla, Legal Manager as AW-1 and marked 13 documents through him as Ex. A.1 to Ex. A.13.

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Ld. Counsel for the Applicant Bank stated orders may be passed on merits and 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 enti ed for the claim made in the OA against the Defendants?

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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.13 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.lOOO/2022 is allowed as under: -

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i) The Defendants are jointly and severally liabte to pay to the Applicant Bank a sum of Rs.31,29,978.4ps with M,oxtu'

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OA.No.1000/2022

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future interest @ 9.25olo^p.a. simple, from the date^of application till the date of^realization;

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ii) the applicant bank is also entitled to^{proceed against} the person and properties of the defendant^for realization of its dues;

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iii) the applicant bank is entitled^{for the costs.}

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B. The Applicant Bank is^{directed to file Cost Memowithin 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., transcribed by him, corrected,^{signedand pronouncedbymein the} open court on this the 27th^{day of september,2024).}

¶39

rdw**' th(mesnwnR^KorHE) PRESIDING OFFICER

Idfc First Bank Limited v. Classic Cotton

Case brief

What is this about?

What did the court decide?

Idfc First Bank Limited v. Classic Cotton

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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