Allowed

Icici Bank Limited v. Sk Bio Extract and Applications Pvt. Ltd.

DRT22 Aug 2024OA/122/2024

Case brief

AI extract

What is this about?

In an original application for debt recovery, the Debts Recovery Tribunal held that the defendant entities were jointly and severally liable. The court allowed the application, directing payment of the claimed sum with future interest and costs, and preserving rights over mortgaged properties.

What did the court decide?

Defendants jointly and severally liable to pay Rs.18.69 Cr with future interest @8.25% p.a.; OA claim secured by mortgaged properties; entitlement to proceed against persons and properties for realiza

Icici Bank Limited versus Sk Bio Extract and Applications Pvt… — Banking and Recovery | DRT (2024)

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]N THE DEBTS RECOVERY TRIBUNAL-]I AT HYDERABAD DATED THIS THE 22ND DAY OF AUGUST, 2024

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

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ORIGINAL APPLICATION No: 122 OF 2024

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IVI/S.ICICI BANK Ltd., Branch office at 822A9/7 , Road No.14, Venkateshwara Nagar, IAS Officers Quarters, Nandi Nagar, Banjara Hills, Hyderabad, Tela ngana - 500034.

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.....Applica nt.

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Versus

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SK BIO Extract and Applications Pvt Ltd., Regd Office/Residential address: B- 12, Industial Development Area, lvloula Ali, Secunderabad - 500040, Telangana.

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Also at:-

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H. No.8-2-414, Road No.4, Animal Car Clinic, Banjara Hills, Hyderabad - 500034.

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Mrs. Lakshmi Srinivasam W/o.Jonnavalasa Venkata Ramana Rao, Age Major, Occ: Business, H.No.8-2-414, Road No.4, Animal Car Clinic,

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Banjara Hills, Hyderabad - 500034.

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Jonnavalasa Venkata Ramana Rao S/o.Jonnava lasa Su ranna, Age 55 Years, Occ: Business, H.No.8-2-414, Road No.4, Animal Car Clinic, Banjara Hills, Hyderabad - 500034.

...Defendants

$r-t^u

oA.NO.t22l2024

Counsel for the Applicant

:M/s.V.Dharmasuri

Defenda nts

:Ex-parte

:: qLLEB ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.18,69 ,33,376.67 ps from the defendants jolntly and severally with future interest @ 15.50/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 schedule properties.

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Summons served on D1 to 3. They were set ex-parte on 30.04.2024 as called absent and no representation.

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The Applicant Bank examined Amit Kumar Tiwari, Chief Manager, as AW-1 and marked 12 documents through him as Ex. A.1 to Ex. A.12.

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Ld- Counsel for the Applicant Bank reported orders may be passed through 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 properties?

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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.12 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 figq--,^r-y

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oA.NO.t22l2g24

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.L22/2024 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.18,69,33,376.67ps with future interest @8.25olo^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 mortgaged properties described in the schedule annexed to the OA and the applicant bank is entitled to proceed against the same to 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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iv) the applicant bank is entitled 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.

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Issue Recovery Certificate a cco rd in^g ly.

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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 22^d Day of August, 2024).

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'^{\ \\r'} . +\1 - t')-\i:^-

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(RAMESHWAR KOTHE) PRESIDING OFFICER

Icici Bank Limited v. Sk Bio Extract and Applications Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Sk Bio Extract and Applications Pvt. Ltd.

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

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