Allowed

Hdfc Bank Ltd., v. M/S Hari Om Industries

DRT13 Aug 2024OA/143/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application for recovery of a term loan from defendants. In the absence of rebutting material, the Tribunal held the defendants jointly liable for the principal, interest, and costs, and directed the issuance of a Recovery Certificate.

What did the court decide?

Recovery of Rs. 50,35,993.29 with future interest at 11.50% p.a. and costs; permission to proceed against secured and personal assets.

Hdfc Bank Ltd., versus M/S Hari Om Industries — Contract and Commercial Disputes | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 13th DAY OF August, 2024.

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

¶3

oA. NO. 743 0F 2023

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M/s. HDFC Bank Ltd., H. No. 1- 10-60 /3, 3'd Floor , Suryodaya Complex, Begumpet, Hydera bad-500016.

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Rep: by its Authorized Signatory,

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Mr. Velamuri Venkata Pavan Kumar, S/o. Mr. V.V.S. Prasad, A/A. 45 years.

¶7

.... Applicant.

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Versus

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1.M/s. Hari Om Industires, Represented by its Proprietor, lYrs. lothi Chejerla, H.No.2193, S V Nilayam, OId BHEL Road, MIG,

¶10

Lingampally, Hyderabad-5000 19.

¶11

Mrs. Jothi Chejerla,

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Authorised Signatory of M/s. Hari Om Industries, D/o. Nagabhushanam Davandla, H.No.2193, S V Nilayam, BHEL, Old MIG, Near Thail School, Lingampally, Serilingampalli, Hyderabad-500019.

¶13

Mr. Hari Babu Chejerla, S/o. Mr. Kotaiah Chejerla, H.No.2193, S V Nilayam,

¶14

BHEL, old MIG, Near Thail School, Lingampally, Hyderabad-500019.

¶15

.... Defendants.

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"^{'\1r,. )u} 't!'

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Counsel for the Applicant : Mr. N.B. Sudarshan Defendants '. Ex-parte. g-B_D-L B-::

¶18

The Applicant filed the^{present OA for the recoveryof a sum of} Rs. 50,35,993.29ps from the^{Defendant in TermLoan together} with future interest 24.00o/o^{p.a. overdue interest per annum} compounded monthly rests,^{from the date of Application till} realisation along with^{costs and sale of OA schedule assets'}

¶19

The defendants were^{set exparte.}

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The Applicant^{Bank examined Ms. Sumaya Shaik,Branch} AW-1 and marked^{Ex. A-1 to Ex. A-7 documents'}

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Heard the Ld. Counsel^{for the Applicant. perused the material} placed on record.

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The point that arises^{for consideration is:-}

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Whether the Applicant^{is entitled for} OA claim against^{the Defendants as} praYed for schedule assefs2

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In absence any material^{to rebut the applicant'spleadings,I} hold that the Defendants^{D1 to D3 are jointly andseverally} 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 ApplicationNo' 143/2023is} allowed for^{Rs. 50,35,993'29pswith future interest @11'50o/o} ff**l

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p.a. simple from the date of^{OA till realisationwith costs, the} applicant is^{also entitled to proceedagainstthe secured assets} and^{personal properties of defendantsfor realisation of its dues'}

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B. The Applicant^{is directedto file Cost Memo within2 weeksfrom} the date of receiPt^{of this Order.}

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Issue Recovery Certificate^accordingly.

¶29

Communicate^{a copy of this orderto the partiesconcernedand} upload on Web^Portal

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(Dictated to the steno, signed and^{pronouncedby me in the open court on this the 13th} day of August,^2024).

¶31

MESHWAR KOTHE) PRESIDING OFFICER

Hdfc Bank Ltd., v. M/S Hari Om Industries

Case brief

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Hdfc Bank Ltd., v. M/S Hari Om Industries

Case brief

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