Allowed

Dhanalakshmi Bank v. Mr.Yarram Rajashekar Reddy

DRT19 Aug 2024OA/177/2024

Case brief

AI extract

What is this about?

In this original application for debt recovery, the Tribunal allowed the bank's claim against defendants who were absent. The court held defendants jointly liable to pay the sum demanded with interest and costs based on the evidence on record.

What did the court decide?

Defendants held jointly and severally liable to pay Rs.60,71,598.75 with future interest and costs; bank authorized to realize debt from mortgaged property and respondents' personal assets.

Dhanalakshmi Bank versus Mr.Yarram Rajashekar Reddy — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE 19th 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: 177 OF 2024

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lvl/s.Dhanalaxmi Bank, Sanjeeva Reddy Nagar Branch, Sai Sushma Homes, Plot No.23lA, Main Road, SR Nagar, Hyderabad - 500038. Rep. by its Senior Manager and Principal Officer.

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.....Applicant.

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Versus

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Mr.Yarram Rajashekar Reddy, S/o.Y.Rami Reddy,

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Aged 48 Years, Occ: Business. R/o.Plot No.356, 4th Floor,

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Street No.8, Kakatiya Hills, Madhapur, Hyderabad - 500081.

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Also at:-

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Flat No.201, Block-A, Aspire Apartments, Inorbit Mall, Madhapur, Hyderabad - 500081.

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Smt.Yarram Harika, W/o. Mr.Y. Rajashekar Reddy, Aged 38 Years, Occ: Business, R/o. Plot No.356, 4th Floor, Street No.8, Kakatiya Hills, Madhapur, Hyderabad - 500081.

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Also at:-

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Flat No.201, Block-A, Aspire Apartments, Inorbit Mall, Madhapur; Hyderabad - 500081. - .^{' ft'*}

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... Defenda nts

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oA.NO.177l2024

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counsel for the Applica nt

: M/s.N.V.Subba Raju

Defendants

:Exparte

:: ORDER::

The Applicant Bank filed the^present OA for the^{recovery a total} sum of Rs.60,71,598.75ps from the^{defendantsjointly and} severally with future interest @^{10.40olo p.a. on HousingLoan} A/c. No.o1885570 0000127, 11.400/o^p.a. on Top Up^Housing Loan A/c. No.o18857100000035 and 15.10o/o^p.a. on^Mortgage Loan A/c. No.018860400000010 with monthly rests^{from the} date of application till the date of^{realizationalong wlth costs} and in default for sale of OA schedule^property.

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Summons sent to D1 and 2 returned^{with endorsement} unclaimed hence deemed to be^{served. They were set ex-parte} on 13.06.2024 as called absent and^{no representation.}

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The Applicant Bank examined^Smt.K. Rajeshwari,^Senior Manager, as AW-1 and marked 25 documents through^{her as} Ex.A.1 to Ex. A.25.

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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 propefty? ,.fryAr\

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oA.NO.177 l2OZ4

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6, As stated supra, the Defendants remained ex_parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs.A.1 to A.25 marked on behatf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinUy 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.t77/2024 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.60,71,598.75ps with future interest @10.40olo 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 property 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 entltled 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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The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt ot this order. fiY-^,.t-u ,-,. 'tA.""

oA.NO.t77l2024

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^{pronouncedbyme in the open court on} this the 1gth Day of August,^2024).

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/4tko-'o (-"'

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(RAMESHWAR KOTHE) PRESIDING OFFICER

Dhanalakshmi Bank v. Mr.Yarram Rajashekar Reddy

Case brief

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Dhanalakshmi Bank v. Mr.Yarram Rajashekar Reddy

Case brief

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