Allowed

Hdfc Bank Ltd., v. M/S Sree Eletronics

DRT16 Apr 2024OA/180/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by HDFC Bank against the respondents. The court held the defendants jointly and severally liable to pay the claimed sum of Rs. 2.10 crore with interest and costs based on the evidence of the Manager.

What did the court decide?

Defendants held jointly and severally liable to pay Rs. 2,10,57,975.94 with future interest, costs, and the applicant entitled to proceed against secured assets.

Hdfc Bank Ltd., versus M/S Sree Eletronics — Execution and Attachment | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE 16th DAY OF APRIL, 2024

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

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PRESIDING OFFICER

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ORIGINAL APPLICATION No. 180 OF 2O23

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HDFC Bank Limited,

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Department for Specia I Operations, Hyderabad, Desk No.0196, Roxana Palladium, Road No.1, Banjara Hills,(Besides Virinchi Hospital) Hydera bad -500034. Hyderabad District. Rep by its Authorized Officer.

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...........Applicant.

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Versus

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M/s. Sree Electronics Rep. by its^proprietor,

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Mr. Peddi Ravi,

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H. No:3-2-84l22/23/t,

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Opp MRO Office, K.N. Colony, Armoor, Nizamabad District-503224 Telangana State

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r4r. Peddi Ravi S/o. Rajeshwar, Age : Major, Occ : Business,

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H.No.7-64, Pipri,

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Near Bus Stand, Armoor Mandal, Nizamabad District-503224, Telangana State.

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Mrs. Peddipavani W/o. Peddi Ravi, Age: Major, Occ: Housewife, H.No:7-64, Pipri, Near Bus Stand, Armoor Mandal, Nizamabad District-503224, Telangana State. Defendants. yrr,tn __ I r,.,-r^.t u

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oa.No.180/2o23

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Counsel for the Applicant^{: M V. KINI} Defendants : Ex- Parte

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ORDER

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The Applicant Bank filed the^{present OA u/s.19 of the Recovery} of Debts and Bankruptcy^{Act, 1993for the recovery of a sum of} Rs.2,10,57,975.94ps^{jointly and severallyfrom the defendants} together with^interest @18o/o P.a.^{from the date of filing of suit} till the date of^{realisationalong with costs and sale of OA} schedule assets.

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Summons served^{on Dl through paper publicationwhereas} summons served on^{D2 and 3. They were set ex-parteon} 24.0a.2O23, as^{called absentand no representation'}

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The Applicant^{Ba nk} examined Srikanth Sukhavasi,^Senior marked 19 documents^{through him as}

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Manager as^{AW-1 and} Ex. A.1 to Ex.A.19.

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Learned Counsel for^{the applicant bank reported ordersriay be} passed on merits. Perused^{the materialplaced 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^{madein the OA against} the Defendants and^{OA Schedule} assets?

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As stated supra, defendants^{remained ex-parte' The Evidence} Affidavit coupled^{with the recitals in the documents viz , Exs' A1} to A.19 marked on^{behalfof the Applicant Bank clinchesthe} claim of the^{Applicant Bank against the DefendantsHence, I} hotd that the^{Defendants are jointly} ""oNlyr;"rle to^pav

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oA.NO.180/2023

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the OA claim to the Applicant Bank with future interest and costs.

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In the result, the present Original Application No.1g0/2023 is allowed as under: -

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i) the defendants are joinUy and severally liable to pay to the Applicant Bank a sum of Rs.2,10,57,975.94ps with future interest @8.50/o p.a. simple from the date of application i.e.,09.01.2023 till the date of rea lization ;

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ii) the OA claim is secured by way of hypothecation/mortgage of assets described in the schedule annexed to the OA and the applicant bank is entitled to proceed against the same for recovery of its dues;

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iii) the applicant bank is also entifled to proceed against the person and properties of the defendants for realization of its dues; and

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iv) the applicant bank is entiUed 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 accordingly.

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Communicate a copy of this order to the parties concerned. (Dictated to the steno, signed and pronounced by me in the open court on this the 16rh day of April, 2024).

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ffir.**

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(RAMESHWAR KOTHE) PRESIDING OFFICER

Hdfc Bank Ltd., v. M/S Sree Eletronics

Case brief

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Hdfc Bank Ltd., v. M/S Sree Eletronics

Case brief

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