Allowed

Kotak Mahindra Bank Limited v. M/S. Sri Sai Krishna Cotton Traders

DRT25 Nov 2024OA/182/2024

Case brief

AI extract

What is this about?

In a debt recovery tribunal case, the applicant bank sought recovery of Rs.1.78 crore against respondents. After hearing, the tribunal held defendants jointly liable, allowing the claim less deposit with future interest and permitting enforcement against mortgaged properties.

What did the court decide?

Defendants ordered to pay balance debt with future interest; applicant bank entitled to proceed against mortgaged properties and defendants' assets.

Kotak Mahindra Bank Limited versus M/S. Sri Sai Krishna Cotton… — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS RECOVERY^{TRIBUNAL-II AT HYDEMBAD} DATED THIS^{THE 25th DAY OF NOVEMBER,2024}

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

¶3

ORIGINAL APPLICATION^{NO: 182 OF 2024}

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Kotak Mahindra^{Bank Limited.,} Office at Adoni. nep. by its Authorized Signatory.

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"^Applicant'

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Versus

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M/s.Sri Sai Krishna^{Cotton Traders.,} Rep by Mr.Golla Huchira PPa, G and P Factory,^{BasaPuramRoad,} Adoni, Kurnool District,^{A. P-518301.}

¶8

Mr.Golla^H uchira PPa,

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H. No.15/ 177B, Victoria^Pet, Adoni, Kurnool District,^{A. P-518301.}

¶10

Mrs.M.Sandhya,

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H. No.15/1778, Victoria^Pet, Adoni, Kurnool District,^{A. P-518301.}

¶12

4, M r, M. Likith Krishna^Sara, H. No.15/ 1778, Victoria^Pet, Adoni, Kurnool District, A.P-518301.

¶13

. .Defendants

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: Mr.D Bala Counsel for the Applicant

Defendants

: Ex-Parte

::^qLLEB::

The Applicant Bank filed the^{present OA for the recovery a total} sum of Rs.1,78,10,285.18ps as on 31.10.2023^{From the} defendants^jointly and severally with future^interest @10.500/0 p.a. with monthly rests from 01.11.2023 till the date of /fuz.y

U/^-r,."

oA.NO.182/2024

realization along with costs and in default for sale of OA schedule properties.

¶23

Summons served on D1 to 4. They were set ex-parte on 27.06.2024 as called absent and no representation.

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The Applicant Bank examined Srinivas ponduri, Associate Vice President, as AW-1 and marked 13 documents through him as Ex. A.1 to Ex. A.13. It is submitted defendants deposited a sum of Rs.1,09,45,000/- towards the Loan Account and applicant bank released title deeds of two properties.

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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 entiued for the claim made in the OA against the Defendants and remaining OA schedule properA?

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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 jolntly and severally liable to pay the OA claim less Rs.1,09,45,000/- to the Appticant Bank with future interest and costs.

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In the result, the present Original App-!€ation No.182/2024 is allowed as under: - 1/p:",',

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oA.NO.182/2024

¶31

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i) The Defendants are^jointly and severally liable to pay to the Applicant Bank a sum of Rs.1,78,10,285.18ps less Rs.1,09,45,000/with future interest @8olo 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 mortgage of property described in the schedule annexed to the OA and the appllcant 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 balance 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 within2 weeks} from the date of receipt of this Order.

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Issue Recovery Certificate accordingly.

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10, Communicate a copy of this order to the^{parties concerned.} (Dictated to the steno, corrected, si8ned and pronounced by me in the open court^on this the 25rh Day of November, 2024).

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.7,,ror\

¶40

ESHWAR KOTHE) PRESIDING OFFICER

Kotak Mahindra Bank Limited v. M/S. Sri Sai Krishna Cotton Traders

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Limited v. M/S. Sri Sai Krishna Cotton Traders

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

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