Allowed

Kotak Mahindra Bank Limited v. Logisticswaala Express Services

DRT5 Apr 2024OA/20/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the applicant bank's Original Application seeking recovery of Rs. 22,04,009.58. The claim, supported by defendant's ex-parte absence, was secured by a hypothecated vehicle.

What did the court decide?

Defendants to pay Rs. 22,04,009.58 with interest; bank entitled to proceed against hypothecated vehicle and defendants' properties for recovery and costs.

Kotak Mahindra Bank Limited versus Logisticswaala… — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL.]I AT HYDERABAD DATED THIS THE 5th DAY OF APRIL, 2024

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

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Kotak Ma h indra Bank Ltd., Office at #6-3- 1109/t/p/302, 3'o floor, lewel^pavani Towers, Rajbhavan Road, Somajiguda, Hydera bad-500082, rep by its Authorised signatory

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

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Versus

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LogisticswaalaExpressservices Shop No. BN-11, Navi Complex Kompally to Bollaram Road Kompalty, Hyderabad-500014 Rep by its Proprietor

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Mr. Ganesh Kumar S/o. Suresh Kumar Aged about 38 years, Occ: Busjness Flat No.102, Sanali Residency Beside Katriya Hotel, Somajiguda Hyd era bad- 500082.

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Mrs. Joy Sirisha D/o. Ratnam Joy Aged about 38 years, Occ:Homemaker, Flat No.102, Sanali Residency beside Katriya Hotel, Somajiguda, Hyderbad - S0008 2.

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Also at:

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Flat No.401, Sanali Casue Beside Katriya Hotel,Raj Bhavan Road Somajiguda, Hyderabad-500082

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lYr. Revella Thanaiah, S/o. Chinna langiah Aged about 56 years, Occ:Business, H.No.3-89, Kalanagar, kuntloor Road Pasumamula Village, Hayathnagar Ma ndal, Ranga Reddy Dlstrict- 501505.

Defendants.

//\6't't

oA.2Ol2022

Counsel^{for the APPIicant} Defendants

: Mr. Srinivas^Reddy

: Exparte.

ORDER

The^{ApplicantBank filed the present OA u/s 19 of the Recovery} of Debts^{and Bankruptcy Act, 1993 for the recovery of a sum of} Rs.22,04,009.58ps^{jointlyand severallyfrom the defendants} together with^{interest@18o/op a from the dateof Application} till the date of^{realisationalong with costs and sale of OA} schedule^{hYPothecated vehicle'}

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Summons served^{on D1 to 3 throuqh paperpublication'} whereas summons^{of D4 served'They wereset ex-parte on} 29.08.2022^{as called absent and no representation'}

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Bank examined^{AbhishekP. S., Legal Associate}

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The Applicant as AW-1 and marked 9 documents^{through himas Ex A lto} Ex.A.9.

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Learned Counsel^{for the applicant bank reported orders maybe} passed on merits Perused^{the materialplaced on record}

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The^point that arises^{for considerationis:-}

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Whether the Applicant^{Bank is entitled} for the claim' made in^{the OA against} the Defendants and OA^schedule hyPothecated vehicle?

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As stated suPra,^{defendantsremained ex-parte. The Evidence} Affidavit coupled with^{the recitals in the documents viz.,Exs' 41} to A.9 marked on^{behalfof the Applicant Bank clinches the} claim of the^{ApplicantBankagainst the Defendants'Hence, I} A%;{Y\

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(-/

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oA.2Ol2022

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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.2O/2022 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.22,04,009.58ps with future interest @8.00% p.a. simple from the date of application i.e.,10.01.2022 till the date of realization;

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ii) the OA claim is secured by way of hypothecation of vehicle 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 entitled 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 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 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 5th day of April, 2024).

¶39

ESHWAR KOTHE) PRESIDING OFFICER

Kotak Mahindra Bank Limited v. Logisticswaala Express Services

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Limited v. Logisticswaala Express Services

Case brief

What is this about?

What did the court decide?

What the court decided

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