Allowed

Icici Bank Limited v. Kunchala Madhava

DRT23 Aug 2024OA/219/2023

Case brief

AI extract

What is this about?

A Debt Recovery Tribunal allowed an original application filed by ICICI Bank Limited for recovery of debt principal, future interest, and costs from two defendants, ordering joint and several liability and confirmation of hypothecated assets as security.

What did the court decide?

Defendants to pay Rs. 36,71,057/- with future interest @11.25% p.a.; OA claim secured by hypothecation; bank to proceed against defendants and properties for realization; costs awarded to bank.

Icici Bank Limited versus Kunchala Madhava — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDERABAD DATED THIS THE 23.d 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: 219 OF 2023

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lvl/S.ICICI Bank Limited., ICICI Towers, Gachibowli, Serlingampally lYandal, Ranga Reddy District.

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Rep. by its Power of Attorney Holder.

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.....Applicant.

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Versus

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Kunchala Mad hava,

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W/o.Subha Rao,

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Aged about 39 Years, Occ: Business,

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R/o. Plot No.18, Ayyappa Colony,

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Revenue Colony, LIC Office,

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Sanga Reddy, Medak,

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Telanga na - 502001.

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Ku ncha la Gouri,

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W/o. Kondaia h,

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Aged about 39 Years, Occ: Business, R/o. Plot No.18, Ayyappa Colony, Revenue Colony, LIC Office, Sa nga Reddy, Medak, Telangana - 502001.

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.. . Defendants

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Counsel for the Applicant : lY/s.G.Adrian Kiran Raj

Defendants

:exoanef$t\

oA.NO.219/2023

::^qLLLB::

The Applicant^{Bank filed the presentOA for the recovery a total} sum of^Rs.36,71 ,057/-^{as on 19 10 2022 fromthe defendants} jointly and severally^{with future interest @ 24olo p a' with} monthly rests^{from 07.01,2020till the date of realizationalong} with costs^{and in default for saleof hypothecated assets'}

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Summons^{served on D1 and 2 throuqh} paper PUblicatlon.^TheY called absent^{and no}

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were set ex-Parte^{on O7.tl'2023as} representation

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The Applicant^{Bank examined N Chandrasekhar' Manager' as} AW-1 and^{marked08 documentsthroughhim as Ex A'1 to Ex'} A.08.

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Ld. Counsel^{for the Applicant} Bank reported^{ordersmay be} the material Placed^{on record'}

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passed through merits.^Perused

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

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Whether the^{Applicant Bank is entitled} for the claim^{madein the OA against} the Defendants^{and OA hYpothecated} assets?

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As stated^{supra, the Defendants remained ex-parte The} Evidence Atfidavit^{coupledwith the recitals in the documents} viz., Exs. A.1 to^{A'08 markedon behalfof the APplicantBank} clinches^{the claim of the Applicant Bank against the Defendants'} Hence, I^{hold that the Defendantsare jointlyand severallyliable} ,dV.'-nvv

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1-7 1D""

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oA.NO.219l2023

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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.219l2023^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.36,71,057/- with future interest @11,25olo 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 hypothecation of assets 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 entitled to^proceed against the^person and^propertiesof defendants for realization of its dues;

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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^{Memowithin2 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, corrected, signed and^{pronouncedbymein the open court on} this the 23'd Day of August, 2024).

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,tX)Yw"^/(/ {otu}a

¶46

(hfMESHWAR KOTHE) PRESIDING OFFICER

Icici Bank Limited v. Kunchala Madhava

Case brief

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Icici Bank Limited v. Kunchala Madhava

Case brief

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