Indian Bank v. Veersham
Case brief
What is this about?
After the respondents appeared ex-parte, the Tribunal held them jointly and severally liable to pay the claim amount of Rs.42,36,999.49 with interest along with costs. The application was allowed, and the hypothecated vehicle was secured for the realization of dues.
What did the court decide?
Direct payment of Rs.42,36,999.49 with future interest and costs; right to proceed against the hypothecated vehicle and defendants' properties for realization of dues.
What the court decided
IN THE DEBTS RECOVERYTRIBUNAL-II AT HYDERABAD DATED THISTHE 19th DAYOF APRIL,2024
PRESENT: SH. RAMESHWARKOTHE,B.COM, L.L.B.(HONS.), M.A. PRESlDING OFFICER
ORIGTNALAPPLICATIONNO. 237 OF 2O2
IndianBank, GachibowliBranch, Plot No.12-16 IndiraNagar, CyberApartments,GachibowliPO, Ranqa ReddYDistrict, HydErabad-502285,rep bY its Applicant. Power of AttorneyHolder.
Versus
- M/s. Veeresham Prop: Mr. ByagariVeeresham, No.3-4, HanumanTemPle, Kandi Village,SangaReddy District PIN-502285. 2. Mr. ByagariVeeresham, S/o. Mr.ByagariPa ndu, Prop: M/s. Veeresham,Major, No.3-4, HanumanTemPle, Kandi Village,Sanqa Reddy District Defenda nts. PrN-502285
Counsel for theAPPIicant : lYr. R. V. SubbaRao Defenda nts : Ex-parte.
ORDER
- The ApplicantBank filed the present OA u/s'19 of theRecovery of Debts andBankruptcyAct, 1993 for the recovery of a total sum of Rs.42,36,999.49psjointly and severally from the defendants 1 and 2togetherwith interest @14'25o/o p'a' with monthlyquarterlyrests from the date of O'A'tj.!1 the date of OY**
Issues for consideration
3 issues framed by the court
Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants and OA Schedule hypothecated vehicle?
Whether the defendants are jointly and severally liable to pay the OA claim to the Applicant Bank with future interest and costs.
Whether the applicant bank is entitled to proceed against the hypothecated vehicle, the person and properties of the defendants for realization of dues.
Parties & counsel
- applicant
Indian Bank, Gachibowli Branch
- respondent
M/s. Veeresham Prop: Mr. Byagari Veeresham
- respondent
Mr. Byagari Veeresham
Coram
Case details
As recorded by the court registry
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