Allowed

Axis Bank Ltd., v. M/S T and R Auto Pvt. Ltd.

DRT2 Feb 2024OA/24/2022

Case brief

AI extract

What is this about?

DRT-II Hyderabad allowed the bank's Original Application for recovery of dues from two companies and three individuals jointly and severally liable, based on unchallenged documents and evidence affidavit filed by the bank.

What did the court decide?

Directed defendants to jointly and severally pay Rs. 53,82,242.59 with future interest; entitled to proceed against persons and properties; costs awarded.

Axis Bank Ltd., versus M/S T and R Auto Pvt. Ltd. — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 2Nd DAY OF FEBRUARY, 2024

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PRESENT: SH. MiT4ESHWAR KOTHE, B.Com., L.LB. (Hons.), M.A. PRESIDING OFFICER

¶3

Original Application No: 24 OF ZO22

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Axis Bank Ltd., # 5-2-L83/ 784, 3'd Ftoot, Modi Square, R.p.Road, Secunderabad Mandal, Secunderabad-500003, Rep. by its Authorized Signatory.

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.....Applicant.

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Versus

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M/s. T & R Auto^pvt. Ltd., # 5-5-32/LlA, Suhana^plaza, Kukatpally^y Junction, Kukatpally, Hyderabad-500072, Rep. by its Managing partner S.Ramkumar Reddy.

¶8

Mr. Satty Ramkumar Reddy, S/o. Satty Sriram Reddy, Age:61 Years, Occ: Managing partner of T & R Auto^pvt. Ltd., Wo. B-2-684/i/9, Plot No.9, Bhavani Enclave, aanjara Hilli, Road No.12, Hyderabad-500034.

¶9

Mr. Satty Sriram Reddy, S/o. Satty Ramkumar Reddy, Age: 32 Years, Occ: Director of M/s.T&RAutopvt. Ltd., Rlo.a-2-6A4/ fi/9, plot No.9, Bhavani Enclave, Banjara Hills Road No.12, Hyderabad-500034. /5.^

¶10

oa.No.2412022

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Ms. Padmalatha Reddy, Age: Major, Occ: Director of I4/s. T & R Auto Pvt. Ltd., N^o.A-2-6A4 I^{t7/9, Plot No.9,} Bhavani Enclave, Banjara Hills Road No.12, Hyderabad-500034.

¶12

...Defendants

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Counsel for the Applicant : Mr. M.Srinivas Reddy

Defendants

Exparte

:: Q-LLER ::

The Applicant Bank filed the^present OA for the recovery a sum of Rs.53,82,242.59ps from the defendants^jointly and severally with future interest @ 18o/o p.a. and with^penal interest @ 2Vo with monthly rests from the date of application till the date of realization along ,vith costs.

¶18

Summons served on D1 & 2 Unclaimed, hence deemed to be served. D1 & D2 were set exparte on 26,08,2022. Summons served on D3 & D4 through paper publication. D3 & 04 were set exparte on 27.O9-202 as called absent and no representation.

¶19

The Applicant Bank examined Mathangi Srikanth, Deputy Legal Manager, as Aw-1 and marked 16 documents through him as Ex. A.1 to Ex. A.16.

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Ld. counsel for the Applicant Bank reported orders may be passed on 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 entitled for the claim made in the OA against the Defendant?

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oA.NO,24l2022

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As stated^{supra,the Defendantsremainedex-parte'The} Evidence Affidavit^{coupled with the recitals in thedocuments} viz., Exs. A.1 to^{A.16 marked on behalf of the ApplicantBank} clinches the claim^{of the ApplicantBankagainst the Defendants'} Hence, I hold that^{the Defendants are jointly and severallyliable} to^pay the OA claim to^{the Applicant Bankwith future interest} and costs.

¶25

In the result, the^{present Original ApplicationNo'2412O22 is} allowed as under:^-

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i) The Defendants are^{jointly and severally} liable to^pay to the^{Applicant Banka sum of} Rs.53,82,242'59ps^{with future interest @} 9.25o/o^p.a. simple^{from the date of} application till^{the date of realization;}

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ii) the applicant bank^{is entitled to proceed} against the^{person and propertiesof} defendants for realization^{of its dues; and}

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iii) the applicant^{bank is entitled for the costs.}

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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 Certifi cate^accordingly.

¶31

Communicate a copy^{of this order to the parties concerned'} (Dictated tothe steno, signed and^{pronouncedbyme ln theoPencourtonthisthe} 2'd Day of february.^2024).

¶32

//K*n (C(r"resnwan rorxe) PRESIDING OFFICER

Axis Bank Ltd., v. M/S T and R Auto Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Axis Bank Ltd., v. M/S T and R Auto Pvt. Ltd.

Case brief

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What did the court decide?

What the court decided

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