Allowed

Yes Bank Limited v. Raavi Srinivas Reddy

DRT17 Sept 2024OA/281/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the Original Application filed by Yes Bank Limited for recovery of dues of Rs. 31,37,784.58 plus interest from the defendants. The claim was secured by hypothecated assets. The defendants remained absent and the application was decided on merits.

What did the court decide?

Defendants directed to pay Rs. 31,37,784.58 plus 13% p.a. simple interest from application date; Recovery Certificate issued.

Yes Bank Limited versus Raavi Srinivas Reddy — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT^HYDERABAD

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DATED THIS THE 17th DAY OF SEPTEMBER,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: 281 OF 2022

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M/s.YES Bank Limited Office at 1-8-387, 3'd Floor, Agravanshi Plaza, HUDA Lane, S.P.Road, Secunderabad - 500003. Rep. by its Authorized Signatory.

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...,.Applicant.

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Versus

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Mr.Raavi Srinivas Reddy, S/o.Mohan Reddy, Aged about 51 Years, Occ: Business, R/o.H. No.2-20-3/ 194, Pushpamma Nilayam, Street No.2, Anand Nagar Colony, Uppal, Hyderabad - 500039.

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Mrs.Raavi Anitha,

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W/o.Srinivas Reddy,

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Aged about 44Years, Occ: Housewife, R/o. H. No. 2-20-3 / 194, Pushpamma Nilayam, Street No.2, Anand Nagar Colony, Uppal, Hyderabad - 500039.

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... Defendants

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Counsel for the Applicant : M/s.M.Srinivas Reddy Defendants : Ex-parte

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:: ORDER::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.3l,37,7B4.5Bps from the defendants jointly and severally with future interest @ 18% p.a. compounded with ffi**

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oA.NO.28t/2O22

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monthly rests from 12.04.2022 till the date of realization along with costs and in default for sale of hypothecated assets.

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Summons sent to D1 and 2 returned with endorsement refused hence, deemed to be served. They were set ex-parte^on L6.09.2022 as called absent and no representation.

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The Applicant Bank examined D.Shyam Kumar Reddy, Asst. Vice President, as AW-1 and marked 09 documents through^him as Ex. A.1 to Ex. A.09.

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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 entitled for the claim made in the OA against the Defendants and OA^hypothecated assefs2

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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.09 marked on^{behalf of the Applicant Bank} clinches the claim of the Applicant^{Bank against the Defendants.} Hence, I hold that the Defendants^{are jointlyand severallyliable} to^pay the OA claim to the^{Applicant Bank with futureinterest} and costs.

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In the result, the present Original Application No.2Bl/2022^is allowed as under:^- ffi*,

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oA.NO.281l2022

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i) The Defendants are^{jointly and severally} liable to^pay to the^{Applicant Bank a sum of} Rs.31,37,784.58ps with^{future Interest} @13%^{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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rii ) 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^pronounced by me^{in the open court on} this the 17th Day of September, 2024).

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pr'*rs'n

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(RAMESHWAR KOTHE) PRESIDING OFFICER

Yes Bank Limited v. Raavi Srinivas Reddy

Case brief

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Yes Bank Limited v. Raavi Srinivas Reddy

Case brief

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