Allowed

Indusind Bank Limited v. M/S Pegasus Farmaco India Private Limited

DRT29 Aug 2024OA/30/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by a Bank for recovery of Rs. 16.47 crore along with future interest and costs from the Defendants, who remained absent.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 16,47,40,458/- plus future interest at 10.5% p.a., costs, and recovery secured via sale of schedule properties.

Indusind Bank Limited versus M/S Pegasus Farmaco… — Contract and Commercial Disputes | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDERABAD DATED THIS THE 29th DAY OF AUGUST, 2024 pRESENT: SH. RAMI" l[4?#Rl%'ir1'.';fl " L' LB' (Hons, ), M'A.

¶2

ORIGINAL APPLICATION No: 30 OF 2024

¶3

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oA.NO.30/2024

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¶18

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¶19

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Counsel^{for the APplicant} Defendants

¶25

M/s.G.Bhanu^MurthY : Exparte fif$its^

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:: ORDER::

The Applicant^{Bank filed the present OA for the recoverya total} sum of^{Rs.16,47,4o,4581-as on 31'10'2023 from the} defendants iointly^{and severallywith future interest@ 10'50o/o} p.a. with monthly^{rests from the date of application till the date} of realization^{along with costsand in default for sale of OA} schedule Properties'

¶30

Summons served^{on D1 to 6. They were set ex-parteon} 03.07.2024 as called^{absentand no representation'}

¶31

The Applicant^{Bank examined L.Tulsi Rao, Manager,as AW-1} and marked 19 documents^{through him as Ex. A.1 to Ex. A.19'}

¶32

Ld. Counsel for the Applicant Bank reported orders^maybe passed through merits. Perused the material placed on record.

¶33

The point that arises for consideration is:-

¶34

Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants and OA schedule properties?

¶35

As stated supra, the Defendants remained ex-parte.^The Evidence Affldavit coupled with the recitals in the documents viz., Exs.A. 1 to A.19 marked on behalf of the Applicant^Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are^jointly and severally^liable to pay the OA claim to the Applicant Bank with fqture^interest and costs. frXrnu

¶36

oa.No.3O/2O24

¶37

In the^{result,the present Original ApplicationNo'30/2024 is} allowed^{as under: -}

¶38

i)^{rhe Derendants.ire,l;::'L;::-:"ffI} liable^{to pay to tn"} "l'nn^- iu,rre interest Rs.15,47,40 @10'50o/o^p '458/-^{a' simple from the- date ot} application^{till the date of realizationi}

¶39

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¶40

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¶41

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¶42

d-efendants

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¶45

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¶46

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¶47

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Indusind Bank Limited v. M/S Pegasus Farmaco India Private Limited

Case brief

What is this about?

What did the court decide?

Indusind Bank Limited v. M/S Pegasus Farmaco India Private Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Case details

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