Allowed

Yes Bank Limited v. M/S Vivessa Industries Pvt. Limited

DRT9 Feb 2024OA/345/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Original Application filed by Yes Bank Ltd against M/s. Vivessa Industries and its Managing Director. The court held the defendants jointly and severally liable to repay the outstanding amount with interest and costs, and authorized the bank to proceed against hypothecated vehicles and other properties.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 24,88,470.15 with future interest; bank entitled to proceed against hypothecated vehicle and other properties.

Yes Bank Limited versus M/S Vivessa Industries… — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS^{RECOVERYTRIBUNAL-II AT HYDERABAD}

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DATED THIS^{THE 9s DAY oF FEBRUARY,2024}

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PRESENT: SH.^{RAMESHWARKOTHE,B'Com , L'LB' (Hons')'M A'} PRESIDING^OFFICER

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Original Application^{No: 345 OF 2023}

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Yes Bank Ltd', 2nd Floor,^{H.No.1-8-387,} Aoravanshi^{Plaza, HUDA Lane,} S]P.noaa,^{Secunderabad-500003,} i;:;;ii. Arih".ized signatory.

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""'Applicant'

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Versus

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M/s. Vivessa^{IndustriesPrivate Ltd',}

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ReP. bY its^{ManagingDirector}

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Mr. Aveena GudaPati, H.No. 8-2-269lLM 1404,^{4tn Floot,} Lumbini Jewel^{Mall,RoadNo.2,} Banjara Hills,^{HYderabad-500034'}

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Mr. Aveena Gudupati, Managing Director M/s. Vivessa Industries^{Private Ltd,} Flat No.3O1,^{Block A, 6-3-a62lzl2l2,} Venkata Sudarashan^APartments, " 'Defendants Ameerpet, Hyderabad-500016.

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: Mr. N.B. Sudarshan Counsel for the Applicant Defendants : ExParte

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:: IL&LEB ::

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The Applicant Bank flled the^present OA for the^{recoverya total} sum of Rs.24,88,47o.15ps from the defendants^{jointly and} severally with future interest @ 2490^p.a. from the date of ?%.'

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oa-No-34512023

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application till the date of realization along with costs and in default for sale of OA hypothecated vehicle.

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Summons served on D1 and 2. They were set exparte on 26.05.2023 as called absent and no representation.

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The Applicant Bank examined D.Shyam Kumar Reddy, RetailLegal Manager, as AW-1 and marked g documents through him as Ex. A.1 to Ex. A.8.

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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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s The point that arises for considerauon is:_

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Whether the Appticant Bank is entitted for the claim made in the OA against the Defendants and OA hypothicated vehicle?

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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.8 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinfly and severally liable to pay the OA claim to the Applicant Bank with future interest and costs.

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In the result, the present Original Apptication No.345/2023 is allowed as under; -

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i) The Defendants are joinfly and severally liable to pay to the Appltcant Bank a total sum of Rs.24,88,470.15ps with future r{rt'.'' 1'-t '- qY-^'

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oA.NO.34sl2023

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interest @ 8.750lo 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 vehicle 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 appllcant bank is also entitled to proceed against the person and properties of defendants for realization of its dues; and

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iv) 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.

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Communicate a copy of this order to the parties concerned. (Dictated to the steno, signed and pronounced by me in the open court on this the th Day of February 2024).

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Aw*, (RAMESHWAR KOTHE) PRESIOING OFFICER

Yes Bank Limited v. M/S Vivessa Industries Pvt. Limited

Case brief

What is this about?

What did the court decide?

Yes Bank Limited v. M/S Vivessa Industries Pvt. Limited

Case brief

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