Allowed

Icici Bank Limited v. Sada Siva Sasikiran v

DRT29 Aug 2024OA/404/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal examined an Original Application filed by ICICI Bank Limited for recovery of dues against the Defendant who appeared ex-parte. Relying on the Evidence Affidavit and documentary evidence, the Tribunal held the Defendant liable to pay the claimed sum with future interest and costs, allowing the application and directing the issuance of a Recovery Certificate.

What did the court decide?

Defendant to pay Rs. 22,53,074.05 with future interest; Applicant entitled to proceed against person and properties for realization; Recovery Certificate issued.

Icici Bank Limited versus Sada Siva Sasikiran v — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

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DATED THIS THE 29TH DAY OF AUGUST, 2024

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

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Original Application No: 404 OF 2022

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ICICI BANK LIMITED Khairatabad Branch, Hyderabad. Rep. by its Authorized Signatory.

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...Applicant

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Versus

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Sada Siva Sasikiran V, S/o.Vontendu Malleshwara Rao, Age 37 Years, Occ: Service, Flat No.1110, 11th Floor, IADE Block, I4y Home lewel Madina Guda, Sherlinga mpally, Ranga Reddy District - 500049. ...... Defendant

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Counsel for the Applicant : M/s.B.Praveen Kumar

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Defendants :Ex-parte

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:: ILLLLB_::

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The Applicant Bank filed the present OA for the recovery of a sum of Rs.22,53,074.05ps from the defendant with future interest @ 24olo p.a. with monthly rests from 15.03.2022 till the date of realisation along with costs.

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Summon served on sole defendant through paper publication and was set ex-parte on 10.70.2022 as called absent and no representation. OW*"

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oa.No,404/2022

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The Applicant Bank examined N.Chandra Shekar,^Regional Relationship Manager as AW-1 and marked 04 documents^through him as Ex. A.1 to Ex. A.4.

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Ld. Counsel for the Applicant Bank stated orders may be^{passed on} merits and^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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6, As stated supra, the Defendant remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz.,^{Exs.A.1 to} A.4 marked on behalf of the Applicant Bank clinches the^{claim of the} Applicant Bank against the Defendant. Hence, I hold that^the Defendant is liable to^pay the OA claim to the Applicant^{Bank with} future lnterest and costs.

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In the result, the present Original Application No.40412022^is allowed as under:^-

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i) The Defendant is liable to^pay to the Applicant Bank a sum of Rs.22,53,074.05ps with future interest @ 10.750lo^p.a. simple, from the date of application till the date of realization;

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ii) the applicant bank is also entitled to^proceed against the^person and^properties of the defendant for realization of its dues;

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iii) the applicant bank is entitled for the M*,*cosls. 1,,.

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OA.No.4O4l2O22

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The Applicant Bank is directed to^{file Cost Memowithin 2 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., transcribed by^{him, corrected,signedand pronounced by me in the} open court on this the 29ih day^{of August, 2024).}

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ow*

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1nh(esHwnR^KorHE) PRESIDING OFFICER

Icici Bank Limited v. Sada Siva Sasikiran v

Case brief

What is this about?

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Icici Bank Limited v. Sada Siva Sasikiran v

Case brief

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