Allowed

Indian Overseas Bank v. M/S Akhil Tools Private Limited

DRT26 Jul 2024OA/416/2023

Case brief

AI extract

What is this about?

The tribunal allowed the original application filed by Indian Overseas Bank for recovery of Rs. 63,68,898.06 plus future interest and costs from three respondents. The bank proved its case through evidence, and the tribunal held the respondents liable.

What did the court decide?

Directing defendants to pay Rs. 63,68,898.06 with future interest and costs; allowing bank to proceed against hypothecated assets and defendants' properties; issuing Recovery Certificate.

Indian Overseas Bank versus M/S Akhil Tools Private Limited — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD

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DATED THIS THE 26Ih DAY OF JULY, 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: 416 OF 2023

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INDIANOVERSEAS BANK., 1-7-79lA&B to 111, Legand Crystal, lYandalay Lane, PG Road, Secunderabad, Telangana - 500003.

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Rep. by its Assistant General Manager

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....Applicant.

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Versus

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t"l/s.Akhil Tools Private Limited., H.No.4-230, Geeta Nagar, Balanagar, Hyderabad, Tela ngana - 500011. Rep by its Directors.

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Smt.Sivalanka Durga Vardhani Wo.Sivalanka^{Uma Mahesha r Rao,} D.No.1-1-417l1, Plot No.26, RBI Colony, Saroornagar, Ranga Reddy.

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Smt.Vislawath Suguna W/o,Vishanath Raju Naik,

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D. No.8-2-6841 102/49, Road No.12, NBT Nagar, Khairatabad, H,derabad

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... Defenda nts

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Counsel for the Applicant : lvl/s.G. Rangaiah Defendants :txoa*e frStb

oA.NO.416/2023

:: ORDER::

The Applicant Bank flled the present OA for the recovery a total sum of Rs.63,68,898.06ps from the defendants^jointly and severally with current and future interest @ 10.05o/o and the Loan

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other charges due in respect of the A/c. No.02003300000050 from the date of default by the barrower till the date of filing of this suit & interest @14.500/0 p.a. from the date of application till the date of realization along wlth costs and in default for sale of hypothecated assets.

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Summons served on D2 and 3. They were set ex-parte on 29.O7.2024 as called absent and no representation, whereas summons served on D1 through paper publication and was set ex-parte on 26.03.2024 as called absent and no representation.

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The Applicant Bank examined Syamalendu Kumar Patnaik, Legal Manager, as AW-1 and marked 19 documents through him as Ex.A.1 to Ex.A.17.

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4- Ld. Counsel for the Applicant Bank reported orders may be passed through merits. Perused the materlal 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 assefs?

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As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents

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M.,.,"

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oA.NO.415/2023

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viz., Exs.A.1 to A.17 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinuy 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 ortginal Apptication No.416l2023 is allowed as under: -

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.63,68,898.06ps with future interest @10.05o/o^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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iii) the applicant bank is also entitled to proceed against the person and properties of defendants for realization of its dues;

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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. Mne

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oA.NO.416/2023

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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 couft on} this the 26s Day ofluly,^2024).

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(j/ ,//flxrr,*_.1,,ry-{{,"

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(PEMESHWAR KOTHE) PRESIDING OFFICER

Indian Overseas Bank v. M/S Akhil Tools Private Limited

Case brief

What is this about?

What did the court decide?

Indian Overseas Bank v. M/S Akhil Tools Private Limited

Case brief

What is this about?

What did the court decide?

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