Allowed

Yes Bank Ltd., v. M/S Srinivasa Transport

DRT18 Oct 2024OA/466/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal reviewed documents in an ex-parte recall application filed by M/S.YES Bank Ltd. against two defendants for recovery of dues totaling Rs. 41,56,515.71 with future interest and costs, entitling the bank to proceed against hypothecated and personal assets.

What did the court decide?

Defendants directed to pay Rs. 41,56,515.71 with future simple interest at 9.25% p.a.; bank entitled to proceed against hypothecated assets and defendant's properties for realization of dues; costs aw

Yes Bank Ltd., versus M/S Srinivasa Transport — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE 18th DAY OF OCTOBER,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: 466 OF 2023

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M/S.YES Bank Ltd., 2nd Floor, H.No.1-8-387, Agravanshi Plaza, HUDA Lane, S. P. Road, Secunderabad-500003. Rep. by its Authorized Signatory.

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.....Applica nt.

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Versus

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M/s.Srinivasa Transport., Rep by its Managing Partner

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Mr.K.Indrasena Reddy, Office at 5-6-r/B/ UD/7,

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Krishna Nagar, NTPC, Ramagundam,

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Karimnagar District - 505209.

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Mr.K.[ndrasena Reddy, S/o.Bapu Reddy, Aged about 31 Years, Occ: Managing Partner of

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M/s. Srinivasa Transport, Office at 5-6-1/B/ L/D/7,

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Krishna Nagar, NTPC, Ramagundam, Karimnagar District - 505209.

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...Defendants

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Counsel for the Applicant

M/s.M.Srinivas Reddy

Defendants

Ex-parte

..--'-.-

:: Q_[L ff, ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.41,56,515.71ps from ,^" ,ru;*joindy and

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oA.NO.455/2023

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severally with future interest @ 18%^p.a. compounded^with monthly rests from 10.10.2022 till the date of realization along with costs and in default for sale of hypothecated assets.

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Summons served on D1 and 2. They were set ex-parte on 31.08.2023 as called absent and no representation.

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The Applicant Bank examined D.Shyam Kumar Reddy, Legal Manager, as AW-1 and marked 16 documents through him as Ex. A.1 to Ex. A.16.

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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 assets?

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6, As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to 4.16 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 future interest and costs.

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In the result, the present Original Application No.466/2023 is allowed as under: - 4ry.\o'{.

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oA.NO.466/2023

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.41,56,515.71ps with future interest @ 9.25o/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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B, 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 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 18th Day of October, 2024).

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PRESIDING OFFICER

Yes Bank Ltd., v. M/S Srinivasa Transport

Case brief

What is this about?

What did the court decide?

Yes Bank Ltd., v. M/S Srinivasa Transport

Case brief

What is this about?

What did the court decide?

What the court decided

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