Allowed

Yes Bank Ltd., v. M/S Src Rentals

DRT28 Jun 2024OA/489/2022

Case brief

AI extract

What is this about?

The tribunal adjudicated an Original Application filed by Yes Bank Ltd. for recovery of dues from partnership firm members. Claiming default after summons served by publication, the tribunal held defendants jointly and severally liable for the principal, future interest, and costs, directing issuance of a Recovery Certificate.

What did the court decide?

Defendants declared jointly and severally liable to pay Rs.68,24,793.11 plus future interest; covered by hypothecated assets; Recovery Certificate issued.

Yes Bank Ltd., versus M/S Src Rentals — Execution and Attachment | DRT (2024)

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IN THE DEBTS RECOVERY TRiBUNAL-II AT HYDERABAD

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DATED THIS THE 28th DAY OF JUNE, 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: 489 OF 2022

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YES BANK Ltd., Having its office at 3'd Floor, # 1-8-387, Agravanshi Plaza, HUDA Lane, S. P. Road, Secunderabad - 500003.

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Rep. by its Authorized Signatory.

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.....Applicant.

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Versus

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lY/s.SRC Rentals

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A Partnership Firm, Rep by its Partners [4rs.Jaswinder Kaur & Mr.Surender Singh,

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Having its office at PIot No.34, Block No.33, Auto Nagar, Vanasthalipuram, Hayathnagar Mandal, Ranga Reddy District - 500070.

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Jaswinder Kaur

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D/o.Kushal Singh, Age about 60 Years, Occ: Business, R/o.Plot No.147 E/P,

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Vijaysree Colony, Ma nsoora bad, Saroornagar Mandal, Ranga Reddy District - 500070.

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Mr. Surender Singh, S/o. Ujagar Sin9h, Age about 58 Years, Occ: Business, R/o. Plot No.147 E/P, Vijaysree Colony, Mansoorabad, Saroornagar Mandal, Ranga Reddy District - 500070.

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oA.NO.489/2022

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Counsel for the Applicant

: M..Srinivas Reddy

Defendants

: Exparte

:: qLD-qB ::

The Applicant Bank filed the^present OA for the recovery a total sum of Rs.68,24,793.11ps from the defendants^jointly and severally with future interest @18% p.a. compounded with monthly rests from the date of application till the date of realization along with costs and in default for sale of hypothecated assets.

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Summons served on D1 to 3 through^{paper publication.} They were set ex-parte on 06.03.2023 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 08 documents through him as Ex. A.1 to Ex. A.08.

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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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As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.08 marked on behalf of the Applicant Bank clinches the claim of the ADplicant Bank aqainst the Defendants. M,*

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oA.NO.489/2022

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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.4B9/2022 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.68,24,793.11ps with future interest @10% 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 28th Day of June, 2024).

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dw*'

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(RAMESHWAR KOTHE) PRESIDING OFFICER

Yes Bank Ltd., v. M/S Src Rentals

Case brief

What is this about?

What did the court decide?

Yes Bank Ltd., v. M/S Src Rentals

Case brief

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