Allowed

Icici Bank Limited v. Sree Vaisihnavi Engineering Construction Pvt. Ltd.

DRT27 Feb 2024OA/529/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal-II, Hyderabad allowed ICICI Bank's Original Application No. 529/2023 for recovery of Rs. 47,04,379 with future interest and costs against respondents, holding them jointly and severally liable and permitting proceedings against hypothecated vehicle.

What did the court decide?

Respondents jointly and severally liable to pay Rs. 47,04,379 with future interest; bank entitled to proceed against hypothecated vehicle and respondent properties; costs awarded.

Icici Bank Limited versus Sree Vaisihnavi Engineering… — Execution and Attachment | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

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DATED THIS THE 27Th DAY OF FEBRUARY, 2024

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

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PRESIDING OFFICER

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ORIGINAL APPLICATION No. 529 OF 2023

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ICICI Bank Limited, Gachibowli, ICICI Towers, Serilingampally Mandal, Ranqa Reddy District, Rep by its Authorized Signatory and Power of Attorney holder, Mr. Baylu pati Gopal Krishna.

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Applicant.

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Versus

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1.
Sree Vaslhanavi Engineering-
Constructions Pvt Ltd
C/o. V. Krishna Veni
O/o. D.No.8-3-677 /44,Ground Floor ,
Sri Krishna Devaraya Nagar,
Nea r Ganapati Complex,
Hydera ba d - 5000 73, TS.

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Also at:

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Sree Vasiha navi EngineeringConstructions Pvt Ltd, V. Krishna Veni, D/o. Devaneni Gangadhar Rao Occ: Proprietor, Aged :45^years, O/o. D. No.8-3-677 /44, Ground Floot, Sri Krishna Devaraya Nagar, Near Ganapati Complex, Hyderabad-500073 TS

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V. Krishna Veni D/o. Deva neni Gangadhar Rao Occ: Proprietor, Aged:45^years D.No.7th Btock Flat No.5o4, t4a laysia n Townshi, Kukatpally, Near JNTU Road Kphb, Hyderabad 500072 TS. Defendants.

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oa.s2912023

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Cou nsel for the Applicant Defend a nts

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: Mr. G. Adrian Kiran Raj

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: Exparte.

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ORDER

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The Applicant Bank filed the^present OA for the recovery of a sum of Rs.47,04,3791-^jointly and severally from the defendants together with interest @24o/o per annum with monthly rests from 15.01.2021 till the date of realisation along with costs and sale of OA schedule hypothecated vehicle.

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Summons served on D1 & 2. They were set ex-parte on 09.11.2023, as called absent and no representation.

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The Applicant Bank examined N Chandrasekhar, Regional Relationship Manager as AW-1 and marked 12 documents through him as Ex. A.1 to Ex.A.12.

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Learned Counsel for the applicant bank reported orders may be passed on merits. Perused the material placed on record.

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The point that arises for consideratlon is:-

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Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants and OA Schedule hypothecated vehicle?

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As stated supra, defendants remalned ex-parte. The Evidence Affldavit coupled with the recitals in the documents viz., Exs. 41 to A.12 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 .'flfij-:.>') | '.'^1''

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oA.52912023

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the OA claim to the Applicant Bank with future interest and costs.

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In the result, the present Original Application No.529/2023 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. Rs.47,04,379l- with future interest @12.00% 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 for recovery of its dues;

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

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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, signed and pronounced by me in the open court on this^{the 27th} day of February, 2024).

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Ary-^.,*\ /^/r/ (RATtrESHWAR KOTHE) PRESIDING OFFICER

Icici Bank Limited v. Sree Vaisihnavi Engineering Construction Pvt. Ltd.

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Icici Bank Limited v. Sree Vaisihnavi Engineering Construction Pvt. Ltd.

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