Allowed

Indusind Bank Limited v. Mrs.Shilpa Agarwal

DRT9 Feb 2024OA/532/2023

Case brief

AI extract

What is this about?

The DRT allowed the Original Application filed by the bank for recovery of dues of Rs.3,90,22,160/- along with interest and costs from the ex-parte defendants. The court held them jointly and severally liable and directed the issuance of a Recovery Certificate and utilization of schedule assets.

What did the court decide?

Defendants jointly and severally liable to pay principal, interest, costs; Recovery Certificate to be issued; OA schedule assets to be utilized for recovery.

Indusind Bank Limited versus Mrs.Shilpa Agarwal — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

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DATED THIS THE^gth DAy oF FEBRUARy,2oz4

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PRESENT: SH. MMESHWAR KOTHE, B.Com, L.L.B. (HONS.), M.A. PRESIDING OFFICER

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ORIGINAL APPLICATION No. 532 OF 2O23

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Induslnd Bank Ltd, 2401, General Thimmayya Road, Cantonment, Pune #t-l}-72,3'd Floor, Ashoka lanardhan Chambers, Begumpet, Secunderabad-SO.

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...,...,...Applicant.

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Versus

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1.	Mrs. Shilpa Agarwal W/o. NitinKumar Agarwal, Occu^pation:Business F.No.31, H.No.5-9-122IA/L/31, MaheswariResidency, Adarsh Nagar,Hyderabad-500063
2.	NitinKumar Agarwal S/o.Mr.VishwanthAgarwal, Occupation: Business F.No.31, H.No.5-9-122/A/L/3L, MaheswariResidency, Adarsh Nagar,Hyderabad-500063.
3.	Mrs. Durga Agarwal W/o.Mr.Kunal Gupta, Occupation:Business H.No.21-2-579, UrduShareefPatel Market, CharminarHyderabd-500002.
4.	Mr,KunalGupta S/oMr.Ramanala Agarwal, Occupation:Business H.No,21-2-579,Urdu Shareef, PatelMarket,Charminar, Hydera bad-500002. lW	Defendants.

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oA532lZo23

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Cou nsel for the ApPlicant : Ms. G. Bhanu Murthy Defendants :Exparte.

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:Exparte.

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ORDER

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The Applicant Bank filed the^{presentOA for the recovery of a} sum of Rs.3,90,22,L601-^{jointly and severallyfrom the} defendants 1 to 4^{togetherwith [email protected]/oper annum} with monthly rests from^{the date of OA till the date of} realisation along^{with costs and sale of OA scheduleassets.}

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Summons served on D1^{to 4. They were set ex-parteon} 09.7O.2023, as called^{absentand no representation.}

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The Applicant Bank^{examined LakkimsettyTulsi Rao,lvlanager} as AW-1 and^{marked42 documents through him as Ex' A 1 to} Ex.A.16.

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Learned Counsel for^{the applicant bank reported orders maybe} passed on merits. Perused the^{materlalplaced on record'}

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The^point that arises^{for considerationis:-}

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Whether the APP|icant Bank is entitled for the claim madeⁱⁿ the OA against the Defendants^and OA Schedule assets2

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As stated supra,^{defendants remalned ex-parte. The Evidence} Affidavit coupled^{with the recitals ln the documents viz.,Exs Al} to A.42 marked on^{behalf of the Applicant Bank clinchesthe} claim of the Appticant^{Bankagainst the DefendantsHence, I} hold that the Defendants^are iointly^{and severally liable to pay} ,r1w^--'.

// ,/' -"'^';\

oA.s32l2023

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

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In the result, the present Original Application No.532/2023 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.3,90,22,160/- with future interest @9.90olo^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/mortgage of assets 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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The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this Order.

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q 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 9rh day of February, 2024).

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6*or'

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(RAMESHWAR KOTHE) PRES]DING OFFICER

Indusind Bank Limited v. Mrs.Shilpa Agarwal

Case brief

What is this about?

What did the court decide?

Indusind Bank Limited v. Mrs.Shilpa Agarwal

Case brief

What is this about?

What did the court decide?

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