Allowed

Yes Bank Limited v. Purushotam Upadhyay

DRT18 Sept 2024OA/537/2022

Case brief

AI extract

What is this about?

In an Original Application filed by YES BANK Limited for debt recovery, the Debts Recovery Tribunal, Hyderabad, allowed the claim against the defendant who remained absent. The court awarded the principal sum with future simple interest and costs.

What did the court decide?

Order allowed; Defendant to pay Rs.38,32,587.66 with 16% p.a. simple future interest and costs; Recovery Certificate issued.

Yes Bank Limited versus Purushotam Upadhyay — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS RECOVERY^{TRIBUNAL-II AT HYDEMBAD} DATED THIS THE^{18THDAY OF SEPTEMBER,2024}

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PRESENT: SH,^{RAMESHWAR KOTHE,B.COM.,L,LB. (HONS.), M.A.} PRESIDING OFFICER

¶3

Original Application^{No: 537 OF 2022}

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M/s.YES BANK Limited., Office at 1-8-387,^{2nd Floor,} Agravanshi Plaza,^{HUDA Lane,} S.P. Road, Secunderabad-500003' Rep. by its Authorized Signatory.

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...Applicant

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Versus

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Mr.Purushotam UPadhYaY, S/o.Devkishan^UPadhaYaY, Aged about 45 Years,^{Occ: Business,} R/o.PM Villa 176, Avenue^12, Splended Aparna^{Palm Medows,} Kompally, Hyderabad -^500014'

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Also at:-

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Mr.Purushotam UPadhYaY R/ o,4-10-7518, Plot^No.5B/A, Block No.10, Auto Nagar, Vanasthalipuram,^Hyderabad -^500070'

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...... Defendant

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Counsel for the Applicant^{: M/s.M.Srinivas Reddy}

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Defendants : Ex-parte

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:: ORDER ::

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The Applicant Bank filed the^present OA^{for the recovery of a sum of} Rs.38,32,587.66ps from the defendant with future^interest @^18o/o jfu^';

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OA.No.537l2022

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p.a. compounded with monthly rests from 19.O2.2022 till the date of realisation along with costs.

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Summon served on sole defendant and was set ex-parte on

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30.17.2022 as called absent and no representation.

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The Applicant Bank examined D.Shyam Kumar Reddy, Asst. Vice President Legal as AW-1 and marked 09 documents through him as

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Ex. A.1 to Ex. A.9.

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Ld. Counsel for the Applicant Bank stated orders may be passed on

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merits and 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 enti ed for the claim made in the OA against the Defendant?

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As stated supra, the Defendant remained ex-parte. The Evjdence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.9 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendant. Hence, I hold that the Defendant is 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.537l2022 is allowed as under: -

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i) The Defendant is tiable to pay to the Applicant Bank a sum of Rs.38,32,587.66ps with future interest @ 160lo p.a. simple, from the date of apptication till the date of reatization; ffiit-w

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OA.No.537l2022

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ii) the applicant bank is also entitled to proceed against the person and properties of the defendant for rea lization of its dues;

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iii) 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., transcribed by him, corrected, signed and pronounced by me in the open court on this the 18th day of September, 2024) .

¶35

ESHWAR KOTHE) PRESIDING OFFICER

Yes Bank Limited v. Purushotam Upadhyay

Case brief

What is this about?

What did the court decide?

Yes Bank Limited v. Purushotam Upadhyay

Case brief

What is this about?

What did the court decide?

What the court decided

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