Allowed

Indian Overseas Bank v. Smt Momula Aruna

DRT18 Sept 2024OA/544/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by Indian Overseas Bank for recovery of Rs.33,54,132.86 plus future interest and costs against a defendant, holding the defendant liable and authorizing proceeds against a hypothecated vehicle.

What did the court decide?

The defendant was directed to pay Rs.33,54,132.86 with future interest @ 10.60% p.a. plus costs; the bank proceeded to realize the debt from the hypothecated vehicle.

Indian Overseas Bank versus Smt Momula Aruna — Banking and Recovery | DRT (2024)

¶1

1N THE DEBTS^{RECOVERYTRIBUNAL-II AT HYDERABAD} DATED THIS^{THE18th DAYOF SEPTEMBER,2024}

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

¶3

ORIGINAL APPLICATION^{NO: 544 OF 2023}

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INDIAN OVERSEAS^BANK Alwal Branch, Plot^No.25, Main Road, Secunderabad, Telangana State^{- 500010.} Rep. by its Chief^Manager.

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.....Applica^nt.

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Versus

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Smt.l4omula^Aruna W/o.M.Shoban^Babu,

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Aged about 36^{Years,Occ: Business,} R/o.1-5-1115/1,^{PlotNo.316 &} 317, Panchasheela^Enclave, Old Alwal, Alwal,^{Secunderabad,} Telangana State - 500010.

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...Defendant

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: M/s.Gampa^Rangaiah Counsel for the Applicant Defendant : Ex-Parte

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::^qLLLB ::

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The Applicant Bank^{filed the present OA for the recovery a total} sum of Rs.33,54,132.86ps^{from the defendantwith future} interest @ 10.60%^p.a. with monthly^{rests from the date of} application till the date of^{realization alongwith costs and in} default for sale of hypotheca ted vehicle./h.'1e'S

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oA.NO.s44l2023

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Summons served on sole defendant and was set ex-parte 24.07.2024 as called absent and no representation.

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The Applicant Bank examined G.V. Ramana, Chief Manager, as

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AW-1 and marked 21 documents through him as Ex.A.1 to Ex.A.21 .

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Heard the Ld. Counsel for the Applicant Bank. 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 and OA hypothecated vehicle?

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As stated supra, the Defendant remained ex_parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs.A.1 to A.21 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 ctaim to the Applicant Bank wlth future interest and costs.

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In the result, the present Original Application No.544/2O23 is allowed as under: -

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i) The Defendant is tiable to pay to the Applic{nt Bank a sum of Rs.33,54,132.86ps with fiJture interest @ 10.600/0 p.a. simple \ 7/51n" \ \

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oA.NO.s44l2023

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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 entitledto 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 propertiesof} defendants for^{realization of its dues;}

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iv) the applicant^{bank is entitledfor the costs'}

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The Applicant Bank^{is directed to file Cost Memo within2 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,^{signedand pronounced by me in the open court on} this the 18th Day of September,^2024).

¶31

Ow"*" (RAMESHWAR KOTHE) PRESIDING OFFICER

Indian Overseas Bank v. Smt Momula Aruna

Case brief

What is this about?

What did the court decide?

Indian Overseas Bank v. Smt Momula Aruna

Case brief

What is this about?

What did the court decide?

What the court decided

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