Allowed

M/S Yes Bank Ltd., v. M/S Lalitaditya Enterprises

DRT27 Sept 2024OA/553/2023

Case brief

AI extract

What is this about?

In an original application, the Debts Recovery Tribunal allowed the bank's claim for recovery of Rs. 28,16,979.21 plus interest and costs against the defaulting proprietor who appeared ex-parte. The debtor's hypothecated vehicle was also directed to be realized.

What did the court decide?

Defendant to pay Rs. 28,16,979.21 with future interest @ 9% p.a., bank entitled to proceed against hypothecated vehicle and defendant's properties for realization of dues.

M/S Yes Bank Ltd., versus M/S Lalitaditya… — Contract and Commercial Disputes | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 27Th DAY OF SEPTEMBER,2024

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PRESENT: SH, RAIYESHWAR KOTHE, B.COM., L.LB.^(HONS,), IY.A. PRESIDING OFFICER

¶3

ORIGINAL APPLICATION No: 553 OF 2023

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M/S.YES Bank Ltd., 2nd Floor, H.No.1-8-387, Aqravanshi Plaza, HUDA Lane, S. P. Road, Secunderabad-500003. Rep. by its Authorized Signatory.

¶5

.....Applicant.

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Versus

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M/s. Lalitaditya Enterprises, Rep by its Proprietor lvlr.Surya Shekar Lanka, Plot No.59 EP and 62 lail Colony, Jail Colony, Hyderabad - 500097.

¶8

Also at: -

¶9

lvl/s. Lalitaditya Enterprises, Rep by its Proprietor Mr.Surya Shekar Lanka, Flat No.102, Bhavya Pentastica, Road No.12, Circle 37, Banjara Hills, H ydera bad - 5000 34.

¶10

Permanent Address:M/s.Lalitaditya Enterprises, Rep by its Proprietor 14r.Surya Shekar Lanka, IF 2, 4th Floor, Sai Srinivasa Residency, PM Palem, Visakhapatnam, Opp Stadium, Pothinamallayapalem, Vishakapatnam, Andhra Pradesh-530041. ... Defendant

¶11

: lY/s.N.B.Sudarshan Counsel for the Applicant

¶12

Defendant Ex-Parte fun**:

oA.NO.5s3/2023

:: O-LLEB ::

The Applicant Bank filed the^present OA^for the^{recovery a total} sum of Rs.28,16,979.27ps from the defendant with^future interest @ 24o/o^p.a. from the date of application till^{the date of} realization along with costs and in default for^{sale of} hypothecated vehicle.

¶17

Summons served on sole defendant and^{wasset ex-parte on} 07.03.2024 as called absent and^{no representation.}

¶18

The Applicant Bank examined^{D.ShyamKumar Reddy, Asst.} Vice President - Legal, 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 stated orders^{may be passed} on merits. Perused the material^placed on^record.

¶20

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 Defendant and OA^hY?othecated vehicle?

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As stated supra,^{the Defendant remainedex-parte.The} Evidence Affidavit coupled with the^{recitals in the documents} viz., Exs.A.1 to A.08^marked on^{behalf of the ApplicantBank} cllnches the claim of the^{Applicant Bank againstthe Defendant.} Hence, I hold that the Defendant^{is liableto pay th_e OA claim to} the Applicant Bank with^{futureinterestanO cost2l$},/,*.lt</sup> ,'-,, .n."^,}

¶23

oA.NO.553/2023

¶24

¶25

In the result, the^{present Original Application No.553/2023is} allowed as under:^-

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i) The Defendant is liable to^{pay to the} Applicant Bank a sum of^{Rs.28,16,979.21ps} with future interest @ 9%^{p.a' simplefrom} the date of application^{till the date of} realization;

¶27

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 proceedagainst} the same to reallse 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 entitledfor the costs.}

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B. The Applicant Bank is directed^{to file Cost Memo within2 weeks} from the date of receipt of^{this Order.}

¶31

Issue Recovery Certificate accordingly.

¶32

Communicate a copy of^{this order to the parties concerned.} (Dictated to the steno, corrected, signed and^{pronouncedbymein the open court on} this the 27th Day of September,^2024).

¶33

fiwr*\ 1nl#esHwnR^KorHE) PRESIDING OFFICER

M/S Yes Bank Ltd., v. M/S Lalitaditya Enterprises

Case brief

What is this about?

What did the court decide?

M/S Yes Bank Ltd., v. M/S Lalitaditya Enterprises

Case brief

What is this about?

What did the court decide?

What the court decided

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