Allowed

Icici Bank Limited v. M/S D.S. Nandu Tours and Travels

DRT30 Jan 2024OA/568/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by ICICI Bank Ltd. against three defendants who remained ex parte. The Court held defendants jointly and severally liable to pay Rs.33,22,227.41 with future interest and costs, and authorized recovery via hypothecated vehicles or personal properties.

What did the court decide?

Recovery of Rs.33,22,227.41 with future interest, costs, and authority to realize dues via hypothecated vehicles and personal properties of defendants.

Icici Bank Limited versus M/S D.S. Nandu Tours and Travels — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS RECOVERY^{TRIBUNAL.II AT HYDEMBAD} OATED THIS THE 3oth^{OAY OF JANUARY} ,²⁰²⁴

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PRESENT: SH. MMESHWAR^{KOTHE, B.Com., L.LB. (Hons.), M'A.} PRESIDING OFFICER

¶3

Original Application^{No: 568 OF 2023}

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ICICI Bank Ltd., Gachibowli, ICICI^Towers, Serilingampally Mandal, Ranga Reddy District. Rep. by its Authorized^Signatoryand Power of Attorney.

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.....Applicant.

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Versus

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M/s. D.S. Nandu Tours^{and Travels,} Rep. by its Proprietor Mr. Devasani Sathyanand, R/o. H.No.2-59, Gajwal^Mandal, Akkaram, Medak-502311, Telangana'

¶8

l"lr. Devasanl Sathyanand, S/o. Mr. Ananthaiah Devasani, Age: 49, Occ: Business, R/o. H.No. 2-59, Gajwal Mandal, Akkaram, Near Bharat Peterolum, Akkaram, Meadak-502311, Telangana.

¶9

Mrs. Devasani Bhagyalaxmi, D/o. Mr. Mallesham Thumma, Age: 43 Years, Occ: Business, R/o. H.No.2-59, Gajwal Mandal, Akkaram, Near Bharat Peterolum, Akkaram, Medak-502311. Telangana.

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...Defendants

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counsel for the Applicant

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Defendants

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: Mr. G.Adrian Kiran Raj

'r*o"n dryr,

oA.NO.568/2023

:: ILLLER ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.33,22,227.41ps from the defendants joinHy and severally with future interest @ 24o/o p.a. with monthly rests from the date of the application till the date of realization along with costs.

¶18

Summons served on Dl to D3. They were set exparte on 27.09.2023 as called absent and no representation.

¶19

The Applicant Bank examined N.Chandrasekar, Regional Relationship Manager, as AW-1 and marked 20 documents through him as Ex. A.1 to Ex. A.20.

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Ld. 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 consideration is:-

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Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants?

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As stated supra, the Defendants remained ex_parte. The Evidence Amdavit coupled with the recitals in the documents viz., Exs. A.1 to A.20 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinHy and severally liable to pay the OA claim to the Applicant Bank with future interest and costs.

dY^-t

oA.NO.s5812023

In the result, the present Original Application No.568/2023 is allowed as under: -

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i) The Defendants are joinuy and severally liable to pay to the Applicant Bank a sum of Rs,33,22,227.40ps with future interest @ 8.619o 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 vehicles described in the schedule annexed to the OA and the applicant bank is entiued to proceed against the same to realise its debt;

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

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iv) the applicant bank is entiued 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 tn the open court on this the 3Ob Oay ofJanuary, 20241 .

¶35

Si.''-Y
(/Y'*t
lRrr.lesxwan rorney
PRESIDING OFFICER

Icici Bank Limited v. M/S D.S. Nandu Tours and Travels

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. M/S D.S. Nandu Tours and Travels

Case brief

What is this about?

What did the court decide?

What the court decided

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