Allowed

Yes Bank Ltd., v. Mr.Mohammed Abdul Hadi

DRT28 Jun 2024OA/623/2022

Case brief

AI extract

What is this about?

N4/S.Yes Bank Limited filed an Original Application to recover dues from Mohammed Abdul Hadi along with interest. The court, after perusing evidence, allowed the claim. The defendant is liable to pay the principal amount with future interest, and the bank is entitled to proceed against the hypothecated vehicle and other assets for realization.

What did the court decide?

The defendant is liable to pay Rs. 24,40,441.93 with future interest; bank can proceed against hypothecated vehicle and properties; costs awarded.

Yes Bank Ltd., versus Mr.Mohammed Abdul Hadi — Company and Corporate | DRT (2024)

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]N THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 28th DAY OF JUNE, 2024

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PRESENT: SH. RAIVIESHWAR KOTHE, B,COM., L.LB. (HONS.), IVI.A. PRESIDING OFFICER

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ORIGINAL APPLICATION No: 623 OF 2022

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N4/S.YES BANK LIMITED., office at 1-8-387, 3'd Floor, Agravansh i Plaza, HUDA Lane, S. P. Road, Secu ndera bad-500003.

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.... .Applica nt.

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Versus

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lvlr.I\4ohammed Abdul Had i, S/o.Md Abdul Bari, Aged about 33 Years, Occ: Business, R/ o.H.No.9-477 / A/203, AL Hasanth Colony, Rethi Bowli, Tolichowki, Golconda, Hyderabad - 500008,

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Also at: -

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Mr.Mohammed Abdul Hadi, R/o. H. No.6-4- 176, Shop.No.3, Pet Colony Suncity, Ba ndalguda, Hyderabad - 500086.

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Also at:-

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l,1r.l\4ohammed Abdul Had i, R/o. H. No.8- 1-402/75, Gulshan Colony, Hyderabad-500008.

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...Defendant

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Counsel for the Applicant : lvl.Srinivas Reddy Defend a nt : ExDarte%'n

oa.No,623 /2022

:: qLLEB ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.24,40,441.83ps from the defendant with future interest @ 18o/o p.a. compounded with monthly rests from 73.06.2022 till the date of realization along with costs and tn default for sale of hypothecated vehicle.

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Summons served on sole defendant through paper publication and was set ex-parte on 13.04.2023 as called absent and no representation.

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The Applicant Bank examined D.Shyam Kumar Reddy, Asst. Vice President, as AW-1and marked 08 documents through him as Ex. A.1to Ex. A.08.

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Ld. Counsel for the Applicant Bank reported orders may be passed through 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 aga inst the Defendant and 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.08 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendant. Hence, I hold that the Defendant is Iiabte to pay the OA claim to the Applicant Bank with future interest and costsrdyx,r\ 7 11.'-

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oA.NO.623l2022

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In the result, the present Original Application No.623/2022 is allowed as under: -

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i) The Defendant is liable to pay to the Applicant Bank a sum of Rs.24,40,44t.93ps with future interest @14.01% 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 vehicle described in the schedule annexed to the OA and the applicant bank is entitled to 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 properties of defendants for realization of its dues;

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iv) the applicant bank is entiiled 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, corrected, signed and pronounced by me in the open court on this the 28th Day ofJune, 2024).

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frffi,*'v (RAVESHWAR KOTHE) PRESIDING OFFICER

Yes Bank Ltd., v. Mr.Mohammed Abdul Hadi

Case brief

What is this about?

What did the court decide?

Yes Bank Ltd., v. Mr.Mohammed Abdul Hadi

Case brief

What is this about?

What did the court decide?

What the court decided

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