Allowed

Hdfc Bank Ltd., v. Infiniti Techlabs LLP

DRT17 Sept 2024OA/637/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal-II at Hyderabad adjudicated an original application filed by HDFC Bank Ltd. against Infiniti Techlabs LLP and Ashish Dev Kyatam for a sum of Rs.35,03,057.25 with interest. Being satisfied with the evidence affidavit, the Tribunal held the defendants jointly and severally liable, secured the claim via hypothecated vehicle transport, and awarded costs.

What did the court decide?

Defendants jointly and severally liable to pay Rs.35,03,057.25 plus interest; entitled to realize debt via hypothecated vehicle and other properties; costs awarded.

Hdfc Bank Ltd., versus Infiniti Techlabs LLP — Contract and Commercial Disputes | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT^HYDERABAD DATED THIS THE 17th DAY OF SEPTEMBER,2024

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

¶3

ORIGINAL APPLICATION No: 637 OF 2022

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HDFC Bank Ltd., Having its office at # 1-10-60/3, 3'd Floor, Suryodaya Complex, Opp Shoppers Stop, BegumPet, Hyderabad - 500016. Rep. by its Authorized Signatory.

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.....Applicant,

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Versus

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Infiniti Techlabs LLP Rep by its Proprietor Plot No.65, Gunrock Enclave, Staff Road, Secunderabad - 500009.

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Kyatam Ashish Dev S/o.Bhooma Reddy Kyatam, Age 43 Years, Occ: Business, Plot No.65, Gunrock Enclave, Staff Road, Secunderabad - 500009.

¶9

...Defendants

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Counsel for the Applicant : Dr.M.P.Kashyap

Defendants

: Ex-parte

:: LLLLE ::

The Applicant Bank filed the^present OA for the recovery a total sum of Rs.35,03,057.2ps from the defendants^jointly and ffi*L\

¶15

oa,No ,637 /2022

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severally wlth future interest @24olo p.a. from the date of in application till the date of realization along with costs and default for sale of hypothecated vehicle.

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Summons served on D1 and 2 through paper publication. They were set ex-parte on 10.03.2023 as called absent and no representation.

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The Applicant Bank examined Sumaya Shaik, Legal Manager, as AW-1 and marked 04 documents through her as Ex. A.1 to Ex. A.04.

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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 arlses for consideration is:-

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

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As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.04 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are jointly and severally liable to pay the OA claim to the Applicant Bank with future interest a nd costs.

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In the result, the present Original Application No.637 /2022 ts a owed as under: - /Y,*r"

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oA.NO.537/2022

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i) The Defendants are^jointly and^severally liable to^pay to the Applicant^{Bank a sum of} Rs.35,03,057.2ps with future^interest @lO.77o/o^{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^propertiesof defendants for realization of^{its dues;}

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iv) the applicant bank is entitled^{for 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.}

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q Issue Recovery Certificate accordingly'

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concerned.

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1. Communicate a copy of^{this order to the parties} (Dictated to the steno, corrected, signed^{and pronounced by me} in the open court on this the 17rh Day of September,^2024).

¶33

ESHWAR KOTHE)

¶34

PRESIDING OFFICER

Hdfc Bank Ltd., v. Infiniti Techlabs LLP

Case brief

What is this about?

What did the court decide?

Hdfc Bank Ltd., v. Infiniti Techlabs LLP

Case brief

What is this about?

What did the court decide?

What the court decided

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