Allowed

Yes Bank Limited v. Patnamshetti Shailesh Prasad

DRT21 Mar 2024OA/657/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by Yes Bank against two defendants for recovery of a loan amount, future interest, costs, and permission to realize dues through hypothecated vehicle and proprietary assets.

What did the court decide?

Defendants directed to pay the claim amount with interest; applicant entitled to proceed against hypothecated vehicle and defendants' properties for realization; recovery certificate issued.

Yes Bank Limited versus Patnamshetti Shailesh Prasad — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD

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DATED THIS THE 21St DAY OF MARCH, 2024

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

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Original Application No: 657 OF 2022

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Yes Bank Limited, # 1-8-387, 3d Floor, Agravanshi Plaza, HUDA Lane, S.P. Road, Secunderabad-50003, Rep. by its Authorized Signatory.

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.....Applicant.

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Versus

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Mr. Patnamshetti Shailesh Prasad, S/o. Kondaiah, Age: 46 Years, Occ: Self Employed, H. No.1-9-138, Revenue Colony, Hanmakonda, Warangal District-506001.

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Mrs. Patnamshetti Latha, Wo.^P Shailesh Prasad,

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Age: 35 Years, Occ: Housewife, H.No.1-9-138, Revenue Colony, Hanmakonda, Warangal District-506001. .....Defendants

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Counsel for the Applicant : Mr. N4.Srinlvas Reddy Defendants : Exparte

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: qLLER::

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The Applicant Bank filed the^present OA for the recovery a sum of Rs.24,29,70l.l1ps from the defendants jointly and severally future interest @ 18o/o p.a. compounded with monthly rests frcm f2,O5.2022 till the date of realization along with costs and default for sale of OA hypothecated vehicle. ,ffXVtu, (_,. 1\a

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oA.NO.6s7l2022

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Summons served on D1 & 2, They were set exparte on t7,O2.2O23 as called absent and no representation.

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The Applicant Bank examined D.Shyam Kumar Reddy, Asst. Vice President, as AW-1 and marked 12 documents through him as Ex. A.1 to Ex. A.12.

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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 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.12 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 and costs.

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In the result, the present Original Application No.65712O22 is allowed as under: -

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.24,29,7o7.fLps with future interest @ 10.01o/o p.a. simple from the date of apptication ti the date of realizatiofu.;L\

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oa.No.6s7l2022

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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 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; and

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iv) the applicant bank is entltled 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 in the open court on this the 21"r Day of March, 2024).

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Ow"' (MMESHWAR KOTHE) PRESIDING OFFICER

Yes Bank Limited v. Patnamshetti Shailesh Prasad

Case brief

What is this about?

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Yes Bank Limited v. Patnamshetti Shailesh Prasad

Case brief

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