Allowed

M/S. Yes Bank Limited v. Mr. Badavathu Santhosh

DRT19 Nov 2024OA/710/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the original application filed by Yes Bank Limited against two defendants for recovery of a loan amount of approximately Rs. 37.99 lakh along with future interest and costs, relying on unchallenged documentary evidence.

What did the court decide?

Joint and several liability to pay Rs. 37,99,086.11 with future interest and costs; entitlement to proceed against hypothecated assets and defendants' properties.

M/S. Yes Bank Limited versus Mr. Badavathu Santhosh — Contract and Commercial Disputes | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT^HYDERABAD

¶2

DATED THIS THE 19TH DAY OF NOVEMBER,2024

¶3

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

¶4

ORIGINAL APPLICATION No: 710^{OF 2023}

¶5

M/s.YES Bank Limited., Office at 1-8-387, 2ND Floor, Agravanshi Plaza, HUDA Lane, S.P.Road, Secunderabad - 500003.

¶6

Rep. by its Authorized Signatory.

¶7

.....Applicant.

¶8

Versus

¶9

Mr,Badavathu Santhosh,

¶10

S/o. Mr. Badavathu Dubba,

¶11

H.No.2-27, Akkalchedu, Chennaraopet, Warangal Rural, Nr Durgamma Temple,

¶12

Warangal-506332, Telangana.

¶13

Mrs.Badavathu Dubba,

¶14

S/o.Mr.Hanma,

¶15

H.No.2-27, Akkalchedu,

¶16

Chennaraopet, Warangal Rural,

¶17

Nr Durgamma Temple,

¶18

Warangal-506332, Telangana.

¶19

...Defendants

¶20

: Mr.N.B.Sudarshan Counsel for the Applicant

¶21

Defendant : Ex-parte

¶22

:: :: [f,[ff,

¶23

The Applicant Bank filed the^present OA for the recovery a total sum or Rs.37,ee,086.11ps from ,n. o./;W:,*s.^joinfly and

¶24

(.7 \

¶25

oA.NO,710/2023

¶26

severally with future interest @ 18o/o p.a. from the date of application till the date of realization along with costs and in default for sale of hypothecated assets.

¶27

Summons sent to D1 and 2 returned with endorsement refused, hence deemed to be served. They were set ex-parte on 05.0t.2024 as called absent and no representation.

¶28

The Applicant Bank examined D.Shyam Kumar Reddy, Asst. Vice President, as AW-1 and marked 07 documents through him as Ex. A.1 to Ex. A,07.

¶29

Ld. Counsel for the Applicant Bank reported orders may be passed through merits. Perused the material placed on record.

¶30

The point that arises for consideration is:-

¶31

Whether the Applicant Bank is entiiled for the claim made in the OA against the Defendants and OA hypothecated assefs2

¶32

As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs.A.1 to A.07 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.

¶33

In the result, the present Original Application No.710/2023 is altowed as under: ffi"*n

¶34

oA.NO.710/2023

¶35

i) The Defendants are^jointly and severally liable to pay to the Applicant Bank a sum of Rs.37,99,086.11ps with future interest @l2o/o^p.a. simple from the date^of application till the date of realization;

¶36

ii) the OA claim is secured by way of hypothecation of assets described in the schedule annexed to the OA and the applicant bank is entitled to^proceed against the same to realise its debU

¶37

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

¶38

iv) the applicant bank is entitled for the costs.

¶39

B. The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this Order.

¶40

Issue Recovery Certificate accordingly.

¶41

Communicate a copy of this order to the parties concerned. (Dictated to the steno, corrected, slgned and pronounced by me in the open court on this the 19th day of November, 2024).

¶42

ESHWAR KOTHE) PRESIDING OFFICER

M/S. Yes Bank Limited v. Mr. Badavathu Santhosh

Case brief

What is this about?

What did the court decide?

M/S. Yes Bank Limited v. Mr. Badavathu Santhosh

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Jayanthi Haridas versus Peoples Urban Cooperative bank

Shri Neeraj Jain versus Indian Overseas Bank

Ankit Shirishbhai Mehta versus State Bank of India

Punjab and Sind Bank versus M/S Delfab Global Pvt. Ltd.

Ramesh Chand Ashutosh Mishra versus Bank of India

Canara Bank versus Gian Singh