Allowed

Hdfc Bank Ltd. v. Madduri Ravi Kumar

DRT30 Jul 2024OA/767/2023

Case brief

AI extract

What is this about?

In an original application for debt recovery, the Debt Recovery Tribunal allowed the applicant bank's claim of ₹23,79,703.74 plus future interest, directed recovery certificate issuance, and upheld the bank's right to proceed against the hypothecated vehicle and other properties.

What did the court decide?

To pay ₹23,79,703.74 plus future interest at 18% p.a.; recovery certificate issued; bank entitled to proceed against hypothecated vehicle and other properties for costs.

Hdfc Bank Ltd. versus Madduri Ravi Kumar — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDEMBAD DATED THIS THE 3oth DAY OF JULY, 2024 PRESENT; SH. RAMESHWAR KO. L. LB. (Hons. ), M.A. PRESTDTN[Hs;FBr.ccE?.,

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ORIGINAL APPLICATION No: 767 OF 2023

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HDFC Bank Ltd., Lgv]ng^{its officeat} # 1_to-6n/? 5 l-loor, Suryodaya Com.,r"J'-' iff :ff i: xJ,xT.:.'j,. ; ii#.

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.....Applicant.
Versus
1. Madduri Ravi Kum:.
ii;,ii1!i;;a::,,m8,".,."
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n.No.I3_6_736_
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Counsel for the Applicant ... DeFendants
: Dr.M.p.Kashyap
Defendants
: Exparte
O R D E R ::
1. The App,icant Bank fited the
sum of Rs.23,7g,zO3.zqps ::^":1: "^ for the recovery a tota,
,,,,lrxf_d:l:ndants joinuy and
o/z.)n.'

¶5

oa,No,9a/2o23

¶6

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severally^{with futureinterest @ 18% p'a' from the date} of application^{till the date of realizationalongwith costs and} in default^{for sale of hypothecatedvehicle'}

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z. Summons^{served on Dl and 2' They were set exparte} on 18.03.2024^{as called absentand no representation'}

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examined^{SumayaShaik' Legal Manager'as}

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3.^{The Applicant Bank} 05 documents^{through her as Ex A lto} AW-1 and^marked Ex.A.05. Bank^{rePortedordersmaYbe}

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1. Ld.^{Counselfor the APplicant} the^{material Placed on record'} Passed^{through merits'Perused}

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The^{point that arises for considerationis:-}

¶13

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w h^eth e r^{th e} ^': : :{,:iXY ;^" :;:;:'

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for the^claim tne^{oefenoantsand oA hYpotnecateo}

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vehicle?

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6.^{As stated supra' the} ",":::":::;T:ll": '";T["']l: .u,."n."^{Arridavit coupred#;} o"* 1:::.::rJ:::il:l: viz.,^{Exs. A.1 tO A.05_n tot^"r".,} ," against^{the De'} clinches^{the ot'n.} "l^tn:;:::"",. .* 3","v^{and severallv liable} wirh^{future interest}

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Hence,^{I hold that the Detenqd'} ir*;';."-

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to^{pay the oA claimt(}

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, i:"::":;'rt'^{the Present orreinar Apprication No'767/2023is} allowed^{as under: -}

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and^severallY

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are^jointlY

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i) The^Defendants Bank^{a sum of} the^APPlicant

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tiable^{to PaYto} PI.o'-\ 9

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oA.NO,98/2023

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Rs.23,79,703.74ps with future interest @11.51o/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 vehlcle described in the schedule annexed to the OA and^the applicant bank is entitled to^{proceed against} the same to realise its debu

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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 within^{2 weeks} from the date of receipt of this Order.

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Issue Recovery Certiflcate accordingly.

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Communlcate a copy of this order to the^{parties concerned.} (Dictated to the steno, corrected, signed and pronounced by me in the open court on thisthe 3orh Day ofJuly,2024).

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S',-' (RA[4ESHWAR KOTHE) PRESlDING OFFICER

Hdfc Bank Ltd. v. Madduri Ravi Kumar

Case brief

What is this about?

What did the court decide?

Hdfc Bank Ltd. v. Madduri Ravi Kumar

Case brief

What is this about?

What did the court decide?

What the court decided

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