Allowed

Icici Bank Limited v. Obulreddy Balaram Reddy

DRT16 Aug 2024OA/776/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal-II at Hyderabad allowed an original application filed by ICICI Bank for recovery of a debt of Rs. 27,95,988 with future interest and costs against the defendant who was tried ex-parte.

What did the court decide?

The defendant is directed to pay Rs. 27,95,988 with future interest at 11.90% p.a. from the date of application till realization, along with costs, and the bank is entitled to issue a recovery certifi

Icici Bank Limited versus Obulreddy Balaram Reddy — Contract and Commercial Disputes | DRT (2024)

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IN THE^{DEBTSRECOVERYTRIBUNAL-II AT HYDERABAD} DATED^{THIS THE16TH DAY OF AUGUST'2024} PRESENT:^{SH. RAMESHWAR KOTHE,B.COM.,L'LB.(HONS.), M.A.} PRESlDING^OFFICER

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Origlnal^{ApplicationNo: 776 OF 2023}

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ICICI^BANKLtd., Having its^{Branch Office at} H. No.6-2- 1012,^{TGV l4anslons,} Opp Institution^{of Engineers,} Khairatatlad^{Road,TajEncla ve,} Khairatabad,^HYderabad, Telangana -^500004. Rep by its Authorized^Signatory,

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....Appticant

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Versus

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Obulreddy^{Balaram ReddY,} S/o.venkata^{Rami Reddy Obulreddy,} Age 38 Years,^{Occ: Business,} 8-207 lB, Maruthi^Nilayam, Prasuna Nagar,^{Near Ramalayam,} Hyderabad -^500054.

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Also at:-

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Obulreddy Balaram^Reddy, S/o.Venkata^{Rami ReddYObulreddY,} Age 38 Years,^{Occ: Business,} H. No.5- 15,^{RajaPalaYamVillage,} Munnille Post, B Kodur^Mandal, Kadapa District -^516193.

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And Also at:^- Obulreddy^{BalaramReddy,} S/o.Venkata Rami^{Reddy Obulreddy,} Age 38 Years, Occ:^Business, C/o.ESIC Super^{SpeclalityHospital,} Sanathnagar,^Hyderabad -^50003&, ///Wt,/

. ..... Defendant

OA.No.776/z1z3

Counsel for the Applicant Defendants

Lotus Law Associates

Exparte

:: ORDER ::

The Applicant Bank Filed the present OA for the recovery of a sum of Rs.27,95,999/_ from the defendant with future interest @ 11.90olo p.a. compounded with monthly rests from the date of apptication till the date of realisation along with costs.

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Summon sent to sole defendant returned with endorsement Refused, hence deemed to be served and was set ex-parte on

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08.01.2024 as called absent and no representation.

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The Applicant Bank examined N.Chandrasekhar, Regional

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Relationship Manager as AW-1 and marked 05 documents through

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him as Ex.A.1 to Ex.A.5.

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Ld. Counsel for the Applica nt Bank stated orders may be passed on

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merits. Perused the material placed on record.

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The point that arises for consideratjon is:_

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Whether the Appticant Bank is entitled for the claim made in the OA against the Defenda nt?

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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.5 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendant. Hence, I hold that the 1%,v (-u^',t,"

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OA.No.776l2023

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Defendant is 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.776/2023 is allowed as under:^-

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i) The Defendant is liable to^pay to the Applicant Bank a sum of Rs.27,95,988/- with future interest @ 11.90o/o p.a. simple, from the date of application till the date of realization;

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ii) the applicant bank is also entitled to^proceed against the person and properties of the defendant for realization of its dues;

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iii) 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 Certificate accordingly.

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Communicate a copy of this order to the parties concerned. (Dictated to the steno., transcribed by him, corrected, signed and^pronounced by me in the open court on this the 16'h day of August, 2024) .

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,/\ /A JYmrw, -. - /()^ffiY'r"r (*AMESHWAR KOTHE) PRESIDING OFFICER

Icici Bank Limited v. Obulreddy Balaram Reddy

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Obulreddy Balaram Reddy

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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