Allowed

Icici Bank Limited v. Chikurthi Odelu

DRT16 Aug 2024OA/786/2023

Case brief

AI extract

What is this about?

DRT-I at Hyderabad allowed an original application filed by ICICI Bank against two defendants jointly and severally liable to repay a sum of Rs. 32,32,446/- with future interest, secured by hypothecated vehicle.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 32,32,446/- with interest, OA claim secured by hypothecated vehicle, recovery certificate issued. Costs awarded.

Icici Bank Limited versus Chikurthi Odelu — Contract and Commercial Disputes | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-]I AT HYDERABAD DATED THIS THE 16th DAY OF AUGUST, 2024

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PRESENT: SH. RAMESHWAR KoTHE, B.com,, L.LB. (Hons.), M.A. PRESlDING OFFICER

¶3

ORIGINAL APPLICAT]ON No: 786 oF 2023

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ICICI BANK Ltd,, Having its Branch Office at H. No.6-2- 1012, TGV Mansions, Opp Institution of Engineers, Khairatabad Road, Taj Enclave, Khairatabad, Hyderabad, Telangana - 500004. Rep by its Authorized Signatory.

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.....Applicant.

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Versus

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Chikurthi Odetu, S/o.Chikurthi Eltaiah, Age 55 Years, Occ: Business, 5-58, Netha Colony, Near Main Road, Azamnagar, Bhupalapa lly Mandat,

¶8

Warangal - 506169.

¶9

Akkala Mallesh, S/o.Akkala Posham, Age 57 Years, Occ: Business, 5-58/1, Azamnagar, Bhupalapally Mandal, Warangal - 506169.

¶10

... Defendants

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Counsel for the Applicant Lotus Law Associates Defenda nts : Ex-parte ffior*

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oA.NO.786/2023

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:: ORDER::

¶14

The Applicant^{Bank filed the present OA for the recovery a total} sum of^{Rs.32,32,4461-frofi the defendantsjointly and} severatly^{with future interest@ 11 50o/op a from the date of} application^{till the date of realization along with costs and in} default for^{saleof hypothecatedvehicle'}

¶15

D1 and 2.^{TheY were set ex-Pafte on}

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1. Summons^servedon absent and^{no rePresentation '}

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08.O 1.2024^{as called}

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The Applicant^{Bank examinedN Chandrasekhar'Regional} Relationship^{Manager,as Aw-1 and marked 06 documents} through^{him as Ex. A.1 to Ex 4'06'}

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Ld. Counsel^{for the ApplicantBank reported orders may be} passed through^{meritsPerused the materialplaced on record'}

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The^{point that arises for considerationis:-}

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Whether^{the Applicant Bank is entitled} for the^{claimmade in the OA against} the^{Defendants and OA hYpothecated} vehicle?

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As stated^{supra, the Defendants remained ex-parte The} Evidence^{Affidavitcoupledwith the recitalsin the documents} viz., Exs.A.1^{to 4.06 marked on behalf of the Applicant Bank} clinches^{the claim of the Applicant Bank against the Defendants'} Hence, I^{hold that the Defendantsare jointlyand severallyllable} to^pay the^{OA claim to the Applicantt"E.:]'lfutureinterest} and costs. /l ^/l\td.,z ---rril'"^{^ ^} '

¶23

oA.NO.786/2023

¶24

In the result, the^{present Original ApPlicationNo 786/2023is} allowed as^{under: -}

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i) The Defendants are^{jointly and severally} liable to^pay to^{the Applicant Banka sum of} Rs.32,32,446/-^{with future interest @} 11.50o/o^p.a. simple^{from the date of} application till^{the date of realization;}

¶26

ii) the OA^{claim issecured bY waY of} hypothecation of^{vehicledescribed in the} schedule annexed^{tothe OA and the} applicant^{bank is entitledto proceed against} the same to^{realiseits debt;}

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iii) the applicant^{bank is also entitled to proceed} against the^{person and propertiesof} defendants for^{realizationof its dues;}

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iv) the applicant^{bank is entitledfor the costs'}

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The Applicant^{Bankis directed to file Cost Memo within2 weeks} from the date^{of receipt of this Order'}

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Issue Recovery^{Certificate accordingly'}

¶31

Communicate^{a copy of this order to the parties concerned} (-oi.iut"a to tt" tt"no, coriected,^{signedand pronounced by me in the open court on} this the^{16rh DaYof August, 2024).}

¶32

.!q

¶33

ESHWAR^KOTHE) PRESID]NG^OFFICER

Icici Bank Limited v. Chikurthi Odelu

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Chikurthi Odelu

Case brief

What is this about?

What did the court decide?

What the court decided

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