Allowed

Icici Bank Limited v. Sri Venkatsai Enterprises and Others

DRT30 Aug 2024OA/787/2022

Case brief

AI extract

What is this about?

DRT-II Hyderabad allowed an original application filed by ICICI Bank for recovery of Rs. 42,32,339.80 along with future interest from the defendants jointly and severally, securing the claim via hypothecated assets.

What did the court decide?

Defendants ordered to pay Rs. 42,32,339.80 with future interest @ 11.50% p.a.; OA claim secured against hypothecated assets; recovery certificate issued.

Icici Bank Limited versus Sri Venkatsai… — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE 3oth DAY OF AUGUST, 2024

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

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ORIGINAL APPLICATION No: 787 OF 2022

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ICICI Bank Limited Gachibowli, ICICI Towers, Serilingam pa lly lvla ndal, Ranga Reddy District. Rep. by its Authorized Signatory.

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,,,..Applicant.

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Versus

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lvlr.Sri Venkatasai Enterprises & Others Rep by Partner M.Venkatesh, Plot No.149A, Flat No.1O1, 1't Floor, BMB Residency, Addag utta Society, Near ICICI Bank, Kukatpally, f.S - 72.

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Also at:-

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Mr.Sri Venkatasai Enterprises & Others Rep by Partner M.Venkatesh, Plot No.32, Indra Naga r, Tulasi Na9ar, Kukatpally, Hyderabad, Near Joseph School, Kukatpally, T.S - 72.

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l.4.Venkatesh, S/o.lY.Kashaiah Manjkantla/ Aged 46 Years, Occ: Business, Plot No.149A, Flat No.101, 1st Floor, BMB Residency, Addagutta Society, Near ICICI Bank, Kukatpally, f.S - 72.

/Y*^

oA,NO.7A7l2022

Also at:-

M.Ven katesh, S/o. M. Kashaiah Ma njkantla, Aged 46 Years, Occ: Business, Plot No.32, Indra Nagar, Tulasl Nagar, Kukatpally, Hyderabad, Near Joseph School, Kukatpally, r.S - 72.

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...Defendants

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Counsel for the Applica nt : M/s.G.Adrian Kiran Raj Defendants :Ex-parte

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:Ex-parte

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:: ORDER::

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The Applicant Bank flled the^present OA for the recovery a total sum of Rs.42,32,339.80ps as on 21.05.2022 from^the defendants^jointly and severally with future interest @^24olo p.a. from 21.O5.2022 till the date of realization along with costs and in default for sale of hypothecated assets.

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Summons sent to D1 and 2 returned with endorsement unclaimed hence, deemed to be served. They were set ex-parte on 20.01.2023 as called absent and no^{representation.}

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The Applicant Bank examined N.Chandrasekar, Regional Relatlonship Manager, as AW-1 and marked 24 documents through him as Ex. A.1 to Ex. A.24.

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Ld. counsel for the Applicant Bank reported orders may be passed through merits. Perused the material placed on record. ,4Xo,* arc

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The point that arises for consideration is:-^-

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oA.NO.7A7 /2022

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Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants and OA hypothecated assets?

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As stated supra, the Defendants remained ex-parte. The Evldence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.24 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.78712022 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.42,32,339.80ps wlth future interest @11.5olo^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 assets described in the schedule annexed to the OA and the applicant bank is entitled to^proceed against the same to realise 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; -? eff"*x

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oA.NO.787l2O22

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iv) the applicant bank is entitled for the costs.

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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, corrected, signed and pronounced by me in the open court on this the 30th Day of August, 2024).

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Ox6o'" (RAMESHWAR KOTHE) PRESIDING OFFICER

Icici Bank Limited v. Sri Venkatsai Enterprises and Others

Case brief

What is this about?

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Icici Bank Limited v. Sri Venkatsai Enterprises and Others

Case brief

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What did the court decide?

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