Allowed

M/S.Yes Bank Limited v. Mr. Kotra Anand

DRT7 Nov 2024OA/808/2023

Case brief

AI extract

What is this about?

A Debt Recovery Tribunal disposed of an original application filed by Yes Bank. The tribunal rejected the application due to the claim being non-time-barred and directed the bank to pay OFC. Reliance was placed on evidence regarding a hypothecated vehicle.

What did the court decide?

The application was allowed to proceed; recovery of Rs. 40,45,576.96 with future interest was ordered. Issuance of Recovery Certificate was directed.

M/S.Yes Bank Limited versus Mr. Kotra Anand — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS^{RECOVERY TRIBUNAL-II AT HYDEMBAD} DATED THIS THE^{OTTH DAY OF NOVEMBER,2024} PRESENT: SH. RAMESHWAR^{KOTHE,B.COM.,L'LB. (HONS.), M'A.} PRESIDING OFFICER

¶2

ORIGINAL APPLICATION No: B0B OF 2023

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M/s.YES Bank Limited., OFfice at 1-B-387, 3'd Floor, Agravanshi Plaza, HUDA Lane, S.P.Road, Secunderabad - 500003. Rep. by its Authorized Signatory.

¶4

..,,.Applicant.

¶5

Versus

¶6

Mr.Kotra Anand, S/o.Lingaiah, Ag-ed.a.bout 30 iears, Occ: Business. R/o.H.No.2_148, In Hmangat, runuorolll -'a^gar^colony, nagar Dist _ 509j21. 'ffr

¶7

Lfl":*",;,.ffi $+,1,t}#,{;,

¶8

.. . Defendant

¶9

Counsel for the Applicant Defendant ; M/s.M.Srinivas Reddy : Ex-pafte

¶10

¶11

tota/ ,,#i f* ,:l',,,;,r;H and ::f tf1^{ffi ;} with pw**

¶12

¶13

oA.NO.8O8/2023

¶14

monthly rests from LL.07.2023 till the date of realization along with costs and in default for sale of hypothecated vehicle.

¶15

Summons served on D1 and 2. They were set ex-parte on 29.02.2024 as called absent and no representation.

¶16

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.

¶17

Ld. Counsel^{for the ApplicantBank reported ordersmav be} passed through^{merits'Perused the materialplaced on record'}

¶18

q The^{point that arises for considerationis:-}

¶19

Y:;:jtih#!t::iir';'j";

¶20

vehicle?

¶21

6^{As s'ia'[ed} ::i:1 .[:J:ll'tt:i#H':.""TItX Evidence^on'o'tr.o;;;;ked on beharf ;;P^{P ri ca n t -} " :ffii$ ::':#H:

¶22

'.;.ffi"- .' l' i ";'; n'o^{ut;I;:ffiJ:";}

¶23

il;;' ' to PaY^{the OAc} is

¶24

and^costs' ^-:^iner^{Apprica$onNo.808/2023}

¶25

In the^{result'the present Originat}

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- ' lo"0 u"X"mf[_"J"^J;i:X/ffi#

¶27

oA.NO.808/2023

¶28

Rs.40,45,576.96ps with future^interest @13.27o/o^{p.a, simple from the date of} application till the date of realization;

¶29

ii) the OA claim is secured bY way^of hypothecation of vehicle 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^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 within2 weeks} from the date of receipt of^{this Order.}

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9. 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^{pronouncedbyme in the open court on} this the OTth day of November,^2024).

¶35

#ffim,, PRESIDING OFFICER

M/S.Yes Bank Limited v. Mr. Kotra Anand

Case brief

What is this about?

What did the court decide?

M/S.Yes Bank Limited v. Mr. Kotra Anand

Case brief

What is this about?

What did the court decide?

What the court decided

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Parties & counsel

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