Allowed

Icici Bank Limited v. Sri Shiva Reddy Kethi Reddy

DRT1 Oct 2024OA/81/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the OA filed by ICICI Bank Limited against two defendants (husband and wife) for recovery of a loan amount of Rs. 23,62,542.52 plus interest. The Tribunal held the claim established based on expert evidence and documents.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 23,62,542.52 plus interest; Applicant Bank entitled to proceed against mortgaged and other properties.

Icici Bank Limited versus Sri Shiva Reddy Kethi Reddy — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 1STDAY OF OCTOBER' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.81 ot 2024

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Between:

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ICICI Bank Limited, ICICI bank towers, Plot no. 12, Nanakramguda, Serilingampally, Ranga Reddy - 500 032. TS Represented by its power of Attorney Sri N. Chandrasekhar

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Applicant

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VERSUS

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Sri Shiva Reddy Kethi Reddy, s/o Sri K. Narayana reddy, aged about 37 years, male, Flat no.502, Hemachandra App, Central excise, Amberpet, Hyderabad - 500 013. TS.

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SmtKethi reddySridevi, W/o K. Narayana Reddy, Aged about 61 years, female, 16, Ramannagudem, Arvapalli, Jajreddygudem, Na lgonda, TS - 508 222.

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Defendants

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Counsel for the Parties:

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For the Applicant R. Rajendra Prasad
For the Defendants rte
1 lct Ml

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(oA.No.81/202a)

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ORDER

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The Applicant Bank filed the present oA against Defendants for recovery of a total sum of Rs,23,62,542.52ps (Rupees Twenty Three Lakhs sixty Two thousand Five hundred Forty two and paise Fifty two onry) with interest @ 360/o p.a from 0r.4.2023 tiil the date of rearization and in defaurt for sare of mortgaged properties as described in the schedule to OA.

¶17

As per the averments in the apprication, the Appricant Bank states that defendant No.l and 2 are wife and husband avaired Kisan credit card facirity for a sum of Rs.21.00 rakhs and executed credit facirity application, declaration, hypothecation deed dated 18.08,2016, debit mandate etc. The defendants mortgaged the Schedule A and B properties in favour of Applicant and executed mortgage deed creating charge on schedure properties ,.A and B,, to oA. After avairing the roan facirity, the defendants faired to compry the terms of sanction, hence the appricant bank was constrained to crassify the account as NpA on 30.11.2023 and issued recall notice dated 29'rr.2022.rnspite of severar requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants No.1 rte on 75.07.2024. i;'* -z 2 i,s^{t 1rlr;t2w} W'-#

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(oA.No.81/2024)

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Sri N. Chandrasekhar, Debt Service Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex,A.1 to A.15.

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Heard the Ld. Counsel for the Applicant Bank.

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The point that arise for consideration is whether the Applicant Bank is entitled for the claim made in the oA against the Defendants as prayed for?

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Defendants called absent and set exparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and he exhibited rerevant documents as Ex.A1 to A.15. In view of the above, I hold that the Applicant Bank has established their claim made in the oA against the Defendants and hence the Applicant Bank is entifled to recover the claim made in the oA with future interest and costs.

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B. In the result, the present OA is allowed with costs, as under: The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.23,62,542.52ps (Rupees Twenty Three Lakhs Sixty Two thousand Five hundred Forty @ 360lo p.a from

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two and paise Fifty t*" "yS-,g& 0t.4.2023 tiil the date "r rfi{rd*T"., &

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01rjffMl

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(oA.No.81/2024)

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The Applicant bank is entitled to proceed against the mortgaged properties as described in schedule "A &8" to OA towards realization of the debt due.

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The Applicant Bank is also entitled to proceed against the person and properties of defendants towards realization of the debt due.

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The Applicant Bank is entitled to the costs of the OA.

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t2. The Applicant shall file a cost memo within two weeks from the date of receipt of order.

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Issue Recovery certificate accordingly.

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t4. Communicate a copy of the order to the parties concerned.

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(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the l'tday of Oct,2024)

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sd/_ (G. GOPTCHAND) PRESIDING OFFICER

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¶37

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¶38

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Icici Bank Limited v. Sri Shiva Reddy Kethi Reddy

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Sri Shiva Reddy Kethi Reddy

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Statutes considered

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