Allowed

Icici Bank Limited v. Sri Reddygari Raghunandan Reddy

DRT28 Aug 2024OA/82/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's objection application for recovery of Rs.20,93,721.70 p with interest from the defaulting borrowers, who had availed a Kisan Credit Card facility and failed to repay. The court held the bank established its claim through documents and directed recovery.

What did the court decide?

Direction to defendants to pay Rs.20,93,721.70ps with interest @ 36% p.a., realize debt against properties, and issue Recovery Certificate.

Icici Bank Limited versus Sri Reddygari Raghunandan Reddy — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 28TH DAY OF AUGUST' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

¶3

OA.No.82 ot 2024

¶4

Between:

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ICICI Bank Limited, Having its Regional office At ICICI Bank Towers, Plot no. 12, Nanakramguda, Serilingampally, Ranga Reddy district - 500 032. Telangana State. Represented by its Power OfAttorney Sri N. Chandrasekhar

¶6

Applicant

¶7

VERSUS

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Sri ReddygariRaghunandan Reddy, s/o Venkatrami Reddy, aged about 37 years, male, H.No.1-103, Near temple, Waddepalle, Chinnadhanwada, Gadwal, Telangana - 509 135.

¶9

SmtReddygari Lakshmi Devamma, w/o R. Venkatrami Reddy, aged about 54 years, female, H.No. 1-103, Near Temple, Waddepalle, chinnadhanwada, Gadwal, TS - 509 135.

¶10

MrsMamathaReddygari, W/o ReddygariRaghunandan Red Aged about 30 years, female, H.No.1-103, Near Temple, Waddepalle, chinnadhanwada, Gadwal, TS - 509 135.

¶11

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¶12

Counsel for the Parties:

¶13

For the Applicant

¶14

For the Defendants

¶15

Sri R. Rajendra Prasad

Expa rte

(oA.No.82/202a)

ORDER

The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.2O,93,721.70ps (Rupees Twenty Lakhs Ninety Three Thousand Seven Hundred Twenty One and paise Seventy only) with interest @ 36% p.a from 01.12.2023 tiil the date of realization and in default for sale of mortgaged properties as described in the schedule to OA.

¶20

As per the averments in the application, the Applicant Bank states that defendants availed loan of Rs.21,08,200/- under Kisan Credit card facility and executed credit facility application, declaration by defendants, hypothecation deed dated 09.09.2020 and various other documents. The defendant no.2 mortgaged the schedule A & B properties and executed mortgage deed creating charge on schedule properties "A & B" registered with Sub Registrar office, Gadwal vide document no.12353/2020 dated 03.09.2020.After availing the loan facility, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA on 16.05.2023. Inspite of several requests and nts did not clear the outstanding. 30.04.2023 and Henceissued ffirecall * * a i .rrft n,tll x zBAUoTszf 3. Defendants No.1 to 3 ,'; .". .4, bsent and o -\r,.-i rte on 18.06.2024. Q&;"e;H

¶21

(oA.No.82l2024)

¶22

Sri M. SathishKumar, Zonal Debt Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.12.

¶23

Heard the Ld. Counsel for the Applicant Bank.

¶24

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?

¶25

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 relevant documents as Ex.Al to A.12. 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 entitled to recover the claim made in the OA with future interest and costs.

¶26

B. In the result, the present OA is allowed with costs, as under:

¶27

The Defendants are jointly and severally- liable to pay to the Applicant Bank a to .2O,93,721.70ps (Rupees Twenty Lakhs Ni Seven Hundred Twenty One and paise ty only) With fi rest @ 360/o p.a from 28luc?$?t r 01.r2.2023 riil r of realizati?#r

¶28

'*,x:nW

¶29

(oA.No.82l202a)

¶30

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

¶31

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

¶32

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

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L2.. The Applicant shall file a cost memo within two weeks from the date of receipt of order.

¶34

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 28th day of Aug, 2024)

¶37

sd/(G. GOPTCHAND) PRESIDING OFFICER

¶38

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Icici Bank Limited v. Sri Reddygari Raghunandan Reddy

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Sri Reddygari Raghunandan 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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