Allowed

Icici Bank Limited v. the Sunrise Educational Society

DRT24 Sept 2024OA/906/2022

Case brief

AI extract

What is this about?

In an original application filed for recovery, ICICI Bank claimed Rs. 28,99,553/- along with future interest and costs against the respondents. Deemed absent, the proceedings were heard ex-parte. The Debt Recovery Tribunal held the respondents jointly and severally liable for the debt secured by hypothecated assets and directed payment.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 28,99,553/- with future interest; OA claim secured by hypothecated assets; bank entitled to proceed against person and properties for realization; co

Icici Bank Limited versus the Sunrise Educational… — Contract and Commercial Disputes | DRT (2024)

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IN THE^{DEBTS RECOVERYTRIBUNAL-II AT HYDERABAD} DATED THIS^{THE24th DAY OF SEPTEMBER'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: 906 OF 2022}

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ICICI BANK^LIMITED Gachibowli,^{ICICI Towers,} SerillngamPallY^Mandal, Ranga ReddY^District. Rep. by its^{AuthorizedSignatory.}

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.....Applica^nt.

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Versus
1.The Sunrise^{Educational Society,} RepbyitsSecretary, Mrs.Madhavi,H.No.78-27-B-1,
Near SarvePalli School, KrlshnaNagar,^{Kurnool-518002,} AndhraPradesh.

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Mrs. Madhavi, D/o. Panduranga^Rao, Aged about 34 Years,^{Occ: Pvt Service,} Rl o.78-27 -B- l, Krishna^Nagar, Kurnool-518002, Andhra^Pradesh. : M.V.Kini Counsel for the Applicant Defendants : Ex-Parte

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... Defendants

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::^qLQ.LB ::

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The Applicant Bank filed the^{present OA for the recoverya total} sum of Rs.28,99,553/- as on^{13.04.2022from} lIF^defendants ffii*Y

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oA.NO.906/2022

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jointly and severally with future lnterest @ 24o/o p.a. with monthly rests from t4.O4.2O22 ti| the date of realization along with costs and in default for sale of hypothecated assets.

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Summons served on D1 and 2 th rough paper publication. They

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were set ex-parte on 18.08.2023 as called absent and no representation.

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The Applicant Bank examined N.Chandrasekar, Regional Relationship Manager, as AW-1 and marked 20 documents through him as Ex. A.1to Ex. A.20.

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Ld. Counsel for the Applicant Bank reported orders may be passed through merits. Perused the material placed on record.

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The point that arises for consideration is:-

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Whether the Applicant Bank is enti ed 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 Evidence Affidavit coupled with the recitats in the documents viz., Exs. A.1 to A.20 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinuy 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.906/2022 is arrowed as under: -

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/ryr,F.t

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oA.NO.906/2022

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.28,99,553/- as on t3.04.2022 with future interest @11.01o/o 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 ot 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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,ii) the applicant bank is also entiUed to proceed ;:,J;::,^{,r"person and properries of} rts for realization of its dues; iv) the applicant bank is entifled for the costs.

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B. The Applicant Bank is rrom the.";";';.:,:l::::1. rire cosr Me 'pt of this order.^{''teolo within 2} weeks

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Issue Recovery Ce4;g6

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r:r,rr,..;,,:" Jr"f;;;#***,,,, c. n ce rn e d e rn the open court on

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Icici Bank Limited v. the Sunrise Educational Society

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. the Sunrise Educational Society

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

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