Allowed

Icici Bank Limited v. Care Freight Carriers

DRT29 Aug 2024OA/922/2023

Case brief

AI extract

What is this about?

In an ex-parte Default Original Application filed by ICICI Bank Limited for recovery of a loan sum, the Debt Recovery Tribunal examined the Evidence Affidavit and marked documents. The court held that defendants were jointly and severally liable to pay the claimed amount with interest and costs, allowing the application.

What did the court decide?

Defendants ordered to pay Rs. 77,96,220.69 with interest; Recovery Certificate issued to the applicant bank.

Icici Bank Limited versus Care Freight Carriers — Contract and Commercial Disputes | DRT (2024)

¶1

IN THE DEBTS RECOVERY TR]BUNAL-]I AT HYDERABAD

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DATED THIS THE 29th 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: 922 OF 2023

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ICICI BANK LIMITED ICICI Towers, Serilingampally Mandal, Ranga Reddy District. Rep, by its Authorized Signatory.

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.....Applicant.

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Versus

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Care Fright Carriers Rep by its Partner's S.Rajalakshmi Thirumalai Prakash, R.Thirumalai Prakash, O/o. S-t/7/8, 3'd Ftoor, Prashanth Nagar, Near Radhika Mall, Sainikpuri, Medchal Malkajig iri Dist, Telangana State - 500094.

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S.RajaLakshmi Thirumalai Prakash, Aged Major, Occ: Self Employee, R/o.G-2, Krupa Deep Complex, Phase - 4, Surya Nagar, Old Alwal, Secundera bad - 500010, T.S.

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Also at:-

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S.Rajalakshmi Thirumalai Prakash, R/o.C2- 118, 1'r Floor, Janapriya Lake Front, Sadhana Vihar Colony, Kapra, Secunderabad - 500062, T.S.

¶12

R.Thirumalai Pra kash, Aged Major, Occ: Self Employee,

OW"^

oA.NO.922l2023

R/o.G-2, KruPa^DeePComPlex, Phase - 4, Surya^{Nagar,Old Alwal,} Secunderabad -^{500010, T.S.}

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Also at:-

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R.Thirumalai^Prakash, R/o.C2-118, l't^{FIoor, JanaPriya} Lake Front, Sadhana^{Vihar Colony,} Kapra, Secunderabad -^{500062, T.S.}

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... Defendants

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Cou nsel for the Applica nt Defendants

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M/s. G.Ad ria n^KiranRaj

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: Exparte

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:: O-BqEB^::

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The Applicant Bank^{filed the present OA for the recoverya total} sum of Rs.77,9 6,220.69ps^{as on 18.10.2023fromthe} defendants^jointly and^{severally with futureinterest @ 240lo} p.a. from 18.10.2023 till the date^{of realization along with costs} and in default for^{saleof hypothecated assets.}

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Summons served on Dl^{to 3 through paper publication.D1 and} 2 set ex-parte on 24.06.2024^{and D3 on 74.08.2024 as called} absent and no representation.

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The Applicant Bank examined^{N.Chandrasekar,Regional} Relationship Manager, as AW-1 and marked^{11 documents} through him as Ex. A.1to Ex. A.11.

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

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oA,NO.922/2023

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The point that arises for consideration is:-

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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 Evidence Affldavit coupled with the recitals in the documents viz., Exs.A.1 to A.11 marked on behalf of the^{ApplicantBank} 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.922/2023is} 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.77,96,220.69ps with future^interest @10.51olo^p.a. simple^{from the date of} application till the date of realization;

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it) the OA claim is secured by way of hypothecation of assets descrlbed 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;lZ(yk(,!\

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oA.NO.922l2023

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iv) the applicart bank is entitled for the costs.

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B. The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this Order.

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q 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 29'h Day of August, 2o2rl).

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PRESIDING OFFICER

Icici Bank Limited v. Care Freight Carriers

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Care Freight Carriers

Case brief

What is this about?

What did the court decide?

What the court decided

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