Allowed

Yes Bank Limited v. Mr.Narra Raji Reddy

DRT18 Sept 2024OA/93/2023

Case brief

AI extract

What is this about?

In Original Application No. 93/2023, the Debts Recovery Tribunal allowed the application filed by Yes Bank Limited against three respondents for recovery of dues totaling Rs. 66,46,677.87 with future interest, costs, and entitlement to sell hypothecated assets, as respondents remained ex-parte.

What did the court decide?

Obliged to pay Rs. 66,46,677.87 with interest and costs; entitled to proceed against hypothecated assets and properties for realization.

Yes Bank Limited versus Mr.Narra Raji Reddy — Contract and Commercial Disputes | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE l8th 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: 93 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.

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.....Applicant.

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Versus

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Mr.Narra Raji Reddy S/o.Kista Reddy, Aged about 43 Years, Occ: Business, R/o.H.No.2-104, Dilalpur Mandal, Gajwel, Sanga Reddy District - 502201.

¶8

Mr.Chada Vishunuvardhan Reddy S/o.Pratap Reddy, Aged about 44Years, Occ: Business, R/o.H.No.5-56, Gajwel Mandal, Ahmadipur, Medak District - 502278.

¶9

Mrs.Narra Rani, W/o.N.Raji Reddy,

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Aged about 36 Years, Occ: House Wife, R/o.H,No.2-104, Dilalpur Mandal, Gajwel, Sanga Reddy District - 502201.

¶11

...Defendants

¶12

Counsel for the Applicant : M/s.M.Srinivas Reddy

Defendants

: Ex-parte

fu*,n

oA.NO.93/2023

:: ORDER::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.66,46,677.87ps i.e., The defendants 1 and 2 are liable to pay a sum of Rs.22,79,456.08ps under A/c. Nos.CE1000600877552 & CE1000600669720 and the defendants 1 and 3 are liable to pay a sum of Rs.43,67 ,227.73ps under A/c. No. CEL000600877585 from the defendants^jointly and severally with future interest @ 18o/o p.a. compounded with monthly rests from 12.08.2022 till the date of realization along with costs and in default for sale of hypothecated assets.

¶20

Summons served on D1 to 3. They were set ex-parte on 06.04.2023 as called absent and no representation.

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The Applicant Bank examined D.Shyam Kumar Reddy, Asst. Vice President Legal, as AW-1 and marked 18 documents through him as Ex. A.1 to Ex. A.18.

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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 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 Affidavit coupled with the recitals in the documents

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,Nra

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oA.NO.93/2023

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viz., Exs. A.1 to A. 18 marked on behalf of the Applicant Bank 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 Appricant Bank with future interest and costs.

¶29

In the result, the present Original Application No.93/2023 is 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,66,46,677.81ps i.e., The defendants 1 & 2 are liable to pay a sum of Rs.22,79,456.0gps under A/c.Nos.CEL0006OOB77552 & CEL000600669720 and the defendants 1 & 3 are liable to pay a sum of Rs.43,67,22I.73ps under A/c.No.CE1000600877585 with future interest @ 9.25olo 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 of 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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iii ) the applicant bank is also entitled to proceed against the person and properties of defendants for realization of its dues;

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iv) the applicant bank is entitled for the costs. fu**

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oA.NO.93/2023

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¶36

B. The Applicant^{Bank is directed to file Cost Memo within2 weeks} from the date^{of receipt of this order.}

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Issue Recovery^{Certificate accordingly'}

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Communicate^{a copy of this order to the parties concerned'} (Dictated to the steno,^{corrected,signedand pronouncedbymein the open courton} this the 18th^{Day of September, 2024).}

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(/ff*"

¶40

(ftfr"resHwnR KorHE) PRESIDING OFFICER

Yes Bank Limited v. Mr.Narra Raji Reddy

Case brief

What is this about?

What did the court decide?

Yes Bank Limited v. Mr.Narra Raji Reddy

Case brief

What is this about?

What did the court decide?

What the court decided

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