Allowed

The Axis Bank Limited v. Kartikeya Infra

DRT29 Jul 2025OA/114/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by Axis Bank Limited for recovery of dues amounting to Rs. 2,24,00,020.89 from four respondents jointly and severally, directed realization of debts and hypothecated assets, and issued a recovery certificate.

What did the court decide?

Joint and several liability to pay Rs. 2,24,00,020.89 with future interest; entitlement to proceed against hypothecated assets and respondent properties for realization; costs awarded; recovery certif

The Axis Bank Limited versus Kartikeya Infra — Execution and Attachment | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I] AT HYDERABAD

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DATED THIS THE 29TH DAY OF ]ULY, 2025

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PRESENT: SH. RAMESHWAR KOTHE, B.Com., L.LB. (Hons.), M.A.

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PRESIDING OFFICER

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ORIGINAL APPLICATION No: 114 OF 2024

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The Axis Bank Limited., Having its Office at 5-4-183/184 3-' Floor, R.P Road, Secunderabad-5OOOO3. Rep. by its Authorized Signatory.

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.....Applicant.

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Versus

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Kartikeya Infra., Represented by its^partner Basivi Reddy Gangadasu R/o. Plot No.24, Nagarjuna Enclave Madeenaguda, Rangareddy-500049.

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Also at:-

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R/o.Flat No.301, D. No.22lB Sri Phala Heights,6th^phase, KpHB Colony, Kukatpally - 500072.

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Basivi Reddy Gangadasu S/o. Gangadasu Hanimi Reddy R/o. H. No.2-49, Tha kke apad u Gu ntur - 522438.

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Also at:-

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R/o.D.No. 16-31-403/506, Chandana Apartments, VI Phase, Lane No.1 KPHB Cotony, tv'tedcha l- M a tka jg iri- 50008 5.

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Kethu Rama Subba Reddy S/o. Kethu Venkata Reddy R/o.Villa No.8A, Vertex Lake View Villaqe Near Vijetha Super Market, Nizampet lYedchal - lYalkajgiri - 500090.

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Devineni M urali Krishna

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S/o. Venkateswara Reddy Devlneni

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i\v,r.,/_ 5-u

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oA.NO.114/2024

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R/o. D. No.8-3-981 /7,3,4,8,9,t0 '17 Flat No.112,^{VasaviBhuvana} ADa rtments,^{SrinagarColonY} Behlnd Nikhil^{Hospital,Yellareddyg uda} Hyderabad -^500073.

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... Defendants

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Counsel for^{the APPlicant} Defendants

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: M/s.Veera^{Shiva Kumar}

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:Ex-parte

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::^{qLqEL ::}

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The Applicant^{Bank filed the present OA for the recovery a total} sum of Rs.2,24,Oo,O2o.89ps^{i.e., (Rs 7,62,480'21pstowards} Loan A/c.No.AUR073304559553⁺ Rs'1,66,66'694'68ps towards Loan^{A/c. No.922030011691273+Rs'49,70,a461'} towards Loan^{A/c. No.UCR073307446970)fromthe defendants} jointly and severally with future^{lnterest @18o/o p afrom} 15.02.2024 till the^{date of realizationalong with costs and in} default for sale^{of hypothecatedassets.}

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Summons served on^{D3 throughpaper publication and was set} ex-parte on 03.72.2024^{as called absentand no representation'} Summons served on^{D1,2 and 4. Theywere set ex-parteon} 72.03.2025 as called^{absent and no representation}

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The Applicant^{Bankexamined PrakashJadav, Dy' Legal} Manager, as AW-1 and^{marked22 documentsthrough himas} Ex. A.1 to Ex. A.22.

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Ld. Counset for the^{ApplicantBank reported ordersmay be} passed through merits. Perused the material^{placed on record.} 9o''*f

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The^point that arises^{for considerationis:-}

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oA.NO.114/2024

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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 viz., Exs. A.1 to A.22 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 Applicant Bank with future interest and costs.

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In the result, the present Original Application No.114/2024 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.2,24 ,00 ,020 .89 ps i.e., (Rs.7,62,480.21ps towards Loan A/c. No.AU R073304559553 + Rs.1,66,66,694.68ps towards Loa n A/c.No.922030017697273 + Rs.49,70,846/towards Loan A/c. No. UCR073307446970) with future interest @9.5olo p.a. simple from the date of application till the date of realizatlon;

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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 t'lto!l,^.9

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the same to realise its debf; ///, ,.s(/

oA.NO.114/2024

iii) the applicant bank^{is also entitled to proceed} against the^person and^propertiesof

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defendants for^{realization of its dues;}

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iv) the applicant bank^{is entitledfor the costs.}

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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, signed^{and pronouncedbymein the open courton} this the 29th Day^{of July, 2025).}

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,ffi:Y,*, PRESIDING OFFICER

The Axis Bank Limited v. Kartikeya Infra

Case brief

What is this about?

What did the court decide?

The Axis Bank Limited v. Kartikeya Infra

Case brief

What is this about?

What did the court decide?

What the court decided

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