Allowed

Icici Bank Limited v. Tirumala Projects Rep. by Its Managing Partner

DRT16 Jul 2025OA/126/2025

Case brief

AI extract

What is this about?

In an ex-parte proceeding, the Debts Recovery Tribunal allowed ICICI Bank's original application for recovery of Rs. 28.82 lakhs along with future interest and costs against the defendants, relying on the bank's evidence affidavit and documents. The bank was granted the right to realize dues from hypothecated assets and defendant properties via a Recovery Certificate.

What did the court decide?

Defendants must jointly and severally pay Rs. 28,82,335.44 with future interest at 10.75% p.a. Bank entitled to realize dues from hypothecated assets and defendant properties.

Icici Bank Limited versus Tirumala Projects Rep. by Its… — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD

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DATED THIS THE 16TH DAY OF ]ULY, 2025

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PRESENT: SH. RAMESHWAR_IIIHE, B.Com., L.LB. (Hons.), M.A. PRESIDING OFFICER

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ORIGINAL APPLICATION No: 126 OF ZOZ5

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ICICI Bank Limited., Gachibowli, ICICI Towers Serilingampally Mandal, Ranga Reddy District. Rep. by its Authorized Signa[ory.

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.....Applicant.

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Versus

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Tirumala^projects.,

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Rep by its Managing partner 707 , zno Floor, Sy. No. 462, Balaji Enclave, Malkajgiri, Near Sri Swastik Hospital, Bachupally, Medchal Malkajgiri Telangana State - 500090.

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Mr. Anil Babu Meka

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S/o. Venkata Subbaiah Meka

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Age 40 Years, Occ: Business

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R/o. Flat No.101, Balaji Enclave, 2nd Floor KP Reddy Manvitas, Beside Road Near Swathi Hospital, Bachupally, Medchal Malkajgiri - 500090, Telangana State.

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Also at:-

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Mr. Anil Babu Meka

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S/o. Venkata Subbaiah Meka Age 40 Years, Occ: Business,^plot No.4O9 Lalitha Colony, Kesanapalli, Near Govt School, Kesanapalli, Guntur District-522601 Andhra Pradesh.

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. . . Defendants

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Counsel for the Applicant

M/s. M.V. KINI

Defendants

: Ex-parte t6'''-"

oA.NO.126/2025

:: ORDER^::

The Applicant^{Bank filed the present OA for the recoverya total} sum of^{Rs.28,82,335'44psas on 27 'Ol'2025from the} defendants^{jointlyand severally with future interest @24o/o P'a'} with monthly^{rests from 28'0l'2025 till the date of realization} along^{with costs and in default for sale of hypothecated assets'}

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SummonsservedonDland2'Theyweresetex-pafteon 22.04.2025^{as called absentand no representation'}

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The Applicant^{Bank examinedKalva Rajayaswanth'Area} Relationship^{Manager,as AW-1 and marked 15 documehts} through^{him as Ex. A.1 to Ex' A'15'}

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Ld. Counsel^{for the ApplicantBank reported ordersmay be} passed through^{merits. Perusedthe materialplaced on record'}

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The^point that^{arises for consideration is:-}

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Whether the^{Appticant Bank is entitled} for the claim^{madein the OA against} the Defendants^{and OA hypothecated} assets?

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As stated supra,^{the Defendants remained ex-parte'The} Evidence Affidavit^{coupledwith the recitals in the documents} viz., Exs.A.1^{to A. 15 marked on behalf of the ApplicantBank} clinches the^{claim of the Applicant Bank against the Defendants'} Hence,IholdthattheDefendantsarejointlyandseverallyliable to^pay the OA^{claim to the Applicant} lank^{with futureinterest} and costs. frXry,^{\ c'} /./7"/$)''

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oA.NO.12612025

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In the result, the present Original Application No.12612025 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.28,82,335.44ps as on 27.01.2025 with future interest @10.75% 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 debU

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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.

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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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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 16th Day ofJuly, 2025).

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2ritwe SHWAR KOTHE) PRESIDING OFFICER

Icici Bank Limited v. Tirumala Projects Rep. by Its Managing Partner

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Tirumala Projects Rep. by Its Managing Partner

Case brief

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What did the court decide?

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