Allowed

The Axis Bank Limited v. Tasleem Enterprises

DRT21 Feb 2025OA/141/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of a loan amount of Rs. 26.89 lakh plus interest, held the defendants jointly and severally liable, and directed the issuance of a recovery certificate.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 26,89,954.81 with future interest; Recovery Certificate issued; Bank directed to file Cost Memo.

The Axis Bank Limited versus Tasleem Enterprises — Contract and Commercial Disputes | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I]^{AT HYDERABAD} DATED THIS THE 215T DAY OF FEBRUARY, 2025

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PRESENT: SH. RAMESHWAR KOTHE, B.COM., L.LB.^{(HONS.), M.A.} PRESIDING OFFICER

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ORIGINAL APPLICATION NO: 141 OF 2024

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The Axis Bank Limited., Having lt Office at 5-4-183/184, 3'd Floor, R.P Road, Secunderabad-500003. Rep. by its Authorized Signatory. ..'..Applicant.

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Versus

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Tasleem Enterprises., Represented by its Proprietor Rasool Mohammad, R/o.s-s-3s/27s/6/2, Shakthipuram, Nea r Manika^nti Weigh Bridge, Prasanthi Nagar, Kukatpally, Medchal-Malkajgiri-500072.

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Mohammad Rasool, S/o. Mohammad Hasim, R/o.H.No. 13-176/88, Karmik Nagar, Zinkalawada, Near Sakshi Paper Office, Ranga Reddy - 500018.

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... Defendants

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: M/s.Veera Shiva Kumar Counsel for the Applicant Defendants : Ex-parte

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:: O-LLE& ::

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The Applicant Bank filed the^present OA for the recovery a total sum of Rs.26,89,954.81ps^ from the defendants^jointly and OY'"**

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oA.NO.141/2024

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severally with future interest @15.10olo p.a. from 20.O2.2024 till 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 through paper publication. They were set ex-parte on 15.10.2024 as called absent and no representation.

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The Applicant Bank examined Prakash ladav, Deputy Legal Manager, as AW-1 and marked 16 documents through him as Ex. A.1 to Ex. A.16.

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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 assefs 2

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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.16 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 OriginatApplication No.f4t/ZOZ4 is arrowed as under: -

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oA.NO.141l2024

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.26,89,954.81ps with future interest @11.5olo 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.

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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 2fⁱ Day of February, 2025).

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WAR KOTHE) PRESIDING OFFICER

The Axis Bank Limited v. Tasleem Enterprises

Case brief

What is this about?

What did the court decide?

The Axis Bank Limited v. Tasleem Enterprises

Case brief

What is this about?

What did the court decide?

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