Allowed

The Axis Bank Limited v. Shree Arihant Corporation

DRT21 Feb 2025OA/142/2024

Case brief

AI extract

What is this about?

ACT seized Original Application filed by Axis Bank for recovery of Rs.1.08 crore plus interest and costs against Arihant Corporation and Sangeetha Jain. Ex-parte hearing held. Evidence on record clinched the claim. Application allowed with decree for payment and costs.

What did the court decide?

Decree for payment of Rs.1.08 crore plus future interest and costs; order to issue recovery certificate based on hypothecated assets.

The Axis Bank Limited versus Shree Arihant Corporation — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE 21ST DAY OF FEBRUARY, 2025

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

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PRESIDING OFFICER

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ORIGINAL APPLICATION No: 142 OF 2024

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The Axis Bank Limited., Having it Office at 5-4-183/184, 3'd Floor, R.P Road, Secundera bad-500003. Rep. by lts Authorized Signatory.

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.....Applicant.

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Versus

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Shree Ariha nt Corporation., Represented by its Managing Partner Sanqeetha lain, R/o. Plot No.53, D. No.5-20-011, Road No.4, Three Murthy Colony, Mahendra Hills, East Ma rred pa lly, Hyderabad - 500026.

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Also at:-

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Shree Arihant Corporation,, Represented by its Managing Partner Sa ngeetha Jain, R/o.16-10-1/280, Shop No.280, 3'd Floor, Sri Krupa Market, Race Course Road, Hyderabad - 500036.

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And Also at:-

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Shree Ariha nt Corporation., Represented by its Managing Partner Sa ngeetha Jain, Plot No.47, 48, Part A, Second Floor, Reddys Colony, Bod u ppa l, I'4edchal-Malkajgrri - 500092.

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Sangeetha Jain, W/o.Ambalal Jain, Occ: Business, R/o.D.No.15-1-515 to 528, Siddlam ber Bazar, Begum Bazar, Nampally, Hyderabad - 500012.

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,..Defendants .:'i\r.^.-1 ..,+ ' ?."

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o a.No .14212024

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Counsel for the Applicant

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: M/s.Veera Shiva Kumar

Defendants

: Ex-parte

:: OROER ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.1,08,89,577.17ps towa rds Loan A/c. No.922030060093619 from the defendants jointly and severally with future interest @13.50o/o p.a. from 16.02.2024 till the date of realization along with costs and in default for sale of hypothecated assets.

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Summons served on D1 to 3 through paper publication. They were set ex-parte on 75.70.2024 as called absent and no representation.

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The Appllca nt Bank examined Prakash Jadav, Deputy Legal Manager, as AW-1 and marked 15 documents through him as Ex. A.1 to Ex. A.15.

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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 enti ed 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 Amdavit coupled ,,n,n" .".,%,rll ,le documents Uyrt,-

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oA,NO,r42/2024

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viz., Exs. A.1 to A.15 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 llable 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.742/2024 is allowed as under: -

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i) The Defendants are jointly and severally llable to pay to the Applicant Bank a sum of Rs.1,08,89,577.17ps towards Loan A/c. No.922030060093619 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 !s 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 thls Order.

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/Xttw,, ,<n

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1. lssue Recovery Ceriiflcate accordingly. //,/'..'",,1-' :.,/,/

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oA.NO.142l2024

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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 2lst Day of February, 2025).

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K"d

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PRESIDING OFFICER

The Axis Bank Limited v. Shree Arihant Corporation

Case brief

What is this about?

What did the court decide?

The Axis Bank Limited v. Shree Arihant Corporation

Case brief

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What did the court decide?

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