Allowed

Icici Bank Limited v. M/S. Finexperts Advisory Services Private Limited

DRT16 Jul 2025OA/146/2025

Case brief

AI extract

What is this about?

The Tribunal allowed an Original Application filed by ICICI Bank Limited for recovery of Rs.20,97,500.26 from respondents who defrauded the bank. The debt was secured by a hypothecated vehicle. The bank was granted a Recovery Certificate.

What did the court decide?

Defendants declared jointly and severally liable to pay debt; recovery allowed from personal properties and hypothecated vehicle; Recovery Certificate issued.

Icici Bank Limited versus M/S. Finexperts Advisory Services… — Consumer Protection | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 16TH DAY OF ]ULY, 2025

¶2

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

¶3

ORIGINAL APPLICATION No: 146 OF 2025

¶4

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

¶5

.....Applicant.

¶6

Versus

¶7

M/s. Finexperts Advisory Services Private Limited., Rep by its Director 5^h Floor, 502-8-3-2tg/A & B, Divya Shakti Bhavan, NR Saradhi Studio Srinivas Colony, Hyderabad-500038 Telanga na State.

¶8

Mr. Srikanth Gad h iraju S/o.Subbaraju Gad hiraj u Age 41 Years, Occ: Buslness R/o. Flat No.103, Plot No.28 & 28l1 Satya Shell park Apartment, Near Sai Baba Temple, Huda, lvlayuri Nagar Miyapur, Hyderabad - 500049 Telanga na State.

¶9

... Defendants

¶10

: M/s. M.V. KINI Counsel for the Applicant

Defendants

: Ex-parte

:: ORDER ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.20,97,500.26ps as on 25.10.2024 from the defendants^jointly and severally with future interest @18Vo p.a. . .^{n9,'..-

'\hN1*

oA.NO.146/2025

with monthly rests from 26.70.2024 till^{the date of realization} along with costs andⁱⁿ default^{for sale of hypothecated vehicle.}

¶19

Summons served on D1 and 2. They were set^ex-parteon 22.04.2025 as called absent and no representation.

¶20

The Applicant Bank examined Kalva^{Rajayaswanth, Legal} Manager, as AW-1 and marked 09 documents through^himas Ex. A.1 to Ex. A.09.

¶21

Ld. Counsel for the Applicant Bank reported orders^{may be} passed through merits. Perused the material placed on record.

¶22

The point that arises for consideration is:-

¶23

whether the Applicant Bank is entitled for the claim made in the OA against the Defendants and OA hypothecated vehicle?

¶24

As stated supra, the Defendants remained ex-parte.^The Evidence Affldavit coupled with the recitals in the documents viz., Exs.A.1 to A.09 marked on behalf of the Applicant^Bank clinches the claim of the Appllcant 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.

¶25

In the result, the^present Original Application No.146l2025 is allowed as under:^-

¶26

i) The Defendants are^jointly and severally liable to pay to the Applicant Bank a sum of AW*,*

¶27

oA.NO.14612025

¶28

Rs.20,97,500.26ps as on 25.10.2024 with future interest @7.600lo p.a. simple from the date of application till the date of realization;

¶29

ii) the OA claim is secured by way of hypothecation of vehicle described in the

¶30

schedule annexed to the OA and the applicant bank is entitled to proceed against the same to realise its debt;

¶31

iii) the applicant bank is also entitled to proceed against the person and properties of defendants for realization of its dues;

¶32

iv) the applicant bank is entitled for the costs.

¶33

B. The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this Order.

¶34

Issue Recovery Certificate accordingly.

¶35

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 of July, 2025).

¶36

(RAMESHWAR KOTHE) PRESIDING OFFICER

Icici Bank Limited v. M/S. Finexperts Advisory Services Private Limited

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. M/S. Finexperts Advisory Services Private Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Andhra Pradesh Grameena Bank versus a. Bhaskar

Mahabaleshwarappa P versus Karnataka Bank Limited

V Venkata Ramana versus Yes Bank

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

Bank of Maharashtra versus M/S. Shree Viraj Enterprises

Bank of Baroda versus Boya Rajashekar