Allowed

Axis Bank Ltd. v. M/S. Supreme Batteries

DRT28 Aug 2025OA/192/2025

Case brief

AI extract

What is this about?

Allowed an original application filed by Axis Bank Ltd. for recovery of loan dues totaling Rs. 43.76 Crores from defendants. Held defendants liable jointly and severally and granted mortgage proceeds.

What did the court decide?

Defendants held jointly and severally liable to pay Rs. 43.76 Crores with interest; mortgage properties recovered; recovery certificate issued.

Axis Bank Ltd. versus M/S. Supreme Batteries — Execution and Attachment | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDERABAD DATED THIS THE 28TH DAY OF AUGUST, 2025 \

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PRESENT: SH. RAI'4ESHWAR KOTHE, B.Com., L.LB.^{(Hons.), M.A.} PRESIDING OFFICER

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ORIGINAL APPLICAT]ON NO: t92 0F 2025

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Axis Bank Ltd., Corporate Banking Branch 1't Floor, 6-3-879l8, G Pulla Reddy Building, Greenlands Begumpet Road, Hyderabad - 500016. Rep. by its Authorized Signatory.

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.....Applicant.

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Versus

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M/s.Supreme Batteries., Rep by its Managing Director Shrl A.N Aggarwal, S/o.Late Vimal Kur Aggarwal, Age 48 Years Occ: Business, Plot No.44lA, Road No.g 1st Floor, SEIE, Kattedan, Hyderabad.

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Mr.Vimal Kumar Aggarwal (Since Deceased and Now represented by Legal Heirs), Mr.Anuj Aggarwal, Smt.Indu Aggarwal, Smt.Geethika Shah

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lYr. Anuj Aggarwal, S/o.Late Vimal Kumar Aggarwal, Age 48 Years, Occ: Business Villa No.93, Villa Scapes, Survey No.28 Gandipet Village, RR District, Hyderabad-75.

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Also at:-

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Plot No.7 & 8, Whisper Valley, Raidurga Near Padamalaya Studio, Golconda Hyderabad, Telangana - 500008.

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Smt.Indu Aggarwal, Wo.Late Vimal Kumar Aggarwal, Age Major, Occ: Buslness Plot No.7 & 8, Whisper Valley, Raidurga Nea r Padamalaya Studio, Golcond a Hydera bad, Tela nga na - 500008.

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oA,NO.192l202s

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5.	Smt.GeethikaShah,D/o.^LateVimal KumarAggarwal,Age Major Occ:Business,H.No.5-9-35/3/A Basheerbagh,HimayathNagar,LIC Division,Hyderabad, Telangana-500063.
6.	Mr.AjayKumar Goyal,S/o.Ramkishan Goyal, Age 56 Years,Occ:^Business PlotNo.4-3-537to538,Flat No.405 SriKrishnaAshray,^{Hanuman Tekdi} SultanBazaar, Hyderabad,^{Telangana-500001.}
7.	Mr.Anuj Aggarwal, S/o.Late Vimal^Kumar Aggarwal,Age48Years,Occ:Business VillaNo.93,VillaScapes,Survey^No.28 GandipetVillage,RRDistrict,^{Hyderabad-75.}
	Alsoat:- Plot No.7 &8,Whisper^{valley,Raidurga} Near PadamalayaStudio,Golconda Hyderabad, Telangana-500008.
8.	Smt.InduAggarwal,^{W/o.Late Vimal Kumar} Aggarwal,AgeMajor, Occ:^Business PlotNo.7 &8,Whispervalley,^Raidurga Near PadamalayaStudio,Golconda Hyderabad, Telangana-500008.
9.	Smt.Swetha Aggarwal,^W/o,Anuj Aggarwal,Age 49^{Years, Occ:Business} PlotNo.7&8,Whisper^{Valley,Raidurga} NearPadamalayaStudio,^Golconda Hyderabad,Telangana-500008. ...Defendants
	CounselfortheAPP
	Defendants :Ex-parte

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:: 9-LLEL^:

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The Applicant Bank filed^{the present} OA for the recovery a^total sum of Rs.43 ,7 6 ,22,154.48Ps i.e., a sum^of Rs.33,07,71,960. 16ps^{towardsLoanA/c.No.914030007301051} Nor"'

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oa.No.192l2025

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with Future interest @74.7o/o p.a. and a sum of Rs.10,68,50,194.32ps towards Loan A/c.No.920060052085205 with future interest @11.25olo p.a. from the defendants joinuy and severally 16.77.2024 till the date of realization alonq with costs and in default for sale of OA schedule properties.

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Summons served on D1 to 9 through paper publication. They were set ex-parte on 72.06.2025 as called absent and no representation.

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The Applicant Bank examined N.Venkatappa, Senior Manager, as AW-1 and marked 167 documents through him as Ex. A.1 to Ex. A.167.

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Heard the Ld. Counsel for the Applicant Bank. 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 schedule properties?

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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.167 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants 1 & 3 jointly and severally and defendants 5,7 & I to the extent of estate of deceased D2 now lying in their hands are liable to pay the claim to the Applicant Bank with future interest and

B:.',"'r

oA.NO.192/202s

In the result,^{the present Original Application No'192/2025is} allowed as^{under: -}

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The Defendants^{1 & 3 jointly and severally}

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i) and defendants^{5, 7 & B to the extentof} estate of^{deceasedD2, now lying in their} hands; are^{liable to pay to the ApplicantBank} a total sum of^{Rs'43,76,22'!54'48pswith} future interest @12'75olo^{p'a' simple from the} date of application^{tlll the date of realization;}

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ii) the OA claim^{is secured by way of mortgage} of^{properties described inthe schedule} annexed to^{the OA and the applicant bankis} entitled to^{proceedagainstthe 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^{1 & 3 for realization of its dues;}

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

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B. The Applicant^{Bank is directed to fite 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 andpronouncedbymein the open courton} this the 28th^{DaYof August, 2025).}

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$t'e ESHWAR KOTHE) PRESIDING^OFFICER

Axis Bank Ltd. v. M/S. Supreme Batteries

Case brief

What is this about?

What did the court decide?

Axis Bank Ltd. v. M/S. Supreme Batteries

Case brief

What is this about?

What did the court decide?

What the court decided

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