Allowed

The Axis Bank Ltd. v. M/S. Sridevi Vignatha Granites

DRT14 Nov 2025OA/194/2025

Case brief

AI extract

What is this about?

Dr. S. Kothe allowed Axis Bank's application for recovery of dues of Rs. 91.72 lakh plus interest from joint and several sureties and proceeding against hypothecated assets following defendant abscondence.

What did the court decide?

Recovery of Rs.91,72,203 with 7.25% interest; hypothecated assets to be realised; justice memo to be filed within 2 weeks.

The Axis Bank Ltd. versus M/S. Sridevi Vignatha Granites — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDERABAD

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DATED THIS THE 14TH DAY OF NOVEMBER, 2025

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

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PRESIDING OFFICER

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ORIGINAL APPLICATION No: 194 OF 2025

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

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.....Applicant.

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Versus

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M/s. Sridevi Vignatha Granites., Rep by its Proprietor lvlr. Puchakayaka Kamalakar, Office at H.No. 10-6-40/3 I 721 1 Venkateswara Colony, First Line Bh urnapu ra m, Khammam Urban Khammam District - 507002.

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lvl r. Puchakayala Kamalakar S/o. P. Srinivasa Rao, Aged about 55 Years Occ: Proprietor of M/s. Sridevi Vignatha Granites., H. No.10-6-40/3/ 121 1 Venkateswara Colony, First Line Bhurnapuram, Khammam Urban Khammam District - 507002.

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Also at:R/o. H.No. 10-6-40/3/R/1 Venkateswara Colony, First Line Bhurnapuram, Khammam Urba n Khammam District - 507002.

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lvlrs. Puchakayala Sridevi, S/o.P.Kamalakar Aged about 54 Years, Occ: Housewife H.No.t0-6-a0/3/ t2lt Venkateswara Colony, First Line Bhurnapuram, Khammam Urban Khammam District - 507002.

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"^Defendants K*t'

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oA.NO.194/2025

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Counsel for the Applicant

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: M/s. M. Srinivas Reddy

Defendants

: Ex-parte

::^qLLE& ::

The Applicant Bank flled the^present OA^for the^{recovery a total} sum of Rs.91,72,2031- from the defendants^{jointly and} severally with future interest @187o^p.a. with^quarterly interests from the date of application till the date of^realization along with costs and in default^{for saleof hypothecated assets.}

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WS not filed by D1 to 3 hence, their right was forfeited and^was set ex- Parte on 07.OA.2025 as called absent and no representation.

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The Applicant Bank examined 14r. Syed Shafiuddin,^Senior Manager, as AW-1 and marked 19 documents through^himas Ex. A.1 to Ex. A.19.

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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 hypothecated assets?

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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.19 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are^jointry and severally liable fffv,9z,.r__

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(/ ',u"'

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oA.NO.194/2025

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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.19412025 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.9L,72,203/- with future interest @7.25o/o 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^propertiesof 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 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 and^{pronounced by me in the open court on} thisthe 14rh Dayof November,2025).

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[}tW,r* (CA#fESHWAR KOTHE) PRESIDING OFFICER

The Axis Bank Ltd. v. M/S. Sridevi Vignatha Granites

Case brief

What is this about?

What did the court decide?

The Axis Bank Ltd. v. M/S. Sridevi Vignatha Granites

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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