Allowed

Icici Bank Limited v. Sri. Devara Suresh Rao

DRT18 Jun 2025OA/255/2023

Case brief

AI extract

What is this about?

Debt Recovery Tribunal allowed Original Application filed by ICICI Bank Limited against husband and wife borrowers. Bank recovered loan of Rs.17,20,000/- enhanced to Rs.24,01,776.67 with future interest and sought recovery via sale of mortgaged properties along with personal properties.

What did the court decide?

Defendants ordered to pay Rs.24,01,776.67 with future interest; Bank allowed to proceed against mortgaged and personal properties; Recovery certificate issued.

Icici Bank Limited versus Sri. Devara Suresh Rao — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 18TH DAY OF JUNE, 2025

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.255 ot 2023

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Between:

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ICICI Bank Limited, Situated at Arepeta, Metpally branch, Jagtial district, Telangana state. Represented by its Authorised signatory

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Applicant

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VERSUS

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Sri Devara Suresh Rao, s/o Ram Jeevan, aged major, occ: farmer, male, H.No.3-1, Srirampur village, MallaPur Mandal, Jagitialdist, TS.

¶10

Smt.NerellaMangamma, w/o Devara Suresh Rao, aged major, occ: farmer, female, H.No.3-1, SriramPur village, mallapurmandal, Jagitia ldist, Telangana.ldist, Telangana.Telangana.

¶11

Jagitia ldist, Telangana.ldist, Telangana.Telangana. Defendants
Counsel for the Pa rties:the Pa rties:Pa rties:rties:
For the Applicant n Kumar
For the Defendants
10 JtJl,lzus
w -,
1. The Applicant Bank filed Defendants for
recovery oF a total sum of (Rupees Twenty
Four Lakhs One Thousand Seven Hundred Seventy Six and

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Counsel for the Pa rties:the Pa rties:Pa rties:rties:

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(oA. No.25sl2023)

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paise Sixty Seven only) with future interest @ 24olo p.a with monthly rests from 18.03.2023 till the date of realization and in default for sale of mortgaged properties as mentioned in the schedule "1 and 2" to OA.

¶15

As per the averments in the application, the Applicant Bank states that defendant no.1 and 2 are the husband and wife/ borrowers availedAgri term loan of Rs.7,04,000/- and thereby was enhanced to Rs.17,20,000/-. The defendants offered^{personal guarantee} and executed necessary documents in favour of applicant bank and hypothecated crop, cattle and machinery and also created mortgage in of schedule mentioned^properties. After availing the loan facilities, the defendants failed to comply the terms of sanction, hence the applicant bank classiFied the account as NPA and^recall notice was issued on 28.I7.2022. Inspite of several requests and demands, the defendants did not clear the outstanding.^{Hence this} oA.

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Defendants called absent and set exparte on 04.0L.2024.

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Sri N. Chand Regional Relationship Manager of the as AW.1 and exhibited relevant ,-,Xq docu which Ex.A.1to A.7. 1 0 JUllzuS 5. Heard t licant Bank.

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(oA. No.2s5l2023 )

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The point that arise for consideration is whether the Applicant Bank is entitled for the claim made in the OA against the Defendants as prayed for?

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Defendants remainedexparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and he exhibited relevant documents as Ex.A1 to A.7. In view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendants and hence the Applicant Bank is entitled to recover the clalm made in the OA with future interest and costs.

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B, In the result, the present OA is allowed with costs, as under: The Defendants are^jointly and severally liable to^pay to the Applicant Bank a total sum of Rs,24,01,776.67ps^(Rupees Twenty Four Lakhs One Thousand Seven Hundred Seventy Six and paise Sixty Seven only) with future interest @ 24o/o p.a from 18.03.2023 till the date of realization;

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The Appl to proceed against the mortgaged 6

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prope i- as e schedule "1& 2" to OA towards reatiz$rtun oqt[e $m?ffe; ^"

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(oA. No.2ssl2023)

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The Applicant Bank is also entitled to proceed against the person and properties of defendants towards realization of the debt due.

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The Applicant Bank is entitled to the costs of the oA.

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The Applicant shall file a cost memo within two weeks from the date of receipt of order.

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Issue Recovery certificate accordingly.

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Communicate a copy of the order to the parties concerned.

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(Dictated to the P.A., transcnbed by her, corrected, signed and pronounced by me in the open court on thrs the 18rh June, 2025)

sd/-

(G. GOPTCHAND)

PRESIDING OFFICER

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Icici Bank Limited v. Sri. Devara Suresh Rao

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Sri. Devara Suresh Rao

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

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Case details

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