Allowed

Axis Bank Ltd., v. Sri Sai Foundry

DRT21 Mar 2025OA/266/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Original Application filed by Axis Bank Ltd. to recover a sum of Rs. 58,12,752/- with future interest and costs from the borrowers, holding them jointly and severally liable based on undisputed documentary evidence.

What did the court decide?

Debtors directed to pay Rs. 58,12,752/- with future interest @9.75% p.a. and costs; recovery certificate issued.

Axis Bank Ltd., versus Sri Sai Foundry — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II^{AT HYDEMBAD}

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DATED THIS THE 215T DAY OF MARCH,²⁰²⁵

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

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ORIGINAL APPLICATION No: 266^OF 2024

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Axis Bank Ltd., Having its Office at 5-2-183/184, 3'd Floor, Modi Square, R.P.Road, Secunderabad Mandal, Secunderabad - 500003. Rep. by its Authorized Signatory.

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.....Applicant

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Versus

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Sri Sai Foundry. Rep by its Proprietor Mr.Jalipathi Gopala Rao, R/o. Flat No.8, 2nd Floor, Sony Business Complex, Prashanti Nagar, Kukatpally, Medchal Malkajgiri - 500072.

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Mr.Jalipathi Gopala Rao, S/o.Jalipathi Nageswara Rao, Age 47 Years, Occ: Private Service, Plot No.13, 1't Floor, Udaya Swe Gate No.3, Vivekananda Na9ar, Kukatpally, KPHB Colony, Medchal Malkajgiri-500072.

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Also at:-

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Mr.Jalipathi Gopala Rao, S/o.Jalipathi Nageswara Rao, Age 47 Years, Occ: Private Service, Sy.No.480, Basurgadi, Godavelly Village, Opp water Tank Road, Medchal, Medchal Malkajgiri District - 501401.

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...Defendants

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: lvl/s.Lotus Law Associates Counsel for the Applicant

Defendants

:ex-oarte 1fu*.f

oA.NO,25612024

:: ORDER ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.58,12,752/- ftom the defendants^jointly and severally with future interest @9.750lo p.a. compounded with monthly rests from the date of application till the date of realization along with costs and in default for sale of hypothecated assets.

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Summons served on D1 and 2 through paper publication. They were set ex-parte on 12.11.2024 as called absent and no rePresentation.

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The Applicant Bank examlned Syed Shafiuddin, Legal tYanager, as AW-1 and marked 12 documents through him as Ex. A.1 to Ex. A. 12.

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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.12 marked on behalf of the Applicant Bank clinches the clalm of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are jointly and severally liable to^pay the OA claim to the Applicant BanLi/ith future interest and costs.

_,/r.-:ln"-'

oA.NO.265/2024

In the result, the^present Original^{Application No.266/2024is} 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.58,12,752l- with future^interest @9.75% 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 debu

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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 according^ly.

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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 21st Day of March,^2025).

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ffurrrr-? ESHWAR KOTHE) PRESIDING OFFICER

Axis Bank Ltd., v. Sri Sai Foundry

Case brief

What is this about?

What did the court decide?

Axis Bank Ltd., v. Sri Sai Foundry

Case brief

What is this about?

What did the court decide?

What the court decided

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