Allowed

Karnataka Bank Limited v. M/S K.K.R Transport

DRT7 Feb 2025OA/336/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an application filed by Karnataka Bank Ltd. for recovery of Rs. 85,22,417.74 plus interest from M/s.K.K.R Transport. The respondent was absent, and the court held the claim secured by hypothecated vehicle was valid.

What did the court decide?

Directed Defendant to pay Rs.85,22,417.74 with future interest; secured claim by hypothecated vehicle; directed recovery of costs.

Karnataka Bank Limited versus M/S K.K.R Transport — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE OTth DAY OF FEBRUARY,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: 336 OF 2024

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Karnataka Bank Ltd., Branch Office at D.No.13-3-304, 1tt Floor, Thakai Towers, Railway Feeder Road, Ananthapuramu, Andhra Pradesh - 515001. Rep. by its Senior Branch Manager.

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.....Applicant.

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Versus

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M/s.K.K.R Transport, Rep by its Proprietress, Smt. Kamireddy Namratha, W/o.Kamireddy Jagadeeswar Reddy, Aged about 28 Years, Occ: Business, R/o.D.No.B-16, Main Road, Narpala, Ananthapuramu Dist, Andhra Pradesh.

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... Defendant

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: M/s.K.Srinivasulu Counsel for the Applicant Defendant : Ex-parte

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:: ORDER::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.85,22,417.74ps as on L9.06.2024 from the defendant with future interest @ l2o/o p.a. with monthly rests from the date of application till the date of realization along with costs and in default for sale of hypothecated vehicle.

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Summon served on sole defendant and was set ex-parte on o7,Lt,2o24ascalledabsentandnorepresentatiow,

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oA.NO.336/2024

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The Applicant Bank examined lY.Santosh Kumar, Senior Branch Manager, as AW-1 and marked 15 documents through him as Ex.A.1 to Ex.A.15.

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Ld. Counsel for the Applicant Bank stated orders may be^passed on merits. 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 Defendant and OA hypothecated vehicle?

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As stated supra, the Defendant remained ex-parte. The Evidence Affidavit 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 Applicant Bank against the Defendant. Hence, I hold that the Defendant is liable to pay the OA clalm to the Applicant Bank with future interest and costs.

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In the result, the present Original Application No.336/2024 is allowed as under: -

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i) The Defendant is liable to pay to the Applicant Bank a sum of Rs.85,22,417.74ps as on 19.06.2024 with future interest @10.25%^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 vehicle described in the ffi.*o

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oA.NO.336/2024

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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 entiiled to proceed against the person and properties of defendants for realization of its dues;

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iv) the applicant bank is entifled for the costs.

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B. The Applicant Bank is directed to fire cost Memo within 2 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 this the 07th Day of February, 2025).

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(RAMESHWAR KOTHE) PRESIDING OFFICER

Karnataka Bank Limited v. M/S K.K.R Transport

Case brief

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Karnataka Bank Limited v. M/S K.K.R Transport

Case brief

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