Allowed

Icici Bank Limited v. Mr. Vds Prakasa Rao Palepu

DRT23 Jul 2025OA/36/2025

Case brief

AI extract

What is this about?

A Debt Recovery Tribunal allowed the bank's Original Application seeking recovery of Rs.41,05,607.09 plus interest and the sale of a hypothecated vehicle, noting the defendant was absent and evidence clinched the claim.

What did the court decide?

Applicant Bank directed to recover Rs.41,05,607.09 with future interest, proceed against hypothecated vehicle and defendant's properties, and issue Recovery Certificate.

Icici Bank Limited versus Mr. Vds Prakasa Rao Palepu — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TR]BUNAL-II^{AT HYDERABAD}

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DATED THIS THE 23RD DAY OF^JULY,2025

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PRESENT: SH, MI\4ESHWAR^{KOTHE,B,COM.,L.LB. (HONS.),M'A.} PRESIDING OFFICER

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ORIGINAL APPLICATION No: 36 OF 2025

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ICICI Bank Limited., cachibowli, ICICI Towers Serilingampally Mandal Ranga Reddy District. Rep. by its Authorized Signatory.

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.....Applicant.

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Versus

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Mr. VDS Prakasa Rao Palepu C/o. Srirama Venkata Satyanarayana Palepu Age 52 Years, Occ: Business Flat No.204, Prudvi Residency, Kousalya Colony, Bachupally, Medchal, Hyderabad Telangana State - 500090.

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Also at:-

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Mr. VDS Prakasa Rao Palepu C/o. Srirama Venkata Satyanarayana Palepu Age 52 Years, Occ: Business MIG-36,4th Floor, Part-1, Sai Chandra complex, H.No. 16-2-Ml36, Phase-U Hydernagar, Kukatpally, H ydera bad- 5000 72 Telangana State.

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... Defendant

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Counsel for the Applicant : M/s. [4.V.Kini 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.41,05,607.09ps as on 29.11.2024 from the defendant with future interest @18o/o p.a. with monthly rests .X\tI!-^..>-

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i t/^'f"'

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oA.NO.3612025

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ftom 29.77.2024 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 72.06.2025 as called absent and no representation.

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The Applicant Bank examined Kalva Rajayaswanth, tyanager, as AW-1 and marked 11 documents through him as Ex.A.1 to Ex.A.11.

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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 consideratlon 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.11 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 claimto} the Applicant Bank with future^{interestand costs.}

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In the result, the^present Original^{Application No.36/2025is} allowed as under:^-

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i) The Defendant is liable to^pay to^the Applicant Bank a sum of^{Rs.41,05,607.09ps} as on 28.11.2024 with future^interest @14olo p.a. simple from the date of application^till the date of rcataationfiW'.$.te'

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oA.NO.36/202s

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ii) the OA claim is secured by way of hypothecation of vehicle described in the schedule annexed to the OA and the applicant bank is entitled to proceed against the same to realise its deb|

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iii) the applicant bank is also entitled to proceed against the person and properties of 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 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 23'd Day of July, 2025).

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w.*q (RAMESHWAR KOTHE) PRESIDING OFFICER

Icici Bank Limited v. Mr. Vds Prakasa Rao Palepu

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Mr. Vds Prakasa Rao Palepu

Case brief

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What did the court decide?

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