Allowed

Icici Bank Limited v. B.V. Bhaskar

DRT22 Apr 2025OA/368/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an original application by ICICI Bank Limited for recovery of Rs. 36,01,710.70 plus future interest from B.V. Bhaskar. The court held the bank's claim established, ordered payment, and authorized proceeds against hypothecated vehicle and defendant's properties.

What did the court decide?

The Defendant directed to pay Rs. 36,01,710.70 plus future interest; recovery permitted via hypothecated vehicle and other properties; costs awarded to Applicant Bank.

Icici Bank Limited versus B.V. Bhaskar — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE 22ND DAY OF APRIL, 2025 PRESENT: SH, MMESHWAR KoTHE, B.com., L.LB. (Hons.), M,A. PRESIDING OFFICER

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ORIGINAL APPLICATIoN No: 368 oF 2024

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ICICI Bank Limited., Having its Branch Office at Street No,1, Beside Old Airport Road, Begumpet, Hyderabad, Telanqana. Rep. by its Authorized Signat6ry.

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.... .Applicant.

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Versus

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B.V.Bhaskar, S/o.Lakshmi Narayana, 19eq^{abo$55 years, Occ: Business,} R/o.H.No.8-2-293l82/NL-308, MLA MP Cotony, Jubitee Hi s, Road No.10C, Hyderabad, Telangana State - 500033.

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Also at:-

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Sharanam Corporation, #5-3, Priya Apartment, Raj Bhavan Road, Somajiguda, Near laya Garden, Hyderabad, Tetangana State - b00082.

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... Defendant

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Counsel for the Applicant

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Defendant

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lY/s.G. Kalyan Chakravarthy

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Ex-pa rte

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:: oRDER ::

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The Applicant Bank Rled the present OA for the recovery a total sum of Rs.36,01,7t0.70ps as on 24.04.2024 under Loan A/c. No. SPHYD00045553812 and LUHYDOO0455S379O from the defendant with future interest @24olo p.a. from the date of n\Y.'/.,* AL*

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oA.NO.358/2024

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application^{till the date of realization along with costs and in} default^{for sale of hypothecatedvehicle'}

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Summon I"rrr"O^{t"n.", sent to deemed soledefendant to be served returned and was with set ex-pade endorsementon} f3.l2.2[24as^{called absent and no representation'}

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The Relationship^{Applicant Manager' Bank as examined N'Chandrasekar' AW-1 and marked 11 documentsRegional} through^{himas Ex A'1 to Ex'A 11'}

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Ld. Counsel^{for the Applicant Bankstated orders may be passed} on 4".,,a.^{Perusedthe materialplaced on record'}

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The^{point that arises for considerationis:-}

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Whether^{the ApplicantBank is entitled} made^{in the oA against} io,, in'" 'tai' the^{Defendantand oA hypothecated} vehicle?

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As stated^{supra, the Defendant remainedex-parte' The} Evldence^{Affidavitcoupledwith the recitalsin the documents} vz., exs.n.l^{to A'11 marked on behalf of the ApplicantBank} clinchestheclaimoftheApplicantBankagainsttheDefendant. Hence,^{I hold that the Defendant is liableto pay the OA claim to} the^{ApPlicant Bank with future interestand costs'}

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Intheresult,thepresentoriginalApplicationNo.363/2024is allowed^{as under: -}

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is liable^to PaY^tothe The Defendant i) sum of^Rs'36,01 ,7!0^'7OPs Applicant^Banka (W'r"

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oA.NO,368/2024

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as on 24.04.2024 under Loan A/c.No.SPHYD00045553812 and interest LUHYD00045553790; with^future @L4.52o/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 vehicle described^{in the} schedule annexed to the^{OA and the} applicant bank is^{entitledto 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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lv) the applicant bank^{is entitledfor 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,^{sitned and pronounced by me in the open court on} this the^{22"d DaY of APril, 2025).}

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ffot^t'f

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ESHWAR^KOTHE) PRESIDING^OFFICER

Icici Bank Limited v. B.V. Bhaskar

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. B.V. Bhaskar

Case brief

What is this about?

What did the court decide?

What the court decided

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