Allowed

Hdfc Bank Ltd. v. M/S. Sri Sri Akruthi Projects Private Limited

DRT18 Sept 2025OA/373/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the bank's original application for recovery of Rs. 55,91,346.08 plus 9.5% simple interest against the respondent companies and individuals, holding them jointly and severally liable and authorizing the sale of the hypothecated vehicle.

What did the court decide?

Joint and several liability to pay Rs. 55,91,346.08 with 9.5% simple interest, sale of hypothecated vehicle, and costs.

Hdfc Bank Ltd. versus M/S. Sri Sri Akruthi… — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDERABAD

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DATED THIS THE 18TH DAY OF SEPTEIVIBER, 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: 373 OF 2022

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H DFC Bank Ltd., Legal Department # 1- 10-60/3, 3rd Floor, Suryodaya Complex, Begumpet, Hyderabad - 500016 Rep. by its Authorized Signatory.

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.... .Applicant.

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Versus

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M/s. Sri Sri Akruthi Projects Private Limited., Represented by its Managing Director Mr. Nallaballe Pulla Reddy Flat No.202, Plot No.237, Arsh Apts., Madhura Nagar, Beside HDFC Bank Behind ICICI Bank, H ydera bad^- 50003 8.

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Mr. Na lla balle Pulla Reddy S/o. Narayana Reddy Na llaballe Flat No.218, Vasavi Central Court Sanath Nagar, Beside HDFC Bank Hyderabad - 500018.

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... Defenda nts

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Counsel for the Applicant : M/s. N. B. Sudarshan

Defenda nts

:Ex-parte

:: ORDER ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.55,91,346.08ps from the defendants jointly and severally with future interest @24yo p.a. from the date of application till the date of realization alonq with costs and in default for sale of hypothecated vehtcte. oY*n

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oA.NO.373l2022

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Summons served on D1 and 2 through paper publication. They were set ex-parte on 27.02.2023 as called absent and no representation.

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The Applicant Bank examined Naveenchary Thipparapu, Legal Manager, as AW-1 and marked 07 documents through him as Ex. A.1 to Ex. A.07.

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Ld. Counsel for the Applicant Bank reported orders may be passed through 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 enti ed for the claim made in the OA against the Defendants and OA hypothecated vehicle?

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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.07 marked on behalf of the Applicant Bank cllnches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinUy and severally liable to pay the OA claim to the Applicant Bank with future interest and costs.

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In the result, the present Original Application No.373/2022 is allowed as under: -

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i) The Defendants are joinuy and severally liable to pay to the Applicant Bank a total sum of Rs.55,91,346.08ps with future Own'"

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oA.NO.373/2022

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interest @9.5olo^{p.a. simplefrom 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 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 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, signed and^{pronouncedbyme in the open court on} this the 18th Day of September,^2025).

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Ow^*o u/ (RAMESHWAR KOTHE) PRESIDING OFFICER

Hdfc Bank Ltd. v. M/S. Sri Sri Akruthi Projects Private Limited

Case brief

What is this about?

What did the court decide?

Hdfc Bank Ltd. v. M/S. Sri Sri Akruthi Projects Private Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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