Allowed

Icici Bank Limited v. M/S Rising Sun Mining Private Limited

DRT22 Apr 2025OA/385/2024

Case brief

AI extract

What is this about?

This order allowed an Original Application filed by ICICI Bank Limited for recovery of Rs. 96,25,045/- plus interest and costs from two defendants, holding them jointly and severally liable based on secured hypothecation of vehicles.

What did the court decide?

Defendants liable to pay Rs.96,25,045/- with future interest @10.45% p.a.; bank entitled to proceed against hypothecated vehicles and defendant properties; costs awarded.

Icici Bank Limited versus M/S Rising Sun Mining Private Limited — Banking and Recovery | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 22ND DAY OF APRIL, 2025

¶2

PRESENT: SH. MMESHW4R KOTHE, B.Com., L.LB. (Hons.), M.A. PRESIDING OFFICER

¶3

ORIGINAL APPLICATION No: 385 OF 2024

¶4

ICICI Bank Limited., Having its Regional Office at ICICI Tower, Plot No.12, Nanakramguda, Serilingampally, Ranga Reddy - 500032, Telangana. Rep. by its Power of Attorney.

¶5

.....Applicant.

¶6

Versus

¶7

M/s.Rising Sun Mining private Limited., Rep by its Managing Director Having its Office at 8- l-3}t I 82/ L, Laxminagar, Shaikpet, Hyderabad - SOOOO8.

¶8

Sri.Narasimha Rao ponugoti, S/o.Jayapal Rao^ponugoti, Aged about 48^years, Occ: Business, R/o. H.No. 5-3 -432, plot No, 1 70, Street No.9, Venkat Rao Nagar, Kukatpally, Hyderabad, Telangana-500072.

¶9

. . . Defendants

¶10

Counsel for the Applicant

¶11

M/s.R.Rajendra Prasad

Defendants

Ex-parte

:: oRDER ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.96,25,045/_ as on oa.ot.zo2+ffi.1^lrg"r"noun,,

¶16

O/ '''t"

¶17

oA.NO.385/2024

¶18

jointly and severally^{with futureinterest @24olop awith} monthly^{rests from the date of applicationtill the date of} reatization^{along with costs and in default for sale of} hypothecated^vehicles'

¶19

paper Publication.^TheY

¶20

1. Summons^{served on D1 and 2 through} called absent^{and no}

¶21

were set^{ex-Parte on 06'022025as} representation.

¶22

The Applicant^{Bank examinedN'Chandrasekar'Regional} Relationship^{Manager,as AW-1 and marked 18 documents} through^{him as Ex' A.1 to Ex A 18'}

¶23

Ld. Counsel^{for the ApplicantBank reported orders may be} passed through^{merits'Perused the material Placedon record'}

¶24

¶25

The^{point that arises for consideration is:-}

¶26

whether^{the Applicant Bank is entitled} for the^{claim madein the OA against} the Defendants^{and OA hypothecated} vehicles?

¶27

As stated^{supra, the Defendants remained ex-parte The} Evidence^{Affidavitcoupledwith the recitalsin the documents} viz., Exs.^{A.1 to A.18 markedon behalf of the Applicant Bank} clinchestheclaimoftheApplicantBankagainsttheDefendants. Hence,IholdthattheDefendantsarejointlyandseverallyliable to^pay the^{OA claimto the Applicant Bank with futureinterest} and costs.

¶28

In the result,^{the present Original Application} l1*9tr.^')l'^{N9 385/2024 is} allowed^{as under: -} U^t>>'

¶29

oA.NO.385/2024

¶30

¶31

The Defendants^{are jointly and severally}

¶32

i) liable to^{pay to the Applicant Banka sum of} Rs.96,25,045/-^{as on 08.07'2024with future} lnterest @10.45olo^{p.a simple from the date} of application^{till the date of realization;}

¶33

the OA^{claim issecured bY waY of}

¶34

ii) hypothecatlon^{of vehicles describedin the} schedule^{annexed tothe OA and the} applicant^{bank is entitled to proceed against} the same^{to realiseits debt;}

¶35

iii) the applicant^{bank is also entitled to proceed} against the^{person and properties of} defendants^{for realizationof its dues;}

¶36

iv) the appticant^{bank is entitledfor the costs'}

¶37

lvlemo^{within2 weeks}

¶38

1. The Applicant^{Bank is directed to file Cost} from the date^{of receipt of this Order'}

¶39

Issue Recovery^{Certificate accordingly'}

¶40

Communicate^{a copy of this order to the parties concerned'} {Dictated^{to the steno, correcteo.signedand pronounced by me in the open court on} this the 22d^{Day of April, 202s).} /A Wl-ru,$S / /,/'',>-\ rnhfi'esnwea^rorne) PRESIDING^OFFICER

Icici Bank Limited v. M/S Rising Sun Mining Private Limited

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. M/S Rising Sun Mining Private Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Smt Jhansi Garikipati Rep by her Gpa Holder G Adiseshaiah versus Hdfc Bank

Union Bank of India versus M/S Aqua Steel

Yes Bank Limited versus Bhupathi Chandu

Hdfc Bank Ltd., versus Sanjeev Katiyar

Hdfc Bank Ltd., versus Mrs.P Geethanjali

Hdfc Bank Ltd., versus M/S Lakshmi Kantha Reddy Minerals.