Allowed

Hdfc Bank Ltd. v. M/S Slava Therapeutics Private Limited

DRT31 Jan 2025OA/401/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal-II allowed Original Application No.401/2023 filed by HDFC Bank Ltd. against Slava Therapeutics and Sirisha Pilla for recovery of a total debt with future interest, establishing joint and several liability and right to proceed against hypothecated assets.

What did the court decide?

Defendants declared jointly and severally liable to pay Rs.45,28,223.83 with future interest; Bank entitled to realize debt from hypothecated assets and defendant properties.

Hdfc Bank Ltd. versus M/S Slava Therapeutics Private Limited — Banking and Recovery | DRT (2025)

¶1

, IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE 315-r DAY OF JANUARY, 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: 401 OF 2023

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HDFC Bank Ltd., Having its oFfice at # 1-10-60/3, 3'd Floor, Suryodaya complex, Begumpet, Secunderabad lvlanda l, Hyderabad - 500016. Rep, by its Authorized Slgnatory.

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.... ,Applica nt.

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Versus

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lY/s.Slava Therapeutics Private Limited., Rep by its Authorized Signatory R/o. D. No. 15-29- 1000/H ig- 129, Room No.3b, Third Floor, Pramani Plaza, Phase 1 2, KPHB Colony, Kukatpally, Hydera bad, Tela nga na-500072.

¶8

Sirisha Pilla, D/W/o.Babu Rao Pilla, Age 47 Years, Occ: Business, R/o.Flat No.1004, 10 Floor, KPHB, Manjeera Homes, Behind Manjeera l4all, Kukatpally, Hyderabad, Telangana - 500072.

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... Defenda nts

¶10

: lvl/s.Srihari Bathina Counsel for the Applicant

Defendants

: Ex- parte

::^qLLEE ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.45,28,223.83ps under Loan A/c. No.65696127, 112161665 & 113912538 from the defendants^jointly and |u,*rle

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oA.NO.401/2023

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severally with future interest @ 18.300/0, 8.70olo & 8.01o/o^p.a.. along @ 2yo p.m. interest from the date of application till the date of realization along with costs and in default for sale of hypothecated assets.

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Summons served on D1 and 2 through^{paper publication.} They were set ex-parte on 26.12.2023 as called absent and no representation.

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The Applicant Bank examined Sumaya Shaik, Legal Manager, as AW-1 and marked 06 documents through her as Ex. A.1 to Ex. A.06.

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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 entitled for the claim made in the OA against the Defendants and OA hypothecated assets?

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

¶23

In the result. the present Original Application No.401/2023 is allowed as under: - ')ry4.9

(/'r"'

oA.NO.401/2023

i) The Defendants are^{jointly and severally} liable to^pay to the Applicant^{Bank a sum of} Rs.45,28,223.83ps under^{Loan A/c. No.} 65696127, 112161665 &^{113912538with} future interest @8.70olo^{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 assets 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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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 31't Day oflanuary,^2025).

¶34

PRESIDING OFFICER

Hdfc Bank Ltd. v. M/S Slava Therapeutics Private Limited

Case brief

What is this about?

What did the court decide?

Hdfc Bank Ltd. v. M/S Slava Therapeutics 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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