Allowed

Icici Bank Limited v. Divya Earth Movers

DRT25 Apr 2025OA/405/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by ICICI Bank for recovery of dues including principal, future interest, and costs from four respondents who were absent. The court held the claim against defendants and hypothecated assets was established.

What did the court decide?

Defendants jointly and severally liable to pay Rs.23,77,698 plus future interest; recovery certificate issued; applicant entitled to proceed against hypothecated assets and person/properties of defend

Icici Bank Limited versus Divya Earth Movers — Banking and Recovery | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDERABAD

¶2

DATED THIS THE 25TH DAY OF APRIL, 2025

¶3

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

¶4

ORIGINAL APPLICATION No: 405 OF 2024

¶5

ICICI Bank Limited., Regiona I Office at ICICI Bank Tower, Financial District, Plot No.12, Gachibowli, Hyderabad. Rep. by its Power of Attorney Holder.

¶6

.. . ..Applicant.

¶7

Versus

¶8

Divya Earth Movers., Represented by its^proprietor

¶9

N.Yesthera mma, Havjng its

¶10

Office at 11-54, Kalluru R S Garladinne, Anantapur, Andhra^pradesh - 5t5774.

¶11

Mr.Neelam Sudha ka ra, S/o. Nellam Yesurathnam, Aged 48 Years, Occ:^private Employee,

¶12

R/o. 11-54, Kalluru R S Garladinne, Anantapur, Andhra^pradesh - 5\5774.

¶13

Mr.Bommireddy Charan Kumar Reddy, S/o.Bommi Reddy Jayachandra Reddy, Aged 28 Years, Occ:^private Employee, R/o.13-882-10-8, Putlur Road, Netaji Nagar, FC Rice Godown, Tadipatri, Anantapur, Andhra^{pradesh-515411.}

¶14

lvlr.Chintakunta Gu ru Swamy, S/o.Chinathkunta Rangamuni, Aged 53 Years, Occ: Private Employee, R/o.4-15, Ka malapadu, Yadiki, Anantapur, Andhra Pradesh - 515408.

¶15

ffirvus ...Defendants

¶16

oA.NO.40s/2024

¶17

¶18

Counsel for^{the APPlica nt}

¶19

:M/s.B.Ravindra^Reddy

Defendants

: Ex-parte

::^{qLLqE ::}

The Applicant^{Bank filed the present OA for the recovery a total} sum of Rs.23,77,6991-^{as on 04.062024under Loan} A/C.No.LQANA0OO^{47906735 from the defendantsjointlyand} severally with future^{interest @249o} P.a'^{from 05 06 2024 till} the date of realization^{alongwith costsand in defaultfor saleof} hypothecated assets.

¶24

Summons served^{on D1 to 4. They were set ex-parteon} 73.12.2024 as called^{absentand no representation'}

¶25

The Applicant^{Bank examined K.Rajayaswanth,Manager,} AS AW-1 and marked^{11 documentsthrough him as Ex A'1 to} Ex. A.11.

¶26

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

¶27

The point that arises^{for considerationis:-}

¶28

Whether the Applicant^{Bank is entitled} for the claim made in the^{OA against} the Defendants and OA^hypothecated assets?

¶29

As stated supra,^{the Defendants remained ex-parte. The} Evidence Affidavit coupled with the^{recitalsin the documents} viz., Exs.A.1 to A.11^marked on^{behalf of the ApplicantBank} clinches the claim of the^{Appticant Bank aqainst the Defendants.} AY.rn'o

oA.NO.405/2024

Hence, I hold that the Defendants are jointly and severally liabte to pay the OA claim to the Applicant Bank with future interest a nd costs.

¶34

In the result, the present Original Application No.405/2024 is allowed as under: -

¶35

i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.23,77,698/- as on 04.06.2024 under Loan A/c. No. LQANA00047906735 with future interest @12olo p.a. simple from the date of application till the date of realization;

¶36

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 entitled to proceed against the same to realise its debt;

¶37

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

¶38

iv) the applicant bank is entitled for the costs.

¶39

8, The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this Order.

¶40

lssue Recovery Certificate accordingly. .,11 ,,fr!2-'*,,:-."

;,///

oA.NO.4os/2024

Communicate a copy of this order to the^parties concerned. (Dictated to the steno, corrected, si8ned and pronounced by me in the open court on this the 2Sth Day of April, 2025).

¶46

/nryo*** 1d*(esHwnR^KorHE) PRESIDING OFFICER

Icici Bank Limited v. Divya Earth Movers

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Divya Earth Movers

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

Union Bank of India versus M/S Irya Apparels

Hdfc Bank Ltd., versus M/S Progressive Press Pvt. Ltd.

Axis Bank Ltd., versus Kamalamma Jetavath

Punjab National Bank versus Mr. Vemuri Ravi Kiran

Icici Bank Limited versus Momin Shaikshavali

Icici Bank Limited versus Sri Satya Praveen Mobiles