Allowed

Hdfc Bank Ltd. v. Mr. Mahendar Reddy Appareddy

DRT17 Jan 2025OA/406/2023

Case brief

AI extract

What is this about?

In this recovery application, the applicant bank sought recovery of debts with interest. The defendants remained in default despite ex-parte proceedings. The tribunal examined documents and held the defendants liable to pay the claimed sum securely hypothecated. The application was allowed.

What did the court decide?

Defendants to pay sum of Rs. 57,50,263.94 with future interest and costs; OA claim secured by hypothecation; Recovery Certificate issued; Cost Memo to be filed by Applicant Bank within 2 weeks.

Hdfc Bank Ltd. versus Mr. Mahendar Reddy Appareddy — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDERABAD

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DATED THIS THE 17th DAY OF JANUARY, 2025

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PRESENT: SH. MMESHWAR KoTHE, B.com., L.LB. (Hons.), M.A. PRESIDING OFFICER

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ORIGINAL APPLICATION No: 406 OF 2023

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H DFC Bank Ltd., Having its office at # 1-10-60/3, 3'' 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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1, Mr. Mahenda r Reddy Appareddy, S/o.A. Balareddy, Occ: Business, Age 38 Years, R/o. H. No.6-24, Pa lleguda m, Bibinagar, Venkiryal, Inkriyala Bibinagar, Nalgonda, Telanga na - 508126.

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Also at:-

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Plot No.14, Indra Nagar, Hayat Nagar, Ra nga Reddy District, Hyderabad, Telanga na - 501505.

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lvlahenda r Reddy Surkanti, S/o.S.Ram Reddy, Occ: Business, Age 38 Years, R/o.H.No.plot No.6, Padmavathi Colony, Hayatnagar, Ranga Reddy District, Hydera bad, Telanqana - 501505.

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Also at:-

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H.No.4-9-776, Yella Reddy Colony, Hayatnagar, Ranga Reddy Dist, Hyderabad, Telangana - 501505.

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...Defendants

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: M/s.Srihari Bathina Counsel for the Applicant

Defenda nts

I Exparte fu/-\g

oA.NO.406/2023

:: 9-LLE-]L^::

The Apptlcant^{Bank filed the present OA for the recovery a total} sum of^{Rs.57,50,263.g4ps from the defendantsjointlyand} severally^{with interest @ 9.72o/o,9'72o/o,9'O2o/o, 8'70o/o' 9 '02ok} & 8.700lo^{p.a. forloan A/c'Nos 82449012,A2469144} ' 84205049,^7554317 ,^{84205053 & 84276853 respectivelyalong} with future interest @^{2o/o p.m. from the date of application till} the date of^{realizationalongwith costs and in defaultfor saleof} hypothecated^assets.

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Summons^{servedon D1, whereas summonsservedon} D2 on

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through^{paper publication.They were set ex-parte} 0g.02.2024^{as called absentand no representation'}

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The Applicant^{Bank examined SumayaShaik, Legal Manager'as} AW-1 and marked^{07 documents throughher as Ex' A'1 to Ex'} A.O7 .

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Ld. Counsel for the^{Applicant Bankreported ordersmay be} passed through merits. Perused^{the material placed on record'}

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The^point that arises^{for considerationis:-}

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

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As stated supra, the Defendants^remained ex-parte. The Evidence Affidavit coupled with the^{recltals in} the documents viz., Exs. A.1 to A.07 marked on behalf of^the Applicant Bank clinches the claim of the Appllcant^{Bank against} the Defendants.

K"s

oA.NO.405/2023

Hence, I hold that the Defendants are joinfly 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.406/2023 is allowed as under: -

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i) The Defendants are joinfly and severally liable to pay to the Applicant Bank a sum of Rs.57,50,263.94ps with future interest @8,700lo 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 assets described in the schedule annexed to the OA and the applicant bank is entifled to 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 properties of defendants for realization of its dues;

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iv) the applicant bank is entitled for the costs.

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B. The Applicant Bank is directed to file Cost Memo within 2 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 pronounced by me in the open court on this the 17th Day of January, 2025).

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Co-r*s

¶41

ESHWAR KOTHE) PRESIDING OFFICER

Hdfc Bank Ltd. v. Mr. Mahendar Reddy Appareddy

Case brief

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Hdfc Bank Ltd. v. Mr. Mahendar Reddy Appareddy

Case brief

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