Allowed

Hdfc Bank Ltd. v. M/S Sri Gokula Garments

DRT17 Jun 2025OA/41/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an Original Application filed by a bank for recovery of a principal sum along with future interest and costs from respondents who defaulted on dues, holding them jointly and severally liable and permitting realization from hypothecated assets.

What did the court decide?

Joint and several liability to pay Rs.58,60,240.51 with interest; secured via hypothecation of assets; entitled to costs and recovery certificate.

Hdfc Bank Ltd. versus M/S Sri Gokula Garments — Banking and Recovery | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 17TH DAY OF ]UNE, 2025

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

¶3

ORIGINAL APPLICATION No: 41 OF 2024

¶4

H DFC Ban K Ltd., Department For Special Operations H. No.6-3-246 & 6-3-244/A, 3'o Floor, Desk No.0196, Roxana Palladium, Road No.1, Banjara Hills, (Besides Virinchi Hospital), Hyderabad District - 500034. Rep. by its Authorized Signatory, .....Applicant.

¶5

Versus

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M/s. Sri Gokula Garments,, Rep by its Proprietor lvlr. Muppiri Sarath Babu,^ptot No.1Ol2, Reddy's Colony, Road No.14, IDA Nacharam, Medchal- t4alkajg iri, Hyderabad, Tela n9a na - 500076.

¶7

lYr. Muppiri Sarath Babu, S/o. Mr. La ksh mipath i t4uppiri, Age Major, Occ: Business, #4-25, Gudipala Thummalavari^pa lle, Gud ipala, Chittoor, Andhra^{pradesh-517132.}

¶8

... Defenda nts

¶9

: M.V. KINI Counsel for the Applicant Defendants : Ex-pa rte

¶10

:: ORDER ::

¶11

The Applicant Bank filed the present OA for the recovery a total sum of Rs.58,60,240.51ps as on 30-.11.2023 from the ,'fu",r,.*' / /// ''r.\ l//

¶12

oA.NO.41/2024

¶13

¶14

defendants^{jointlyand severally with future interest@18o/o p a'} from the date^{of application till the date of reallzationalong} wlth costs^{and in default for saleof hypothecated assets'}

¶15

Summons^{served on D2 and was set ex-parte on} 74.71.2024^as called absent^{and no representation Summons} served on^D1 through^{paper publication and was set ex-parte} on 10.01.2025 as called^{absentand no representation'}

¶16

Bank examined^{Srikanth Sukhavasi, Sr' Manager'}

¶17

The Applicant as Aw-1 and marked 33^{documents through him as Ex A l to} Ex. A.33.

¶18

Ld. Counsel^{for the APplicant} Bank reported^{ordersmaY be} the material Placed^{on record.}

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passed through merits.^Perused

¶20

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

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Whether the^{Applicant Bank is entitled} for the claim^{madein the OA against} the Defendants^{and OA hYpothecated} assets?

¶22

As stated supra,^{the Defendants remained ex-parte The} Evidence Affidavit^{coupledwith the recitalsin the documents} viz., Exs. A.1^{to A.33 markedon behalfof the Applicant Bank} clinches the claim^{of the Applicant Bank against the Defendants'} Hence, I hold^{that the Defendantsare jointlyand severallyliable} to^pay the OA^{claimto the Applicant Bank with futureinterest} and costs.

¶23

In the result, the^{presentOriginal^lqpplicatiqnNo'47/2024 is} attowed as under: - //fuuo'f t,/

¶24

oA.NO,41l2024

¶25

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i) The Defendants are^{jointly and severally} liable to^pay to the^{Applicant Bank a sum of} Rs.58,60,240.51ps^{as on 30.11.2023with} future interest @72'7o/o^{p.a. simplefrom the} date of application^{till the date of realization;}

¶27

ii) the OA clalm is^{secured bY way of} hypothecation of^{assets describedin the} schedule annexed^{tothe OA and the} applicant bank^{is entitledto proceed against} the same to^{realiseits 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 applicaot bank^{is entitledfor the costs'}

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The Applicant Bank is directed to^{flle Cost Memo within 2 weeks} from the date of receipt of^{this Order.}

¶31

Issue Recovery Certificate^{accordlng ly.}

¶32

Communicate^{a copy of this order to the parties concerned'} (Dictated to the steno, corrected,^{signedand pronounced by me in the open court on} thisthe^{17'hDay of JLrne,2025).}

¶33

SHWAR KOTHE)

Hdfc Bank Ltd. v. M/S Sri Gokula Garments

Case brief

What is this about?

What did the court decide?

Hdfc Bank Ltd. v. M/S Sri Gokula Garments

Case brief

What is this about?

What did the court decide?

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