Allowed

Hdfc Bank v. Santhosh Kumar

DRT17 Jan 2025OA/414/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the Applicant Bank's Original Application for recovery of Rs.56,41,228.53 from Defendant Santhosh Kumar Polagani and Gulari Maneesha, holding them jointly and severally liable. The court confirmed the bank's right to proceed against hypothecated assets and the defendants' properties for debt realization.

What did the court decide?

Ordered Defendants to pay Rs.56,41,228.53 with future interest along with costs; recovery certificate issued; bank entitled to proceed against hypothecated assets and defendants' properties.

Hdfc Bank versus Santhosh Kumar — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE 17th DAY OF.]ANUARY, 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: 414 OF 2023

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H DFC BanK Ltd., Having its office at # 1-10-60/3, 3'd Floor, Suryodaya Complex, Bequmpet, Hyderabad - 500016. Rep. by its Authorized Signatory.

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.....Applicant.

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Versus

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Santhosh Kumar Polagani, S/o. Polagani Balanaraslm ha, Occ: Business, Age 39 Years, R/o.H.No.7 -1/6/2, Plot No.7,

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Simhapuri Colony, Near Andhra Bank, Nagaram, Hydera ba d - 500083, Telangana State.

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Also at:-

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C/o.Transport & Building Material Supplies, R/o.H.No.7 -l/6/2, Plot No.7, Simhapuri Colony, Near Andhra Bank, Nagaram, Hydera bad- 50 0 083, Telangana State.

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Gulari Maneesha, D/o. Gu lari Satyanarayana, Occ: Business, Age 39 Years, R/o.H.No.7 -t/6/2, Plot No.7, Simhapuri Colony, Near Andhra Bank, Nagaram, Hydera bad- 50 0 083, Telangana State.

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... Defendants

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Counsel for the Applicant : M/s.Srihari Bathina

Defenda nts

,er-pu.t" N|*

oA.NO.414/2023

:: qLLLL ::

The Applicant Bank filed the^present OA for the recovery a^total sum of Rs.56,41,228.53ps from the defendants^jointly and severally with interest @ 8.50o/o, 9.94o/o,9.25o/o & 8.10o/o^p.a. for loan A/c. Nos .50t67 745, 83944782, 8768262, 86307709 respectively along with future interest @ 2olo^p.m. 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 24.71.2023 as called absent and no representation.

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The Applicant Bank examined Sumaya Shaik, Legal Manager, as Aw-1 and marked 07 documents through her as Ex. A.1 to Ex. A.O7 .

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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^polnt 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.07 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are iointly aff, severally liable ' eY*,q

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oA.NO.474l2O23

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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.4L4/2023 is allowed as under: -

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.56,41,228.53ps with future interest @8.10% 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 entitled 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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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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9f$>!q

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HWAR KOTHE) PRESIDING OFFICER

Hdfc Bank v. Santhosh Kumar

Case brief

What is this about?

What did the court decide?

Hdfc Bank v. Santhosh Kumar

Case brief

What is this about?

What did the court decide?

What the court decided

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