Allowed

Idfc First Bank Ltd. v. Penugondla Veerabrahmaiah

DRT8 Jul 2025OA/460/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the Applicant Bank's Original Application for recovery of dues totaling Rs. 40,73,764.50 with interest and costs against the Defendant who was declared absent. Recovery certificate was issued.

What did the court decide?

Defendant liable to pay Rs. 40,73,764.50 plus future interest and costs; applicant entitled to proceed for realization of dues; recovery certificate issued.

Idfc First Bank Ltd. versus Penugondla Veerabrahmaiah — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDEMBAD DATED THIS THE OSTH DAY OF JULY, 2025

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PRESENT: SH. MMESHWAR Ko. o*.rror*['5;.ur'.t"fl^{/ L'LB (Hons ), M.A.}

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Original Application No; 460 OF 2024

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IDFC FIRST BANK LIIV1ITED "NOWrarrter tvlls. Capital First Limited Door No.6-j-354, 2nd Ftoor S B Towers, Near Nagarjuna Circle banjara Hills, Road No.1 Hyderabad - 500034. Rep. by its Authorised Representative.

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...Applica nt

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Versus

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Pen ugondla Veerabrahma iah S/o. P.Gangadhar, Aged about 40 years Occ: Business, R/o. Shop.No.2 and 3 suraram Main Road, Opp Narayana H rudayalaya Mallareddy Hospital Hyderabad - 500055.

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.... .. Defenda nt

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Counsel for the Applicant ; M/s. V.Santosh

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Defendants : Ex-parte

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:: oRDER ::

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The Applicant Bank filed the present OA for the recovery of a sum of Rs.40,73,764.50ps as on 3l.07.2024 from the defendant with future interest @24o/o p.a. with monthly rests from the date of application till the date of realisation along with costs.

¶13

Summon served on sole defendant through paper publication and was set ex-pa rte on 12.06.2025 as called absent and no representation. ffi>r

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OA.No'460/2024

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The and^{Applicant marked 09 Bank examined Akash documentsthrough him Ghosh' as Ex' Legal Manager A'1 to Ex' A'09'as AW-1}

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Ld.^{Counsel for the Applicant Bank stated ordersmay be passedon} merits'^{Perusedthe materialplaced on record'}

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The^{point that arises for consideration is:-} Whether^{the AppticantBank is entitled for} inl,"^{"ii,, aaie i'the oA again the} Defendant?

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As stated^{supra, the Defendant remained ex-parte'The Evidence} Affidavit^{coupled with the recitals in the documents viz'' Exs' A'1 to} A.0gmarkedonbehalfoftheApplicantBankclinchestheclaimof the Applicant^{Bank againstthe Defendant'Hence' I hold that the} Defendant^{is riabreto pay the oA craim to the Appricant Bank with} future^{interest and costs'}

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In the^{result, the present Original Application No'460/2024is} allowed^{as under: -}

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i) The^{Defendantis liable to pay to the Applicant Bank a} sum of^{Rs.4O,73,764'50psas on 31'07'2024 with} future interest^{@13'50o/o p'a' simple'from the date of} application^{till the date of realization;}

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ii) the^{applicant bank is also entitled to proceed against} the^{person and propertiesof the defendantfor} realization^{of its dues;}

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iii) the applicant^{bank is entitled} 9r^{the costs'} 1ffi.$"q

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OA.No.460/2024

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The Appricant Bank is directed to fire cost Memo within 2 weeks from the date of receipt of this Order.

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Issue Recovery Certificate accordingly.

¶26

Communicate a coDV of this order to the parties concerned. (Dictated to the steno., tianscrioeo uy t irn, .o.r".i"al iu"""Jl"o pronounced by me in the open court on this the Ogth day of July,2025)

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PRESIDING OFFICER

Idfc First Bank Ltd. v. Penugondla Veerabrahmaiah

Case brief

What is this about?

What did the court decide?

Idfc First Bank Ltd. v. Penugondla Veerabrahmaiah

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

Coram

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