Allowed

Hdfc Bank Ltd., v. S Satish Chandra Reddy

DRT27 Feb 2025OA/462/2023

Case brief

AI extract

What is this about?

The RBI-regulated Debts Recovery Tribunal allowed an ex-parte application filed by HDFC Bank Ltd to recover the disbursed amount and secured dues from the defaulting borrower, authorizing the issuance of a recovery certificate.

What did the court decide?

The applicant is entitled to recovery of Rs.23,39,648.94, future interest, costs, and proceeds against hypothecated vehicle/properties. Recovery Certificate issued.

Hdfc Bank Ltd., versus S Satish Chandra Reddy — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDERABAD DATED THIS THE 27Th DAY OF FEBRUARY, 2025 PRESENT: SH. RAMESHWAR KoTHE, B.com., L.LB, (Hons.), M.A. PRESIDING OFFICER

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ORIGINAL APPLICATTON No: 462 OF 2023

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HDFC BanK Ltd,, Havrng its office at r 1-t0-60/3, 3' Floor, Suryodaya Complex, Opp Shoppers Stop, Begumpet, Hydera bad - SOOO16. Rep. by its Authorized Signatory.

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.....Applicant.

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Versus

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S,Satish Chandra Reddy, s/o.Veer Raghava Reddy sathi, Age 47 Years, Occ:^private Service, R/o.1,-t0- r22/ t7 /A and 8/304, !9!.V9^{Sai Srinivas Enctave,AshokNagar,} Chikkadpalli, Hydera bad, Tetanga na- 500020.

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Also at:-

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S.Satish Chandra Reddy, S/o.Veer Raghava Reddy Sathi, Age 47 Years, Occ:^private Service, F. No.101, Vamshi Estate, R/o.6-3- 788 to 35, Ameerpet, Hydera bad, Telanqana - 5OOO20.

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Also at:S.Satish Chandra Reddy, S/o.Veer Raghava Reddy Sath i, Aqe 47 Yea-S, Occ:^private Service, Flat No.304, Satya Saisrinivasa Enclave, H. No.1- 10- 122l 17 /A and B, Ashok Nagar, NR Chikkadapalli, Anjaneya Temple, Hyderabad, Telangana - 500020. ft*"

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oA,NO.462/2023

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Also at:s.satish^{ChandraReddY,} S/o.Veer^{Raghava Reddy Satnl'} 'aie- cl Yeat;, Occ: Private Service' C7o.rnt"rr".t^{informaticsPvt Ltd} ' Piot No.34,^{Sagar Society,} [."i:"r.^{r,iiri-rivoerabad,Telangana-s00034'}

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Counsel^{for the Applicant} : M/s^{LotusLaw Associates}

Defendant

:Ex-Parte

:: ORDER^::

The Applicant^{Bank filed the presentoA for the recovery a total} sum of^{Rs.23,39,648'94psfrom the defendantwith future} interest @^{10.50o/o p.a compounded with monthly rests from} the date^{of application till the date of realization alongwith} cosB and^{in default for sale of hypothecated vehicle'}

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Summon^{servedon sole defendant throughpaperpublication} and was^{set ex-parte on 72 \lZO23 as catled absent and n0} representation.

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The Applicant^{Bank examined SumayaShaik' Legal Manager'as} AW-l and^{markedoB documents throughher as Ex'A 1 to} Ex.A.08.

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Heard^{the Ld. Counselfor the Applicant Bank' Perused the} material Placed^{on record'}

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The^{point that arises for considerationis:-}

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Bank^{is entitled} Whether^{the APPIicant} the OA^against for the^{claim madein}

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oa.No,462/2023

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the Defendant and OA hypothecated vehicle?

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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.09 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendant. Hence, I hold that the Defendant is tiable 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.46212023 is allowed as under: -

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i) The Defendant is liabte to pay to the Applicant Bank a sum of Rs.23,39,648.94ps with future interest @10.50o/o p.a. simple from the date of application till the date of realization;

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ii) the OA claim ls secured by way of hypothecation of vehicle described in the schedule annexed to the OA and the applicant bank is entiued 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. /ffi**

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oA.NO.452/2023

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B. The Applicant^{Bank is directed to file Cost Memo within2 weeks} from^{the date of receipt of this Order'}

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Issue^{Recovery Certificate accordingly'}

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10.^{Communicate a copy of this order-t9^-the,parties concerned'} (Dictated to tn" steno,^{lJrlected, signedand pronounced by me in the open counon} ihis the^{27'n DaYof February' 2025)'}

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[M*'o* rp)fresHwnR^KorHE) PRESIDING^OFFICER

Hdfc Bank Ltd., v. S Satish Chandra Reddy

Case brief

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Hdfc Bank Ltd., v. S Satish Chandra Reddy

Case brief

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