Allowed

Icici Bank Limited v. Sri. Madduri Someshwar Reddy

DRT23 Jun 2025OA/466/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application by ICICI Bank Limited to recover dues of Rs.49.31 lakh plus interest with future interest and costs from husband-and-wife respondents. The respondents remained absent ex parte, and the bank established the claim via document examination.

What did the court decide?

Directed the respondents to pay Rs.49,31,235/- with interest @14.60% p.a. from 29.10.2024, bearing costs, and allowing the bank to proceed against mortgaged property. Recovery certificate issued.

Icici Bank Limited versus Sri. Madduri Someshwar Reddy — Arbitration | DRT (2025)

¶1

IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THIS THE 23RD DAY OF JUNE, 2025

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PRESENT: SRI GUMMADI GOPICHAND,^{PRESIDING OFFICER}

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OA.No.466 ot 2024

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Between:

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ICICI Bank Limited, Branch olfice situated at Gachibowli, Hyderabad. Represented by its Debt Manager And General Power of Attorney

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Applicant

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VERSUS

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Sri MadduriSomeshwar Reddy, s/o MadduriGalreddy, aged about 68^years, 4-74, Khazipur village, Mirdoddimandl, Siddipet district TS - 502 102.

¶10

SmtMadduriUmadevi,

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w/o MadduriSomeshwar Reddy,

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aged 61 years, occ: business, 4-74, Khazipur village, Mirdoddi Mandal, Siddipet district, TS- 502 102.

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Defendants

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Counsel for the Parties:

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For the Applicant .. ld .: Sri Anil Vydya
For the Defendants $ pa rte
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1. The Applicant t OA against Defendants for
recovery of a total sum of Rs.49,31,235l- (Rupees Forty Nine
Lakhs Thirty One Thousand Two Hundred and Thirty five

¶16

(oA. No.466/2024)

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only) with interest @ 14.60o/op.a and^{2% p.awith monthlyrests} from 29.10.2024 till the date of^{realization and in defaultfor sale of} mortgaged^property as mentioned in^the schedule^{to OA'}

¶18

As per the averments in the application,^{the ApplicantBankstates} that defendants No,1 and 2 are^{husband and wife who availed KCC} facility of Rs.43,92,300/- for business and^{executed Hypothecation} deed and mortgage deed dated 28.06'2018.^{The defendants also} executed key facts statements dated^{29.06.2018agreeingto repay} the same. After availing the loan facility, the^{defendantsfailed to} comply the terms of sanction,^{hence the applicant bank classified} the account as NPA and recall notice^{was issued on 27.05.2024.} Inspite of several requests and demands,^{the defendantsdid not} clear the outstanding. Hence this OA.

¶19

Defendants called absent and set^{exparte on 19.05.2022.}

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Sri M. Satish Kumar, Zonal^head of^{the Applicant Bank examined} himself as AW.1 and exhibited relevant^{documents,which are} marked as Ex.A,1 to A.10.

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Heard th the Applicant Bank.
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¶22

(oA.N0.466/2024)

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The point that arise for consideration is whether the Applicant Bank is

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entitled for the claim made in the OA against the Defendants as prayed for?

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Defendants remainedexparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and he exhibited rerevant documents as Ex.Al to A.10. In view of the above, I hold that the Applicant Bank has established their claim made in the oA against the Defendants and hence the Appricant Bank is entitled to recover the claim made in the oA with future interest and costs.

¶26

B. In the result, the present OA is allowed with costs, as under: The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.49,31,235t- (Rupees Forty Nine Lakhs Thirty One Thousand Two Hundred and Thirty five only) with interest @ 14.600lop.a from 29.10.2024 till the date of realization.

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The Applicant bank is entitled to proceed against the mortgaged property as mentioned in the schedule to OA towards realization of the debt due;

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':/- -::-^, '&otj.

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1. The epprica6dbali'ffi.,rJ to proceed against the person

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and rds rea lization of the debt due. p roperrFes "i St?fu$"rm

¶31

(oA. No.466/2024)

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11, The Applicant Bank is entltled to the costs of the OA.

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The Applicant shall file a cost memo within two weeks from the date of rece ipt of order.

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Issue Recovery certificate accordingly.

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Communicate a copy of the order to the parties concerned.

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(Dictated to the P.A., transcrabed by her, corrected, signed and pronounced by me in the open court on this the 23'd lune, 2025)

sd/-

(G. GOPTCHAND)

PRESIDING OFFICER

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¶41

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¶42

Icici Bank Limited v. Sri. Madduri Someshwar Reddy

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Sri. Madduri Someshwar Reddy

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

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Case details

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