Allowed

Indusind Bank Limited v. Akula Venu

DRT3 Mar 2025OA/476/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Bank's Original Application for recovery of dues against two defaulting borrowers. The court held the Defendants jointly and severally liable to pay the claimed sum with future interest and costs, securing the claim against mortgaged properties.

What did the court decide?

Defendants ordered to pay Rs. 1,03,57,024.45 with 11% p.a. interest; claim secured by mortgaged properties; cost memo directed.

Indusind Bank Limited versus Akula Venu — Banking and Recovery | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD

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DATED THIS THE O3RD DAY OF MARCH, 2025

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PRESENT: SH. RAMESHWAR KOTHE, B.Com., L.LB. (Hons.), M.A.

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PRESIDING OFFICER

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ORIGINAL APPLICATION No: 476 OF 2022

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Indusind Bank Ltd., Secu nderabad Branch, Laxmi, 1-8-448, S.P. Road, Begumpet, Secunderabad. Rep. by its Authorized Signatory.

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.....Applicant.

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Versus

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Akula Venu S/o. Narayana Akula, Aged 44 years, Occ: Business, Plot No.52lpa rt (West Side), Survey No.35 part,36 part, 40,41,42,43,64 paft, Komapally, Quthbullapur I\4andal, Ra n9a Reddy District.

¶10

Prathima Akula W/o Akula Venu, Aged 38 years, Occ: Business, Plot No.52lpart (West Side) Survey No.35 part,36 part, 40,47,42,43,64 part, Kompally, Quth^{bu llapurMa ndal,} Ranga Reddy District.

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... Defendants

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: l"lr. Peri Venkata Ramana Counsel for the Applicant Defendants : Ex-parte

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:: ORDER ::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.1,03,57,024.45ps as on 31.12.2021 from the /^B/-9

/ / /Va.D

oA.NO.475l2022

defendants^jointly and severally^with future^interest @110/o^p.a. from the date of application till the date^{of realizationalong} with costs and in default for sale of OA Schedule of^Properties.

¶19

Summons served on D1 & D2 through^{paper publication.They} were set ex-parte on 17,01.2023 as called absent and^no representation.

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The Applicant Bank examined K.Srikanth, Chief^Manager, as AW-1 and marked 12 documents through him as^{Ex. A.1 to} Ex. A. 12.

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Ld. Counsel for the Applicant Bank reported orders may be passed on merits. Perused the material placed on record.

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The point 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 Schedule Properties?

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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.12 marked on behalf of the Applicant Bank clinches the claim of the Appllcant Bank against the Defendants. Hence, I hold that the Defendants are^jointly and severally liable 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.476/2022 is atfowed as under: - furrO,

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oA.NO.47612OZZ

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r) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.1,03,57,024.45ps as on 31.12.2021 with future interest @11olo 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 Moftgage of Properties 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 according ly,

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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 03'd Day of March, 2025).

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.. .! .'

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(RAMESHWAR KOTHE) PRESIDING OFFICER

Indusind Bank Limited v. Akula Venu

Case brief

What is this about?

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Indusind Bank Limited v. Akula Venu

Case brief

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