Allowed

Karur Vysya Bank Limited v. M/S. Akshara Infracon India Private Limited

DRT29 Jul 2025OA/50/2025

Case brief

AI extract

What is this about?

The Tribunal heard an ex-parte Original Application filed by Karur Vysya Bank for recovery of a sum of Rs. 2.52 crore from five defendants. Finding the evidence sworn by the bank's manager sufficient to establish the claim, the Tribunal decided the application in favor of the bank.

What did the court decide?

Defendants held jointly and severally liable to pay Rs. 2,52,61,617.23 with future interest and costs; Recovery Certificate issued.

Karur Vysya Bank Limited versus M/S. Akshara Infracon India… — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-iI AT HYDEMBAD DATED THIS THE 29TH DAY OF ]ULY, 2025 PRESENT: SH. RAMESHWIR KOTHE, B.Com., L.LB. (Hons.), M.A. PRESIDING OFFICER

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Original Application No: 50 OF ZO2S

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Karur Vysya Bank Limited., Having its Branch at g_3_945, G1, Ground Floor, LSy Estate, Bata Lane, Opp vaJJn'iv" Caru H os p i ta t, A m ee rper, H vo e.a oa o J i"l;;; ; ,rl, : r'60 o rr. Rep. by its Authorized Signatory.^{-'-rr:'v"e 'Jv}

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...Applicant

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Versus

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M/s.Akshara Infracon India pvt. Ltd., lep^{Oy its ManagingDirector} Sri Alokam prabhaklra Rao plot No.450, 1't Floor, Road No.19 Jubitee Hiils, HyderabaO _ SOOOJi.

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2, Sri Alokam prabhakara Rao

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S/o. Alokam Kotaiah, Aged about 50 years Occ: Business, plot No.)0t, Rrmanas'--'Sukruthi Towers, plot No.56, SaCni Naidu Nagar, Kakatiya Hills,'Madhafur Ranga Reddy - 500081.

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Gannamani Suresh Babu S/o.G.Nageswara Rao, Aged about 47 yearc Occ: Business, plot No.1B, H.No.7_1_21J Flat No.503, Orchid Homes, DargamitiaNellore, Andhra pradesh _ 524003.

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Smt. Y.Harika, W/o.y.Rajasekhara Reddy Aged about 50 years, Occ: Business P.lot No.115, Ayyappa Society, Madhapur Hyderabad - 500081.

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Y. Rajasekhara Reddy, S/o.y.Rami Reddy Plot No.115, Ayyappa Society, Madhapui Hyderabad - 500081.

rwp

......Defendants

OA'No.50/2025

Counsel^{for the APPlicant} Defendants

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M/s.Lanka^Jagannadham

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Ex-Parte

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:: ORDER^::

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The Applicant^{Bank filed the presentOA for the recovery of a sum of} Rs.2,52,61,6^{t7 '23psfromthe defendantsjointly and severally with} future^{interest@17olo p'a' from the date of application till the date} of realisation^{alongwith costs'}

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Summons^{servedon D1 to 5 throughpaperpublication' They were} set ex-parte^{on 01'05'2025as called absentand no representation'}

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The Manager Applicant^{as AW-1 Bank and examined marked 28 PNSV documents Chalapathirao' throughhim Sr' as LegalEx'} A.1 to^Ex.A.2B'

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Heard^{the Ld. counsel for the AppricantBank.perusedthe material} placed on^record'

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The^{point that arises for consideration is:-}

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Whether^{the AppticantBank is entitled for} the clarim^{ma'de in the OA against the}

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Defendants?

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As stated^{supra, the Defendantsremained ex-parte' The Evidence} Affidavit^{coupled with the recitals in the documents viz'' Exs' A'1 to} A.28markedonbehalfoftheApplicantBankclinchestheclaimof the Applicant^{Bank against the Defendants'Hence' I hold that the} DefendantsarejointlyandseverallyliabletopaytheoAclaimto the Appticant^{Bank with futureinterestand costs',,'j{ffo'i.!q}

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oA.No.s0/202s

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7' In the resurt, the present originar Apprication No.50/2025 is arowed as under: -

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.2,52,61,617.23ps with future interest @14.50o/o p.a. simple, from the date of application till the date of realization;

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ii) the applicant bank is also entifled to proceed against the person and properties of the defendant for realization of its dues;

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iii) the applicant bank is entiUed 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., transcribed by him, corrected, signed and pronounced by me in the open court on this the 29th day of luly,2025).

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/7w.tr lnAdfsHweR^KorHE) PRESIDING OFFICER

Karur Vysya Bank Limited v. M/S. Akshara Infracon India Private Limited

Case brief

What is this about?

What did the court decide?

Karur Vysya Bank Limited v. M/S. Akshara Infracon India Private Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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