Allowed

The Axis Bank Ltd., v. M/S. Crystal Technologies

DRT12 Aug 2025OA/55/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an application filed by Axis Bank for recovery of dues totaling approximately Rs. 51.91 lakh against M/s Crystal Technologies and individuals along with future interest and costs.

What did the court decide?

Direction to Defendants to pay Rs. 51,91,332.46 with future interest @12% p.a. and costs; recovery certificate issued.

The Axis Bank Ltd., versus M/S. Crystal Technologies — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT^HYDEMBAD

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DATED THIS THE 12TH DAY OF AUGUST, 2025

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PRESENT: SH. MMESHWAR KOTHE, B.COM., L.LB,^{(HONS.), M.A.}

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PRESIDING OFFICER

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ORIGINAL APPLICATION No: 55 OF 2024

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The Axis Bank Ltd,, Having it Office at 5-4-183/184 3'd Floor, R P Road, Secunderabad-500003. Rep. by its Authorized Signatory.

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.,...Applicant.

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Versus

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M/s. Crystal Technologies., Rep by its Proprietor Mrs.Akavaram Srivani, Office at Plot No.40/B 2nd Floor, SIMS Building Industrial Development Area, Phase - II Cherlapally, Medchal-Malkajgiri District-500051.

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Mrs.Akavaram Srivani, W/o.Praveen Aged about 35 Years, Occ: Business Prop: of M/s. Crystal Technologies R/o. Plot No.140, H.No.11-78/1413 3'd Floor, Ponna Colony, Sanga Reddy-502295.

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Also at:-

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H,No.2-2-1105/C/1, New Indira Nagar Golnaka Tilak Nagar, Amberpet Hyderabad - 500013.

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Mr.Bondugula Praveen, S/o.Satyanarayana Aged about 37 Years, Occ: Business R/o. Plot No.140, H.No.11-78/1413 3'd Floor, Ponna Colony, Sanga Reddy-502295.

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. . . Defendants

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Counsel for the Applicant : M/s. M.Srinivas Reddy

Defendants

: Ex-parte

OY*"

oA.NO.s512024

:: ORDER ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.51,91,332.46ps i.6., a sum of Rs.21,80,099/towards A/c. No.922060052237426 and a sum of Rs.30, 1 1,233.46ps towards A/c.No.92303000352A432 from the defendants jointly and severally with future interest @180/0 p.a. from 01.11.2023 till the date of realization along with costs and in default for sale of hypothecated assets.

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Summons served on D1, whereas summons served on D2 and 3 through paper publication. They were set ex-parte on 07.04.2024 as called absent and no representation.

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The Applicant Bank examined Syed Shafiuddin, Senior Manager, as AW-1 and matked 22 documents through him as Ex. A.1 to Ex. A.22.

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Heard the Ld. Counsel for the Applicant Bank.^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 hypothecated assets?

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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.22 marked on behalf of the Applicant Bank clinches the claim of the Applicant 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. Yn*9

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oA.NO.55/2024

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In the result, the^{present Original ApplicationNo'55/2024is} allowed as under:^-

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i) The Defendants are^{jointly and severally} liable to^pay to the^{Applicant Bank a total} sum of Rs.51,91,332.46ps^i.e.,the defendants 1 to 3^{are jointlyand severally} liable to^pay a^sum of^{Rs.21,80,099/-} towards A/c.^N o. 922060052237^{426 and the} defendants 1 &^{2 are jointly and severally} liable to^pay a sum of^{Rs.30,11,233.46ps} towards A/c.No.923030003528432i^with future interest @12%^{p.a. simple from the} date of application till^{the date of realization;}

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ti) the OA clalm is secured^{bY way of} hypothecation of assets described^{in the} schedule annexed to the OA^{and the} applicant bank is entitled to^{proceed against} the same to realise^its debu

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iii) the applicant bank is also^{entitled to proceed} against the^person and^{properties of} defendants for reallzation^{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 wlthin2 weeks} from the date of receipt of this Order.

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Issue Recovery certificate accotding4y$V

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oA.NO.ssl2024

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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 12th Day of August, 2025).

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, ,*.\ ..., 1,

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(RAMESHWAR KOTHE) PRESIDING OFFICER

The Axis Bank Ltd., v. M/S. Crystal Technologies

Case brief

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The Axis Bank Ltd., v. M/S. Crystal Technologies

Case brief

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