Allowed

Hdfc Bank Ltd., v. Maragoni Narsihma

DRT7 Feb 2025OA/630/2023

Case brief

AI extract

What is this about?

Debt Recovery Tribunal allowed the bank's original application for recovery of a loan of Rs. 20,76,851.94 plus interest and costs. The court held defendants liable and ordered sale of a hypothecated vehicle and execution proceedings.

What did the court decide?

Defendants directed to pay Rs. 20,76,851.94 with interest; hypothecated vehicle to be sold; bank entitled to proceed against defendants' properties; cost memo to be filed.

Hdfc Bank Ltd., versus Maragoni Narsihma — Execution and Attachment | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE OTth DAY OF FEBRUARY, 2025

¶2

PRESENT: SH. RAIYESHWAR KOTHE, B.Com., L.LB. (Hons.), M.A. PRESIDING OFFICER

¶3

ORIGINAL APPLICATION No: 630 OF 2023

¶4

H DFC Ban k Ltd., Having its office at # 1-10-60/3, 3'd Floor, Suryodaya complex, Begumpet, Hyderabad - 500016. Rep. by its Authorized Signatory.

¶5

.....Applica nt.

¶6

Versus

¶7

Maragoni Narsim ha, S/o.Anjaiah lvlaragoni, Occ: Business, Age 38 Years, R/o. Cheekatima mid i, M unugodu, Na lgonda, Telangana - 508244.

¶8

Maragon i Anjaiah, S/o. Ma ragon i Lacchaiah, Occ: Business, Age 63 Years, R/o.Cheekatima midi, M unugodu, Na lgonda, Telangana - 508244.

¶9

... Defendants

¶10

: M/s.Srihari Bathina Counsel for the Applicant Defendants : Ex-parte

¶11

:: (LLELL& ::

¶12

The Applicant Bank filed the^present OA for the recovery a total sum of Rs.20,76,851.94ps under Loan A/c.No.85176394 from lY"o

¶13

oA.NO,630/2023

¶14

the defendants^jointly and severally with future interest @9.30olo^p.a. along @ 2o/o^p.m. interest from the date of application till the date of realization along with costs and in default for sale of hypothecated vehicle.

¶15

Summons served on D1 and 2. They were set ex-parte on 04.07.2024 as called absent and no representation.

¶16

The Applicant Bank examined Sumaya Shaik, Legal Manager, as AW-1 and marked 04 documents through her as Ex. A.1 to Ex. A.04.

¶17

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

¶18

The point that arises for consideration is:-

¶19

Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants and OA hypothecated vehicle?

¶20

As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents vlz., Exs. A.1 to A.04 marked on behalf of the Applicant Bank clinches the clalm 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.

¶21

In the result, the present Original Application No.630/2023 is alowed as under: -

¶22

N**

¶23

oA.NO.630/2023

¶24

i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.20,76,851.94ps under Loan A/c.No.85176394 with future interest @9.30o/o p.a. simple from the date of application till the date of realization;

¶25

ii) the OA claim is secured by way of hypothecation of vehicle described in the schedule annexed to the OA and the applicant bank is entifled to proceed against the same to realise its debt;

¶26

iii) the applicant bank is also entitled to proceed against the person and properties of defendants for realization of its dues;

¶27

iv) the applicant bank is entitled for the costs.

¶28

B. The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this Order.

¶29

Issue Recovery Certificate accordingly.

¶30

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 07th Day of February, 2025).

¶31

firy"'"e (RAFTESHWAR KOTHE) PRESIDING OFFICER

Hdfc Bank Ltd., v. Maragoni Narsihma

Case brief

What is this about?

What did the court decide?

Hdfc Bank Ltd., v. Maragoni Narsihma

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

mohammad esa versus Iifl Home Finance Limited

Hdfc Bank Ltd., versus Gudapati Ashwini

Hdfc Bank Ltd., versus Yeduguri Sandinti Abhinav Reddy

Hdfc Bank Ltd., versus Golkonda Venugopal

Karnataka Bank Limited versus M/S K.K.R Transport

Hdfc Bank Ltd, versus Nelluru Vinay Kumar