Allowed

Yes Bank Limited v. Kalvacharla Narender

DRT20 Jan 2025OA/714/2023

Case brief

AI extract

What is this about?

In this recovery proceeding, the Tribunal allowed the bank's application against defaulting borrowers who were absent. The court held the borrowers liable to pay the due sum with interest and affirmed the bank's right to proceed against the hypothecated vehicle and other properties for debt recovery.

What did the court decide?

Directing defendants to pay Rs. 38,71,006.96 with future interest, affirming right to proceed against hypothecated vehicle and other properties, and issuing a Recovery Certificate.

Yes Bank Limited versus Kalvacharla Narender — Banking and Recovery | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 2oth DAY OF ]ANUARY, 2025

¶2

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

¶3

ORIGINAL APPLICATION No: 714 oF 2023

¶4

I4ls.YES Bank Limited., Office at 1-8-387, 3.d Ftoor, Agravansh i Plaza, HUDA Lane, S. P. Road, Secunderabad - 50OOO3. Rep. by its Authorized Signatory.

¶5

. ....Applica nt.

¶6

Versus

¶7

Mr. Kalvacharla Narender, S/o. M r. Kalvacharla Sadanandam, H.No.1-73l1, Patha Mugdhumpuram, Near Gramapanchayati, Chennaraopet, Warangal - 506332, Tela ngana.

¶8

Mrs.Kalvacharla Ramya, S/o. lvlr. Kondaparthi Ashok, H.No. 1-73l1, Patha Mugdhumpuram, Near Gramapanchayati, Chennaraopet, Waranga I - 506332, Telangana.

¶9

. .. Defenda nts

¶10

Counsel for the Applica nt

:M/s.N.B.Sudarshan

Defendants

:Ex-parte

:: ORDER ::

The Applicant Bank filed the present OA For the recovery a total sum of Rs.38,71,006.96ps from the defendants joinuy and severally with future interest @1go/o p.a_ from the date of )rn9-,"r-"' (/^/'\Y'

¶16

oA.NO.714l2023

¶17

application^{till the date of realization along with costs and in} default^{for sale of hypothecatedvehicle'}

¶18

Summons^{sent to D1 and 2 returnedwithendorsementrefused} hence, deemed^{to be served They were set ex-parteon} 20.11.2023^{as called absentand no representation'}

¶19

The Applicant^{Bank examinedD'Shyam Kumar Reddy' Legal} Manager,^{as Aw-1 and marked 07 documentsthrough him as} Ex. A.1^{to Ex. A.07'}

¶20

Ld. Counsel^{for the ApplicantBank reported orders may be} passed through^{merits'Perused the material placed on record'}

¶21

¶22

The^{point that arises for considerationis:-}

¶23

Whether^{the Applicant Bank is entitled} for the^{claimmade in the OA against} the Defendants^{and OA hYpothecated} vehicle?

¶24

As stated^{supra, the Defendants remained ex-parte The} Evidence^{Affidavitcoupledwith the recitalsin the documents} viz., Exs.^{A.1 to A.O7 markedon behalf of the Applicant Bank} clinchestheclaimoftheApplicantBankagainsttheDefendants. Hence, I^{hold that the Defendantsare jointlyand severallyllable} to^pay the^{OA claim to the Applicant Bank with future interest} and^costs.

¶25

In the^{result, the present Original Application No'714/2023is} allowed^{as under: -}

¶26

are^{jointlyand severallY}

¶27

i) The Defendants Iiable to PaY^to the Applicant N.*^{Bank a sum of}

¶28

oA.NO.714l2023

¶29

Rs.38,71,006.96ps^{with future interest} @l2o/o P.a.^{simPle from the date of} application^{till the date of realization;}

¶30

the OA claim^{issecured bY way of}

¶31

ii) hypothecation^{of vehicle described in the} schedule^{annexed tothe OA and the} applicant^{bank is entitledto proceed against} the same^{to realise its debt;}

¶32

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

¶33

iv) the applicant^{bank is entitledfor the costs'}

¶34

B. The APPlicant Bank is directed^{to file CostMemowithin2 weeks} from the^date of receiPt^{of this Order'}

¶35

Issue Recovery^{Certificateaccordingly'}

¶36

Communicate^{a copy of this order to the parties golte'n"9:..-} ^- (Dictated to the steno, iori"a,"a,^{signedand pronounced by me in the open court on} inis tt e^{zo'n DaYof January, 2025)'} flw*

¶37

(fuiMESHWAR KorHE) PRESIDING^OFFICER

Yes Bank Limited v. Kalvacharla Narender

Case brief

What is this about?

What did the court decide?

Yes Bank Limited v. Kalvacharla Narender

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

Bank of Baroda versus M/S Sri Jagadeeswara Cotton Silk Twisting and Dying Unit

State Bank of India versus Ridhi Eye Care Centre

Union Bank of India versus M/S N Lakshmi Narayana and Co.