Allowed

Kotak Mahindra Bank Limited v. M/S Bsr Earth Movers

DRT27 Feb 2025OA/721/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Original Application filed by Kotak Mahindra Bank against the respondents, holding them jointly and severally liable for recovery of dues, secured by hypothecated assets, and directed issuance of a recovery certificate.

What did the court decide?

Respondents directed to pay Rs. 48,62,512.09 plus future interest; OA claim secured by hypothecated assets; Recovery Certificate issued.

Kotak Mahindra Bank Limited versus M/S Bsr Earth Movers — Banking and Recovery | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

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DATED THIS THE 27Th DAY OF FEBRUARY, 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: 721 OF 2023

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Kotak Mahindra Bank Ltd., Having its Office at 3'd Floor, lewel Pavani Towers, Raj Bhavan Road, Somajiguda, Hyderabad - 500082. Rep. by its Authorized Signatory.

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.... .Applicant.

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Versus

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M/s.BSR Earth Movers, Represented by its Proprietor Mr. Nallu Bhaskar,

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D. No.15- 17- 154/2/83, Sri Nilayam Apartments, Dwara ka Naga r, Khammam, Telangana-507001.

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Also at:-

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D. No.112, Burha n pu ram, Khammam, tO-6- 772, Khammam(Urban), Khammam, Telanga na - 507001.

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Nlr.Nallu Bhaskar, S/o. Mr. Bala Krish na ia h, Flat No.89, Sri Nilayam Apartments, RTO OFfice Road, Gattaiah Center, Khanapuram Haveli, Khammam, Telangana - 507001.

¶14

Also at:-

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D.No.10-6-112, Bu rhan pura m, New Current Office, Khammam, Telangana.

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lv'lr. Bala Krishnaiah Nallu,

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/\tr'*o

¶18

oa.No.72tlzo23

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D. No.3/6/43K, Naidupet,^Raja Gopalapuram, NayuduPeta, Nellore, Andhra^Pradesh -^524126.

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Mrs.Nallu Ramadevi, W/o.Mr.Nallu Bhaskar, Flat No.89, Sri Nilayam^APartments, RTO Office Road, Gattaiah Center, Khanapuram Havell,^Khammam, Telangana - 507001.

¶21

. .. Defenda nts

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Counsel for the^ApPlicant

¶23

: l4ls. N. B.Sudarshan

Defendants

: Ex-parte

::^qLD-LL ::

The Appllcant Bank^{filed the present OA for the recoverya total} sum of Rs.48,62,512.09ps^{on from the defendants jointly and} severally with future^{interest@240lo p.a. from the date of} application till the^{date of realization along with costs and in} default for sale of^{hypothecated assets.}

¶28

Summons served^{on D1,2 and 4, whereassummons servedon} D3 through^{paperpublication. They were set ex-parteon} 04.70.2024 as^{called absent and no representation'}

¶29

The Applicant^{Bank examinedP.S.Abhishek,Legal Manager,as} AW-1 and marked^{07 documentsthroughhim as Ex' A 1 to Ex'} A.07.

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Ld. Counsel for the^APplicant Bank reported orders^{may be} the material Placed^{on record.}

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passed through merits.^Perused

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The^point that^{arises for consideration} "t- @O'9

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oA.NO.72u2023

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¶35

Whether^{the Appticant Bank is entitled} for the^{claim madein the OA against} the Defendants^{and OA hypothecated} assets?

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As stated^{supra, the Defendants remained ex-parte' The} Evidence^{Affidavitcoupled with the recitals in the documents} viz., Exs.A.1 to^{A.O7 marked on behalf of the ApplicantBank} clinches the claim^{of the Applicant Bank against the Defendants'} Hence, I hold that the^{Defendants are jointlyand severallyliable} to pay the OA claim to the Applicant^Bank with^{futureinterest} and costs,

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In the result, the^present Original Application No.72112023 is allowed as under: -

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.48,62,512.09ps with future interest @8.650/o 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 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;

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iii ) the applicant bank is also entitled to proceed against the person and properties of defendants for reatization ot its dues,(m(tg

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oA.NO.727/2O23

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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 accord ingly.

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Communicate a copy of^{this order to} the^{parties concerned.} (Dictated to the steno, corrected, signed and^{pronouncedbymein the open courton} this the 27th^{Day of February, 2025).}

¶47

MESHWAR KOTHE)

Kotak Mahindra Bank Limited v. M/S Bsr Earth Movers

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Limited v. M/S Bsr Earth Movers

Case brief

What is this about?

What did the court decide?

What the court decided

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