Allowed

Icici Bank Limited v. Goldcrest Educational Society

DRT3 Mar 2025OA/749/2022

Case brief

AI extract

What is this about?

DRT allowed ICICI Bank's DRTP application against Goldcrest Educational Society and Mr. Boosani Kiran Kumar for cheque dishonour, declaring defendants jointly and severally liable to pay the amount with interest and permitting action against hypothecated assets.

What did the court decide?

Defendants jointly and severally liable to pay Rs.51,03,443 with interest; OA claim secured by hypothecation; Recovery Certificate issued.

Icici Bank Limited versus Goldcrest Educational Society — Money Laundering | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

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DATED THIS THE O3RD DAY OF MARCH, 2025

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

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ORIGINAL APPLICATION No: 749 OF 2022

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ICICI Ba nk Limited., Gachibowli Branch, ICICI Towers, Serilingam^pa lly Mandal, Ranga Reddy District. Rep. by its Authorized Signatory.

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.....Applicant.

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Versus

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Goldcrest Educational Society and Another Represented by Genera I Secretary Flr.B.Kiran Kumar, GES 6-4-465, Flat No.201, Vasavi Sankalp Apa rtment, Krishna Nagar, Bholakpur, Hyderabad - 50.

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lv'lr. Boosani Kiran Kumar, S/o.Ashok Kumar Boosani, Aged 38 Years, Occ: Business, GES 6-4-465, Flat No.201, Vasavi Sankalp Apa rtment, Krishna

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Nagar, Bholakpur, Hyderabad - 50.

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... Defendants

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Counsel for the Applicant

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:M/s.G.Adrian Kira n Raj

Defendants

:Ex-parte

::^qLLE& ::

The Applicant Bank filed the^present OA for the recovery a total sum of Rs.51,03,443las on 17.05.2022 frcm the defendants //M"* (./

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oa.No.7 4912022

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jointly and severally with future interest @24yo p.a. with monthly rests from the date of application^{till the date of} realization along with costs and in default for^{sale of} hypothecated assets.

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Summons served on D1 and 2. They were^{set ex-parte0n} 14.12.2022 as called absent and^{no representation.}

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The Applicant Bank examined Sathish Kumar^Manappuram, Manager, as AW-1 and marked 20 documents through^himas Ex. A.1 to Ex. A.20 and examined N.Chandrasekhar,^Regional Relationship Manager, as AW-2 and marked 03 documents through him as Ex. A.21 to Ex. A.23.

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Ld. Counsel for the Applicant Bank reported^no oral^arguments but filed written arguments. Perused the written arguments^and 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.23 marked on behalf of the Applicant Bank cllnches 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. /fu^-q o/-^5'"

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oA.NO.749/2022

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In the result, the present Original Application No.74912022 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.51,03,443l- as on t7.05.2022 with future interest @9.25o/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 assets described in the schedule annexed to the OA and the applicant bank is entitled 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 realization of its dues;

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iv) the applicant bank is entitled for the costs.

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B. The Applicant Bank is directed to file Cost Memo^{within2 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, corrected, signed and^pronounced by me in the open court^on this the 03'd Day of March, 2025).

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Ksn'

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srlwAR KorHE) PRESIDING OFFICER

Icici Bank Limited v. Goldcrest Educational Society

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Goldcrest Educational Society

Case brief

What is this about?

What did the court decide?

What the court decided

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