Allowed

Hdfc Bank Ltd. v. Nathi Manyam

DRT26 Jun 2025OA/749/2023

Case brief

AI extract

What is this about?

In this case, the Debts Recovery Tribunal allowed an original application filed by HDFC Bank Ltd. for recovery of dues from defendants who failed to repay a commercial equipment loan. The Court held the funds liable based on unchallenged documentation.

What did the court decide?

Defendants to pay Rs.44,17,314/- with interest; bank entitled to realize dues from hypothecated vehicle and defendants' assets; Recovery Certificate issued.

Hdfc Bank Ltd. versus Nathi Manyam — Insolvency and Bankruptcy | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE 26TH DAY OF JUNE, 2025 PRESENT: SH. RAMESHWAF pRESi;TflJtEiF?ccE"J,^{L LB' (Hons} ), M.A.

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ORIGINAL APPLICATION NO: 749 OF 2023

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Between:

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HDFC Bank Ltd., Having its oFfice at # 1-1o-a^t) 3'd Floor, sr.v"oivu cor""rJil'' upp. Shoppers Stop, begumpet, Hyderabad _ 500016. Kep. by its Authorized signatory.

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....Applicant.

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And

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Nathi lvlanyam, S/o. Nathi Savaratah, Age 49 Years, Occ: Business.

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I:!to.4-74,^{SC cotony, rothakota,} wanaparthy District, Telangana_509382.

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) Nathi Thirumalamma, D/o.Masanna, Age 47 Years, Occ: Buslness, H.No.4-74, SC Colony, Kothakota, Wa naparthy District, Telanqana -5093g2.

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.... Defendants

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Counsel for the Applicant : M/s. Lotus Law Associates

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Counsel for Defendants : No Representation

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:: ORDER ::

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The Applicant Bank filed the present OA u/s 19 of The Recovery of Debts & Bankruptcy Act, 1993 for recovery of a sum of Rs.44,17,314/- from the defendants joinuy and severally 4'><o.te _1\v'

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oa.74912023

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together^{with future interest@9 250lo p'a' compounded with} monthlyrestsfromthedateofapplicationtillthedateof realisation^{alongwith costs and sale hyPothecatedvehicle'}

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The averments^{of applicant bank as per the OA' briefly' are that} the 1't^{defendant beingthe borrower and 2nd defendantbeing} the^{guarantor, availed commercial equipmentLoan facilityfrom} the applicant^{bank Defendantscreated hypothecation of OA} schedulevehicleaSsecuritytotheloan.Defendantsexecuted necessary^{loandocuments Defendants failed and neglected to} repay^{the loans as per the agreed termsThe loan accounts} were^{declared as NPA on Og'O7'2023 Despiteseveral demands} failed to^{regularizethe accountsin spite of demand notice} dated 18'07^{2023' As the defendants failed to clearthe} outstanding^{dues,the presentOA is filed'}

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Defendants^{enteredappearancethrough their counselMr'} J.Kondareddy,^{but they did not choose to file writtenstatement'} Accordingly,^{defendantsright of filing writtenstatement was} forfeited^{vide docket order dated 28'08'2024'}

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The APPlicant Bank examined^{V V Pavan Kumar,Legal Manager} as AW-1 and marked 06 documents^{through him as Ex' A 1to} Ex. A.06.

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Defendants right^{of adducing evidence was forfeited vide docket} order dated^20.01.2025.

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Heard learned counsel appearing^{for the applicantbank'} Defendants' right of - -dvancing arguments forfeited on 25.06.2025. Perused the^{materialplaced on record.}

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The point that arises for conside ,urron ts;-fi$*U

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oA,74912023

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Whether the Applicant Bank is entitled for the oA claim against the Defendants and hypothecated vehicle?

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B. According to the learned counsel for the applicant, after availing loan facilities, the defendants committed default in repayment despite demand notice. Hence applicant bank is entitled to the OA claim considering the documents exhibited as Exs.A.1 to 4.06 through AW.1 and the recitals therein.

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As stated supra, though defendants entered appearance through their counsel, they did not choose to file written statement, adduce evidence or advance arguments. Accordingly their right was forfeited. Under such circumstances, the Evidence Affidavit of AW.1 coupled with the recitals in Exs. A.1 to A.06 marked on behalf of the applicant bank remains unchallenged and un-rebutted. Hence, I hold that the defendants are liable to pay the OA claim to the applicant bank with future interest and costs.

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In the result, the present Original Application No.74912023 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,44,L7,3L4/- wlth future interest @9.25olo 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 hypothecated vehicle described in the

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schedule annexed to the OA\ and the //Msu'e U,/^r

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oA.74912023

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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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Memo within 2 weeks

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1. The Applicant Bank is directed to file Cost 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 and upload in Web Portal.

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(Dictated to the steno, signed and pronounced by me in the open court on this the 26th day of June, 2025.)

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ESHWAR KOTHE) PRESIDING OFFICER

Hdfc Bank Ltd. v. Nathi Manyam

Case brief

What is this about?

What did the court decide?

Hdfc Bank Ltd. v. Nathi Manyam

Case brief

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