Allowed

Yes Bank Limited v. Mohammed Sultan

DRT28 Mar 2025OA/81/2024

Case brief

AI extract

What is this about?

This Debt Recovery Tribunal allowed the bank's application for recovering the balance loan amount. The court acknowledged Rs.14.42 lakh recovered via SARFAESI auction and ordered the defendant to pay the remaining principal, future interest, and costs.

What did the court decide?

Defendant ordered to pay balance of Rs.8,73,028/- with future interest @18% p.a. from application date; recovery certificate issued.

Yes Bank Limited versus Mohammed Sultan — Execution and Attachment | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-Ii AT HYDEMBAD

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DATED THIS THE 28th DAY OF MARCH, 2025

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

¶4

ORIGINAL APPLICATION No: 81 OF 2024

¶5

l4ls.YES Bank Limited., Office at 1-8-387, 2ND Floor, Agravanshi Plaza, HUDA La ne, S.P.Road, Secunderabad - 5OOOO3. Rep. by its Authorized Signatory.

¶6

... ..Applicant.

¶7

Versus

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Mr.l\4ohammed Su ltan, S/o.lul r. Mohammed Yousuf, H.No.5-11 10, Hodedar Mohalla, Ibrahim Patnam, K.V. Rangareddy, Hyderabad - 501506.

¶9

...Defendant

¶10

: tvl/s.N.B.Sudarshan Counsel for the Applicant Defendant : Ex-parte

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:: qLLEL ::

¶12

The Applicant Bank filed the present OA for the recovery a total sum of Rs.23.15,028/- frcm the defendant with future interest @^{18o/o 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 vehicle.

¶13

Summon served on sole defendant and was set ex-parte on rl.06.2024 as called absent and no representation . l\,r,.,.t, (/,^.-$.\tr.

¶14

oA.NO.81/2024

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The Applicant^{Bank examinedD ShyamKumar Reddy'} Manager,^{as AW-1and marked07 documentsthrough himas} Ex.A.1 to^{EX.A.O7.It is submittedthat the bank realizedthe} amount of^{Rs.14,42,000/- in the auctionproceedingsunder the} SARFAESI^Act.

¶16

Ld. Counsel^{for the Applicant Bank stated} orders^{may be} Passed on merits.^{Perusedthe materialplaced 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 batance^{OA claim againstthe} Defendant?

¶19

As stated^{supra, the Defendant remainedex-parteThe} Evidence Affidavit^{coupledwith the recitalsin the documents} viz., Exs.A.1^{to A.O7 marked on behalf of the ApplicantBank} clinches the^{claim of the Applicant Bank against the Defendant'} Hence, I^{hold that the Defendant is liable to pay the OA claim'} Less Rs.14,42,OOO/-^{being the amountrealisedby way of sale} of OA hypothecated^{asset to the Applicant Bankwith future} interest and^costs.

¶20

In the^{result, the present Original ApplicationNo 81/2024is} allowed as^{under: -}

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The Defendant is^{liable topay to the}

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i) Applicant^{Bank a sumof Rs.23,15,028/-Less} Rs.14,42,OOO/-^{reallzed underSARFAESI} Proceedings with^{future interest11@o/o p a'} simple from the date^{of application tlll the} date of realization; /W"e

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oA.NO.81/2024

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

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iii) the applicant bank is entitled for the costs.

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

¶28

Issue Recovery Certificate accordingly.

¶29

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 28th Day of March, 2025).

¶30

fuss (MMESHWAR KOTHE) PRESIDING OFFICER

Yes Bank Limited v. Mohammed Sultan

Case brief

What is this about?

What did the court decide?

Yes Bank Limited v. Mohammed Sultan

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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