Allowed

Hdfc Bank Ltd., v. M/S Progressive Press Pvt. Ltd.

DRT22 Apr 2025OA/866/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the bank's application for recovery of dues totaling Rs.54,52,715.05 with future interest and costs against six defendants, who were heard ex-parte, authorizing realization via sale of hypothecated and other properties.

What did the court decide?

Defendants to pay Rs.54,52,715.05 with future interest @10% p.a. and costs; Bank entitled to proceed against hypothecated and other properties for realization.

Hdfc Bank Ltd., versus M/S Progressive Press Pvt. Ltd. — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I] AT HYDERABAD DATED THIS THE 22ND DAY OF APRIL, 2025

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

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ORIGINAL APPLICATION No : 866 0F 2023

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H DFC Bank Ltd., Having its office at # 6-3-246 & 6-3-2441A, 3'd Floor, Desk No.0196, Roxana Palladium, Road No.1, Banjara Hills, (Besides Virinchi Hospital), Hyderabad District - 500034. Rep. by its Authorized Signatory.

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.... .Applica nt.

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Versus

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M/s. Progressive Press Pvt Ltd., Rep by its Managing Director Industry In House No.14-50/ 196, Plot No.84, Survey Nos.712 to 715 And 731 to 737, Sri Venkateswara Co-Operative Industrial Estate, Phase-III, Balanagar, Hyderabad, Telangana state - 500037.

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Mr.Mummaneni Veera Bhadram, S/o. lYummaneni Veera Raghavaiah, Age 91 Years, Occ: Business, H.No.6-3-596/70, Naveen Nagar, Behind Taj Krishna, Erramanzil, Khairatabad/ Hyderabad, Telangana State - 500004.

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lvl r.lvl um maneni Krishna Kanth, S/o.Mummaneni Veera Bhadram, Age 54 Years, Occ: Business, H. No.6-3-596/70, Naveen Nagar, Behind Taj Krishna, Erramanzil, Khairatabad, Hyderabad, Telangana state - 500004.

AY"o''.r. ('/"-

oA.NO.866/2023

Mr.Mummaneni Ravi Kanth, S/o.Mummaneni Veera Bhadram, Age 56 Years, Occ: Business, H, No.6-3-596/70, Naveen Nagar, Behind Taj Krishna, Erramanzil, Khairatabad, Hyderabad, Telangana State - 500004.

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Mrs.Mummaneni Swarna Kumari, W/o.Mummaneni Ravi Kanth, Age Major, Occ: Business, H. No.6-3-596/70, Naveen Nagar, Behind Taj Krishna, Erramanzil, Khairatabad, Hyderabad, Telangana State - 500004.

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Mrs.Mummaneni Poornima, W/o.Mummaneni Krishna Kanth, Age Major, Occ: Business,

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H. No.6-3-596/70, Naveen Nagar, Behind Taj Krishna, Erramanzil, Khairatabad, Hyderabad, Telangana state - 500004.

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...Defendants

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: M/S.M.V. KINI Counsel for the Applicant

Defenda nts

:Ex-parte

::^g-LD-EB ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.54,52,715.05ps as on 30.09.2023 from the defendants^jointly and severally with future interest @180/0^p.a. 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 to 6. They were set ex-pade on 21.03.2024 as called absent and no representation .,4yu1b (-/4

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oa.No,855/2023

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The Applicant Bank examined Srikanth Sukhavasi, Senior lvlanager, as AW-1 and marked 69 documents through him as Ex.A.1 to Ex.A.69.

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Ld. Counsel for the Applicant Bank reported orders may be passed through merits. Perused the material placed on record.

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The point that arlses for conslderation is:-

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Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants and OA hypothecated assets2

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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 4.69 marked on behalf of the Applicant Bank cllnches the claim 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.

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ln the result, the present Original Application No.866/2023 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.54,52,715.05ps as on 30.09.2023 with future interest @100/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 Ow"*

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oA.NO.856/2023

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schedule annexed to the^{OA and the} applicant bank^is entitled^{to proceed against} the same to realise its debU

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

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iv) the appllcant 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 22"d Dav of April' 2025)

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Ayr"r^,.,r* //,/,<.tu'-

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/,/

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(x{MESHWAR KorHE) PRESIDING OFFICER

Hdfc Bank Ltd., v. M/S Progressive Press Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Hdfc Bank Ltd., v. M/S Progressive Press Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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