Allowed

The Axis Bank Limited., v. Siris Impex

DRT21 Feb 2025OA/92/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery. The defendants, who appeared ex-parte, were held jointly and severally liable to pay the loan amount with interest and costs. The court ordered realization against both the hypothecated assets and the defendants' properties.

What did the court decide?

Defendants to pay Rs. 28,50,433.97 with future interest at 11.50% p.a.; OA claim secured by hypothecated assets; costs awarded to bank.

The Axis Bank Limited., versus Siris Impex — DRT (2025) — LawSathi Research

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD

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DATED THIS THE 21ST 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: 92 OF 2024

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The Axis Bank Limited., Having it Office at 5-4-183/184, 3ro Floor, R.P Road, Secunderabad-500003. Rep. by its Authorized Signatory.

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.....Applicant.

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Versus

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1, Siris Impex., Represented by its^partners Prasanna Lakshmi^pagidala, Flat No.42, Block 10, Janapriya etrs, Near SN Pharmacy. Mohan Nagar, Kothapet, Hyderabad - 500035.

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Pagidala Prasanna Lakshmi, Wo.Nirajan Reddy, Flat No.42, Block 10, Janapriya etrs, Near SN Pharmacy, Mohan Nagar, Kothapet, Hyderabad - 500035.

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Swetha Kamala Gollamudi, Wo.Naresh^Babu Batyapelly, D.No.2-4-873, Samathapuri Colony, Road No.8, Opp New Nagole, Saroornagar, Hyderabad-500035.

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Vanam Anupama, Wo.Lohitha Sinivas Singam, H.No.1-5-663, Road No.7E, New Maruthi Nagar, Kothapet, Saroornagar, K.V Rangareddy-500035. ... Defendants

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: M/s.Veera Shiva Kumar Counsel for the Applicant

Defenda nts

tEx-Pafte ryi{rrq

oA.NO.92l2024

:: CLLLqR^::

The Applicant^{Bank flled the present OA for the recovery a total} towards^Loan

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sum of Rs.28,50,433.97Ps A/c. No.922O3OO4^A3377 f5^{from the defendants jointlyand} severally with future^{interest@18o/o p.a. from 19'01 2024 till} the date of^{realizationalongwith costs and in defaultfor saleof} hypothecated^assets.

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Summons served on^{D1 to 4. They were set ex-parte on} 1,6.07 .2024 as called^{absentand no representation'}

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The Applicant Bank^{examlnedPrakashladav,DeputyLegal} Manager, as AW-1 and^{marked 13 documentsthrough himas} Ex. A.1 to Ex. A.13.

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Ld. Counsel for the^{ApplicantBank reported ordersmay be} passed through merits. Perused the 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 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 A.13 marked on behalf of the^{Applicant Bank} clinches 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. ,OXvP t,,,

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oA.NO.92l2024

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In the result, the present Original Application No.92/2024 allowed as under: -

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i) The Defendants are joinfly and severally liable to pay to the Applicant Bank a sum of Rs.28,50,433.97ps towards Loan A/c. No. 9220300483377t5 with future interest @11.5olo 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 entifled 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 within 2 weeks from the date of receipt of this Order.

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Issue Recovery Certificate according ly.

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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 21't Day of February, 2025).

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Sfl'oa

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ESHWAR KOTHE) PRESIDING OFFICER

The Axis Bank Limited., v. Siris Impex

Case brief

What is this about?

What did the court decide?

The Axis Bank Limited., v. Siris Impex

Case brief

What is this about?

What did the court decide?

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