Allowed

Axis Bank Ltd. v. M/S. Saboo Cars Private Limited

DRT23 Oct 2025OA/978/2023

Case brief

AI extract

What is this about?

The DRT allowed the Bank's application for recovery of a sum from the Defendants. The Defendants were ex-parte. The Court held them jointly and severally liable to pay the principal amount with future interest and costs, and directed issuance of a Recovery Certificate.

What did the court decide?

Defendants directed to pay Rs. 1.12 Crores with future interest; Recovery Certificate issued; Costs awarded to Applicant Bank.

Axis Bank Ltd. versus M/S. Saboo Cars Private Limited — Banking and Recovery | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDEMBAD DATED THIS THE 23RO DAY OF OCTOBER, 2025

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

¶3

Original Application No; 978 OF 2023

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Axis Bank Ltd., Having its Office at 5-2-183/184 3'd Floor, Modi Square, R^p Road Secunderabad I'landal, Secunderabad - SOOOO3. Rep' by its Authorized signatory'

¶5

...Appricant

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Versus

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M/s. Saboo Cars^private Limited., Rep by its Managing Director Rlo. t2-8-452/453/5, Modi Compound Opp Rail Kalyan, t4ettuguda Hyderabad, Tetanga na - 5OOO17.

¶8

Also at:-

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M/s. Saboo Cars^private Limited., Rep by its Managing Director Plot 9/3, IDA Nacharam, Opp Hp Petroleum Bunk, Nacharam Hyderabad, Telangana - 500076.

¶10

Also at:-

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M/s. Saboo Cars Private Limited.,

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Rep by its Managing Director GLR Sy.No.370, Contonment No.3- 1Ol2 A-2, Moti Vally, 1D, Mahaveer Towers Tirumulghery, Secunderabad - 500015 Telangana.

¶13

Mr. Prashant Saboo, S/o.Kishore Saboo Age Years, Occ: Managing Director C 402, Sri Sai Rajendra Presta 10-2-276 Nehru Nagar, West Marredpal Hyderabad, Telangana - 500026, India.

¶14

,4Y.,0t" (-.Y

¶15

OA.No.978/2023

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Mr. K.^{Veerendher ReddY} S/o. Satyanarayana^{ReddY Kura} Age 53 Years,^{Occ: Business} Pklt No. 19 and^{20, WahebNagar}

¶17

Exten Tirumalagiri,^{Telangana-500009 India'}

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......Defendants

¶19

Counsel^{for the APPIicant}

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: M/s. Lotus^{Law Associates}

¶21

Defendants : Ex-parte

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:: ORDER^::

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The Applicant^{Bank filed the present OA for the recovery of a sum of} Rs.1,12,05,691/-^{from the defendants jointly and severallywith} future interest @12.5%^{p.a' compounded with monthly rests from} the date of^{application till the date of realisation alongwith costs'}

¶24

Summons^{servedon D1 to 3 through paper publication. They were} set ex-parte on^{28.04.2025 as called absent and no representation'}

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The Applicant^{Bank examined Syed Shafiuddin, DeputySr' Manager} as AW-1 and^{marked 13 documents through him as Ex' A'1 to Ex'} A.13.

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Ld. Counsel for^{the ApplicantBank stated ordersmay be passedon} merits and^{perused the materialplaced on record'}

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The^point that^{arises for consideration is:-}

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Whether the Appticant^{Bank is entitledfor} the claim made in^{the OA against the} Defendants?

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As stated supra, the^{Defendantsremained ex-parte.The Evidence} Affidavit coupled^{With the recitals in the docgments Viz., Exs.A.1 to} ' //Y'^- "4

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/:/ <\e'-

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OA.No.978/2023

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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.

¶33

In the result, the present Original Application No.978/2023 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.1,12,05,69U- with future interest @12.5olo p.a. simple, from the date of application till the date of realization;

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ii) the applicant bank is also entitled to proceed against the person and properties of the defendant 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.

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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., transcribed by him, corrected, signed and pronounced by me in the open court on this the 23'd day of October, 2025).

¶40

/fln,r.,

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/⁽ /^$'$'x

¶42

((ATESHWAR KOTHE) PRESIDING OFFICER

Axis Bank Ltd. v. M/S. Saboo Cars Private Limited

Case brief

What is this about?

What did the court decide?

Axis Bank Ltd. v. M/S. Saboo Cars Private Limited

Case brief

What is this about?

What did the court decide?

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