Allowed

Indusind Bank Limited v. M/s. Chand Agencies

DRT24 Feb 2026OA/1012/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's original application for recovery of Rs. 91,24,627.43 plus interest against defendants who remained absent. The court held the claim established and directed payment and issuance of a Recovery Certificate.

What did the court decide?

Defendants are jointly and severally liable to pay Rs. 91,24,627.43 with future interest; Recovery Certificate directed to be issued.

Indusind Bank Limited versus M/s. Chand Agencies — Banking and Recovery | DRT (2026)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 24th DAY OF FEBRUARY, 2026

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

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ORIGINAL APPLICATION No: 1012 OF 2025

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INDUSIND BANK LIMITED

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2-87/7BB|7B9,1st floor Sri Ram Towers, Sri Hari Rao Street, Nagarajupet, Kadapa-S16001, Represented by its Authorized person.

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......Applicant.

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Versus

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M/s. Chand Agencies, Rep by its Proprietor, S. Magbul Basha,

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#20/L134, Co-operative Colony, R.K. Nagar, Kadapa, YSR Dist-s16002, Andhra Pradesh.

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Mr. S. Magbul Basha,

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S/o. Late S. Ahmed Hussain,

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H. No. 2A-1134, Radha Krishna Nagar,

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Cuddapah, YSR Dist-S16001, Andhra Pradesh.

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Also At:

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D. No. 48/377, 48/377-r-48/378, 48/378-2 (S. No.531), Ravindra Nagar, Chemmumiapet, Kadapa, YSR Dist-516001, Andhra Pradesh.

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Mrs. Rizwana Shaik

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Wo.^{S. MagbulBasha,}

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H. No. 2O-L134, Radha Krishna Nagar, Cuddapah, YSR Dist-S16001, Andhra Pradesh

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... Defendants

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Counsel for the Applicant : Mr. G. Bhanu Murthy

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Counset for the Defendants: Ex-pa "" 1f)W6,r""

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0A.NO.fi12l2A25

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:: ORDER ::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs. 91,24 ,627.43 ps with future interest @ 12.20^o/o p.d. with monthly rests from the date of application till the date of realisation and, in default, sale of OA mortgaged properties.

¶25

Summon served on defendants and were set ex-parte on 24.A2.2026 as called absent and no representation.

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2 The Applicant Bank examined Mr. L. Tulaseerao, Chief Manager, as AW-1 and marked 15 documents through him as Ex.A.1 to Ex.A.15.

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Heard the ex-parte argument from the Ld. Counsel of the applicant. 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 mortgaged properties?

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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.15 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are liable to pay the oA craim to the Applicant Bank with future interest and costs.

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In the result, the present original Applicatioq^No.LoLzl2025 is anowed as under: - UM#*

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oA.NO.1012/2025

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs. 9t,24,627,43 ps with future interest @ 12.20o/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 mortgage of properties as described in the schedule annexed to the OA and the applicant is entitled to proceed against the same to realise its debts under respective accounts;

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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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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.

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(Dictated to the steno, corrected, signed and pronounced by me in the open court on this the 24'h Day of February, 2026)

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ffit'rt>t ESHWAR KOTHE) PRESIDING OFFICER

Indusind Bank Limited v. M/s. Chand Agencies

Case brief

What is this about?

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Indusind Bank Limited v. M/s. Chand Agencies

Case brief

What is this about?

What did the court decide?

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