Allowed

Indian Bank v. M/s. Forrit Projects Private Limited.

DRT10 Feb 2026OA/795/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Applicant Bank's Original Application for recovery of dues from the Defendants jointly and severally. The court held the claim valid based on evidence, less the amount realized under SARFAESI Act proceedings.

What did the court decide?

Defendants held jointly and severally liable to pay balance dues with future interest; Recovery Certificate issued.

Indian Bank versus M/s. Forrit Projects Private Limited. — Banking and Recovery | DRT (2026)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

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DATED THIS THE 1OTH 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: 795 OF 2025

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hdian Bank.,

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S.R Nagar Branch, Hyderabad - 500038. Rep. by its Authorized Signatory.

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...Applicant

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Versus

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M/s. Forrit Projects Private Limited., H.No.6-3-658, Flat No.403, Concorde Apartments, Somajiguda. Hyderabad-500082.

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Sri. Pochami Reddy Sudershan Reddy Flat No.402, Sai Vishnavi Nilayam Bhagynagar Colony, Phase 2, Near Prathima Hospital, Kukatpally, Hyderabad-500072.

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Sri. Garikipati Tarun Tej, S/o. Garikipati Raghavendra Rao, Flat No.202 D.No.2-22-1 181/102, Maithri Apartments Bhagyanagar Colony, Kukatpally Hyderabad - 500072.

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Smt. Garikipati Rajya Lakshmi, Wo.Garikipati Raghavendra Rao, Flat No.202 D.No.2-22-1181/102, Malthri Apartments Bhagyanaga r Colony, Kukatpally Hyderabad - 500072.

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Sri. Garikipati Raghavendra Rao S/o. Garikipati Siva Rama Krishnaiah Ftat No.202, D. No.2-22- 1181/ 102 Maithri Apartments, Bhagyanagar Colony Kukatpally, Hyderabad - 500072. . , .... Defenda nts Counsel for the Applicant : Mr. Hemanth^{Kumar Vemuri} Defendants

: Ex-parte ffi.$U

OA.No.79sl202s

:: ORDER::

The Applicant Bank filed the present OA for the recovery of a sum of Rs.3,07,09,633.98ps towards Open Cash Credit A/c.No.7008990781 from the defendants jointly and severally with future interest @12.20o/o^{p.a. plus} 2o/o^penal interest from 2L.07.2025 till the date of realisation along with costs.

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Summons served on D1 to 5 through paper publication. They were set ex-parte on lL.12.2025 as called absent and no representation.'

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The Applicant Bank examined Deelip Thapa, Branch Manager as AW-1 and marked 09 documents through him as Ex. A.1 to Ex. A.09. Applicant bank filed part satisfaction memo dated t1.12.2025 reporting that the bank realized the amount of Rs.2,57,05,000/- in the auction proceedings under the SARFAESI Act.

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Heard the Ld. Counsel for the Applicant Bank. 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?

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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. 1to A.9 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 clalm, Less Rs.2,57,05,000/- being the amount realised by way of sale of OA /N*,\

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OA.No.795/2025

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schedule^properties, to the Applicant Bank with future^interestand costs.

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In the result, the present Original Application No.79512025 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.3,07,09,633.98ps Less Rs.2,57,05,000/- realized under SARFAESI Proceedings; with future interest @10.80o/o 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 balance 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 10th day of February, 2026).

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,..x\ ,/1',1\q.1v\ i⁽ r'^n\n'u- (RAMESHWAR KOTHE) PRESIDING OFFICER

Indian Bank v. M/s. Forrit Projects Private Limited.

Case brief

What is this about?

What did the court decide?

Indian Bank v. M/s. Forrit Projects Private Limited.

Case brief

What is this about?

What did the court decide?

What the court decided

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