Allowed

Axis Bank Ltd. v. Pabbati Srikanth

DRT15 Apr 2026OA/88/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by Axis Bank Ltd. for recovery of Rs.46,34,069/- with future interest from two defendants, holding them jointly and severally liable on the strength of evidence documents marked during the ex-parte hearing.

What did the court decide?

Recovery of Rs.46,34,069/- with future interest and costs; order to proceed against hypothecated and personal assets; issuance of Recovery Certificate.

Axis Bank Ltd. versus Pabbati Srikanth — Banking and Recovery | DRT (2026)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 15TH DAY OF APRIL, 2026

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PRESENT: SH. RAMESHWAR KOTHE, B.Com., L.LB. (Hons.), t4.A. PRESIDING OFFICER

¶3

ORIGINAL APPLICATION No: 88 OF 2025

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Axis Bank Ltd., Having its Office at 5-2-L831L84 3d Floor, Modi Square, R P Road Secunderabad Mandal, Secunderabad-500003. Rep. by its Authorized Signatory.

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.....Applicant.

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Versus

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Pabbati Srikanth, S/o. Pabbati

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Ramswamy, Age 32 Years, Occ: Pvt Service H.No.3-49lA, Kuppalgandla, Near Govt Primary School, Veldanda, Mahabubnagar-509360.

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Pabbati Manjula, D/o. DAS

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Age 30 Years, Occ: Not Known H.No.3-49lA, Kuppalgandla, Near Govt Primary School, Veldanda, Mahabubnagar-509360.

¶11

...Defendants

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: M/s. Lotus Law Associates Counsel for the Applicant

Defendants

: Ex-parte

::^qLLE& ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.46,34,069/- from the defendants jointly and severally with future interest @12.560/0 p.a. compounded with monthly rests from the date of application till the date of realization along with costs and in default for sale of hvDothecated assets. ffX*r'.*Yl' U/'^rq"

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oA.NO.88/2025

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Summons served on D1 and 2. They were set ex-parte on 22.72.2025 as called absent and no representation.

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The Applicant Bank examined Syed Shafiuddin, Legal lYanager, as AW-1 and marked 06 documents through him as Ex. A.1 to Ex. A.06.

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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 and oA hypothecated assefsT

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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.06 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.

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In the result, the present Original Application No.88/2025 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.46,34.069/- with future interest @ 1 2. 560lo p.a. simple from the daJq.of application till .,'l|l.^ / -L

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the date of realization; y''.-1q,Vu'L'

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oA.NO.88/2025

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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 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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The Applicant Bank is directed to Rle 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, corrected, signed and pronounced by me in the open court on this the 15rh Day ofApril,2025).

¶36

Hu*-ul'

¶37

ESHWAR KOTHE) PRESIDING OFFICER

Axis Bank Ltd. v. Pabbati Srikanth

Case brief

What is this about?

What did the court decide?

Axis Bank Ltd. v. Pabbati Srikanth

Case brief

What is this about?

What did the court decide?

What the court decided

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