Allowed

Axis Bank Ltd. v. Independent Qualitative Assessors Gilde Private Limited

DRT3 Aug 2026OA/960/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by Axis Bank to recover dues totaling Rs.32,10,767/- from three Respondents jointly and severally. The Court held the claim established based on default affidavits and documents, holding the Bank entitled to interest, costs, and proceeds from hypothecated assets.

What did the court decide?

Decree for payment of principal with future interest and costs; permission to realize dues from hypothecated assets and personal properties.

Axis Bank Ltd. versus Independent Qualitative Assessors Gilde… — Banking and Recovery | DRT (2026)

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IN THE DEBTS RECOVERY TRIBUNAL-II^{AT HYDERABAD}

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DATED THIS THE O3RD DAY OF AUGUST,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^: 960 0F 2023

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Axis Bank Ltd.,

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Having its Office at 5-2-183/184, 3'd Floor Modi Square, R P Road, Secunderabad Mandal, Secunderabad - 500003. Rep. by its Authorized Signatory.

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. . ...Applica nt.

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Versus

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Independent Qualitative Assessors Gilde Private Limited., Rep by its Managing Director Suit No.504, sth Floor, W Vintage Boulevard, Rajbhavan Road Hyderabad - 500082.

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Damodar Aveli, S/o. Buianga^Rao Aveli, Age 41 Years, Occ: Business Plot No. 187 & 188,3rd Floor, White Building, New Green City, Dudvel Hydera bad.

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Also at:-

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Damodar Aveli, S/o. Bujanga^Rao Aveli, Age 41 Years, Occ: Business 2-128, Vasanthapur, Geesukond^Mandal Dharmaram, Warangal - 506330,^Telangana.

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Lavanya Aveli, W/o. Damodar^Aveli Age 35 Years, Occ: Business PIot No. 187 & 188,3'd Floor,^White Building, New Green City, Dudvel Hyderabad. ... Defendants : I4/s. Lotus Law Associates Counsel for the Applicant Defenda nts : Ex-parte Nr*

oA.NO.960/2023

:: qLLE& ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.32,10,7671- i.e., a sum of Rs.8,93,708/- with future interest @17yo p.a. and a sum of Rs.23,17,053/- with future interest @9.15o/o p.a. from the defendants jointly and severally compounded with monthly rests from the date of application till the date of realization along with costs and in default for sale of hypothecated assets.

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Summons served on D1 to 3 through paper publication. They were set ex-parte on 04.17.2024 as called absent and no representation.

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The Applicant Bank examined Jadav^prakash, Legal N4anager, as AW-1 and marked 07 documents through him as Ex. A.1 to Ex. A.O7 .

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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 enti ed for the claim made in the OA against the Defendants and OA hypothecated assets ?

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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.07 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinuy and severally liable

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OW*,

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oA,NO.960/2023

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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.960/2023 is allowed as under: -

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.32,10,767/- i.e., the defendants 1 & 2^jointly and severally are liable to pay a sum of Rs.8,93,708/- and the defendants 1 to 3^jointly and severally are liable to pay a sum of Rs.23,17,053/-; with future interest @9.15%^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 debu

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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 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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oA.NO.960/2023

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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 03'd Day of August, 2026). OW

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(RAMESHWAR KOTHE) PRESIDING OFFICER

Axis Bank Ltd. v. Independent Qualitative Assessors Gilde Private Limited

Case brief

What is this about?

What did the court decide?

Axis Bank Ltd. v. Independent Qualitative Assessors Gilde Private Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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