Debts Recovery Tribunals and Appellate Tribunals
ICICI BANK LIMITED vs M S Adishesha on 23 June 2022
\
IN THE DEBTS RECOVERYTRIBUNAL. I, KARNATAKA
AT BENGALURU
Dated this the 23'd day oflune ,2022
Present: Sri IMTIAZ ALI
Presiding Officer
TA3UZOZO
BETWEEN:
ICICI BANK[TD.,
Ramvilas Road Branch
Ramvilas Road
Mysore-570 005
(Represented by iB Debt Manager and
POA HoHer Sri Mubarak Pasha)
..
APPLICANT
AND:
l. Sri M.S. Adishesha
S/o. Sri MayapPa Doddanna
Aged about 76 Years
H.No.1 30/2, SreeraghuramaPura
Nagamangala
Mandya-571 810
2. Smt. H.J. AnusuYa
W/o. Sri M.S. Adishesha
Aged about 68 years
N o.766 / 2, Nagamangala Taluk
Mandya District-571 810
3. Sri RaghavendraS.A
S/o. Sri Adishesha H.S
Aged about 43 Years
SreeraguramaPura, Honekere
Mandya-571810
4. Sri faganmohan S'A
S/o. Sri Adishesha H'S
Aged about 39 Years
SieeraghuramaPura, Honekere
MandYa-S71810
TA.No.3u2020
DEFENDANTS
S.A Associates
Ex parte
\
Counsel on record/aopeared for:
Applicant
Defendants
FINAT ORDER
!.
The present OA has been fihd by the Applicant Bank under Section 19 of the Recovery of Debs and Bankruptcy AcL, t993, seeking recovery of money of Rs'25'49'L48/- (Rupees Twenty Five Lakh Forty Nine Thousand One Hundred Forty Eight only) together with cosE, interest' etc'
Z.
The case of the Applicant Bank is that the Defendant No.1 as borrower and DefendanB No'z to 4 as co-borrowers had approached the Applicant Bank to sanction Kisan Credit Card Limint. The Applicant Bank considered the request and sanctioned Kisan Credit Card Limit of Rs'20,00,000/- on 73.07.2016 to meet cost of cultivation and for irrigation equipment etc., in terms of the ban agreemenB' In order to secure the loan, the Defendanb have executed documenE, viz', Sanction Lette4 Hypothecation Dee4 Indenture of Mortgage, TA.No.3U2020
India Post Consignment etc.,
3.
Furthef, the DefendanB have agreed to repay the above loan with variable rate of interest, as applicable from time to time as per the directions of the Head Office / Cental Office of the Applicant Bank and penal interest in case of default and keep the accounB regular by paying installmenB as and when due to the satisfaction of the Applicant Bank, as deailed in the OA by the Applicant Bank.
4.
The Defendans after utilising the said loan have faihd and neghcted to make the repayment of the loan due as agreed and DefendanB have not serviced the interest thereon as per the terms and condition agreed by the Defendants. In view of the continued default, the loan accounB were classified as Non- Performing Asset on 27.04.2018. The Applicant Bank has issued Notice on 70.07.2020 to the DefendanB. In spite of receipt of Notice the DefendanB have failed to pay the ou$tanding dues and hence the recovery process is initiated to recover the dues.
5.
In the light of these factors, it is contended by the Applicant Bank that Defendans are liabb to pay a total sum of Rs.25,49,7481- (Rupees Twenty Five Lakh Forty Nine Thousand One Hundred Forty Eight onlyJ'
6.
After filing this OA' Summons was sent and served to Defendant No.1 through RPAD' Summons sent to DefendanB
No.2 to 4 through RPAD remained unserved and returned with postal remarks 'Addressee Refused"' Hence service heH
sufficient. When DefendanB were called out' Defendants remained absent and placed as ex parte'
7.
To prove the case of the Applicant Bank' iB Debt Manageq, Sri Mubarak Pasha, has filed his affidavit by way of evidence and same was considered as evidence of AW'1 and marked at Ex.A1 and List of Documents came to be marked at Ex.A2 and 12 documents came to be marked at Ex'A3 to 14'
8.
No evidence on behalfofthe DefendanB'
9.
Arguments of
Applicant Bank heard
Learned Counsel
and perused the
for the Plaintiff /
records of the case.
\
\
TA.No.31/2020
10. Following poinb arise for my consideration:
1) Whether Plaintiff / Applicant Bank proves its case as contended in the plaint / applicafion?
2) What Order?
17. For the following reasons, I answer the above-referred poinB in the folbwing manner:
REASONS
L2. The Debt Manager of the Applicant Bank came to be examined as AW.1. His affidavit by way of evidence reiterated the facts pleaded in the plaint and his affidavit is also corroborated by the above-referred Ex.A3 to A14 which clearly establish the case of the Applicant Bank to allow the present OA. Added to this, the Defendants have remained absent, hence it is to be construed that Defendants have admitted the entire case pleaded by the Applicant Bank in the present 0A.
13. Therefore, for these reasons, present OA is to be allowed with costs as sought by the Applicant Bank.
Citations and Judicial Treatment
Cited by
0
Decisions in the index citing it
Cites
0
Decisions referred to
In this index
0
Of the decisions it cites
Overruled / Questioned
0
No negative treatment found
Loading the citing and cited decisions…
This judgment in the centre: on the left the decisions it cites, on the right the decisions citing it. Colour is the treatment; choose a decision to open it.
ORDER
Present OA stands allowed as prayed for with interest and costs.
\ TA.No.3U2020 In the event of failure of the Defendants to pay the said OA amount, the Applicant Bank is at liberty to sell the Schedule property in accordance with law as sought by the Applicant Bank in the OA. In spite of sale of the schedule property, if the OA amount is not fully realised, then the Applicant Bank is at liberty to proceed against the person and other property of the Defendants in accordance with law. Applicant Bank shall file latest Memo of Calculation of OA amount together with interest, costs etc', to be paid by Defendants duly taking into account the amount/s, if any, paid by the Defendants and/or amount realised by sale of assets, etc., during the intervening period after filing the OA, to enable the office to prepare Recovery Certificate for the amount to be paid by the Defendants to the Applicant Bank. Office is directed to issue Recovery Certificate as sought by the Applicant Bank in the OA and do the needful as required under the law forthwith.
The Office is directed to issue, as far as possible, free copy of this order to the parties concerned. (Dictated to the Stenographer, after its transcription and necessary corrections, signed and pronounced by me in the open Court on this the 23'd day of lune,2022) \. Y, (TMTTAZALT) PRESIDING OFFICER DRT-1, Bengaluru ANNEXURES Witness Examined for the Applicant Bank: AW-1 : Sri Mubarak Pasha Debt Manager ofApplicant Bank List of Documents Exhibited for the Applicant Bank: Ex.A-1 : Affidavit of AW-1 Ex.A-Z : List of Documents Ex.A-3 to A-14 : 12 documents Witness Examined for the Defendants:
- Nil- List of Documents Exhibited for the Defendants:
- Nil- \oe \ *t'' [rMTrAZhrr) PRESIDING OFFICER DRT-1, Bengaluru SG