Allowed

Canara Bank v. Maha Associates

DRT21 Sept 2022OA/91/2022

Case brief

AI extract

What is this about?

This order allowed the Bank's recovery claim ex-parte after marking documents. The court held Defendants jointly and severally liable to pay the principal sum with future interest and costs, upholding the recovery of hypothecated/mortgaged properties.

What did the court decide?

Defendants directed to pay Rs.1,30,52,793.62 with interest; Applicant Bank entitled to proceed against scheduled and personal properties for realization and costs.

Canara Bank versus Maha Associates — Banking and Recovery | DRT (2022)

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--.,,.1'*ii'I {^{</sup> '(^I}

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

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DATED THIS THE 2lst DAY OF SEPTEI4BER, 2022

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

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oA.NO. 9t OF 2022

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M/s. Canara Bank Balanagar Branch JK Complex 1st Floor lYain Road, Balanagar Hydera bad - 5 0 003 7 Rep. by its GPA Holder

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...Applicant

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Versus

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M/s. Maha Associates Rep by its Proprietor Badvelli Prasad Reddy S/o Lakshmi Narayana Reddy Age a bout 41^years Occ: Business H.No.2-2-1744/25 New Nallakunta Hyde ra bad^- 5 00044. 2. Badvelli Prasad Reddy S/o Lakshmi Narayana Reddy Age about 41^years Occ: Business H.No.2-2-7744/25 New Nalla ku nta Hyderabad- 500044. .. . Defenda nts Counsel for the Applicant : lvls. Sangeeta Jaiswal. Defendants i Ex-parte Mo'*'

oa.9112022

::qLD-qB::

1, The Applicant Bank filed the^presentOA for^{the recoveryof a total} sum of Rs.1,30,5 2,793.62ps^{(RupeesOne Crore Thirty Lakhs Fifty} Two Thousand Seven Hundred^{Ninety Threeand paisa Sixty Two} Only), from the Defendants^{withcostsand future interest @ 9 80o/o} * 2o/o penal interest^p.a. with monthly^rests from^{25.01.2022till the} date of realisation and in default^{for sale of OA schedule properties.}

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The Defendants were served with^{summonsthroughpaper} publication. They were set ex-parte on 19.08.2022 as called^absent and no representation.

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The Applicant Bank^{examined Thathagath Gaikwad,Manageras} AW-1 and marked 15 documents through him as^{Exs. A.1 to Ex} A.15.

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Heard the Ld. Counsel for the Applicant Bank and^{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 schedule^properties as PraYed^for?

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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^jointly and severally liable to pay to the Applicant Bank the claim made in OA with future interest and costs.

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Y.."-

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oA.9712022

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In the result, the present Original Application No.9t/2022 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.1,30,52,793.62ps (Rupees One Crore Thirty Lakhs Fifty Two Thousand Seven Hundred Ninety Three and paisa Sixty Two Only), with interest @9,80o/o p.a. simple from the date of application till the date of realization;

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ii) The claim of the Applicant Bank is secured by way of hypothecation/mortgage of properties described in the Schedules attached to the OA and the Applicant Bank is entitled to proceed against the same towards realization of its debt;

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iii) The Applicant Bank is also entitled to proceed against the person and properties of the 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., transcribed by him, corrected, signed and pronounced by me in the open court on this the 21"t day of September, 2022)

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dY"-

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(RAMESHWAR KOTHE) PRESIDING OFFICER

Canara Bank v. Maha Associates

Case brief

What is this about?

What did the court decide?

Canara Bank v. Maha Associates

Case brief

What is this about?

What did the court decide?

What the court decided

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