Allowed

Canara Bank v. Narayana Swamy

DRT20 Feb 2023OA/105/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application by Canara Bank to recover Rs. 38,10,373/- from two defendant agriculturists. Finding the evidence affidavit and documents clinched the claim, the Tribunal held the defendants liable and granted recovery via attachment and a recovery certificate.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 38,10,373/- with future interest; direction to proceed against mortgaged property; issuance of recovery certificate.

Canara Bank versus Narayana Swamy — Banking and Recovery | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 2OTH DAY OF FEBRUARY,2023

¶2

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

¶3

oA. NO. 705 0F 2022

¶4

Canara Bank Ramagiri Branch Anantapur District Andhra Pradesh Rep. by its Manager. ....Applicant. Versus 1. Y. Narayana Swamy S/o Y. Pedda Kondaiah Aged about 51 years Occ: Agriculture Ganthamarri Village Ramagiri Mandal Anantapur District A.P. : 515 671. 2. Y. Nagaraju S/o Y. Pedda Kondaiah Aged about 49 years Occ: Agriculture Ganthamarri Village Ramagiri Mandal Anantapur District A.P. : 515 671. ... Defendants Counsel for the Applicant Mr. S. Sainathan. Defendants 1 to 3 Exparte.

¶5

oA.1Osl2022

¶6

:: ORDER :i

¶7

The Applicant Bank filed the present OA for the recovery of a sum of Rs.38,10,3731- ttorn the defendants with interest @ 14.20% with month ly rests from 01.10.2021 till the date of realisation along with costs, and in default, for sale of OA schedule property.

¶8

The defendants served with summons. They were set ex-parte on 29.08.2022 as called absent and no representation.

¶9

The Applicant Bank examined A. Surendra Babu, I4anager, AS AW-1 and marked 31 documents through him as Ex. A.1 io Ex. A.31 .

¶10

Heard the Ld. Counsel for the Applicant Banks and^perused the material^placed on record.

¶11

The^point that arises for consideration is:-

¶12

Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants and OA schedule propefty as prayed for?

¶13

As stated supra/ the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.31 marked on behalf of the Applicant Bank clinches the clalm of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are liable to^pay the OA^claim to the Applicant Bank with future interest and costs.

¶14

tTlrrrn-..- x /'., 2'^->l -'/

¶15

oA.tosl2o2z

¶16

B. In the result, the present Original Application No.105/2022 is allowed as under: -

¶17

i) The Defendants are^jointly and severally liable to pay to the Applicant Bank a sum of Rs.38,10,373l- with future interests @10.75%^p.a. simple from the date^of application till the date of realization;

¶18

ii) the OA claim is secured by way of mortgage of property described in the schedule annexed to the OA, and the applicant bank is entitled to proceed against the same to realise its dues;

¶19

iii) the applicant bank is also entitled to^proceed against the person and properties of the defendants for realization of its dues;

¶20

iv) the applicant bank is entitled for the costs.

¶21

The Applicant Bank is directed to file Cost Memo within^{2 weeks} from the date of receipt of this Order.

¶22

Issue Recovery Certificate accordingly.

¶23

Communicate a copy of this order to the^parties concerned. (Dictated to the steno, transcribed by him, corrected, signed and^{pronouncedby me in} the open court on this the 20th day of^{February,2O23l.}

¶24

dw* (RAMESHWAR KOTHE) PRESIDING OFFICER

Canara Bank v. Narayana Swamy

Case brief

What is this about?

What did the court decide?

Canara Bank v. Narayana Swamy

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Idbi Bank versus Ms Pallavi Traders

State Bank of India versus M/S Sree Venkateswara Swamy Filling Station

Pudota Vijai Gopal versus Canara Bank

Tarsem Lal Dhingra versus the Bathinda Central Cooperative Bank Ltd.

State Bank of India versus Md. Anwar Khan

Dr Arun Kumar versus Indian Bank (Allahabad Bank)