Allowed

Canara Bank v. M/S. Rav Smittens ( Opc) Private Ltd.

DRT3 Oct 2023OA/11/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal at Hyderabad allowed an Original Application filed by Canara Bank for recovery of ₹2.01 Crores, principal and interest, from a corporate defendant and individual guarantors. The exercise hearing was ex-parte, the evidence was accepted, and a recovery certificate was issued.

What did the court decide?

Recovery of Rs. 2,01,24,295.52 with interest; entitlement to proceed against hypothecated/mortgaged properties; recovery certificate issued.

Canara Bank versus M/S. Rav Smittens ( Opc) Private Ltd. — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 3RD DAY OF OCTOBER' 2c.23

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PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFICER

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OA.No.11 of 2023

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Between:

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Canara Bank, Mukaram lahi road branch, Hyderabad - 500 001. Telangana State Represented by its authorised Representative Mr. Lakavath Rahul

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Applicant

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VERSUS

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M/s. RAV Smittens (OpC) private Ltd, Having its regd corporate office at Plot no.27, IDA, Balanagar, Industrial area, Balanagar,

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Secunderabad - 5OO 037.

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Represented by its Managing Director Mr. Abhijith Bharadwaj La k ine pa lly.

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Also at

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Plot no.33, Janakpuri colony, Kharkha na, Secunderabad - 5OO OO9.

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Sri Abhijith Bharadwaj Lakinepaily, s/o KL,v. Ravinder Rao, aged'about_a3=tears, occ: business, R/o flat Ct, ptotrmBU$l\ .,' '' *\

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lu::?,"HJi, r;.'#JtsTls* ffi

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(oA. No.11l2023)

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3.	Sri Lakinepally VenkataRavinderRao, s/oL. Ranga Rao,aged major, occ: service,male,R/oflat G1,plotno.33,Janakpuri, Tirumalagiri,Near Kharkhana, Secunderabad- 500OO9.
4,	Smt Yagnamurithy Sathyavani, w/oL.V.RavinderRao, agedabout 58yrs Occ:service,R/oflatG1,plotno.33, Janakpuri,Tirumalagiri,Near KFCKharkhana, Secunderabad-SOO OO9.
5.	Sri K. Lakshmi KanthRao s/oK. GopalRao,agedabout36 yrs, male,occ:business, R/oplotno.53, shramik nagar,Moulaali, Secunderabad-5OOO4O.	Defendants
Cou	nselforthe^parties:
For	the Applicant A.Sravanthi
For	theDefendants Exparte

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ORDER

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The Applicant Bank filed the present oA against Defendants for recovery of a total sum of Rs.2,OL,24,2g5,S2ps (Rupees Two Crores One Lakh Twenty four thousand Two hundred Eighty

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Five and paise Fifty two o1l.y), i.e.; ;;. .h :!i ';.'' +r.a .r.'..\ .. !'. '4?

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(oA.No.11l2023)

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a) a sum of Rs.1,10,64,935.47ps under loan account No.30249910000457 with interest @ 10.25olo p.a with monthly rests; b)a sum of Rs.35,17,880.33ps under GECL account with interest @ 9.40o/o p.a with monthly rests;

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c) a sum of Rs.4,15,450.39ps under SyNDMSE ADDON credit with interest @ 9.55o/o p.a with monthly rests ;

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d) a sum of Rs.51,26,019.33 under SyNDMSE ADDON credit with interest @ 9.55o/o p.a with monthly rests ;

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from date of filing of oA till the date of realization and in default for sale of hypothecated movabres as described in the schedure to oA.

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As per the averments in the application, the Applicant Bank states that the defendant No.1 is a firm represented by its partners defendants 2 to 5 as guarantors availed overdraft and term loan facirities for a sum of Rs.40.oo rakhs and term roan of Rs.1,32,00,000/- vide sanction letter dated 24,05.2OL7. Defendants 3 & 4 executed memorandum of deposit of titre deeds in respect of immovable properties. Defendant no.1 executed composite hypothecation deed dated 73.07.2017 and hypothecated movabre property more fully described in the schedule to oA. Defendants 2,3 & 4 as guarantors executed guarantee egreement in favour of applicant bank. Defer[d_ant no.1 exec nd promissory note

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l.i 3^-'i ",IX

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(OA.No.11l2023)

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for a sum of Rs.77,3O,215/, Rs.10.00 lakhs and Rs,44,69,7g5/. Defendant no.1 again avaired guarantee facirity for a sum of Rs.38.oo lakhs. Defendants 3,4 & 5 executed memorandum of deposit of titre deeds for a sum of Rs.2,10,00,OO0/_, After availing the loan facilities, the defendants faired to compry the terms of sanction, hence the appricant bank was constrained to crassify the account as NPA on 01.03.2021 and issued demand notice dated 30.04.202L. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants were called absent and set exparte on 01.09.2023.

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4' Shri Lakavath Rahur, Asst. Manager of the Appricant Bank examined himself as AW.1 and exhibited rerevant documents, which are marked as Ex.A.1 to A.38,

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Heard the Ld. Counsel for the Applicant Bank.

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6' The point that arise for consideration is whether the Appricant Bank is entitred for the craim made in the oA against the Defendants as prayed for?

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(oA.No.11l2023)

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7' The defendants were cailed absent and set exparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and he exhibited relevant documents as Ex.A1 to A.38. In view of the above, I hord that the Appricant Bank has estabrished their craim made in the oA against the Defendants and hence the Applicant Bank is entiiled to recover the craim made in the oA with Future interest and costs.

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B. In the result, the present OA is allowed with costs, as under:

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The Defendants are jointy and severary riabre to pay to the Appricant Bank a total sum of Rs.2,O1,24,2g5.52ps (Rupees Two Crores One Lakh Twenty four thousand Two hundred Eighty Five and paise Fifty two only) i.e.,

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a) a sum of Rs.1,10,64,93 S.47ps under loan account No.30249910000457 with interest @ 10.25olo p.a;

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b)a sum of Rs.35,17,880.33ps under GECL account with interest @ 9.4Oo/o p.a;

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c) a sum of Rs.4,15,450.39ps under SyNDMSE ADDON credit with interest @ 9.55o/o p.a; .,'' .:d) a sum of Rs.51,26,019.31., " r- ,r,d".:iyNOl,tSr'$1r. \r ADDON credit with interesr @ e.55o/o p.u wit.iio, h'il JrN, OA till the date of rearization , 0 J 0[I 20g : .; \9t"r^s si'-.' &ry;*i"'

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(oA.No.11l2023)

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The Applicant Bank is entitled to proceed against the hypothecated

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movables and mortgaged properties as described in the schedules to

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oA.

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11' the Appricant Bank is arso entitred to proceed against the person and properties of defendants No,2 to 5 and properties of defendant no.1 firm towards realization of the debt due.

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