Allowed

Canara Bank v. M/S Suswa Infoway Pvt. Ltd.

DRT19 Oct 2023OA/139/2023

Case brief

AI extract

What is this about?

The tribunal allowed an application filed by Canara Bank for recovery of Rs. 36.52 lakhs with interest from the defendants under their accounts. The defendants remained ex-parte. The bank was directed to file a cost memo and issue a recovery certificate.

What did the court decide?

Defendants to pay Rs. 36.52 lakhs with interest; OA claim secured by pledged security; recovery certificate issued.

Canara Bank versus M/S Suswa Infoway Pvt. Ltd. — Contract and Commercial Disputes | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT^HYDERABAD DATED THIS THE 19h DAY OF OCTOBER, 2023

¶2

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

¶3

Original Application No: 139 OF 2023

¶4

Canara Bank (Erstwhile Syndicate Bank) Branch at Alwal Secunderabad, Rep by its Chief Manager.

¶5

.....Applicant.

¶6

Versus

¶7

M/s. Suswa Infoway Pvt. Ltd., Rep. by its Directors

¶8

Sri. Mantha Ravi Ganesh and

¶9

Smt. M.N.S. Laxmi, H. No. 3-19-BB, Flat No. 205, Gangothri V R Residency, Saraswathinagar Colony, Lothukunta, Secunderabad-500015.

¶10

And also at:

¶11

H. No. 1-24-12L/L,lndira Sadan, Indira Nagar, Lothukunta, Secunderabad-500015.

¶12

Sri. Mantha Ravi Ganesh S/o. Late M.S.V. Sastry, Aged: 63 Years, Directors for M/s Suswa Infoway pvt. Ltd., R/o. H. No. 3-19-88, Flat No. 205, Gangothri V R Residency, Saraswathinagar Colony, Lothukunta, Secunderabad-50001 5.

¶13

Smt. M.N,S, Laxmi, Wo. Mantha Ravi Ganesh, Aged: 62 Years, Director for

¶14

oA.NO.139/2023

¶15

. .. Defendants

¶16

M/s. Suswa Infoway Pvt. Ltd., Vo.^{H. No. 3-19-BB,Flat No. 205,} Gamgothri V R residency, Saraswathinagar Colony, Lothukunta, Secunderabad-5000^{I 5.}

¶17

Counsel for the Applicant Defendants

¶18

Mr. P, Naga Durga Prasad

¶19

Exparte

¶20

:: ORDER::

¶21

The Applicant^{Bank filed the presentOA for the recoverya total} sum of Rs.^{36,52,080.83psi.e. a sum of Rs' 19,48,330,'66ps'} Rs. 10,72,557.67ps,^{Rs. 2,76,312'47psand Rs 3,54'880'03ps} under SOD,^{OD, EBLP and GECL accourlts from the defendants} jointly and severally with^{futureinterest@ 19o/o p'a' with} monthly rests^{from the date of application till the date of} realisation along^{with costs and in ciefault for sale of OA} schedule Pledged^securitY'

¶22

Summons sent^{toD1 to 3returned with endorsement} Unclaimed,^{hence deemed to be servedThey vrere set exparte} on 09.05.2023^{as calledabsent and no r"prescntation'}

¶23

The Applicant^{Bank examined Amit Kumar' Cfficer'Aw-l and} marked 39^{documents throughhim as Ex' A'1 to Ex' A'39'}

¶24

Heard the^{Ld, Counselfor the} Applicant^{Bank and} Perused^the material Placed^{on record'} N'r*

¶25

oA.NO.139/2023

¶26

The point that arises for consideration is:-

¶27

Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants and OA schedule pledged security?

¶28

As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.39 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 the OA claim to the Applicant Bank with future interest and costs.

¶29

In the result, the present Original Application No.139/2023 is allowed as under: -

¶30

i) The Defendants are joinuy and severally liable to pay to the Applicant Bank a sum of Rs. Rs. 36,52,080.83ps i.e. a sum of Rs. 19,48,330,.66ps, Rs. 10,72,557.67ps, Rs. 2,76,312.47ps and Rs. 3,54,880.03ps under SOD, OD, EBLP and GECL accounts with future interest @ 7.SOo/o p.a. simple from the date of application till the date of realization;

¶31

ii) the OA claim is secured by way of pledge of security described in the schedule annexed to the OA and the applicant bank is entifled to proceed against the same to realise its debt;

¶32

oA.NO.139/2023

¶33

¶34

iii) the applicant bank is also entitled to^proceed against the^person and^propertiesof

¶35

defendants for realization of^its dues;

¶36

iv) the applicant bank is entitled^{for the costs.}

¶37

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

¶38

Issue Recovery Certificate^accordingly.

¶39

Communicate a copy^{of this orderto the partiesconcerned.} (Dictated to the steno, corrected, signed^{andpronounced by me in theopen courton} this the 19th day^{October,2023).}

¶40

,*%os ESHWAR KOTHE)

Canara Bank v. M/S Suswa Infoway Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Canara Bank v. M/S Suswa Infoway Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Bank of Baroda versus Vicky Gupta

State Bank of India versus Sunil Arora

State Bank of India versus Naresh Pal and Anr.

Indian Bank versus Srvc Enterprises

Indian Bank versus Renar Enterprises

Ummer T a versus South Indian Bank