Allowed

Canara Bank v. Shri Bulagai Ravi

DRT13 Oct 2023OA/393/2022

Case brief

AI extract

What is this about?

In a Debt Recovery Tribunal application, the court held joint and several liable defendants to repay the claim with future interest and costs, allowing the application and directing a recovery certificate against mortgaged properties and person.

What did the court decide?

Defendants liable to pay Rs. 32,80,940/- with interest; recovery certificate issued against mortgaged properties (OA Schedule B & C) and person/properties of defendants; costs awarded.

Canara Bank versus Shri Bulagai Ravi — DRT (2023) — LawSathi Research

¶1

IN THE DEBTS^{RECOVERYTRIBUNAL-II AT HYDEMBAD} DATED THIS THE^{13th DAY OF OCTOBER,2023}

¶2

PRESENT: SH.^{MMESHWARKOTHE, B.Com, L LB (Hons ), M A'}

¶3

PRESIDING OFFICER

¶4

Original Application^{No: 393 OF 2022}

¶5

canaraBank, TirupathiMain^Branch, ChittoorDistrict, AndhraPradesh. Rep.byitsChiefManager. "^Applicant'
Versus
1.ShriBulagai^Ravi S/o. SriMuni^Raja Aged:Major,^{Occ:Business,} D.No.20-5-711/A, Korlagunta,SanjaY^{GandhiColonY,} Tirupathi-517501,^{AndhraPradesh.}
2.Shri.R.Satish^Kumar, S/o,Sri Narasekhar^Raju, Aged:Major,^{Occ;Business,} D.No.10-413,^{KranthiNagar,} RajivNagar,TiruPati-517501, AnihraPradesh Defendants
Counselfor theApplicant :Mr.T.Nagender
Defendants :Exparte
eY**

¶6

oA.NO.393/2022

¶7

:: ORDER::

¶8

The Applicant Bank filed the present OA for the recovery a total sum of Rs. 32,8O,94O/- from the defendants no. 1 & 2 joinfly and severally with future interest thereon @ 10.80o/o p.a. compounded monthly rests from 01.05.2022 till the date of realisation along with costs and in default for sale of OA schedule properties.

¶9

Summons served on D1 & 2. The defendants were set exparte on t5.77.2O22 as called absent and no representation. The Applicant Bank examined Morasa Mallikarjuna, Manager, as AW-1 and marked 18 documents through him as Ex. A.1 to Ex. A.18.

¶10

Ld. Counsel for the Applicant Bank reported orders may be passed on record. 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 enti ed for the claim made in the OA against the Defendants and OA schedule propefties?

¶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.18 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinuy and severally liable to pay the OA claim to the Applicant Bank with future interest and costs. ,furoo

¶14

¶15

oA.NO.393/2022

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In the result, the present Original Application No.393/2022 is allowed as under: -

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i) The Defendants are joinuy and severally liable to pay to the Applicant Bank a sum of Rs. 32,80,940/- from the defendants joinuy and severally with future interest @ 8.80o/o simple from the date of apptication ti the date of realization;

¶18

ii) the OA claim is secured by way of mortgage of OA schedule B & C^properties formlng part of OA schedule^.A, annexed to the OA and the applicant bank is entiHed to proceed against the same realise its debt;

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

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iv) the applicant bank is entiued 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. (Djctated to the steno, corrected, signed and pronounced by me in the open court on this the 13"'day of October,2023).

¶24

Ow*
lArfesnwan xorxey
PRESIDING OFFICER

Canara Bank v. Shri Bulagai Ravi

Case brief

What is this about?

What did the court decide?

Canara Bank v. Shri Bulagai Ravi

Case brief

What is this about?

What did the court decide?

What the court decided

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