Allowed

Canara Bank v. Adinarayana Vinigineni

DRT29 Aug 2023OA/560/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the bank's original application for recovery of dues totaling over Rs. 41.6 lakhs along with future interest and costs from the defendants. The court held the defendants jointly and severally liable based on evidence examined ex parte, directed a recovery certificate, and authorized proceedings against hypothecated assets.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 41,61,875.50 with future interest; recovery certificate issued.

Canara Bank versus Adinarayana Vinigineni — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE 29th DAY OF AUGUST, 2023

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

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Originat Apptication No: 560 OF 2022

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Canara Bank Dilsukhnagar Branch, Beside Sai Baba Temple, Main Road, Dilsukhnaoar. Hyderabad-5OOO6O, Telangana State. Rep. by its Manager and G.p.A. Hotder.

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.....Applicant.

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Versus

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Sri Adinarayana Vinigineeni S/o. Sri Guruvaiah Virigineni, Aged: 59^years, Occ; Business, R/o. H. No. 3-t4_173, ptot No. 1, 1".Floor, C R Enclave, Sri Rama titagar Colony, Mansoorabad, Chintalakun;, LB. Nagar, K. V. Ranga Reddy, Hyderabad-5OOO 14.

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M/s. Varun Road Lines, Rep. by its sole proprietor Sri Adinarayana Virigineni, Aged: 59^years, Occ: Business, R/o. H. No. 3-74-773, ptot No. 1, 1" Floor, C R Enclave, Sri Rama Nagar Colony, Mansoorabad, Chintalakun6, L.B. Nagar, K. V. Ranga Reddy, Hyderabad-500014.

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... Defendants

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oa.No.560/2022

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Counsel for the Applicant

Defendants

Mr. A.V.S.S.^prasad

Exparte

:: ORDER::

The Applicant Bank filed the present OA for the recovery of a total sum of Rs. 41,61,875.50ps i.e. a sum of Rs. 17,72,957.OOps under OCC loan account, Rs. 3,19,711.93ps under GECL loan account, Rs. 18,84,113.01ps under tvlSME Services Vehicle Loan account, Rs. 72,163,00ps under Working Capital Demand Loan account and Rs. 1,12,730.s6ps under Credit Card loan account from the defendants joinuy and severally with future interest @ 11.5olo, @ 9.90o/o, @ 11.55olo, @ 10.5olo and @ 2.50o/o p.a. respectively from the date of appliction till the date of realisation along with costs and in default for sale of OA hypothecated assets.

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Summons served on D1 & 2 through paper publication. The

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defendants were set exparte on 14.03.2023 as called absent

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and no representation.

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The Applicant Bank examined Manish Kumar.K, Manager, AS AW. 1 and marked 25 documents through her as Ex. A.1 to Ex,

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4.25-

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Heard the Ld. Counsel for the Applicant Bank and perused the

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written arguments and materiar praced on rccod. a*ilb L/'9,'

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oA.NO.560/2022

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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 hypothecated assets?

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

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In the result, the present Original Application No.S6O/2022 is allowed as under: -

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i) The Defendants are joinHy and severally tiabte to pay to the Applicant Bank a sum of Rs. 41,61,675.50ps i.e. a sum of Rs. 77,72,957.OOps under OCC loan account, Rs. 3,t9,717.93ps under GECL loan account, Rs. 18,84,113.01ps under MSME Services Vehicle Loan account, Rs. 72,163.00ps under Working Capital Demand Loan account and Rs. 1,12,730.56ps under Credit Card loan account with future interest @ 9.90olo p.a. simple from the date of application till the date of realization;

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ii) the OA clalm is secured by way of hypothecation of assets described in the dw"

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oA.NO.560/2022

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schedule annexed to the OA and the applicant bank is entitled to^proceed against the same to realise its debt;

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

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iv) the appticant bank is entitled for the costs.

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The Applicant Bank is directed to flle Cost Memo within 2 weeks from the date of receipt of this order.

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lssue Recovery certificate accordingly.

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Communicate a copy of this order to the^parties concerned. (Dictated to the steno, corected, signed and pronounced by me in the open court on this the 29h day ofAugust,2023) .

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Ox.* (t{nuesnwan xorne; PRESIDING OFFICER

Canara Bank v. Adinarayana Vinigineni

Case brief

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Canara Bank v. Adinarayana Vinigineni

Case brief

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What did the court decide?

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