Allowed

Canara Bank v. Anjali Associates

DRT23 Aug 2023OA/561/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Original Application filed by Canara Bank for recovery of dues aggregating to over Rs. 37,54,000 from M/s. Anjali Associates and Sri Peri Reddy, setting aside the defense that the defendants remained ex-parte.

What did the court decide?

Defendants directed to pay Rs. 37,54,451.09 with future interest; applicant bank entitled to proceed against secured assets and defendant properties; recovery certificate to be issued.

Canara Bank versus Anjali Associates — Banking and Recovery | DRT (2023)

¶1

iN THE DEBTS RECOVERY TRIBUNAL.II AT HYDERABAD DATED THIS THE 23'd 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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Original Appltcation No: 561 OF 2022

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Canara Bank SME Kukatpally Branch, Situated at^plot No. 74, prashanthi Nagar, Kukatpally, Hyderabad-500072.

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Rep. by its Chief N4anager.

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.....Applicant.

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Versus

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M/s. Anjali Associates, lep.^{by its proprietor Sri peri Reddy,} R/o. Shop No. 1,^plot No. 132, H.No. 5-35/255/4, Mythri Nagar, Kukatpa y, Hyd-500072.

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Also at:

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D. No. 5-9-26213, Beside Govt. School. Rajiv Gandhi Nagar, Kukatpally, Hyd-500072.

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Also at:

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H.No. 5-7-43, Near Metro, Sngeeth Nagar, Kukatpally, Hyd-500072.

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Also at: H. No. 5-7-51, Near Metro Kukatpally, Sangeeth Nagar, Kukatpally, Hyd-500072.

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Sri Peri Reddy S/o. Sri Nagi Reddy, Aged: 45 Years, Occ: Busin""'41'yr**

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oA.NO.551/2022

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R/o. Flat No. 104, Indu Paradise, KPHB Colony, Balanagar, GHMC (M crop) (Part), Hyderabad-500072.

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...Defendants

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: Mr. A.V.S.S. Prasad counsel for the Applicant Defendants : Exparte

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:: qLLEB::

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1, The Applicant Bank filed the^present OA for the recovery of a total sum of Rs. 37,54,451.09ps i.e. Rs. 21,29,102l- under OCC/ODBD loan account, Rs. 1,06,059.82ps under COVID FITL (CFITL) Ioan account, Rs.48,866.00ps under Funded Interest Term Loan account, Rs. 5,37,662.27 ps under Working Capital Demand Loan account, Rs. 4,06,651.00ps under GECL Loan account and Rs. 5,32,110.00ps under Canara Vehicle loan account from the defendants jointly and severally with future lnterest @ !2.7Oo/o, @ 11.35o/o, @ 12.30o/o, @ 9.30%, @ 9.90olo and @ l4-4Oo/o p.a. respectively from 01.08.2022 till the date of realisation along with costs and in default for sale of OA schedule assets.

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Summons served on D1 & 2 through paper publication. The defendants were set exparte on 74.03.2023 as called absent and no representation.

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The Applicant Bank examined B. Narasimha, Manager, as AW-1 and marked 21 documents through her as Ex. A.1 to Ex. A.21. //1v/".rn

(,/

o4.No.55u2022

Heard the Ld, Counsel for the Applicant Bank and 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 sciedule assetsT

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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.21 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,

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In the result, the present Original Application No.49l2021 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. 37,54,451.09ps i.e. Rs. 2L,2g,7O2/under OCC/ODBD loan account, Rs. 1,06,059.82ps under COVID FrTL (CFITL) loan account. Rs. 48,g66.OOps under Funded Interest Term Loan account, Rs. 5,37,662.27ps under Working Capital Demand Loan account, Rs. 4,O6,G51.OOps under GECL Loan account and Rs. 5,32,110.00ps under Canara Vehicle loan account with future interest @ 9.30o/o p.a.

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oA.No.56U2022

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simple from the date of^{applicationtill the} date of realization;

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ii) the OA claim is secured^{bY way of} Pledge/hypothecation of assets^describedin the 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 entitledto proceed} against the person and^{properties of} defendants for realization of its dues;

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

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

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Issue Recovery Certifi cate accordingly.

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_tu. Communicate a copy of this order to^{the partiesconcerned,} (Dictated to the steno, corrected, signed and pronounced by me in the open court on this the 23dday of Au8ust,2023).

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Ow* (RA'[4ESHWAR KOTHE) PRESIDING OFFICER

Canara Bank v. Anjali Associates

Case brief

What is this about?

What did the court decide?

Canara Bank v. Anjali Associates

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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