Allowed

Canara Bank v. Sri Lakshmi Foils

DRT18 Sept 2023OA/636/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by Canara Bank for recovery of Rs. 61,39,539.80 plus future interest and costs from the defendant, ruling that the evidence established the defendant's liability and the bank's right to proceed against hypothecated assets and properties.

What did the court decide?

Direction to pay Rs. 61,39,539.80 plus future interest, costs, and permission to proceed against hypothecated assets and defendant's properties.

Canara Bank versus Sri Lakshmi Foils — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDEMBAD DATED THIS THE l8th DAY OF SEPTEMBER, 2023 PRESENT: SH. MI4ESHWAR KOTHE, B.Com., L.LB. (Hons.), M.A. PRESIDING OFFICER

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Original Application No: 636 OF 2022

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Canara Bank SME Kuktpalty, At Mythri Towers, plot No. 74. H. No. 5-s-35/15/1&3, Prashanthinagar, Kukatpally, Hyderabad, Tetangana_500072. Rep. by its G.p.A Holder.

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.....Applicant.

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Versus

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M/s. Sri Lakshmi Foits Rep. by its^proprietor Smt. Manupati padma, S/o. Paramkusham Vamsi Krishna lgeq:^{36 years, Occ: Business,} Plot No. 49, Industriat park. Vilage, Manoharabad Mandal. Medak-50233G.

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Also at: H. No. 44-37/L, Beerappa Nagdr, Opp to Lakshmi Sree tjakerv Jagathigutta, Balanagar Township, K. V. Reddy Nagar 5OOO37.

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..,Defendant

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Counsel for the Applicant : Ms. D. Sangeeta Jaiswal Defendants .r*oun"lVy.,,

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oA.NO.536/2022

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:: SLLLLE ::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.61,39,539.80ps i.e. a sum of Rs.43,68,233.90ps, Rs.4,36,393/-, Rs.2,2A,9961- and Rs.11,05,916.90ps from the defendant with future interest @ 10.50o/o, @ 8.40olo, @ 10.30o/o and @ 17.80% p.a. respectively with penal intrest@2olo from 37.07.2022 till the date of realisation along with costs and in default for sale of OA hypothecated assets.

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Paper publication flled for sole defendant. The defendant was set exparte on L2.O5.2023 as called absent and no representation.

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The Applicant Bank examined B. Narasimha, Service, as AW-1 and marked 26 documents through him as Ex. A.1 to Ex. A.26.

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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 Defendant and OA hypothecated assets2

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As stated supra, the Defendant remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.26 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendant. Hence, I hold that the Defendant is liable to pay the OA claim to the Appticant Bank with future interest and costs/futp

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oa.No-63512022

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In the result, the present Original Application No.636/2022 is allowed as under: -

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i) The Defendant is liable to pay to the Applicant Bank a total sum of Rs.61,39,539.80ps with future interest @ 8,40olo simple from the date of application till the date of realization;

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ii) the OA claim is secured by way of hypothecation of assets described in the schedule annexed to the OA and the applicant bank is entiued to proceed against the same to 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 entifled for the costs.

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

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a Issue Recovery Certifi cate accordingly.

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Communicate a copy of this order to the parties concerned. (Dictated to the steno, corrected, siSned and pronounc;d by me in the open court on this the 18$ day of September, 2023) .

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Offi,* (RAMESHWAR KOTHE) PRESIDING OFFICER

Canara Bank v. Sri Lakshmi Foils

Case brief

What is this about?

What did the court decide?

Canara Bank v. Sri Lakshmi Foils

Case brief

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What did the court decide?

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