Allowed

Canara Bank v. M/S Vijaya Electricals

DRT6 Sept 2023OA/687/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application for recovery of dues owed to Canara Bank by M/s Vijaya Electricals. The defendant remained in default and absence. The Tribunal held the defendant liable to pay the claimed amount with future interest and costs, authorized sale of hypothecated assets, and directed issuance of a recovery certificate.

What did the court decide?

Ordered defendant to pay Rs. 2,57,123.90 with future interest and costs; allowed sale of hypothecated assets and recovery from defendant's properties; directed issuance of recovery certificate.

Canara Bank versus M/S Vijaya Electricals — Bail and Remand | DRT (2023)

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IN THE DEBTS RECOVERY TRiBUNAL-II AT HYDERABAD

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DATED THIS THE 6th DAY OF SEPTEMBER, 2023

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

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Original Application No: 6A7 OF 2022

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Canara Bank Branch office at H, No. 6-3-144, 1st Floor, Jahanara kKareem complex, Balanagar, Ranga Reddy District, Telangana State-500037. Rep by its Manager-Cum-Authorized Signatory And GPA Holder.

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.....Applicant.

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Versus M/s Vijaya Electricals, Rep. by its Propriteor, Kashi Koteshwara Rao S/o. Kashi Balaram, Aged: 56 Years, R/o. H. No. 8-7-28/8, 2nd Floor, Sri Gayatri Bhavan, Street No. 4/1,R. R. Nagar, old - Bowenpally, Medchal l"lalkajgiri District, Tela ngana-500036.

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...Defendant

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: M/s Daram Srinivasulu Counsel for the Applicant Defendants : Exparte dY*

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oA.NO.587/2022

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:: CLLLqB ::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs. 2L,57,123.9ops i.e. a sum of Rs. 14,26,140.00 under MSME-OD/OCC Loan and Rs. 7,30,983.90 under MSME Service loan account respectively as on 24.08.2022 from the defendant with future interest @ 17.80o/o and @ 10.85o/o, p.a. with monthly rests from 24.08.2022 till the date of realization along with costs and in default for sale of OA hypothecated assets,

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Summons served on sole defendant through paper publication, he was set exparte on 16.03.2023 as called absent and no representation.

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The Applicant Bank examined K. Srinivas, Senior Manager, as AW-1 and marked 15 documents through him as Ex. A.1 to Ex. A. 15.

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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 entitled for the claim made in the OA against the Defendant and OA hypothecated assets?

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6, As stated supra, the Defendant remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.15 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 Applicant Bank with future interest and costs. //Aryy< , ,_/^-5q,,

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oA.NO.5A7 12022

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In the result, the present Original Application No.687/2022 is allowed as under: -

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i) The Defendant is liable to pay to the Applicant Bank a total sum of Rs. 2!,57,723.90ps i.e. a sum of Rs. 74,26,L4O-OO under MSME-OD/OCC Loan and Rs. 7,30,983.90 under MSME Service loan account respectively with future interest @ 10.85% p.a. simpte 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 entifled 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 defendant for realization of its dues;

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iv) the applicant bank is entiued for the costs.

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

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q Issue Recovery Certificate accordingly.

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Communicate a copy of this order to the parties concerned. (Dictated to the steno, corrected, signed and pronounced by me in the open court on this the 6rh day of Septem ber, 2023) .

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Ow* 1elnfi'esnun rorue; PRESIDING OFFICER

Canara Bank v. M/S Vijaya Electricals

Case brief

What is this about?

What did the court decide?

Canara Bank v. M/S Vijaya Electricals

Case brief

What is this about?

What did the court decide?

What the court decided

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