Allowed

Canara Bank v. v Meat Private Ltd.

DRT29 Aug 2023OA/744/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by Canara Bank for recovery of Rs. 24.38 lakhs from defendants via a loan facility governed by hypothecation. In default and ex-parte proceedings, the court upheld the bank's claim for principal, interest, and costs.

What did the court decide?

Respondents ordered to pay Rs. 24,38,615.25 with interest at 9.50% p.a.; recovery certificate issued against hypothecated assets and person.

Canara Bank versus v Meat Private Ltd. — Service and Employment | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD OATED THIS THE 29TH DAY OF AUGUSI, 2023

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

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Original Application No: 744 OF 2022

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Canara Bank Komapally Branch Plot No.^q, Anuradha Complex, NH. 44, Medchal Road, lYedchal- Malkajigiri District, Telangana State-500100 Rep by its Authorised Officer.

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.....Applicant.

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Vercus

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M/s V Meat Prlvate Ltd., Rep. by its Directors, Mrs. Ambati Veena &

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Mr. Sridhar Raju Ambati, Office at l7/9, Srinivasa Nagar Kompally, Medchal Dist.-500014.

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Mr. Ambati Sridhar Raju, S/o. Ramchander Raju Ambati, Aged: 54 Years, Occ: Business, R/o. Flat No. 412, Trident Grande, Gundlapochampally. Medchal, Telangana-500014,

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Mrs. Ambati Veena,

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Wo.^{Ambati Srldhar Raju,} Aged: 47 Years, Occ: Business, R/o. 3-3-810, Bank Colony. Karminagar, Telangana-505001.

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...Defendants /AY*o / t,/ l-"'

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oA.NO.7 44/2022

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Counsel for the Applicant

lYrs. M- Kanka Durga

Defendants

Exparte

:: qLLEE ::

The Applicant Bank filed the present OA for the recovery from the defendants jointly and severally a sum of Rs. 24,38,675.25ps as on 10.08.2022 with future interest @ 10.90olo p.a. with monthly rests from date of OA till the date of realisation along with costs.

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Summons served on D1 to 3 through paper publication. They were set exparte on 13.03.2023 as called absent and no representation.

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The Applicant Bank examined Venkata Salapathi, Chief Manager, as AW-1 and marked 14 documents through her as Ex. A.1 to Ex. A.14.

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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 Defendants and hypothecated assets? ,fu.* ('/'a''

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oa.No.744l2O22

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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.14 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendant. Hence, I hold that the Defendants are jointly 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.74412022 is allowed as under: -

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs. 24,38,615.25ps with future interest @ 9.50o/o p.a. 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 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 lts dues;

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iv) the applicant bank is entltled for the costs. 'dYw-'^

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/^(,/ 7^"x.t5

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oa.No.74412022

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

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Issue Recovery Certifl cate accordingly.

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10_ 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 29h day ofAugust,2023) .

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/)-/g'txr ESHWAR KOTHE) PRESIDING OFFICER

Canara Bank v. v Meat Private Ltd.

Case brief

What is this about?

What did the court decide?

Canara Bank v. v Meat Private Ltd.

Case brief

What is this about?

What did the court decide?

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