Allowed

Canara Bank v. Raghavandra Associates

DRT13 Nov 2023OA/92/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the recovery application filed by Canara Bank against Raghavandra Associates. It held the proprietrix and her associate jointly and severally liable to pay the outstanding sum with interest and costs, directing issuance of a recovery certificate.

What did the court decide?

Directing the defendant to pay Rs. 1,01,21,633.63 with future interest and costs, securing the claim via mortgage, allowing proceedings against property and persons, and directing issue of a Recovery

Canara Bank versus Raghavandra Associates — Company and Corporate | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE 13th DAY OF NOVEMBER, 2023 PRESENT: SH. MMESHWAR KOTHE, B.Com., L.LB. (Hons.). M.a PRESIDING OFFICER

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Original Application No: 92 OF 2022

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Canara Bank, Balanagar Branch, JK Complex, 1* Floor, Main Road, Balanaoar. Hvderabad-sooo3i.

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...Appticant.

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Versus Raghavandra Associates Rep. by its^proprietrix Ms. GaIeli, Sumatatha, D/o. GaIeti Raju, Aged: 41 Years, Occ: Business, R/o. 10-5-780/4, Sai Nagar, North Lalaguda, Tukaramgate, Secunderabad-SOOO17. ..,Defendant

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Counsel for the Applicant lYs. Sageeta Jaiswal

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Defendants Exparte

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:: (LLLEB ::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.1,01,21,533.63ps as on 24.07.2022 from the defendant with future interest @ 9.90o/o + 2o/o p.a. Y.*'r

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oA.NO.92l2022

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compounded^{withmonthly rests from 25'Ol'2O22 till the date} of realization^{along withcostsand in default for sale of OA} schedule^assets.

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Summons^{served on sole defendantreturned with endorsement} "Unclaimed".^{Hence, deemedto be served She was set exparte} on 28.03.2022^{as calledabsent and no representation'}

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The Applicant^{Bank examined T Gaikwad' Manager' as AW-1} and marked^{10 documents throughhim as Ex A l to Ex A 10'}

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Heard the^{Ld. Counselfor the Applicant Bankand perused the} material Placed^{on record'}

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The^{pointthat arlsesfor considerationis:-}

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Whether the^{ApplicantBank is entitled} for the^{claim made in the OA against} the Defendants^{and oA schedule} proepertY?

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As stated supra,^{the Defendantsremainedex-parte'The} Evidence Affidavit^{coupled with the recitals in the documents} viz., Exs. A.1 to^{A.10 marked on behalf of the ApplicantBank} clinches the^{claim of the ApplicantBankagainst the Defendants'} Hence, I hold^{that the Defendants are jointly and severally liable} to^pay the OA claim to^{the Applicant Bankwith future interest} and costs.

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In the result, the^{present Original ApplicationNo.92l2022is} 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.1,01,21,633.63ps wlth future / ox*interest @

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oA.NO.92l2022

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9.9Oo/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 mortgage of property 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 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 Memo within 2 weeks from the date of receipt of this Order.

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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 13s Day of November, 2023) .

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//.Y'* (FWMEsHWAR KorHE) PRESIDING OFFICER

Canara Bank v. Raghavandra Associates

Case brief

What is this about?

What did the court decide?

Canara Bank v. Raghavandra 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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