Allowed

Canara Bank v. Sri Lambadi Gulab Singh

DRT4 Jul 2024OA/106/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Debts Recovery Tribunal-Allowable Order (OA) filed by Canara Bank to recover a decree against Sri Lambadi Gulabsingh. The bank succeeded in claiming the outstanding loan amounts with future interest and costs.

What did the court decide?

Allowed OA; Defendant to pay Rs. 20,62,242.79 with future interest; Relief certificate to issue; Recoverable assets to be auctioned.

Canara Bank versus Sri Lambadi Gulab Singh — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 4THDAY OF JULY' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFICER

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OA.No.1O6 of 2024

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Between:

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Canara Bank, Shivajinagar branch, KotagallyMunnuruKapu Sangam, Beside Hanuman Temple, New MPL No.3-4-198 & 3-7-t33, Kotagally, Maisammaveedi, Varni road, Nizamabad, Telangana -503 001. Rep by its authorized officer

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Appllcant

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VERSUS

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Sri Lambadi Gulabsingh, S/o Luliya, aged about 37 years, Occ: business, male, R/o H.No.2-76, BirmalThanda, durgam village, Gandharimandal, Nizamabad dist, Telangana - 503 114.- 503 114.503 114.114.

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Telangana - 503 114.- 503 114.503 114.114. Defendant Counsel for the Parties: For the Applicant ,d. Tara For the Defendant * Exparte 4 JUL MI 1. The Applicant Bank filed Defendant for recovery of a total sum of .79ps (Rupees Twenty Lakhs Sixty Two Thousand Two Hundred Forty Two and paise Seventy Nine only ) i.e.,

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(OA.No.106 of 2024)

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a) A sum of Rs.19,54,584.86ps towards loan account no.1657897000193 with interest @ 13olo p.a with monthly rests from 29.02.2024 till the date of realization;

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b) A sum of Rs.1,07,657.93ps towards loan account no.1657840003326 with interest @ 11% p.a with monthly rests from 29.02.2024 till the date of realization;

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and in default for sale of mortgaged property and hypothecated assets as described in the schedule to OA.

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As per the averments in the apprication, the Appricant Bank states that defendant is the borrower who avaired credit facirities for agriculturar roans dated 22.03.2012. The defendant avaired oD roan of Rs.5.00 lakhs by mortgage of schedule mentioned property. The defendant executed agreement and deed for Kisan oD dated 22.03.2012. The defendant also availed Rs.1.00 lakh on hypothecation of standing crop on IB.l2.2}l4. After availing the loan facilities, the defendant faired to compry the terms of sanction, hence the applicant bank was constrained to classlfy the account as NPA on 22.03.20t5 and issued recall notice dated 02.07.2022. Inspite of several req uests defendant did not clear

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the outstanding. Hence

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Defendant called abseht ihd t," tl, .{_,,, ,,

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(OA.No.106 of 2024)

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shri B' JaganNaik, chieF Manager of the Appricant Bank examined himself as AW.1 and exhibited rerevant documents, which are marked as Ex.A.1 to A.16.

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Heard the Ld. Counsel for the Applicant Bank.

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The point that arise for consideration is whether the Applicant Bank is

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entitled for the claim made in the OA against the Defendant as prayed for?

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Defendant cailed absent and set exparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and he exhibited rerevant documents as Ex.Al to A.16. In view of the above, I hord that the Appricant Bank has estabrished their craim made in the oA against the Defendant and hence the Applicant Bank is entiued to recover the craim made in the oA with future interest and costs.

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B. In the result, the present OA is allowed with costs, as u nder:

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The Defendant is liable to icant Ba n k a total sum of Rs.ZO,62,242.1gps (Ru Sixty Two

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Thousand Two Hundred Seventy Nine

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only ) i.e.,

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(oA.No.106 of 2024)

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a) A sum of Rs.19,54,584.86ps towards loan account

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no.1657897000193 with interest @ 73o/o p.a from 29.02.2024 till the date of realization;

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b) A sum of Rs.1,07,657.93ps towards loan account

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no.1657840003326 with interest @ [Lo/o p.a from

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29.02.2024ti11 the date of realization;

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The Applicant bank is entiiled to proceed against the mortgaged

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property and hypothecated assets as described in schedule to OA

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towards realization of the debt due.

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11' The Appricant Bank is arso entiued to proceed against the person and properties of defendant towards realization of the debt due.

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The Applicant Bank is entiiled to the costs of the OA.

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The Appricant shail fire a cost memo within two weeks from the date of receipt of order.

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Issue Recovery certificate accordingly.

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Communicate a copy of the order to the parties concerned.

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by_her, corrected, signed and pronounced by me in the open
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Canara Bank v. Sri Lambadi Gulab Singh

Case brief

What is this about?

What did the court decide?

Canara Bank v. Sri Lambadi Gulab Singh

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Coram

Case details

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