Allowed

Canara Bank v. Sri Gangadhar

DRT3 Jul 2024OA/108/2024

Case brief

AI extract

What is this about?

In OA no.108 of 2024, the Debts Recovery Tribunal allowed the Applicant Bank's claim against the defendant for recovery of an agricultural OD loan of Rs.29.92 lakhs plus interest, permitting sale of mortgaged property and recovery certificate issuance.

What did the court decide?

The defendant is liable to pay Rs.29,92,102.47 with interest, applicant entitled to proceed against mortgaged property, and to file Recovery Certificate.

Canara Bank versus Sri Gangadhar — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I^{AT HYDERABAD}

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DATED THrs rHE 3RD DAY oF luLY' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING^OFFICER

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OA.No.1O8 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 & 3-7-133, Kotagally, Maisammaveedi, Varni road, Nizamabad, Telangana^-503 001. Rep by its authorized officer Applicant

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VERSUS

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Sri Gangadhar, S/o chattur Singh, Aged about 40 years, occ: business, Male, R/o H.No.1-72lC, Kalpol Village, Nizamabad mandal And district, Telangana district, Telangana Telangana - 503 230.503 230.230.

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And district, Telangana district, Telangana Telangana - 503 230.503 230.230. Defendant
Counsel for the Parties:
7qd J
For the Applicant ,.."ffin,
6
For the Defendant
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3 JUL zut
iiu "o
1. The Applicant Bank filed the Defendant for

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recovery of a total sum of Rs.29,92,102.47ps (Rupees Twenty

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Nine Lakhs Ninety Two Thousand One Hundred two and

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(OA.No.108/2024)

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paise forty seven only ) with interest @ 13olo p.a with monthly rests from 01.03.2024 till the date of realization;

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

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As per the averments in the application, the Applicant Bank states that defendant is the borrower who availed credit facilities for agricultural loans dated 20.07.2012. The defendant availed OD loan of Rs.6.00 lakhs by mortgage of schedule mentioned^property.The defendant executed agreement and deed for Kisan OD dated 20.07.2012. After availing the loan facilities, the defendant failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA and issued recall^notice dated 02.07.2022. Inspite of several^requests and^{demands, the} defendant did not clear the outstanding. Hence this OA.

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Defendant called absent and set exparte on 10.06.2024.

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Shri B. JaganNaik, Chief Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which^are marked as Ex.A.1 to A.B.

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Heard the Ld. Counsel for the

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0 3 luL 2Al
a.s.-,
rH

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(oA.No.108/2024)

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The^point that arise^{for consideration is whether the ApplicantBank is} entitled for the claim^{made in} the^{OA againstthe Defendantas} prayed for?

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Defendant called absent^{and set exparte.To substantiate the case} of the Applicant Bank,^{AW.1,official of the Applicant Bank was} examined and he exhibited^{relevant documents as Ex'Al to A'8' In} view of the above, I^{hold that the Applicant Bank has established} their claim made^{in the oA against the Defendant and hencethe} Applicant Bank is entitled^{to recover the claim 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 under:}

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a The Defendant is^{liable to pay to the Applicant Bank a total sum of} Rs.29,92,102.47ps^{(Rupees Twenty Nine Lakhs NinetyTwo} Thousand One Hundred^{two and paise forty seven only )with} interest @ 13olo^{p.a from 01.03.2024 till the date of realization;}

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The Applicant bank^{is entitled to proceed against the mortgaged} ards reaiization of^the

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property as described in debt due. i,,,. o 3 JU, against the Person

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The Applicant of the debt due.

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and properties of defeni

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(OA.No.108/2024)

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

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The Applicant shall file a cost memo within two weeks from the date of receipt of order.

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Issue Recovery ceftificate accordingly.

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Communicate a copy of the order to the^parties concerned.

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(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 3'd day of )uly, 2024)

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sdl_ (G. GOPICHAND) PRESIDING OFFICER

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)"**r5i-*'w DRr-t, u't :t:...-.ss9.

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Canara Bank v. Sri Gangadhar

Case brief

What is this about?

What did the court decide?

Canara Bank v. Sri Gangadhar

Case brief

What is this about?

What did the court decide?

What the court decided

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