Allowed

Canara Bank v. Sri Bassi Indhal Singh

DRT3 Jul 2024OA/109/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal, Hyderabad allowed an onionment for recovery of Rs.22,70,305.46 including principal, interest, and costs from the defaulting borrower, authorizing proceedings against mortgaged and hypothecated properties.

What did the court decide?

Ordered Defendant to pay Rs. 22,70,305.46 with future interest; Bank entitled to proceed against mortgaged/hypothecated properties; Issue Recovery Certificate.

Canara Bank versus Sri Bassi Indhal Singh — Money Laundering | DRT (2024)

¶1

IN THE DEBTS^{RECOVERYTRIBUNAL-IAT HYDERABAD}

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DATED THIS THE^{3RDDAY OF IULY'2024}

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PRESENT: SRI^{GUMMADI GOPICHAND,PRESIDING OFFICER}

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OA.No.1O9 ot²⁰²⁴

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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-L33,^KotagallY, Maisammaveedi,^{Varni road,} Nizamabad,^{Telangana -503 001'} Rep bY its^{authorized officer}

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Applicant

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VERSUS

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SlriBassilndhal^Singh, S/o Bassisajjan^{Lal &Sajjan Singh,} aged about^537Years, Occ: business,^male, R/o H.No.2-78,^{chadmalthanda,} Chadmal^{village,Gandharimandal,} Nizamabad,^{Telangana- 503 114'}

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Defendant

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Counsel^{for the Parties:}

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For the APPlicant

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For the Defendant

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: Smt Tarangini^PisiPati

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: ExParte

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ORDER

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The^{APP|icant Ban}

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recoverY^of

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Two Lakhs

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OA against^{Defendant for}

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.46ps^{(RuPees TwentY}

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undred^{Five and} Paise

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Forty

¶24

(oA.No.109/2024)

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a) A sum of Rs.22,49,460.36ps^{towards loan account} no.1657897000201 with^{interest @ 13olo p'a with monthly rests} from 01.03.2024 till^{the date of realization;}

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b) A sum of Rs.20,845'1ops^{towards loan account} no.1657840003159^{with interest@ 12olo P'a with monthlyrests} from 01.03.2024^{till the date of realization;}

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and in default^{for sale of mortgaged property and hypothecated} movables as^{described in the schedules"A &B" to OA'}

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As^per the^{avermentsin the application'the ApplicantBankstates} thatdefendantistheborrowerwhoavailedcreditfacilitiesfor agricultural^{loansdated 28'03'2012'The defendant availedOD loan} of Rs.5.00^{lakhs by mortgage of schedulementioned properties'} The defendant^{executed agreementand deed for Kisan OD dated} 30.03.2012.^{The defendant also availedRs'30'000/-and executed} agreement^{of hypothecationfor agriculturalloansdated 2L'09'2012'} Afteravailingtheloanfacilities,thedefendantfailedtocomplythe terms of^{sanction,hence the applicantbank was constrainedto} classify the^{account as NPA and issued recall noticedated} 02.07.2022.^{Inspite of several requests and demands'the}

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defendant^{did not clear the} nding.^{Hence ttis OA.}

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Defendant^called

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0.06.2024.

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(oA.No.109/2024)

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Shri B. JaganNaik, Chief Manager of the^{Applicant Bankexamined} himself as AW.1 and exhibited relevant documents,^{which are} marked as Ex.A.1 to A.17.

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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^{ApplicantBank is} entitled for the claim made in the OA against the Defendant as 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.A1 to A.17. In view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendant and hence the Applicant Bank is entitled to recover the claim made in the OA with future interest and costs.

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In the result, the^present OA is allowed with costs, as under:

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The Defendant is liable to^pay to the Applicant Bank a total sum of Rs.22,7O,3O5.46ps (RuCeey Lakhs Seventy Thousand Three hundred only) i.e.,

¶39

(oA.No.109/2024)

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a) A sum of^{Rs.22,49,460.36Ps} towa rds loan account no.1657897000201^{with interest@} l3o/o P.a from 01.03,2024 till the date of^realization;

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b) A sum^{ofRs.20,845.10Ps} towards loan account no.1657840003159^{with interest @} l2o/o 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} property and^{hypothecated movablesas describedin schedules "A} and B" to^{OA towards realization of the debt due'}

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The^{Applicant Bankis also entitled to proceed againstthe person} and^{properties of defendant towards realization of the debt due'}

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The^{Applicant Bankis entitledto 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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by her, corrected, signed and pronounced by me in the open
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Canara Bank v. Sri Bassi Indhal Singh

Case brief

What is this about?

What did the court decide?

Canara Bank v. Sri Bassi Indhal Singh

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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Case details

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