Allowed

Canara Bank v. Siri Bassi Mangal Singh

DRT1 Jul 2024OA/117/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by Canara Bank for recovery of an agricultural loan account of Rs.27.45 Lakhs advanced to the defendant. The defendant appeared absent; the bank established its claim via documentary evidence. The tribunal held the bank entitled to the principal, future interest, and to enforce security.

What did the court decide?

Direction to defendant to pay Rs.27,45,167.46 with future interest and direction to proceed against mortgaged property and hypothecated movables for realization.

Canara Bank versus Siri Bassi Mangal Singh — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THrs rHE lst DAy oF JULY,2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFIcER

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OA.No.117 ol 2024

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Between:

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Canara Bank, Shivajinagar branch, KotagallyMunnuru Kapu Sangam, Beside Hanuman Temple, New MPL No.3-4-198 & 3-7-133, Kotagally, Maisammaveedi, Varni road, Nizamabad, Telangana -503 OO1. Rep by its authorized officer

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Applicant

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VERSUS

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SlriBassiMangal Singh, @ Mangal Chand, S/o B. Kishan @ Kishan, aged about 51 years, Occ: business, male, R/o H.No.5-1 42/ It, Sriramnagar Thanda, Mudakpally village, Nizamabad, Telangana - 503 230

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Also at

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R/o H.No.2-82, Beermalthanda, Durgam, Gandharimandal, Nizamabad dist,Telangana - Defendant

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Counsel for the^parties: For the Applicant i Pisipati For the Defendant

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(oA.No.1ul2024)

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ORDER

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The Applicant Bank filed the present OA against Defendant for recovery of a total sum of Rs.Z7,45,167.46ps (Rupees Twenty Seven Lakhs Forty five thousand One hundred Sixty Seven and paise forty six only) i.e.,

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a) A sum of Rs.26,49,236.72ps towards loan account no.1657897000207 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.95,930.74ps towards loan account no.1657840003381 with interest @ I2o/o 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 and hypothecated movables as described in the schedules "A to C,. to OA.

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As per the averments in the apprication, the Appricant Bank states that defendant is the borrower who availed credit facilities for agricultural loans dated 30.03.2012. The defendant availed oD loan of Rs.7.00 lakhs by mortgage of schedule mentioned properties. The defendant executed agreement and deed for Kisan oD dated 30.03.2012. The d vailed Rs.1.00 lakh and executed ural loans dated 29.01.2015. After availing the ndant failed to comply the 1 JUL terms of san ence the t bank was constrained to 'l..tl-n^A Ni;,ho,,

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(oA.No.t77 /202a)

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classify the account as NpA on 30.03.2015 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 03.06.2024.

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

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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 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.A1 to A.17. In view of the above, I hold that the Applicant Bank has established their claim made in the OA a Defendant and hence tne Applicant Bank is entitled made in the OA with future interest and costs. * 0 1 JUt. 2l[l B, In the result, the present OA. i\allowed *idf '''1'?"utv':.?;;:' ,^as under:

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(OA.N0.11712024)

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The Defendant is riabre to pay to the Appricant Bank a totar sum of Rs.27,4S,L6l.46ps (Rupees Twenty Seven Lakhs Forty five thousand One hundred Sixty Seven and paise forty six only) i.e.,

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a) A sum of Rs.26,49,236.72ps towards loan account no.1657897000207 with interest @ 13% p.a from 01.03.2024 till the date of realization;

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b) A sum of Rs.95,930.74ps towards loan account no.1657840003381 with interest @ t2o/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 movabres as described in schedures ..Ato C" to OA 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 rearization of the debt due.

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

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within two weeks from the date

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Issue

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(OA.No.117l2024)

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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 1st day of July,2024)

sdl(G. GOPTCHAND)

PRESIDING OFFICER

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Canara Bank v. Siri Bassi Mangal Singh

Case brief

What is this about?

What did the court decide?

Canara Bank v. Siri Bassi Mangal Singh

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

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Case details

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