Allowed

Canara Bank v. Smt Manga Sabutra @ Subutra

DRT4 Jul 2024OA/122/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's original application for the recovery of outstanding agricultural loans and interest from the defaulted borrower, entitling the bank to proceed against mortgaged and hypothecated assets.

What did the court decide?

The defendant to pay Rs. 25,90,723.79 and future interest on two accounts; the bank entitled to realize the debt from mortgaged, hypothecated assets and the defendant's person and properties.

Canara Bank versus Smt Manga Sabutra @ Subutra — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 4TH DAY OF JULY'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.122 ot 2024

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Between:

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Canara Bank, Shivajinagar branch, KotagallyM unnuruKapu Sangam, Beside Hanuman Temple, New MPL No.3-4-198 & 3-7-733, 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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Smt Manga Sabutra @ Subutra, W/o Sajanlal @ Sajjan Lat, Aged about 51 years, occ: business, Female, R/o H.No.3-25, chadmal Village, Neral post, Gandharimandal, Nizamabad di f:,:fl!:lf:$j, Derendant ::%€%+\ H r'.i.r-r. ti .4'J, tr9 i\ counsel for the parties:^'ii +j, " ii; ' o q ',uL^zmt '7 . For the Applicant Smt Tagngini^pisipati ForrheDefendanr 1.:-i,. .KM#.?-s;.,, ORDER

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The Applicant Bank filed the present OA against Defendant for recovery of a total sum of Rs.zS 90,723.79ps (Rupees Twenty

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Five Lakhs Ninety Thousand Seven hundred Twenty three and paise Seventy Nine only ) i.e.,

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(OA.No.122 of 2024)

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a) A sum of Rs.23,23,690.64ps towards loan account no.1657897000211 with interest @ 14.50o/o p.a with monthly rests from 0L.03.2024 till the date of realization;

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b) A sum of Rs.2,67,033.1sps towards loan account no.1657840003442 with interest @ 72o/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 assets 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 05.04.2012. 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 05.O4.2012. The defendant also availed Rs.1.00 lakh on hypothecation of standing crop on 03.02.2015. 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 on 20.05.2017 and issued recall notice dated Q2:07.2022. Inspite of several requests and ant did not clear ,$

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the outstanding. Hence this

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Ml*

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Defendant called absent and set expa rte

r,i..

(OA.No.122 of 2024)

Shri B. laganNaik, Chief Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.18.

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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 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.18. 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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B. In the result, the present OA is allowed with costs, as under:

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The Defendant is liable to nt Bank a total sum of Rs.25,9O,723.79ps (F Lakhs Ninety paise Seventy

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(oA.No.122 of 2024)

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a) A sum of Rs.23,23,690.64ps towards loan account no.1657897000211 with interest @ t4.5Oo/o p.a from 01.03.2024 till the date of realization;

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b) A sum of Rs.2,67,033.15ps towards loan account no.1657840003442 with interest @ L2o/o p.a from 0L.03.2024 till the date of realization;

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The Applicant bank is entitled to proceed against the mortgaged property and hypothecated assets as described in schedule to OA towards realization of the debt due.

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The Applicant Bank is also entifled to proceed against the person and properties of defendant towards realization of the debt due.

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

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

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Issue Recovery

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in the open

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sd/(G. GOPTCHAND) ESIDING OFFICER n(,yE# ,^{,r{;,i*{;:!.::,_}

Canara Bank v. Smt Manga Sabutra @ Subutra

Case brief

What is this about?

What did the court decide?

Canara Bank v. Smt Manga Sabutra @ Subutra

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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