Allowed

Canara Bank v. Sri Malli Govind @ Govindu

DRT4 Jul 2024OA/123/2024

Case brief

AI extract

What is this about?

In this Original Application filed by Canara Bank for recovery of dues against Sri Mallicovind @ Govindu, the Debt Recovery Tribunal allowed the application. The court held that the bank established its claim through documentary evidence and as a result, ordered the recovery of the principal amount along with future interest and costs.

What did the court decide?

Recovery of Rs. 20,82,102.94 with interest, costs, and proceedings against mortgaged/hypothecated assets allowed. Recovery certificate issued.

Canara Bank versus Sri Malli Govind @ Govindu — Contract and Commercial Disputes | 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.123 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-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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Sri Mallicovind @ Govindu, W/o Sarichand, Aged about 37 years, occ: business Male, R/o H.No.3-44/t, Chadmal village, Nerral Post, Gandhari Mandal, Nizamabad district, Telangana - 503 114. Defendant Counsel for the^pa For the Applicant Pisipati For the Defendantthe DefendantDefendant ,,i]

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For the Defendantthe DefendantDefendant

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The Applicant Bank filed the present OA against Defendant for recovery of a total sum of Rs.2O,g2,1O2,94ps (Rupees Twenty

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(OA. No.107/2024)

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Lakhs Eighty Two Thousand One Hundred Two and paise

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Ninety four only ) i.e.,

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a) A sum of Rs.t9,75,292.17ps towards loan account no.1657897000212 with interest @ 14.50o/o p.a with monthly rests from 0t.03.2024 till the date of realization;

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b) A sum of Rs.1,06,810.77ps towards loan account no.1657840003390 with interest @ L2.2Oo/o p.a with monthly rests from 0L.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 t9.04.2012. The defendant availed OD loan of Rs.4.50 lakhs by mortgage of schedule mentioned property. The defendant executed agreement and deed for Kisan OD dated 79.04.20t2. The defendant also availed Rs.1.00 lakh on hypothecation of standing crop on 29.0t.20t5. 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 20.05.20t7 and issued recall notice dated 02.07.2022. Insptte of severat ."orgfl,, futr1" defendant did not crear the outstanding. H"oi1..rfi;;;ffi^-U i; \ ii* .-\ o 4 Jrlr zmr l)l 4# ')

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(oA.No.10712024)

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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 marked as Ex.A.1 to A.19.

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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.19. 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^pa lica nt Bank a total sum of Rs.2o,82, 1O2.94ps f ndii.e&H khs Eighty Two Thousand One Hundred Two an paise fouronly )i.e., ,tiil- ?t.l7t

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(oA.No.107/2024)

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c) A sum of Rs.19,75,292.17ps towards loa n accou nt no.1657897000212 with interest @ 14.50% p.a from 01.03.2024 till the date of realization;

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d) A sum of Rs.1,06,810.77ps towards loan account no.1657840003390 with interest @ I2.2Oo/o p.a from 01.03.2024 till the date of realization;

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The Applicant bank is entifled 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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11' The Applicant Bank is also entitled to proceed against the person and properties of defendant towards realization of the debt due.

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

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13' The Applicant shall file 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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of the orOer to the parties concerned.

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corrected, signed and pronounced by me in the open

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*
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sdl(G. GOPTCHAND) DRT.I, HYTI.FP..1BAD.

Canara Bank v. Sri Malli Govind @ Govindu

Case brief

What is this about?

What did the court decide?

Canara Bank v. Sri Malli Govind @ Govindu

Case brief

What is this about?

What did the court decide?

What the court decided

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