Allowed

Canara Bank v. M/S Asad Corporation

DRT7 Feb 2024OA/17/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the bank's Original Application for recovery of dues totaling Rs. 24,22,763,57/- jointly and severally from the respondents, along with future interest and costs, securing the claim against hypothecated assets.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 24,22,763,57/- with 8.90% simple interest; claim secured by hypothecated assets; bank entitled to proceed against assets, defendants, and their prope

Canara Bank versus M/S Asad Corporation — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-]I AT HYDERABAD DATED THIS THE 7th DAY OF FEBRUARY, 2024 PRESENT: SH. RAMESHWAR KO.

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r^ugo,rlTifl.tffl'^{L L B' (Hons), M.A.}

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oRIGINAL APPLICATIoN No. 17 oF 2023

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Canara Bank, Balanaoar. H ydera bad - 5ooo3 7 Rep by its authorized representative.

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.Applicant.

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Versus

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Y{r: 1:"g corporation # r_Lrb Fathe Naoar. Balanaqar Manaai 1y.".9:n1,,^{MatkaJsiiicircre 34,} Hyderabad, Tela nga na_ 5O 0 O4 7. Rep by its proprietor.

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!i: t4ohammed Asad Khan,
i/^"^.T?!" llo rmthiyaz Khan,
Aged about 25 years.
Occ:Business, il. frro. j r r.
5y. No.433, shahabad,
Telangana_509217

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Defendants.

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Counsel for the Applicant : Ms. A. Sravanthi Defendants : Exparte.

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ORDER

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The Applicant Bank filed the present OA for the recovery of a total sum of Rs.24,22,763,57ps join,y and severally from the defendants 1 & 2 with interest 619.99o7o per annum from the date of Application till the date of realisation alono wirh .^"r.

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and sale of oA schedule assets. ,fA"V..-.i a^'1>

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oA.17/2023

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Summons were^{set ex-parte served on on D1 18'08'2023' & 2 through as paper publication' called absent and Theyno} rePresentation'

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The Applicant AW-1^{and marked Bank examined 15 documents Amar through Singh' Senior him as Manager Ex' A'1 asto} Ex.A.15.

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Learned passed^{on counsel merits' for the Perused appricant the material bank reported orders may placed on record'be}

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q The^{point that arises for considerationis:-}

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W hether^{the Appticant B? nk} ::^entitled fo' tn"'r;iu'i'^{iaae in the} 'oA'against the^{oJiJ''atuntt and oA Schedule} hYPothecated^vehicle?

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As stated^{supra' defendantsremained ex-parte' The Evidence} Affidavit^{coupled *'tn tn" recitals in the documents viz" Exs' A1} to A.15^{markedon behalf of the Applicant Bank clinchesthe} claim^{of the Applicant Bank against the Defendants'Hence'I} hold^{that'the OefenOantsare jointly and severally liable to pay} the^{OA claim to the Applicant Bankwith future interestand} costs'

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7.^{In the result'the present Original ApplicationNo'17/2023 is} allowed^{as under: -}

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the defendants^{are jointlyand severallyliable}

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i) to^{pay to the Applicant Bank a sum of Rs'} Rs'2+"22'763'57ps^{with futureinterest} l,' AW,^<4,

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oA.17/2023

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@8.90olo p.a. simple from the date of application till the date of realization;

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ii) the OA claim is secured by way of hypothecation of assets described in the schedule annexed to the OA and the applicant bank is entitled to proceed against the same for recovery of its dues;

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iii) the applicant bank is also entiUed to proceed against the person and properties of the defendants for realization of its dues; and

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iv) the applicant bank is entitled for the costs.

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8' The Appricant Bank is directed to fire cost Memo within 2 weeks from the date of receipt of this Order,

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Issue Recovery Certificate accordingly.

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Communicate a copy of this order to the parties concerned. (Dictated to the steno, signed and pronounced Uy r" i,itn" open court on this the 7th day of February, 2024).

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H6*q (RAMESHWAR KOTHE) PRESIDING OFFICER

Canara Bank v. M/S Asad Corporation

Case brief

What is this about?

What did the court decide?

Canara Bank v. M/S Asad Corporation

Case brief

What is this about?

What did the court decide?

What the court decided

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