Allowed

Canara Bank v. Smt . Bandameedhi Jyothi

DRT27 Sept 2024OA/226/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the bank's original appeal for recovery of approximately Rs. 23.46 lakhs from four defendants, holding them jointly liable with interest and permitting recovery from securities.

What did the court decide?

Applicants directed to recover Rs. 23,46,748.14 along with future interest and costs; authority permitted to proceed against hypothecated and mortgaged properties.

Canara Bank versus Smt . Bandameedhi Jyothi — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD DATED THIS THE 27TH DAY OF SEPTEMBER'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.226 of 2024

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Between:

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Canara Bank, (E-syndicate bank), Bardipur branch, Jharasangammandal, Sangareddy district, Telangana state - 502 246. Represented by its Br. Manager

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Applicant

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VERSUS

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SmtBandameedhiJyothi, w/o Sri B. Samuel, female, major, R/o H.No.1-74, Bardipur village, Jharasanga mmandal, Sangareddydist - 502 246, Telangana State.

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Mr. Bandameedhi Samuel, s/o Sri B. Sayanna, male, major, R/o H.No.1-74, Bardipur village, Jharasangammandal, Sangareddydist - 502 246, Telangana State.

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Mr. B. Srisailam, s/o Sri B. Anjigonda, male, major, R/o Potpally vi[age, Jharasangammandal, Sangareddydist - 502 246, Telangana State.

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(0A.226 of 2024)

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Mr. B. Mallesh, s/o Sri B. Bichagonda, male, major, R/o potpally viilage, J na rasa nga m ma n da l, Sangareddydist _ 502 246, Telangana State.

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Defendants

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Counsel for the parties: For the Applicant For the Defendants

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Sri Gampa Rangaiah Exparte

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ORDER

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The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.23,46,74g.14ps (Rupees Twenty three Lakhs Forty Six thousand Seven hundred Forty Eight and paise fourteen only) i.e.,

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a) A sum of Rs.g,77,O71.g0ps from defendants 1to 4 with future interest @ g'550/o p'awith harf yearry rests from 0r.04.2024 ti, the date of realization ;

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b) A sum of Rs.11,76,332.83ps from defendants 1,2 & 3 with future interest @ 9.25olo p.a with half yearly rests from Ol.O4.2OZ4 till the date of realization ;

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c) A sum of Rs.1,g9,551.5 m defendants 1,2 & 4 with future interest @ 9.25% rests from 01.04.2024 til ffi the date of rea iton; e? * and in default sared 6[Eo?fl!.ut"tr a.E ovables and mortgaged property as oA. S;xt'iP

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1CA.226 of zO24)

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As per the averments in the application, the Applicant Bank states that defendant No.1 arong with defendant who is her husband avaired agricurturar credit roan to a tune of Rs.B.25 rakhs vide sanction retter dated 29.07.2013. The defendants l and 2 executed demand promissory note, agreement for agricurtural advances dated 29.07.20L3. Defendants 3 & 4 stood as guarantors and executed deed of guarantee on 29.07.20L3. Defendants I and 2 purchased a tractor and hypothecated the same to the applicant bank. The defendant no.1 also availed Rs.1,50,000/_ under Kisan Credit card scheme on L2.04.20L4 and also a sum of Rs.50,000/_ under KissanTatkal Scheme and a sum of Rs.2,50,00 O/_ for purchase of farm machinery (Trailor) vide letter dated 2l.tL.2OL5. On 02.06.2016, the defendant no.1 availed a sum of Rs.90,000/_ for purchase of pumpset and defendants 2 & 4 stood as guarantors and executed deed of guarantee. The above roan facirities are primariry secured by hypothecation of tractor, trorey, pumpsetsetc and arso secured by mortgage of immovabre property more fury described in the schedule I and II to OA. After availing the loan facilities, the defendants failed to comply the terms of sanction, hence the appricant bank was constrained to crassify the account as NpA on 37.07.2018 and issued legal 4.04.2024. Inspite of severat requests ano oeTi(ds]'tf,' did not clear the .i* outstanding. Hence this B{. (J ?7SEP47q .j:

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10A.226^{of 20241}

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Defendants No.1to 4 calted absent and set exparte on 02.09.2024.

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Sri P. SrujanKumar, Manager of the Applicant Bank examined himself as AW.1 and exhibited releva nt documents, which are marked as Ex.A.1 to A.47.

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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 Defendants as prayed for?

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Defendants 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.47. In view of the above, I hord that the Appricant Bank has estabrished their claim made in the OA against the Defendants and hence the Appricant Bank is entiued to recover the craim 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: The Defendants are jojggrA+severally liable to pay to the App illi ca nrnt 6a an Kk a t gr4hsorng; #k T\R ,748.14ps^(Rupees Twenty three La4hs/'Hortv s#,or#ai hundred Forty ii 17(ED,rmr^* Eisht and o',"" rq.ffii.r2ol'$5P,l&!,_ j

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10A.226^{of 20241}

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a) A sum of Rs.9,77,071.80ps from defendants 1 to 4 wlth future interest @ 9.55o/o p.a from 01.04.2024 till the date of realization;

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b) A sum of Rs.11,76,332.83ps from defendants 1,2 & 3 with future interest @ 9.25% p.a from 01.04.2024 till the date of realization;

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c) A sum of Rs.1,89,551.52ps from defendants 1,2 & 4 with future interest @ 9.25% p.a from 01.04.2024 till the date of realization;

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The Applicant bank is entitred to proceed against the hypothecated movables and mortgaged property as described in schedule "I & II" to OA towards realization of the debt due.

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The Applicant Bank is also entitled to proceed against the person and properties of defendants towards rearization of the debt due.

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The Applicant Bank is entitled to 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
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"q&ii,#

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(0A.226 of 2024)

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L4. 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 27th day of Sept, 2024)

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sdl - (G. GOPTCHAND) PRESIDING OFFICER

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Canara Bank v. Smt . Bandameedhi Jyothi

Case brief

What is this about?

What did the court decide?

Canara Bank v. Smt . Bandameedhi Jyothi

Case brief

What is this about?

What did the court decide?

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