Allowed

Canara Bank v. Mr. B. Samuel

DRT5 Nov 2024OA/227/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's original application seeking recovery of Rs.20.55 lakhs with interest from five defendants, noting the claim against one deceased defendant was dismissed, and issued a recovery certificate.

What did the court decide?

Defendants 1 to 5 ordered to pay Rs.20,55,785.57 with future interest at 6% p.a.; recovery certificate issued.

Canara Bank versus Mr. B. Samuel — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL.I AT HYDERABAD DATED THIS THE 5TH DAY OF NOVEMBER' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.227 ot 2024

¶4

Between:

¶5

Canara Bank, (E-Syndicate Bank), Bhongir branch,^yadadri Bhuvanagiri district, Telangana State Represented by its Chief Manager

¶6

Applicant

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VERSUS

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Mr. B. Samuel, S/o Sri B. Sayanna, male, Major, H.No. l-74, Bardipur Village, Jharasanga mmandal, Sangareddy district, TS.

¶9

Mr. B. Srisailam, s/o Sri B. Anjigonda, male, major, R/o Potpally village, Jharasangammandal,

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Sangareddy district, TS.

¶11

Mr. B. Mallesh,
s/o Sri B. Bichagonda, male,
major, R/o Potpally village,
Jharasangammandal,
Sangareddy district, TS.
,;::;;;r_<i1*.
4. Mrs. B. Jyothi, '" .-' alA;? 4ftJi rflS3]til" ra^.t'r.''"i.
w/o Sri B. Samuel, male, .." ffi "&;-:._
major, H.No. !-74, Bardipur ,i q# IH "i
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¶12

(oA.No.227 /2024)

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Mr. E. Mogulaiah, S/o Sri Bichhappa, male, Major, R/o Potpally village, Jharasangammandal, Sangareddy district, TS.

¶14

Mr. B. Chandrappa, (died) s/o Sri Sayanna, male, major, R/o Bardipur village, Jharasangammandal, Sangareddy district, TS.

¶15

Defendants

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Counsel for the^parties:

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For the Applicant

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For the Defendants

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Sri Gampa Rangaiah Exparte

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ORDER

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1' The Applicant Bank filed the present oA against Defendants for recovery of a total sum of Rs.2o,55,7gs.szps (Rupees Twenty Lakhs Fifty Five Thousand seven hundred Eighty five and paise Fifty Seven onty) ie.,

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a) A sum of Rs.3,75,625.37ps against defendants 1,5 & 6 with future interest @ 9.55o/o p.a with half yearly rests from 01.04.2024 till the date of realization;

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b) A sum of Rs.8,43,917.38ps defendants !,2 & 3 with

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future interest @ 9.25o/o p.a half yearly rests from

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01.04.2024 tiil the dEte

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:;-'"' .,

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lOA.No.227l2o24l

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c) A sum of Rs.7,35,857.97ps against defendants 1,2 & 4 with future interest @ 9.25% p.a with half yearly rests from 0L.04.2024 till the date of realization;

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d) A sum of Rs.1,00,384.85ps against defendants 1,5 & 6 with future interest @ 9.25olo p,a with half yearly rests from 01.04.2024 till the date of realization;

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and in default for sale of hypothecated movables and mortgaged property as described in the schedule to OA.

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As per the averments in the application, the Applicant Bank states that defendant No.1 availed agricultural loans viz., a sum of Rs.1,13,000/- for purchase of farm machinery, a sum of Rs.3.00 lakhs under Kissan Credit Scheme; a sum of Rs.2,50,000/- for purchase of Trailor under Farm machinery scheme and a sum of Rs.90,000/- for purchase of Motor pump set under minor irrigation. Defendants no.2 to 6 stood as guarantors and executed deed of guarantee for the loan availed by defendant no.1. The loan facilities are primarily secured by hypothecation of Tractor, Troller, Pumpsetetc as described in Schedule I to OA. The loan facilities are also secured by mortgage of immovable property belonging to defendant no.1 more fully .\a{ n the schedule II to OA. After 9aft,.*r availing the loan faci to comply the terms of sa nction, he I applicant bank wa1{nstrained to classify the * account as NPA ao.BoSU['6^202[no oir"d tesat notice dated

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lOA.No.227 /2024]'

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24.04.2024. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

¶34

Defendants No.1 to 5 called absent and set exparte on 02.09,2024. Defendant No.6 expired and steps not taken agalnst D.6. hence the claim against defendant no.6 is dismissed.

¶35

Sri P. SrujanKumar, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.39.

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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?

¶38

Defendants 1 to 5 remained exparte. The claim against Defendant no.6 was dismissed. 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.39. In view of the above, I hold that the Applicant Qq.nk:fa$ blished their claim made in the OA .. -.., - Applicant Bank is entitled to re interest and costs. .. E "-^{0 5 r{0uml}

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h,@

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(oA.No.227 /2oz4l

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B. In the result, the present OA is allowed with costs, as under: The Defendants No.1 to 5 are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.20,55,78S.57ps (Rupees Twenty Lakhs Fifty Five Thousand Seven hundred Eighty five and paise Fifty Seven only) ie.,

¶42

a) A sum of Rs.3,75,625.37ps against defendants 1 & 5 with future interest @ 60lo p.a from 01.04.2024 till the date of rea lization ;

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b) A sum of Rs.8,43,917.38ps against defendants 1,2 & 3 with future interest @ 60lo p.a from 0t.04.2024 till the date of realization;

¶44

c) A sum of Rs.7,35,857.97ps against defendants 1,2 & 4 with future interest @ 6% p.a from 0L.04.2024 till the date of realization;

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d) A sum of Rs.1,00,384.85ps against defendants 1 &5 with future interest @ 60lo p.a from 01.04.2024 till the date of realization;

¶46

The Applicant bank is entitled to proceed against the hypothecated movables and mortgaged property as described in schedule to OA

¶47

towa rd s reaIzdtisn due.
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¶48

loA.No.227 /2024)

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The Applicant Bank is also entitled to proceed against the person and properties of defendants No.1 to 5 towards realization of the debt due.

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11, 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 certificate accordingly.

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Communicate a copy of the order to the parties concerned.

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(Oictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 5th day of Nov, 2024)

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sdl_ (G. GOPTCHAND) PRESIDING OFFICER

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¶57

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¶58

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Canara Bank v. Mr. B. Samuel

Case brief

What is this about?

What did the court decide?

Canara Bank v. Mr. B. Samuel

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

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