Allowed

Canara Bank v. Dr P M, Lakshmi Prasad

DRT13 Aug 2024OA/239/2023

Case brief

AI extract

What is this about?

In an original application for debt recovery, the DRT-II admitted the bank's claim without opposing evidence. The court awarded recovery of the principal amount, interest, costs, and authorized proceeding against secured and personal assets of the defendant.

What did the court decide?

Order allowed for Rs. 34,72,442-50 p.a. with future interest and costs; Applicant entitled to proceed against secured and personal assets for realisation; Recovery Certificate issued.

Canara Bank versus Dr P M, Lakshmi Prasad — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 13rh DAy OF August, 2024. PRESENT: SH. RAMESHYLI-OIHE,B.Com, L.LB. (Hons.), M.A. PRESIDING OFFICER

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oA. NO. 239 0F 2023

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Canara Bank, Anantapur Main Branch- 1, Ananthapuram u, Andhra Pradesh. .... Applicant. Versus 1. Dr. P.M. Lakshmi prasad, S/o. Late^p.M. Gurumurthy, 28-4-305-1, lst Floor, Alekkya Building, Vijaya Nagar Colony, Beside Reliance petrol Bunk, Bangalore Road, Anantapuramu, Andhra^pradesh. Also, at: - D-No, 12-324, Near Bank of India, 80 feet Road, Surya Nagar, Below Satish Endo Care, Anantapuramu-515001. .... Defendant. Counsel for the Applicant : Mr. Alluri Krishnam Raju Defendants : Ex-parte. :: ORDER ii -V\t*^-,.* /--{$"'

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The Applicant^{filed the presentOA for the recoveryof a sum of} Rs.34,72,442-'5Ops^{from the Defendant in TermLoan together}

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with^{future interest 9'B0o/op'a' overdue interestper annum} compounded^{monthlyrests' from 01'OB'2022till realisation} along^{with costs and sale of OA schedule assets'}

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The defendant^{were set exParte'}

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.) The^{Applicant Bank examinedS' SadaqVali' Branchas AW-1} and^{marked Ex' A-1 to Ex' A-10 documents'}

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Heard^{the Ld' Counselfor the Applicant'perused the material} placed on^record'

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The^{point that arises for considerationis:-}

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whether^{the Applicant is entitled for} OA claim^{againstthe Defendants as} PraYed^{for schedule assets?}

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Inabsenceanymaterialtorebuttheapplicant'spleadings'I hold that^{the Defendants D1 is liable to pay the OA claim to the} Applicant^{Bank with futureinterestand costs'}

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Intheresult,thepresentorigina|ApplicationNo.23g12023is allowed^{for Rs' 34,72'442'5lpswith future interest @11'05o/o} p.a. simple^{from the date of OA till realisation with costs'the} applicant^{is also entitled to proceed against the secured assets} and^{personalproperties of defendantsfor realisation of its dues'} /ffi-n

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B. The Applicant is directed to file Cost Memo within 2 weeks from the date of receipt of this Order.

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Issue Recovery Certificate according ly.

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Communicate a copy of this order to the parties concerned and upload on Web Portal

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(Dictated to the steno, signed and pronounced by me in the open court on this the 13rh day of August, 2024).

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(RAMESHWAR KOTHE) PRESIDING OFFICER

Canara Bank v. Dr P M, Lakshmi Prasad

Case brief

What is this about?

What did the court decide?

Canara Bank v. Dr P M, Lakshmi Prasad

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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