Allowed

Canara Bank v. M/S. Blue Max Impex (India) Private Limited

DRT9 Feb 2024OA/243/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application by Canara Bank for recovery of outstanding loan amounts. The bank successfully established its claim against the defendant company and its guarantors absent from the proceedings.

What did the court decide?

Recovery of Rs. 8,69,07,316 with interest from the borrower; authority to proceed against hypothecated movables and mortgaged properties; costs.

Canara Bank versus M/S. Blue Max Impex (India) Private Limited — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERYTRIBUNAL.I AT HYDERABAD

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DATED THIS THE 9TH DAY OF FEBRUARY'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER OA.No.243 ol2023

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Between:

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Canara Bank, Pathergatty branch, Charminar, Hyderabad, Telangana State Represented by its Senior manager

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Applicant

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VERSUS

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1, M/s. Blue Max Impex (India) private Limited, represented by its Managing director, H.no.47-327 to 337/A,3.d floor, Sagar Plaza, Abids, Hyderabad- 01. 2. Sri Raj ku m a rHa rwa n i, s/o Late GiridhariHa rwani, aged major, occ: business, H. No.21-1-847-848, GHMC No. 197, Rikabgunj, Near Agarwal school, Pathergatty, Charminar, Hyderabad - 500 002. 3. SmtSeemaHarwani, w/o Sri RajkumarHarwani, aged major, occ: business, H.No.21-1-847 -848, GHMC No. 197, Rikabgunj, Near Agarwal school, Pathergatty, Charminar, Hyderabad - 500 002. 4. Ms. Bhavana Harwani, 7*'" D/o Sri Raj Kumar Harwani, f,P Aged major, occ: business, H.No.21- 1-847 -e48, GHMC No 97, Rikabgunj, Near Agarwal sch d#. -rS;"I

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(OA.No.2a3 of 2023)

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Pathergatty, Charminar, Hyderabad - 500 002.

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Sri Rakesh Anandesi, s/o Sri AnandesiNageswar Rao, aged major, occ: business, H.No.B-1-136/8, Seethanagar Colony, Shaikpet, Golconda, Hyderabad -500 008.

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Sri Mohammed Qamar, s/o Sri Mohammed Allauddin, aged major, occ: business, H. No.8- 1-398 / PM / 173, flat no.202, Paramount colony, Towlichowki, Gate no.3, Golconda, Hyderabad- 08.

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Sri MuralidharHarwani, s/o Late GiridhariHarwani, aged major, occ: business, H,No.21-1-847 -848, GHMC No. 197, Rikabgunj, Near Agarwal school, Pathergatty, Charminar, Hyderabad - 500 002. Defendants

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Counsel for the Parties:

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For the Applicant Sri Dishit Bhattacharjee For the Defendants Exparte

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ORDER

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The Applicant Bank filed the present OA against Defendants for recovery of a tota I of 69,O7,3LG1- (Rupees Eight Crores Sixty Nine La Three hundred and Sixteen only) i.e., a su#of Rs8,40,34,39 ith further interest @ loan and a sum of

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(oA.N0.243 of 2023)

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Rs.28,72,926,/- under FITL loan with further interest @ 13.05o/o p.awith monthly restsfrom 01.08.2023 till the date of realization and in default for sale of hypothecated movables and mortgaged properties as described in the schedule to OA,

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As per the averments in the apprication, the Applicant Bank states that defendant No,1 company avaired occ roan facirity of Rs.4.00 crores against hypothecation of stocks and book debts and equitable mortgage of immovabre properties more fuily described in the schedule to oA and also executed all necessary documents in favour of applicant bank. The defendant no.1 company avaired enhancement of occ facility from Rs.4.00 crores to Rs.6.00 crores on o2.t2.zorl. Defendants No.2 to 7 stood as guarantors and executed guarantee agreement on 02.12.2011. Defendant no.1 availed enhancement of occ loan from Rs.6.00 crores to Rs.7.00 crores and foreign retter of credit facility of Rs.2.o0crores on 23.O2.2Ol3.Defendant no,1 company availed renewal of occ loan facility of Rs.7.00 crores and enhancement of foreign retter of credit of rs.2.00 crores to Rs,5.00 crores against hypothecation of stocks and equitable mortgage of immovabre properties. Defendant no.1 company executed supplemental common hypothecation agreement for a sum of -.-...,!^{..,- '._..-} rs. 12.00 crores datqd''13.07i20tT j.Afur ' r'lr\ ''). availing the loan facilities, the defendants falled,io compty ,nu tbt&k of sanction, hence the r ,.1 account as NPA and

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(oA.No.243 of 2023)

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issued demand notice dated 14.07.2022 and auction sare notice dated 02.08.2023. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants No.1 to 7cailed absent and set exparte on 03.01.2024.

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shri G. Devi singh, Manager of the Appricant Bank examined himserf as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.86.

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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 agalnst the Defendants as prayed for?

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7 ' Defendants 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.86. 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 _^{-:. l: r li:::5.t}

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Applicant Bank is enti,tled to recov6r. claim made in the OA with future interest and cc

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(OA.No.243 of 2023)

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B. In the result, the present OA is allowed with costs, as under:

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9' The Defendants No.1 to 7 are joinfly and severaily riabre to pay to the Applicant Bank a total sum of Rs.g,69,O7,316/_ (Rupees Eight crores sixty Nine Lakhs seven thousand rhree hundred and Sixteen only) i.e., a sum of Rs8,40,34,390/_ with further interest @ 14.30olo p.a under OCC loan and a sum of Rs.2g,72,926/_ under FITL loan with further interest @ 13.05o/o p.afrom 01.0g.2023 till realization.

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The Applicant bank is entitred to proceed against the hypothecated movables and mortgaged properties as described in the schedules ..A &B" to OA towards realization of the debt due.

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the Applicant Bank is arso entiued to proceed against the person and properties of defendant No.2 to 7 and properties of defendant no.1 firm 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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The Applicant shall file a cost memo within two weeks from the date of receipt of order.

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I I iiB 202{

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(oA.No.243 of 2023)

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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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(Dictated to the p.A., transcrlb:g ^bl-her,^{corrected,signedand pronounced by me in theopen} court on this the 9th day of Feb'2024)

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sdl(G. GOPTCHAND) PRESIDING OFFICER

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TRUE COP}
0, s {*1ydI
Ass!. Ragjsfrar
DRT-T, HYDERA.!1A,'.

Canara Bank v. M/S. Blue Max Impex (India) Private Limited

Case brief

What is this about?

What did the court decide?

Canara Bank v. M/S. Blue Max Impex (India) Private Limited

Case brief

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What did the court decide?

What the court decided

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