Allowed

Canara Bank v. M/S Sri Lakshmi Srinivasa Food Products

DRT23 Sept 2024OA/255/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's original application for recovery of dues totaling approximately Rs. 28.53 lakh. The respondent was declared liable to pay the principal amount along with future interest and costs, with the claim secured by hypothecated assets.

What did the court decide?

Direction to pay Rs. 28,53,049.92 with future interest @ 8.30% p.a., plus costs, secured by hypothecated assets; issue Recovery Certificate.

Canara Bank versus M/S Sri Lakshmi Srinivasa Food… — Contract and Commercial Disputes | DRT (2024)

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IN THE^{DEBTSRECOVERYTRIBUNAL-II AT HYDERABAD} DATED^{THISTHE 23RDDAY OF SEPTEMBER'2024}

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PRESENT:^{SH. RAMESHWAR KOTHE,B.COM', L'LB.(HONS'), M.A.} PRESIDING OFFICER

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ORIGINAL^{APPLICATiONNo: 255 OF 2024}

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M/S.CANARA^BANK Specialized^SMEBranch, Kurnool at^Chennamma Circle^{Branch, Kallur - 518003'} Rep. by^{its Authorized Signatory'}

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.....ApPlica^nt.

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Versus

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tvl/s.Sri Lakshmi^{Srinivasa Food Products} Reo bv its ProPrietor Smt.M.Kalpana,^{W/o.Sri M. Murali Krishna,} Aoed about^{42 Years, Occ: Business,} sied No.F-5, Industrial^{Estate, Kallur,} Kurnool - 518003.

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Also at:-

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H. No.B1-2-^{1- 1, Ground Floor,} Raqhavendra^{Naqar, Near ITCCompany,} raiiur Industrial^Estate -^518003.

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...Defendant

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Counsel for the Applicant : Ms sangeeta^Jaiswal

Defendant

: Ex-Parte

:: Q-LLqB^::

The Applicant^{Bank filed the present OA for the recoverya total} sum of Rs.28,53,049.92ps^{i.e., a sum of Rs'15,26,99103ps} under A/c. No.170001073653^{with future interest@ 14'5070} rut*t-

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oa.No,2s5l2024

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inclusive of 2o/o penal interest, a sum of Rs.10,65,186.31ps under A/c. No.12 SOOO7I2B74 with future interest @ 13.05o/o p.a. inclusive of 2o/o penal interest and a sum of Rs.2,61,872.58ps under A/c. No.170004163430 with future interest @ 77.25o/o p.a. inclusive of 2o/o penal interest from the defendant frcm 17.04.2024 till the date of realization atong with costs and in default for sale of hypothecated assets.

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Summons sent to sole defendant returned with endorsement refused hence, deemed to be served and was set ex_parte on 26.06.2024 as called absent and no representation.

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The Applicant Bank examined Bolisetty Sivaraj Netha, Servtce, as AW-1 and marked 25 documents through him as Ex.A.1 to Ex.A.25.

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Heard the Ld. Counsel for the Applicant Bank. perused the material placed on record.

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The point that arises for consideration is:_

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Whether the Applicant Bank is enti ed for the claim made in the OA against the Defendant and OA hypothecated assets 2

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As stated supra, the Defendant remained ex-parte. The Evidence Affidavit coupled with the recitals in the docu ments viz., Exs.A.1 to A.25 marked on behatf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendant. ?w*"

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oA'NO'255/2024

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Hence,^{I hold that the Defendant is liable to pay the OA claimto} ,n" orr'o""^{Bank with futureinterestand costs'}

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Intheresult,thepresentOriginalApplicationNo'255/2024is allowed^{as under: '}

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The Defendant^{is liable topay tothe}

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i) '' oro,,.un,^{Bank a sum of Rs 28'53'049'92ps} of Rs^{15'26'99103PSunder}

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i."., u^," A/c.No.170001073653'^a sum of u nder

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Rs.10,65,186.31PS A/c.No.125000112874^{and a} sum^ul u nder

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Rs.2,61,872.58ps A/c. No.170004163430^{with future interest @} 8.30o/o^{p.a. simple from the date of} application^{tilt the date of realization;}

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ii) the oA claim^{issecured bY waY of} hypothecation of^{assets describedln the} schedule annexed to^{the OA and the} applicant bank^{is entitledto proceed against} the same to reallse^its debt;

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

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iv) the applicant bank is entitled for the costs.

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/1u*6'"-

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oA.NO.zss/2024

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B. The Applicant Bank is directed to file 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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3?[.I',: i'r:i:"i"il;I".fl"'i : o rd e r to th e pa rri es co n cern ed. this the 23'd ;.;;;;;;#;:;?r15:"'^{and pronounced} by me in the open lourt on flw*

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ffiNesnwnR KorHE) PRESIDING OTTTCCN

Canara Bank v. M/S Sri Lakshmi Srinivasa Food Products

Case brief

What is this about?

What did the court decide?

Canara Bank v. M/S Sri Lakshmi Srinivasa Food Products

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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