Allowed

Canara Bank v. M/S. Aam Hospitals

DRT26 Feb 2024OA/263/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the application filed by Canara Bank against M/s. AAM Hospitals and a proprietor for recovery of Rs. 33,39,093.73 with interest, noting the defendants were absent during proceedings.

What did the court decide?

Recovery of Rs. 33,39,093.73 with future interest at 17.95% p.a. from 01.09.2023 onwards, costs of OA, and proceeding against hypothecated properties for realization.

Canara Bank versus M/S. Aam Hospitals — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THIS THE 26THDAY OF FEBRUARY' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.263 ot 2O23

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Between:

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Canara Bank, Branch ofFice at Shivajinagar 10-1-55, Bada Bazar, Shivajinagar, Nizamabad, Telangana - 503 001. Represented by its Authorised Officer

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Applicant

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VERSUS

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M/s. AAM Hospitals,

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A Proprietorsh ip concern, Represented by its Proprietor

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Mr. Mohd Abdul Feroz,

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S/o Abdul Nabi, aged about 37 years,

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Occ: business, male,

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H.No.5-6-522, yendala towers lane, Pragathinagar, Nizamabad, Telangana - 503 001.

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Mr.Mohd Abdul Feroz,

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s/o Abdul Nabi, aged about 37 years,

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occ: business, male,

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R/o H.No.9-16- 1 10, Ahmedpura Colony, Gajulpet, Nizamabad, Telangana - 503 001. Defendants

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Counsel for the Parties:

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For the Applicant Tarangini Pisipati
For the Defendants rte
2$rtsml

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(oA.No.263l2023)

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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.33,39,093.73ps (Rupees Thirty three Lakhs Thirty Nine thousand and Ninety Three and paise Seventy three only) with interest @ 17.95o/o p.a with monthly rests from 01.09.2023 till the date of realization and in default for sale of hypothecated property as described in the schedule "A" to oA.

¶24

As per the averments in the application, the Applicant Bank states that defendant No.2 was carrying on business in the name and style of M/s. Aam Hospitals i.e., Defendant no.1 availed OD limit of Rs.30.00 lakhs vide sanction memorandum dated 23.02.2022. fhe said loan was secured by hypothecation of schedule A property as mentioned in the schedule to OA, The defendants executed cash credit agreement, letter of proprietorship dated 23.02.2022. After availing the loan facilities, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA on 01.05.2023 and issued recall notice dated 05.05.2023. Inspite of several requests and demands, the defendants did not ctear tnii6u'tHi g. Hence this OA.

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,: ;: Fl, ' '. .? i1\ 2 Defendants 1 and'2,called absent and set rte on 19.01.2024. i,^' ?tit-??l7l i'_ t. "i'

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(OA. No.26312023)

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Shri TanishSadana, Chief Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.8.

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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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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.B. 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 Applicant Bank is entitled to recover the claim 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:

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liable to pay to the Applicant Bank a total (Rupees Thirty three Lakhs Tharty Ninety Three and J^z6FrBzrzr : Fl 3

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(oA.No.263l2023)

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paiseseventy three only)

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with interest @ 17.95olo p.afrom

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01.09.2023 till realization.

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The Applicant bank is entitled to proceed against the hypothecated movables as described in schedule "A" 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 No.2 and properties of defendant no.1 firm towards realization 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 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., transcribed by her, corrected, signed and pronounced by me in the open court on this the 26th day of Feb'2024)

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sdl-
(c. GoPTCHAND)
PRESIDING OFFICER
TRT'E COF,T
0 0.d".1)6.
DRT-I, HYDF.P.f.:' '. ..:)

Canara Bank v. M/S. Aam Hospitals

Case brief

What is this about?

What did the court decide?

Canara Bank v. M/S. Aam Hospitals

Case brief

What is this about?

What did the court decide?

What the court decided

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