Allowed

Canara Bank v. Smt. Mali Surekha

DRT1 Jul 2024OA/70/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal at Hyderabad disposed of OA No.70 of 2024 filed by Canara Bank against Smt Mali Surekha for recovery of loans and realized interest. The Tribunal held the bank established its claim and allowed the application with future interest, costs, and recovery certificate.

What did the court decide?

Allowed OA for recovery of Rs.20,48,410.83 with future interest, costs, and issuance of recovery certificate; authorized proceedings against mortgaged and hypothecated properties.

Canara Bank versus Smt. Mali Surekha — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERYTRIBUNAL.I AT HYDERABAD

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DATED THIS THE 1STDAY OF JULY'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.7O ot 2024

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Between:

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Canara Bank, Shivajinagar branch, KotagallyMunnuruKapu Sangam, Beside Hanuman Temple, New MPL No.3-4-198 & 3-7-L33, Kotagally, Maisammaveedi, Varni road, Nizamabad, Telangana -503 001. Rep by its authorized officer Applicant

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VERSUS

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Smt Mali Surekha, w/o Mali Ravinder, female, aged about 35 years, occ: business, R/o H.No.2-6611, chadmal village, Gandharimandal, Nizamabad dist Telangana - 503 114. Defenda nt

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Counsel for the Parties: For the Applicant For the Defendant

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J'rlL zMt 1. The Applicant Bank filed Defendant for recovery of a total sum of ps (Rupees Twenty

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(oA.No.70l2024)

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Lakhs Forty Eight thousand Four hundred Ten and paise Eighty three only) i.e.,

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a) A sum of Rs.19,66,465.83ps towards account no.1657897000185 with interest @ 13olo p.a with monthly rests from 24.02.2024 ill the date of realization;

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b) A sum of Rs.81,945/- towards account no.1657840003485 with interest @ l2o/o p.a from 24.02.2024 till the date of realization; and in default for sale of mortgaged property and hypothecated movables as described in the schedules "A &B" to OA.

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As per the averments in the application, the Applicant Bank states that defendant is the borrower who availed credit facilities for agricultural loans dated 05.03.2012. The defendant availed OD loan of Rs.4.50 lakhs by mortgage of schedule mentioned property. The defendant executed agreement and deed for Kisan OD dated 05.03.2012. The defendant also availed Rs.1.00 lakh and executed agreement of hypothecation for agricultural loans dated 27.02.2015. After availing the loan facilities, the defendant failed to comply the terms of sanctlon, hence the applicant bank was constrained to classify the account as NPA on 05.03.2015 and issued recall notice dated 14.71.2017. and demands, the .d\ defendant did not clear "'o^utsta is OA. * i* 01 flf,. m 3. Defendant called expa rte .2024.

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(OA.No.70l2024)

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Shri B. JaganNaik, Chief Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.19.

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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 Defendant as prayed for?

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Defendant 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.19. In view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendant 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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The Defendant is liable to pay to the Applicant Bank a total sum of Rs.2O,48,41O.83ps (Ru Lakhs Forty Eight thousand Four three only) i.e., .4i" *

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:?;l

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(oA.No.70l2024)

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a) A sum of Rs.19,66,465.83ps towards account no.1657897000185 with interest @ 13olo p.a from 24.02.2024 till the date of realization;

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b) A sum of Rs,81,945/- towards account no.1657840003485 with interest @ L2o/o p.a from 24.02.2024 till the date of realization;

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The Applicant bank is entitled to proceed against the mortgaged property and hypothecated movables as described in schedules '.A & B" 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 defendant towards realization of the debt due.

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t2. 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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by her, corrected, signed and pronounced by me in the open ,²⁰²⁴⁾

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sd/-
(G. GOPTCHAND)
/(- . tKUE k-.--- coP). -.- PRESIDING OFFICER
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Canara Bank v. Smt. Mali Surekha

Case brief

What is this about?

What did the court decide?

Canara Bank v. Smt. Mali Surekha

Case brief

What is this about?

What did the court decide?

What the court decided

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