Allowed

Canara Bank v. M/S Hema Sai Balaji Steels

DRT18 Sept 2024OA/763/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed Canara Bank's application for recovery of a sum of Rs. 27,22,963/- jointly and severally from three Defendant respondents, including the cause of action details and orders for issuance of recovery certificate.

What did the court decide?

Directed defendants to pay Rs. 27,22,963/- with future interest and costs; allowed bank to proceed against mortgaged and personal properties; ordered recovery certificate to be issued.

Canara Bank versus M/S Hema Sai Balaji Steels — Contract and Commercial Disputes | DRT (2024)

¶1

iN THE DEBTS^{RECOVERYTRIBUNAL'IIAT HYDERABAD} DATED THIS^{THE18th DAYOF SEPTEMBER,2024}

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

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ORIGINAL^{APPLICATION No: 763 OF 2023}

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CANARA BANK

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Tirucha noor Branch, Andhra Pradesh.

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Rep. by its Senior^Manager.

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.....Applicant.

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Versus

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M/s.Hema Sai^{Balaji Steels} Rep by its ProPrietor D.No.430/3, Pudi Road, Tiruchanoor, Tirupati^{District-517503.}

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Shri Gundu Durga^Prasad S/o.Sri Koteswara^Rao,

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Aged Major, Occ:^Business, D.No.8-17, PadmavathiPuram, Tiruchanoor, Tirupati District-517503.

¶12

Shri. C.l4adh usudhan^Reddy S/o. Late Munirathnam^Reddy, Aged Major, Occ:^Business, D.No.1-8, Old Bus Stand, Tiruchanoor, Tirupati District-517503.

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... Defendants

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Counsel for the Applicant : M/s.T,Nagender Defendants : ExParte fu*^

oA.NO.753l2023

:: ORDER::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.27,22,963/- under Overdraft Loan Facility from the defendants^jointly and severally with future interest @ 12.20olo p.a. compounded with monthly rests from 16.08.2023 till the date of realization along with costs and in default for sale of OA schedule^properties.

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Summons served on D1 and 2 through paper publication, whereas summons served on D3. They were set ex-parte on 74.02.2024 as called absent and no representation.

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The Applica nt Bank examined Atluri Leela Venkatesh, Legal Manager, as AW-1 and marked 16 documents through him as Ex. A.1 to Ex. A.16.

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Ld. Counsel for the Applicant Bank reported orders may be passed through merits. 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 entitled for the claim made in the OA against the Defendants and OA schedule properties?

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As stated supra, the Defendants remained^{ex-parte. The} Evidence Affidavit coupled with the^recitals in^{the documents} viz., Exs. A.1 to 4.16^marked on^{behalfof the Applicant Bank} clinches the claim of^{the Applicant Bank against the Defendants.} Hence, I hold that the^{Defendantsare jointlyild severallyliable} .Atro -

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(!/'45"1

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oA.NO.763/2023

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to pay the OA claim to the Applicant Bank with future interest and costs.

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In the result, the present Original Application No.76312023 is allowed as under: -

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i) Tne Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.27,22,9 63l- with f utu re interes t @ l2.2Oo/o p.a. simple from the date of application till the date of realization;

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ii) the OA claim is secured by way of mortgaged properties described in the schedule annexed to the OA and the applicant bank is entifled to proceed against the same to realise its debt;

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iii) the applicant bank is also entifled to proceed tt" Person and Properties or ;:,::::, rts for realization of its dues;

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iv) the applicant bank is entiUed for the costs.

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B. The Applicant Bank is rrom the date or.".:,;i:"ffi:,til::*'Memo within 2 weeks 9. Issue Recovery Certificate accordingly.

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¶35

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Canara Bank v. M/S Hema Sai Balaji Steels

Case brief

What is this about?

What did the court decide?

Canara Bank v. M/S Hema Sai Balaji Steels

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

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