Allowed

Canara Bank v. M/S Loka Ads

DRT22 Apr 2024OA/784/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the Recovery Application filed by Canara Bank against three defendants. The Defendants were impleaded jointly and severally to repay the dues including future simple interest and costs, and the mortgage over scheduled properties was affirmed for recovery.

What did the court decide?

The Defendants are jointly and severally liable to pay Rs.41,13,673.94 with future simple interest and costs; the Mortgage over schedule properties is valid for recovery.

Canara Bank versus M/S Loka Ads — Banking and Recovery | DRT (2024)

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IN THE^{DEBTSRECOVERY TRiBUNAL'IIAT HYDEMBAD}

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DATED THIS^{THE22NdDAY OF APRIL,2024}

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

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PRESIDING OFFICER

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RIGINAL^{APPLICATIONNO. 784}

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Canara^{Ba nk, TiruPati-} Bhavani Nagar^Branch, Tirupati, reP^{bY its} Senior Manager

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...........APPlicant.

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Versus

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M/s. Loka^Ads, a Partnership^Firm rep by its^Partners Door No.18-2-249/j5, Abbanna Colony,^AshokNagar, 11nd Main Road,^Tirupati Andhra Pradesh-517501. 2. T. Lokanadha^Reddy S/o. Subba^Reddy Aged^: Major,^{Occ: Business} Door No.18-1-374,^{1s! floor,} Bhavani nagar,^{TiruPati-517501.} 3. T.L. Jyothimma W/o. Sri Lokanadha^Reddy Aged : Major, Occ:^Business I Door No.18-1-374,^{lst Floor,} Defenda nts. Bhavani Nagar,^Tiru Pati-517501. Cou nsel for the^APP|icant Mr. T Nagend^ra Defendants Ex- parte. ORDER 1. The Applicant Bank filed the^{present OA u/s.19of the} Recovery of Debts and Bankruptcy Act, 1993 for the^recovery of a total \f/.'*,r v

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oA.NO.784l2023

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sum of Rs.41,13,673.94ps under OCC Loan facility joinuy and severally from the defendants 1to 3 with interest @15.25% p.a. compounded monthly from 01.0g.2023 till the date of realisation along with costs and sale of OA schedule properties.

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Summons served on D1 to 3. They were set ex_parte on 08.01.2024, as called absent and no representation.

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The Applicant Bank examined D Pradeep Chand, Officer as AW_

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1 and marked 34 documents through him as Ex. A.1 to

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Ex.A.34.

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Learned Counsel for the applicant bank reported orders may be

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passed on 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 enti ed for the claim made in the OA against the Defendants and OA Schedute properties?

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As stated supra, defendants remained ex-parte. The Evidence Af:lflavit c?Rled with the recitals in the documents viz., Exs. A1

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t'u1 to {,,}} markdo on behatf of the Applicant Bank ctinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinUy and severally liable 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 N}.7B4/2O23 is allowed as under: -

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i) the defendants are joinuy and severally liable to pay to the Applicant Bank a sum of iXw-z'

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u,6*^

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oA.NO.784/2O2t

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Rs.41,13,673.94ps with future interest @11.25olo^p.a. simple from the date of application i.e.,12.09.2023 till the date of rea lization ;

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ii) the OA claim is secured by way of mortgage of propefties described in the schedule annexed to the OA and the applicant bank is entitled to proceed against the same for recovery of its dues;

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

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iv) the applicant bank is entitled for the costs.

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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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Communicate a copy of this order to the parties concerned. ^ "'ff#a;' "^"

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i?iT::"r'J";[ ]"ii s i^g n ed a nd^p ro n o u nce d "

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tf*nlroLIP,H=J

Canara Bank v. M/S Loka Ads

Case brief

What is this about?

What did the court decide?

Canara Bank v. M/S Loka Ads

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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