Allowed

Canara Bank v. M/S Laxmi Industries

DRT24 Sept 2024OA/85/2023

Case brief

AI extract

What is this about?

In an Original Application for recovery of dues, the Debts Recovery Tribunal allowed the claim by Canara Bank. The Bank was awarded the principal amount plus future interest with costs. The court held that Defendants are jointly and severally liable and proceeds against mortgaged and other properties were directed.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 4,67,96,427.34 with future interest; Order to issue Recovery Certificate.

Canara Bank versus M/S Laxmi Industries — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-II^{AT HYDERABAD} DATED THIS THE 24th DAY OF SEPTEMBER,2024

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PRESENT: SH. RAN4ESHWAR KOTHE,^{B.COM.,L.LB. (HONS.), M.A.} PRESIDING OFFICER

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ORIGINAL APPLICATION No: 85^{OF 2023}

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CANARA BANK

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SME Kukatpally Branch, Plot No.74, Prashanthi Naga^r, Kukatpally, Hyderabad - 500072.

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Rep. by its Chief Manager and GPA.

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.....Applicant.

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Versus

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M/s.Laxmi Industries, Rep by its Partners R/o.Sy.No.860, Plot No.2-8, IDA Bhongir, Bhongir(V), Bhongir Manda l,

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Yadadri - Bhonqir Oistrict - 508116.

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Smt. Kundarapu Nagalaxmi, W/o.Sri K.Raja Chary, Partner of M/s.Laxmi Industries, Aged about l,lajor, Occ: Business, R/ o.H.No.2-3-67 6/3/ 152, Lallthanagar, Road No.9, Opp Green Lands Dhaba, Nagole, L.B.Nagar, Ranga Reddy - 500068.

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Sri Kundaraou Snehith Raj, S/o. Sri K. Raja Chary, Partner of M/s.Laxmi Industries, Aged about Major, Occ: Business, Rl o.H.No.2-3- 67 6 / 3 / t52, Lalithanagar, Road No.9, Opp Green Lands Dhaba, Nagole, L.B.Nagar, Ranga Reddy - 500068.

OW*'"

oA.NO.8sl2023

Sri Kundarapu Raja Chary S/o.Sri K. Sa rvaiah, Partner of I\4/s. Laxmi Industries, Aged about Major, Occ: Business, R/ o.H.No.2-3^- 67 6 / 3 / t 52, Lalithanagar, Road No.9, Opp Green Lands Dhaba, Nagole, L.B.Nagar, Ranga Reddy - 500068.

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... Defendants

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Counsel for the Applicant : t\4/s.A.V.S.S.Prasad Defendants :Ex-parte

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:Ex-parte

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:: ORDER::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.4,67,96,427 .34ps i.e., a sum of Rs.4,47,20,034/under OCC/ODBD Al c.No.2427 267005387 with future interest @ 16.300/o^p.a. and a sum of Rs.20,76,393.34ps under GECL A/c.No.170002515450 with future interest @ 9.25olo p.a. from the defendants^jointly and severally with monthly rests from 01.72.2022 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 through paper publication, whereas summons served on D2 lo 4. They were set ex-parte on 14.03.2024 as called absent and no representation.

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The Applicant Bank examined B.Narsimha, Manager, as AW-1 and marked 20 documents through him as Ex. A.1 to Ex. A.20.

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Ld. Counsel for the Applicant Bank reported orders may be passed through merits. Perused the material placed on record. 7frr94*>\

/V '7>"

oA.NO.8sl2023

The^point that^{arises for consideration is:-}

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whether the^APPlicant Bank is entitled for the claim^madein the OA against the Defendants^and OA schedule properties?

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As stated^{supra, the Defendants remained ex-parteThe} Evidence Affidavit^{coupled with the recitals in the documents} viz., Exs. A.1^{to A.20 markedon behalf of the Applicant Bank} clinches the^{claim of the Applicant Bank against the Defendants'} Hence, I hold^{that the Defendants are jointlyand severallyliable} to^pay the^{OA claim to the Applicant Bank with futureinterest} and costs.

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In the result,^{the present Original ApplicationNo'85/2023is} allowed as^under:-

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i) The Defendants^{are jointly and severally} liable to^{pay to the Applicant Bank a sum of} Rs.4,67 ,96,427.34Ps^{i.e', a sumof} under oCC/ODBD

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Rs.4 ,47 ,20 ,034 /^- A/c.No.2427261005387^{and asumof} GECL

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RS.20,76,393.34PS^under A/c. No.170002515450^{with futureinterest} @9.15o/o^{p.a. simple from the dateof} application till^{the date of realization;}

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ii) the OA claim is^{securedby way of mortgaged} properties described in the schedule^annexed to the OA and the^{appllcant bank is entitled} ffi"*

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oA.NO.8s/2023

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to proceed against the same to realise 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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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. (Dictated to the steno, corrected, signed and pronounced by me in the open court on this the 24th Day of September, 2024).

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(RAMESHWAR KOTHE) PRESIDING OFFICER

Canara Bank v. M/S Laxmi Industries

Case brief

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What did the court decide?

Canara Bank v. M/S Laxmi Industries

Case brief

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