Allowed

Canara Bank v. Sri. Jadav Gangadhar Rao

DRT4 Jul 2024OA/85/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the applicant bank's Original Application for recovery of an agricultural loan default. The court held that the bank established its claim through documentary evidence and the defective defendant's absence, ordering the repayment of the principal sum with future interest.

What did the court decide?

Decretal amount of Rs.20,68,334.98 with future interest @ 13% p.a. to be realized against the person and mortgaged properties.

Canara Bank versus Sri. Jadav Gangadhar Rao — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 4TH DAY OF JULY' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.85 ol 2024

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Between:

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Canara Bank, Shivajinagar branch, KotagallyMunnuru Kapu Sangam, Beside Hanuman Temple, New MPL No.3-4-198 & 3-7-t33, Kotagally, Maisammaveedi, Varni road, Nizamabad, Telangana -503 001. Rep by its authorized officer

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Applicant

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VERSUS

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Sri JadavGangadhar Rao, S/o Jadav Narayana Rao, male, Aged about 62 years, occ: business, R/o H.no.2-3, Nagloor village, Gandhari Mandal,Nizamabad district, Telangana - 503 114. Defendant Counsel for the Parties: For the Applicant i Pisipati ,llll-'2ul'"'": For the Defendant

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The Applicant Bank filed against Defendant for recovery of a total sum of Rs.3O,l9,79S.22ps (Rupees Thirty Lakhs Seventy Nine Thousand Seven hundred Ninety Five and paise Twenty two only ) with interest @ 13olo p.a with monthly

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(oA.No.8s/2024)

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rests from 24.02.2024 till the date of realization and in default for sale of mortgaged property as described in the schedule to OA.

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As per the averments in the apprication, the Appricant Bank states that defendant is the borrower who availed credit facilities for agricultural loans dated 12.03.20L2. The defendant availed oD loan of Rs'7.50 lakhs by mortgage of schedure mentioned property. The defendant executed agreement and deed for Kisan OD dated t2.03.2012. After availing the loan facilities, the defendant failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NpA on 12.03.2015 and issued recall notice dated 02.07.2022. Inspite of several requests and demands, the defendant did not crear the outstanding. Hence this oA.

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Defendant called absent and set exparte on 12.06.2024.

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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.10.

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Heard the Ld. Counsel for thql

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0 4 JUL zut

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(oA.No.8s12024)

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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 rerevant documents as Ex.A1 to A. 10. 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 entiued to recover the craim 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 riabre to pay to the Appricant Bank a totar sum of Rs.20,68,334.98ps (Rupees Twenty Lakhs Sixty Eight thousand three hundred thirty four and paise Ninety eight only )with interest @ 13% p.a from 27.02.2024 till the date of realization;

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The Applicant bank is against the mortgaged

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property as described ards realization of the

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debt due.

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The Applicant Bank against the person

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and properties of defe of the debt due.

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(OA.No.85/2024)

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L2. The Applicant Bank is entiued to the costs of the OA.

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13' The Appricant shail fire 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 4th day of )uly,2024)

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sdl(G. GOPTCHAND) PRESIDING OFFICER

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Canara Bank v. Sri. Jadav Gangadhar Rao

Case brief

What is this about?

What did the court decide?

Canara Bank v. Sri. Jadav Gangadhar Rao

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

All orders in this case

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