Allowed

Canara Bank v. Smt. Seetha Bai

DRT3 Jul 2024OA/91/2024

Case brief

AI extract

What is this about?

Debt Recovery Tribunal allowed an Objectionable Application (OA) filed by Canara Bank against borrower Seetha Bai for recovery of ₹20,68,334.98 principal with interest. The tribunal accepted the bank's evidence, established the claim, and ordered payment along with rights to proceed against mortgaged and other properties.

What did the court decide?

Order allowed. Defendant ordered to pay Rs.20,68,334.98 with 13% p.a. interest. Bank directed to file cost memo and issue recovery certificate; entitled to proceed against mortgaged and person/propert

Canara Bank versus Smt. Seetha Bai — 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 3RD^{DAY OF} JULY'2024

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PRESENT: SRI GUMMADI^{GOPICHAND,PRESIDING OFFICER}

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OA.No.91 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 Seetha Bai, W/o Nanak Singh, aged⁴⁰ Years, Occ: business, female, R/o H.No.2-66, NeralThanda, Gandhari Mandal, Nizamabad district, Telangana - 503 114. Defendant Counsel for the Parties: -i& B',i For the Applicant SffiTara sipati * For the Defendant n rEIBf'hr 1. The Applicant Bank filed st Defendant for recovery of a total sum of Rs.2o,68r334.98ps^{(Rupees Twenty} Lakhs Sixty Eight thousand^{three hundred thirty four and} paise Ninety eight only ) with interest @^{13% p.a wlth monthly}

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(oA.No.91/2024)

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rests from 27.02.2024 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 application, the Applicant Bank states that defendant is the borrower who availed credit facilities for agricultural loans dated 15.03.2012. The defendant availed OD loan of Rs.5.00 lakhs by mortgage of schedule mentioned property. The defendant executed agreement and deed for Kisan OD dated 15.03.2012. 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 and issued recall notice dated 02.07.2022. Inspite of several requests and demands, the defendant did not clear the outstanding. Hence this OA.

¶12

Defendant called absent and set exparte on 29.04.2024.

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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 the Applicant Bank.

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her the Applicant Bank iS a inst the Defenda nt AS

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(oA.No.91/2024)

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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.Al 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 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.20,68,334.98ps (Rupees Twenty Lakhs Sixty Eight thousand three hundred thirty four and^paise Ninety eight only )with interest @ 13olo p.a from 27.02.2024 till the date of realization;

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The Applicant bank is entitled to^proceed against the mortgaged property as described in schedule to OA towards realization of the debt due.

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The Applicant Bank is also entitled to^proceed against the^person

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and propefties of defendant towards realization of^the debt^due. '"'-iie.m

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The Applicant BanklsdntitteO to thd't of the OA.

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(OA.No.91/2024)

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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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(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 3'd day of )uly,2024\

sdl-

(G. GOPTCHAND)

PRESIDING OFFICER

TRUECOPN,
A,ex':*;
DRT.I.
'l'{EERAaiD.

¶33

Canara Bank v. Smt. Seetha Bai

Case brief

What is this about?

What did the court decide?

Canara Bank v. Smt. Seetha Bai

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Parties & counsel

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Case details

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