Allowed

Canara Bank v. Maha Lakshmi Enterprises

DRT27 Feb 2024OA/99/2022

Case brief

AI extract

What is this about?

The Presiding Officer allowed Original Application No. 99/2022 filed by Canara Bank against M/s. Maha Lakshmi Enterprises. The court held the defendant liable to pay the outstanding amount along with future interest and costs, based on ex-parte evidence and document recitals.

What did the court decide?

Defendant directed to pay Rs. 82,36,506.61 plus future interest; bank to issue Recovery Certificate; OA claim secured by OA schedule assets.

Canara Bank versus Maha Lakshmi Enterprises — DRT (2024) — LawSathi Research

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIs rHE 27th DAy oF FEBRUARv, 2024

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PRESENT: SH. Mi4ESHWAR KOTHE, B.Com., L.LB. (Hons.), M.A. PRESIDING OFFICER

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Original Applica on No: gg OF 2022

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Canara Bank, Balanagar Branch, JK Complex, lst Floor. Main Road, Balanagai, Hyderabad-500037.

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.....Appticant.

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Versus

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i4ls. Maha Lakshmi Enterorises_ Rep. by its proprietor Smt. B. Mahatakshmi D/o. Pata Chandradas.

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... Defendant

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Expired as per amendment in lA. No. 1A4/2O23 dated 04.05.2023 Legal heir brought on record Sri. B Narsino Rao. 5/o. B. Vishwanath, 10-5-789/A Iukaram Gate, Nehru Nagar, 5ecunderabad, Telanoana_5OOO26

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Counsel for the Applicant

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Defendants

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lvls. Sangeeta Jaiswal

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Exparte

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;: oRDER::

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The Applicant Bank filed th€

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or Rs. 82, 36,so6. 6 r r",.". ;Jj:;::ff fi .ffi'.:,",:#'; 9.909o + 2olo penal interest p.a. with monthly rests from 25.0t.2O22 ti the date of realization atong wtth costs and in default for sale of OA schedule assets. t-2,** _,/, --l^.1\

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oA,NO.99/2022

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Defendant was set exparte on 20-12.2023 as called^absentand no rePresentation.

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The Applicant Bank examined K. Amar Singh, Senior^Manager, as AW-1 and marked 12 documents through him as Ex. A.1 to Ex. A.12.

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Ld. counsel for the Applicant Bank reported orders may be passed on records. Perused the material placed on record,

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The point that arises for conslderation is:-

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Whether the Applicant Bank is entitled for the claim made in the OA against the Defendant and oA schedule assets?

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As stated supra, the Defendant remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.12 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendant. Hence, I hold that the Defendant is 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 No.99/2022 is allowed as under: -

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i) The Defendant is liable to pay to the Applicant Bank a sum of Rs.82,36,506.61ps with future interest @ 9.90o/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 hypothecation of assets described in the Q$.,'-

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oa.No.99/2022

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schedule annexed to the OA and the applicant bank is entifled to proceed against the same to realise its debu

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iii) the applicant bank is also entiued to proceed against the person and properties of defendant for realization of its dues; and

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iv) the applicant bank is entiHed for the costs.

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The Applicant Bank is directed to file Cost t4emo within 2 weeks from the date of receipt of this Order.

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q Issue Recovery Certificate accordingly,

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Communicate a copy of this order to the parties concerned. (Dictated to the steno, signed and pronounced by r" in tt" op"n.or.t o_n tii-rli" 27"'Day of February 2024).

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OY** (MMESHWAR KOTHE) PRESIDING OFFICER

Canara Bank v. Maha Lakshmi Enterprises

Case brief

What is this about?

What did the court decide?

Canara Bank v. Maha Lakshmi Enterprises

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

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Case details

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