Allowed

Canara Bank v. M/S. Oasis Interior

DRT26 Feb 2024TA/1/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an application filed by Canara Bank for recovery of dues from M/s. Oasis Interior and its proprietor, holding that the bank had established its claim through the examination of its manager and requisite documents.

What did the court decide?

A total sum of Rs.20,59,399.42 with future interest, costs, and entitlement to proceed against hypothecated movables and personal properties.

Canara Bank versus M/S. Oasis Interior — Company and Corporate | DRT (2024)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THIS THE 26TH DAY OF FEBRUARY'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER TA.No.1 ot 2023

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Between:

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Canara Bank,

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Branch office at Shivajinagar 10-1-55, Bada Bazar, Shivajinagar, Nizamabad, Telangana - 503 001. Represented by its Authorised Officer

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Applicant

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VERSUS

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M/s. OASIS INTERIOR

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A proprietorship concern, Represented by its^proprietor IndukuriVenkatasathyaRamalinga Raju, s/o IndukuriGani Raju, aged about 51 years, occ: business, male, flat no.301, Aakash Classic Ram Reddy Enclave,^phase-II, Vinayakanagar, Nizamabad, Telangana - 503 001.

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Also at

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Sy.no.79O/ A, 790/E, 79t/ t, Plot no.24, Beside Social Welfare Girls High School, dharmavaram, Bardipur village Shivar, Dichpallymandal, Nizamabad, Telangana - 503 202.

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Aged about 51 years, occ: business, Male, R/o H.No.2-28l1, Near Samskar Road, Varnimandal, Akbar nagar, Rudrurmandal, Nizamabad, Telangana - 503 1BB.

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J^z6ric,ilzf : Rb-, -*fl

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(rA.No.1/2023)

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Also at

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Flat No.103, Aakash Classic Apartment, Vinayakanagar, Nizamabad - 503 001.

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Defendants

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Counsel for the Parties:

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For the Applicant

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For the Defendants

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Smt Tarangini Pisipati Exparte

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ORDER

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The Applicant Bank filed the present oA against Defendants for recovery of a total sum of Rs.20,59,399.42ps (Rupees Twenty Lakhs Fifty Nine thousand Three hundred Ninety Eight and paise Forty two only)

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a) A sum of Rs.11,57,946.05ps under term loan A/c. No.1657766000003 with interest @ 13.40olo p.a with monthly rests from 07.09.2023 till the date of realization ;

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b) A sum of Rs.1,83,809.46ps under term loa n A/c. No.1657755000011 with interest @ 11.25olo p.a with monthly rests from 07.09.2023 till the date of realization ;

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c) A sum of Rs.7,L7,642.glps under term loan A/c.No.125002084626 with interest @ 17.95olo p.a with monthly rests from 07 .09.2023 and in default for as described in the schedule "A" to

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(TA.No.1/2023)

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As per the averments in the application, the Applicant Bank states that defendant No.2 was carrying on business in the name and style of M/s. Oasis Interior i.e., Defendant no.1 availed Term loan limit of Rs.14.B5lakhs vide sanction memorandum dated 04.06.2019. The said loan was secured by hypothecation of schedule A property as mentioned in the schedule to OA, The defendants executed deed of hypothecation, letter of proprletorship dated04.06.2019. The defendants availed Rs.2.90 lakhs under GECL Limited to restart business. Subsequently the defendants availed loan limit of Rs.6.50 lakhs under CGTMSE scheme on 25.05.2022. After availing the loan facilities, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA on 04.04.2023 and issued recall notice dated 11.04.2023. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants 1 and 2 called absent and set exparte on 04.Ol.2OZ4.

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Shri TanishSadana, Chief Manager of the Applicant Bank examined himself as AW.1 and exhibited which are marked as Ex.A.1 to A.17.

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Heard the Ld. Ic

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(TA.No.U2023)

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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 Defendants as prayed for?

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Defendants 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.A1 to A.17. In view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendants 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 Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.2o,59,39g.42ps (Rupees Twenty Lakhs Fifty Nine thousand Three hundred Ninety Eight and paise Forty two only)

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a) A sum of Rs.11,57,946.05ps under term loan A/c. No.1657766000003 with interest @ 13.4Oo/o p.afrom

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07.09.2023 tiil the trH\date -*

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-
il: zsrrn
t

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(rA.No.1/2023)

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b) A sum of Rs.1,83,809.46ps under term loan A/c. No.1657755000011 with interest @ tL.25o/o p.afrom 07.09.2023 till the date of realization ;

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c) A sum of Rs.7,17,642.91ps under term loan A/c.No.125002084626 with interest @ 17.95o/o p.afrom

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07,09.2023 till realization.

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d) The Applicant bank is entitled to proceed against the hypothecated movables as described in schedule "A" to OA towards realization of the debt due.

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e) the Applicant Bank is also entitled to proceed against the person and properties of defendants No.2 and properties of defendant no.1 firm towards realization of the debt due.

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The Applicant Bank is entitled to the costs of the OA.

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s) The Applicant shall file a cost memo within two weeks from the date of receipt of order.

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h) Issue Recovery certificate accordingly.

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i) Communicate a copy of the order to the parties concerned.

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by her, corrected, signed and pronounced by me in the open ' 2024)

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2EFEBzMI : sdl_ .+ (G. GOPTCHAND) .PRESIDING OFFICER

Canara Bank v. M/S. Oasis Interior

Case brief

What is this about?

What did the court decide?

Canara Bank v. M/S. Oasis Interior

Case brief

What is this about?

What did the court decide?

What the court decided

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