Allowed

Canara Bank v. Sanaa Audio Visual Productions Private Limited

DRT25 Mar 2025OA/115/2024

Case brief

AI extract

What is this about?

The DhRT allowed the Original Application filed by Canara Bank for recovery of the principal sum with future interest against the borrowers and guarantors who executed the loan facility and security documents.

What did the court decide?

Recovery of Rs. 2,22,01,553.97 with future interest at 12.30% p.a., costs of the Original Application, and issuance of Recovery Certificate.

Canara Bank versus Sanaa Audio Visual Productions… — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I^{AT HYDERABAD}

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DATED THIS THE 25TH DAY OF MARCH, 2025

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PRESENTI SRI GUMMADI GOPICHAND,^{PRESIDING OFFICER}

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OA.No.115 of 2024

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Between:

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Canara Bank, Narayanaguda branch, PB No.1048, 3-5-168-1234, OppShanthi talkies, Narayanaguda, Hyderabad, Telangana. Rep by its Chief Manager

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Applicant

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VERSUS

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Sanaa Audio Visual Productions Private Limited,

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D. No.2-6-7-J C/ 544, Janachaitanya

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Colony, Rajendranagar,^Ranga

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Reddy district - 500 030,^TS.

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Ms. ShaziaParveen, D/o Ali Shabbir Mohammed, muslim, Aged about 37 years, occ: buslness, Bungalow no.8, Minister^q ua rters, Kundanbagh, begumpet, Hyderabad, TS.

¶14

Mohammed Shanawaz, S/o Shaik Mumtaz, Muslim, aged about 31 Years, Occ: business, Sutanat, Cuttack Sadar, Orissa - 753 001.

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R/o plot no.2-6-7 / )c/ 544, Janachaitanya Colony, Rajendranagar, Ranga Reddy district - 500 030, TS.

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r$
i &,
i

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MominaBozai, D/o Asif Ali Khan Bozai, Muslim, aged major t

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Occ: business, R/o H.No.B-2-585/C,

¶19

(oA. No.115/2024)

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F-501, road no.10, Banjara hills, Plot no.2-6-7 / Jc/ 544, Janachaitanya Colony, Rajendranagar, Ranga Reddy district - 500 030, TS. Defendants

¶21

Counsel for the Parties:

For the Applicant

For the Defendants

Sri T. Sasi Kumar

Expa rte

ORDER

The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs,2,22,OL,553.97ps (Rupees Two Crores Twenty Two Lakhs One thousand Five Hundred Fifty Three and paise Ninety Seven only) with future interest @ t2.30o/o p.a with monthly rests from date of filing of OA till the date of realization and in default for sale of mortgaged property as mentioned in the schedule to OA.

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As per the averments in the application, the Applicant Bank states that defendant no.1 is a Limited company represented by defendants availed term loan of Rs.100 lakhs and OCC limit of Rs.50

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4i^Tak@vid ion letter dated 26.03.2019. Defendant no.2 execlted mem ndum of deposit of title deeds in favour of

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2.5 ilAB^7tl[ mentioned in the schedule to OA. Defendant

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tr ,zolJllffilg ffir:w&$ arantor and executed guarantee agreement dated Us:,,i5qs AFter availing the loan facilities, the defendants failed to

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(OA. No.11sl2024)

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comply the terms of sanction, hence the applicant bank^was constrained to classify the account as NPA on 30.03.2021 and issued notices.Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants called absent and set exparte on^20.01.2025.

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Sri N. Ashok, Senior Manager of the Applicant Bank examined himself as AW.1 and exhibited releva nt documents, which are marked as Ex.A.1 to A.58.

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Heard the Ld. Counsel for the Applicant^Bank.

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The^point that arise for consideration^{is whether the ApplicantBank is} entitled for the claim made in the OA^{against the Defendantsas} prayed for?

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Defendants remained 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.58. In view of} the above, I hold that the Applicant^{Bank has established their claim} OA against the DeFendants and^{hencethe ApplicantBank}

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6 r the claim made in the OA with future^interest

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1 zsmf,effi' : J^{the present OA} is allowed with costs, as under:

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(oA. No.11s/2024)

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The Defendants are^jointly and severally^{liable to pay to the} Applicant Bank a total sum of Rs.2,22,O1,553.97ps^{(Rupees Two} Crores Twenty Two Lakhs One^{thousand Five Hundred Fifty} Three and paise Ninety Seven only)^{with future interest@} 12.30o/o p.a from date of^{filing of} OA^{till the date of realization.}

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The Applicant bank is entitled^{to proceed against the mortgaged} property as mentioned in the schedule to OA^{towards recoveryof its} dues.

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The Applicant Bank is also entitled^{to proceedagainstthe person} and^properties of defendant^{No.2 to 4 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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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 pronouncedby mein the opencourt on} of March, 2025)

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(G. GOPTCHAND)
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PRESIDING OFFICER
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Canara Bank v. Sanaa Audio Visual Productions Private Limited

Case brief

What is this about?

What did the court decide?

Canara Bank v. Sanaa Audio Visual Productions Private Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

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