Allowed

Canara Bank v. Mr. Matteda Prathap

DRT28 Apr 2025OA/125/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Original Application filed by Canara Bank against the borrower and guarantor for recovery of a housing loan along with future interest and asked for recovery certificate.

What did the court decide?

Defendants directed to pay Rs.20,75,948.56 with 10.90% p.a. interest from 08.03.2024; recovery certificate issued; Bank entitled to proceed against mortgaged property and defendants.

Canara Bank versus Mr. Matteda Prathap — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS^{RECOVERY TRIBUNAL-IAT HYDERABAD}

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DATED THrs^{THE 28rH DAYOF APRTL,2025}

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PRESENT:SRIGUMMADIGOPICHAND,PRESIDINGOFFICER OA'No.125 ot²⁰²⁴

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Between:

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Canara Bank, Kazipet branch, 1-1-904, street^no.4, Siddhartha^{nagar, KaziPet,} Hanamkonda,^Warangal -^{506 004'} Rep by its^{Authorised officer}

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Applica nt

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VERSUS

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Mr. Matteda^PrathaP, s/o Nandaiah,^{aged 40} Years, male, occ: business, R/o H.no.46-L4-72,^{SR nagar,} Enumamula,^Hanamkonda, Warangal - 506^013.

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Mr. Billa Ravinder^ReddY, S/o Late^KishanReddY, aged 51^years,male, oic: business,^{R/o 2-5-380,} nakkalagutta,^Hanamkonda Defendants

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Warangal -^{506 001.}

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Counsel for the Pa
Smt N. Indira
For the APP|ica #
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For the Def *nts Ex parte
2s ;;

¶12

(oA. No.12sl2024)

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ORDER

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TheApplicantBankfiledthepresentoAagainstDefendantsfor recovery of a total^sum of^{Rs,2O,75,948.56ps (RupeesTwenty} Lakhs Seventy Five^{ThousandNine Hundred forty Eightand} paise fifty six only) with^{furtherinterest @ 10'90o/o} P'a^with monthly rests from 08.03.2024^{tillthe date of realization and in} default for sale of^{mortgagedproperty as mentioned in the schedule} to OA.

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2, As^per the averments^{|n the applicat|on,the Applicant Bankstates} that defendant^{No.1 availed housing loan of Rs'20'00lakhsvide} SanctionletterdatedoT.ol'20l6.Defendantno.2stoodaS guarantor and executed^{agreementsalong with borrower on} 07.01.2016 in favour^{of applicant bank. To securedue repayment of} loan, the defendant^{no'1 created mortgage by deposit of originalsale} deedbearingdocumentno.6ll2016dated07.01.2016inrespectofA scheduleproperty.Afteravailingtheloanfacility,thedefendants failedtocomplythetermsofsanction,hencetheapplicantbankWas constrained to classify^{the accountas NPA on 30'03'2021and} issued recall notice.^{Inspiteof several requestsand demands, the} defendants did^{not clear tle} -o-utstanding^{Hence this OA'}

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on 03.06.2024.
3. Defendants cal
i, 2g APn'/M *
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ilrE
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I

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(OA No 12 5/2024)

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Mr. A. Chandrashekhar, Asst. Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.7.

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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 Applicant Bank is entitled for the claim made in the OA against the Defendants as 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.7. 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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In the result, the present OA is allowed with costs, as under: The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.2o,75,948.56ps (Rupees Twenty Lakhs Seventy Hundred forty Eight and paise fifty six o y). with f @ 10.90olo p.a 0from 08.03.2024 ritl of 2 0 APF 2tlts ,k

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(oA.No.125 /2024)

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

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The Applicant Bank is also entitled to proceed against the person and properties of defendants 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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L4. 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 thrs the 28tn day of April, 2025)

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sd/ - (G. GOPTCHAND) PRESIDING OFFICER

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, ii.tl'..t, .'1idr
i{

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"H',ffu.

Canara Bank v. Mr. Matteda Prathap

Case brief

What is this about?

What did the court decide?

Canara Bank v. Mr. Matteda Prathap

Case brief

What is this about?

What did the court decide?

What the court decided

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