Allowed

Canara Bank v. Mahanandi Siva Shankar Reddy

DRT10 Jul 2025OA/7/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by Canara Bank for recovery of a loan defaulted by borrowers. Finding the claim established through documentary evidence, the tribunal held the joint defendants liable to pay the outstanding principal, interest, costs, and authorized proceedings against mortgaged properties. A recovery certificate was issued.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 35,69,214.38 with interest @ 10.85% p.a.; recovery certificate issued; proceeds against mortgaged and personal properties.

Canara Bank versus Mahanandi Siva Shankar Reddy — Execution and Attachment | DRT (2025)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THIS THE 1OTH DAY OF JULY, 2025

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

OA.No.7 OF 2025

Between:

Canara Bank,

Branch office at D.No.1-7-70, Madhu complex, Khammam Telangana state - 507 003. Represented by its Authorised officer

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Applicant

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VERSUS

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Mahanandi Siva Shankar Reddy, s/o Mahanandi Rama Subba Reddy, aged about 60^years,

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occ: business, male,

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Mr Mahanandi Karthik Reddy, W/o Mahanandi Siva Shankar Reddy, Aged about 34 years, occ: doctor, Male, both are resident of

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H.No.10-68, Varthaka Sangam Road, Sai Hospitals,^gorla, Mahabubabad District, TS - 507 210.

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And also at

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Flat no.101, ground floor,

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ari block, Puttakota umatla, 507 2r0.

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Defendants

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r&$nJhffiu.t

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Smt Tarangini Pisipati Exparte

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(oA.No.7/202s)

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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.35,69,214.38ps (Rupees Thirty Five Lakhs Sixty Nine Thousand Two hundred Fourteen and paise Thirty Eight only) with interest @ 10.85o/o p.a with monthly rests from 24.12.2024 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 and 2 are father & son and borrowers availed loan facility of Rs.22.00 lakhs and agreed to repay in 228 EMIs of Rs.19,824.39ps from 31.03.2018. The defendants executed housing loan agreement dated 07.03.2017. Utilising the funds disbursed, the defendant no.1^purchased the schedule^property and deposited^the title deeds with the Applicant bank. After availing the^{loan facilities,} the defendants failed to comply the terms of^{sanction,hence the} applicant bank classified the account as NPA on 01'12.2020^and recall notice was issued on 25.12.2024.^{Inspite of several requests} and demands, the defendants did^{not clear the outstanding.Hence}

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lled absent and set exparte on^02.07.2025.

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(oA.No.7/202s)

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Sri Y. Srinivasa Rao, Senior Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.9.

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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^{Bankwas examined} and he exhibited relevant documents as^{Ex.A1 to} A.9'^{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 futureinterest} and costs.

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B. 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.35,69,214.38ps (RupeesThirty} Five Lakhs Sixty Nine^{Thousand Two hundred Fourteenand} rty Eight only) with^interest @^{10.85o/o p.a from}

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2$:\2.2 date of rea lization.

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1O JIJL Iffi

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(oA.No.7/202s)

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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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t2. 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 1oth day ofJuly, 2025)

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sdl(G. GOPTCHAND) PRESID]NG OFFICER

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Canara Bank v. Mahanandi Siva Shankar Reddy

Case brief

What is this about?

What did the court decide?

Canara Bank v. Mahanandi Siva Shankar Reddy

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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