Allowed

Canara Bank v. Priya R

DRT1 May 2025OA/30/2022

Case brief

AI extract

What is this about?

The Tribunal allowed an Original Application filed by Canara Bank for recovery of dues totaling Rs. 2.72 crore from the defendants jointly and severally with interest and by sale of scheduled properties.

What did the court decide?

Recovery of Rs. 2,72,92,487.42 with interest and costs; direction to issue Recovery Certificate to Recovery Officer.

What the court decided

AI extract

Canara Bank versus Priya R — Contract and Commercial Disputes | DRT (2025)

¶21

Date of sanction	Type of loan	Amount	Availed by	Guarantor	Collateral security
28.03.2014	Open cash credit limit [renewed from time to time]	Rs.1.50 crores	1^st defendant	2^nd defendant	‘A’ & ‘B’ schedule properties

¶25

28.06.2019	Funded interest term loan	Rs.35,43,307/-	1^st defendant	2^nd defendant	‘A’ & ‘B’ schedule properties
29.08.2019	Working capital term loan	Rs.75 lakhs	1^st defendant	2^nd defendant	‘A’ & ‘B’ schedule properties
30.10.2020	GECL loan	Rs.33 lakhs	1^st defendant	2^nd defendant	‘A’ & ‘B’ schedule properties

¶42

Open cash credit account	Rs.1,55,14,812/- (Rupees one crore fifty five lakhs fourteen thousand eight hundred and twelve only) together with_pendente lite_and post-decree interest thereon @8.35% per annum from 21.12.2021 till realisation from the defendants jointly and severally and by sale of ‘A’ and ‘B’ schedule properties;
Funded interest term loan account	Rs.23,00,213/- (Rupees twenty three lakhs two hundred and thirteen only) from the defendants jointly and severally and by sale of ‘A’ and ‘B’ schedule properties;
Working capital term loan account	Rs.59,42,305.42 (Rupees fifty nine lakhs forty two thousand three hundred and five and Paise forty two only) together with_pendente lite_and post-decree interest thereon @7.35% per annum from 21.12.2021 till realisation from the defendants jointly and severally and by sale of ‘A’ and ‘B’ schedule properties;

¶45

GECL loan	Rs.35,35,157/- (Rupees thirty five lakhs thirty five
account	thousand one hundred and fifty seven only) together
	with_pendente lite_and post-decree interest thereon
	@7.50% per annum from 21.12.2021 till realisation
	from the defendants jointly and severally and by sale
	of ‘A’ and ‘B’ schedule properties;

¶66

A1	28.03.2014	Demand Promissory Note for Rs.1,50,00,000/- executed by the 1^stdefendant as Proprietrix of M/s. G.K. Exports in favour of the applicant bank.
A2	28.03.2014	Request for overdraft facilities executed by the 1^stdefendant as Proprietrix of M/s. G.K. Exports in favour of the applicant bank.
A3	28.03.2014	Common hypothecation agreement executed by the 1^stdefendant as Proprietrix of M/s. G.K. Exports in favour of the applicant bank.
A4	28.03.2014	Guarantee agreement executed by the 2^nd defendant in favour of the applicant bank.
A5	24.03.2015	Letter of renewal executed by the 1^stdefendant as Proprietrix of M/s. G.K. Exports in favour of the applicant bank.
A6	21.04.2016	Letter of renewal executed by the 1^stdefendant as Proprietrix of M/s. G.K. Exports in favour of the applicant bank.
A7	21.06.2017	Letter of renewal executed by the 1^stdefendant as Proprietrix of M/s. G.K. Exports in favour of the applicant bank.
A8	04.01.2020	Demand Promissory Note for Rs.75,00,000/- executed by the 1^stdefendant as Proprietrix of M/s. G.K. Exports in favour of the applicant bank.
A9	04.01.2020	Request for overdraft facilities executed by the 1^stdefendant as Proprietrix of M/s. G.K. Exports in favour of the applicant bank.
A10	04.01.2020	Supplemental common hypothecation agreement executed by the 1^stdefendant as Proprietrix of M/s. G.K. Exports in favour of the applicant bank.

¶69

A11	04.01.2020	Guarantee agreement executed by the 2^nd defendant in favour of the applicant bank.
A12	20.04.2021	Letter of renewal executed by the 1^stdefendant as Proprietrix of M/s. G.K. Exports in favour of the applicant bank.
A13	28.06.2019	Sanction memorandum issued by the applicant bank and duly countersigned by defendants.
A14	28.06.2019	Agreement for segregated liabilities executed by the 1^stdefendant as Proprietrix of M/s. G.K. Exports in favour of the applicant bank.
A15	28.06.2019	Debt restructuring agreement executed by the defendants in favour of the applicant bank.
A16	28.06.2019	Debtor creditor agreement executed by the defendants in favour of the applicant bank.
A17	29.08.2019	Sanction memorandum issued by the applicant bank and duly countersigned by defendants.
A18	29.08.2019	Agreement for segregated liabilities executed by the 1^stdefendant as Proprietrix of M/s. G.K. Exports in favour of the applicant bank.
A19	29.08.2019	Debt restructuring agreement executed by the defendants in favour of the applicant bank.
A20	29.08.2019	Debtor creditor agreement executed by the defendants in favour of the applicant bank.
A21	30.10.2020	Demand Promissory Note for Rs.33,00,000/- executed by the 1^stdefendant as Proprietrix of M/s. G.K. Exports in favour of the applicant bank.
A22	30.10.2020	Take delivery letter to DPN executed by the 1^st defendant as Proprietrix of M/s. G.K. Exports in favour of the applicant bank.
A23	30.10.2020	Agreement cum deed of hypothecation executed by the 1^stdefendant as Proprietrix of M/s. G.K. Exports in favour of the applicant bank.
A24	30.10.2020	Supplemental common hypothecation agreement executed by the 1^stdefendant as Proprietrix of M/s. G.K. Exports in favour of the applicant bank.
A25	24.03.2015	Acknowledgement of debt and security executed by the 1^stdefendant as Proprietrix of M/s. G.K. Exports in respect of the liability outstanding in the loan accounts.

¶72

A26	21.04.2016	Acknowledgement of debt and security executed by the 1^stdefendant as Proprietrix of M/s. G.K. Exports in respect of the liability outstanding in the loan accounts.
A27	21.06.2017	Acknowledgement of debt and security executed by the 1^stdefendant as Proprietrix of M/s. G.K. Exports in respect of the liability outstanding in the loan accounts.
A28	30.10.2020	Acknowledgement of debt and security executed by the 1^stdefendant as Proprietrix of M/s. G.K. Exports in respect of the liability outstanding in the loan accounts.
A29	20.04.2021	Acknowledgement of debt and security executed by the 1^stdefendant as Proprietrix of M/s. G.K. Exports in respect of the liability outstanding in the loan accounts.
A30	28.03.2014	Letter evidencing deposit of title deed issued by the 1^stdefendant to the applicant bank in respect of ‘B’ schedule property.
A31	03.10.2013	Settlement Deed No.2360/2013 of Eravipuram SRO.
A32	03.02.1999	Sale Deed No.578/1999 of Eravipuram SRO.
A33	04.01.2020	Link Letter issued by the 1^stdefendant to the applicant bank.
A34	30.10.2020	Link Letter issued by the 1^stdefendant as Proprietrix of M/s. G.K. Exports to the applicant bank.
A35	28.09.2021	Copy of the Sec.13(2) notice under the SARFAESI Act issued to the defendants.
A36	20.07.2022	Extract of the Open Cash Credit account of the 1st defendant maintained by the applicant bank.
A37	20.07.2022	Extract of the Funded Interest Term Loan account of the 1st defendant maintained by the applicant bank.
A38	20.07.2022	Extract of the Working Capital Term Loan account of the 1st defendant maintained by the applicant bank.

Canara Bank v. Priya R

Case brief

What is this about?

What did the court decide?

What the court decided

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

State Bank of India versus Soni Traders

Bank of Baroda versus M/S Capaxo India

City Union Bank Limited versus M/S Gaurav Security Services (Regd)

Indian Bank versus M/s Babar Vegetables

Canara Bank v. Priya R

Case brief

What is this about?

What did the court decide?

What the court decided

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

State Bank of India versus Soni Traders

Bank of Baroda versus M/S Capaxo India

City Union Bank Limited versus M/S Gaurav Security Services (Regd)

Indian Bank versus M/s Babar Vegetables

A compact analysis

State Bank of India versus Hingman Subba and Anr.