Allowed

Canara Bank v. M/S Srinivasa Engineering Works

DRT18 Jul 2025OA/38/2025

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed Original Application No.38/2025 filed by Canara Bank. The court held defendants jointly and severally liable to pay a total sum of Rs.23,29,547.43 along with future interest and costs, enforcing both monetary claim and hypothecated assets.

What did the court decide?

Defendants directed to pay total sum of Rs.23,29,547.43 plus future interest and costs. Bank entitled to proceed against hypothecated assets and defendants' properties. Recovery Certificate to be issu

Canara Bank versus M/S Srinivasa Engineering Works — Specific Performance | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 18TH DAY OF JULY, 2025

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PRESENT: SH. RAMESHWAR KOTHE, B.Com., L.LB. (Hons.), IY.A. PRESIDING OFFICER

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ORIGINAL APPLICATION No: 38 OF 2025

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Canara Ban k.,

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Ba lanagar Branch, H. No.6-3- 144 &. l44ll,1't Floor, lahanara Kareem Complex, Ba la nagar Hydera bad - 500042.

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Rep. by its Senior Manager.

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... ..Applicant.

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Versus

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Ivl/s. Srinivasa Engineering Works., Rep by its Proprietor Galla Srinu s/o. G satti Babu, H.No.Plot No.94l1 CIE, Beside Navatha Tra nsport Ga ndh inaga r - Srinaga r Colony Hyderabad - 500055.

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Galla Srinu, S/o. G.Satti Babu Aged about 33 Years, Occ: Business 14ale, H.No.5-28l1, Gooden Basti Suchitra Road, Quth bu lla pu r Hyderabad - 500055.

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Also at:-

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H. No.5-61, Vommavaram Village Ravika ntha m Mandal, Kannampeta Visakhapatnam, Andhra Pradesh - 531114.

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. .. Defenda nts

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Counsel for the Applicant : lv'ls. Tarangini Pisipati

Defendants

:Ex-earteiry,,p*

oA.NO.38/202s

:: ORDER ::

1, The Applicant Bank filed the present OA for the recovery a total sum of Rs.23,29,547.43ps as on 02.01.2025 i.e., a sum of Rs.6,73,545.45ps towards Loan A/c.No,30691400000704 with interest @l2,4Oo/o p.a., a sum of Rs.23,988.97ps towards Loan A/c.No.30699160000107 with interest @Ll.25o/o p.a. and a sum of Rs,16,28,786.22ps towards Loan A/c.No.170004527038 with future interest @13.90olo p.a. from the defendants jointly and severally with monthly rests from Ol.lt.2024 till the date of realization along with costs and in default for sale of hypothecated assets.

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2, Summons served on D1 and 2 through paper publication. They were set ex-parte on 19.06.2025 as called absent and no representation.

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The Applicant Bank examined I G Konali, Chief Manager, as AW-1 and marked 25 documents through him as Ex. A.1 to Ex. A.25.

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Heard the Ld. Counsel for the Applicant Bank. Perused the material placed on record.

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The point that arises for consideration is:-

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Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants and OA hypothecated assefs ?

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As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.25 marked on behalf of the Applicant Bank

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oA.NO.38/202s

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clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are jointly and severally liable to pay the OA claim to the Applicant Bank with future interest and costs.

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In the result. the present Original Application No.38/2025 is allowed as under: -

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i) The Defendants are^jointly and severally liable to pay to the Applicant Bank a total sum of Rs.23,29 ,547.43ps as on 02.01.2025 i.e., a sum of Rs.6,73,545.45ps towards Loan A/c. No.30691400000704, a sum of Rs.23,988.97ps towards Loan A/c. No. 30699160000107 and a sum of Rs.16,28,786.22ps towards Loan A/c. No. 170004527038; with future interest @7.59o p.a. simple from the date of application till the date of realization;

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ii) the OA claim is secured by way of hypothecation of assets described in the schedule annexed to the OA and the applicant bank ls entitled to proceed against the same to realise its debu

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iii) the applicant bank is also entitled to proceed against the person and properties of defendants for realization of its dues;

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iv) the applicant bank is entitled for the costs.

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oA.NO.38/202s

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B. The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of recelpt of this Order.

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Issue Recovery Certificate according ly.

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Communicate a copy of this order to the parties concerned. (Dictated to the steno, corrected, signed and pronounced by me in the open court on this the 18th Day of July, 2025).

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PRESIDING OFFICER

Canara Bank v. M/S Srinivasa Engineering Works

Case brief

What is this about?

What did the court decide?

Canara Bank v. M/S Srinivasa Engineering Works

Case brief

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What did the court decide?

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