Allowed

Canara Bank v. Htc Diet Corporation Private Limited

DRT18 Feb 2025OA/405/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the banker's original application filed for recovery of outstanding dues along with interest and costs against the respondent borrowers who defaulted on term loan facilities.

What did the court decide?

Recovery of Rs.1,17,69,709.55 plus interest; costs of the OA; issue of recovery certificate.

Canara Bank versus Htc Diet Corporation Private Limited — Banking and Recovery | DRT (2025)

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

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PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFICER

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OA.No.4O5 of 2024

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Between:

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Canara Bank, Branch office at Narsampet, D.No. 1-7-70, Madhu complex, Khammam - 507 003, TS. Represented by its Chief Manager

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Applica nt

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VERSUS

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HTC Diet Corporation pvt Ltd, Regd Address : 2-4- l2t4/ 5, Vidyanagar, Hanamkonda,

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Warangal, Telangana - 506 OO1

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Also at

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Office at #47/AA/2L, Madhira (D) Narsampet, Warangal Rural, Telangana - 506 132.

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Also at

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H.No.4-57, Maheswaram, Warangal dist, TS - 506 331.

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Sri Veeramalla Rajesh Reddy, S/o Narsimha Reddy, aged 43 years, Occ: business, male, n/o H.fVo.+_SZ, Maheswaram, Warangal dist, TS - 506 331.

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Office at #47/AA/2t, Madhira (D) Narsampet, Warangal Rural, Telangana - 506 132.

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(o A.40s2024)

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S mtVeera ma lla Na g a ra n i, ylo Tajesh Reddy, aged 33 years, occ: business, male R/o H.No.4-57, Maheswaram, Warangal dist, TS _ 506 331.

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Office at #47/AA/2I, Madhira (D) Narsampet, Warangal Rural, Telangana - 506 132.

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Defendants

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Counsel for the parties: For the Applicant For the Defendants

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Smt Tarangini pisipati Ex pa rte

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ORDER

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1' The Appricant Bank fired the present oA against Defendants for recovery of a total sum of Rs.L,L7,69,709.55ps (Rupees One crore seventeen Lakhs sixty Nine thousand seven Hundrect nine and paise Fifty five only) i.e.,

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a) A sum of Rs.26,35, 136.62ps under A/c. No.125002679461 with interest @ 13.50o/op.a from15.11.2024 till the date of realization ;

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b) A sum of Rs.91,34,572.93ps under loan A/c. No.648776600000lwith interest @ 13.75% p.a from L5.tt.2024 till the date of realization ;

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and in ypothecated and mortgaged properties asd a(\ in-tffisc oA. 1 8 FEB 2M jll ,a 'Qh,#r=ff

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(o A.4Os2024ll

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2' As per the averments in the apprication, the Appricant Bank states that defendant No.2 is a registered company represented by its managing directors/ defendants no.2 & 3 avaired term roan of Rs.80.00 takhs and CC timit of Rs.20.00 takhs on 22.03.202t. The loan facirities are secured by hypothecation of stocks and book debts more fully described in schedule A to OA and mortgage of non agricurturar rand more specificaily mentioned in schedure B to oA. After availing the loan facillties, the defendants failed to comply the terms of sanction, hence the appricant bank was constrained to classify the account as NpA on 23.02.2023 and demand notice dated 20.04.2023. 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 3I.12.2024.

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Sri M. Sridhar, Branch Manager of the Applicant Bank examined himself as AW,1 and exhibited releva nt documents, which are

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marked as Ex.A.1 to A.11.

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Heard the Ld. Counsel for the Applicant Bank.
6. The point that a rise for consideration
is whether the Applicant Bank is
entitled for
made in ihE OA against the Defendants as
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¶33

(oA.40s2024)

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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.11. 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.

¶35

B. In the result, the present oA is ailowed with costs, as under: 9. The Defendants are joinily and severally liable to pay to the Applicant Bank a total sum of Rs.1,L7gg,to9.55ps (Rupees one crore seventeen Lakhs sixty Nine thousand seven Hundred nine and paise Fifty five onty) i.e.,

¶36

a) A sum of Rs.26,35,136.62ps under A/c. No.12500267g46t

¶37

, with interest @ 13.50%p.a from 15.11.2024 till the date of realization ;

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b) A sum of Rs.91,34,572.93ps under loan A/c. No.6487766000001 with interest @ L3.75o/o p.a from 15.11.2A24 till the date of realization ;

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The Applicant bank is entitled to proceed against the hypothecated

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and as described in the schedule to OA
towa lizatio fth ue.
B
1 I FEB zrft *,
lt.r

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(oA.40s2024)

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11' The Applicant Bank is also entitled to proceed against the person and properties of defendants No.2 & 3 and properties of defendant no.1 firm towards realization of the debt due.

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t2. The Applicant Bank is entiiled to the costs of the oA.

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13' The Applicant shall file a cost memo within two weeks from the date of receipt of order.

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t4. Issue Recovery certificate accordingly.

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15, 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 lBth day of Feb, 2025)

¶48

sd/ - (G. GOPTCHAND) PRESIDING OFFTCER

¶49

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¶51

Canara Bank v. Htc Diet Corporation Private Limited

Case brief

What is this about?

What did the court decide?

Canara Bank v. Htc Diet Corporation Private Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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