Allowed

Canara Bank v. M/s. Laksheya Group

DRT3 Jan 2025OA/411/2024

Case brief

AI extract

What is this about?

The Tribunal allowed an Original Application filed by Canara Bank for recovery of Rs. 62,56,925 along with interest. Defendants were absent, and the Bank's evidence was accepted as sufficient to substantiate its claim. A recovery certificate was issued.

What did the court decide?

Defendants are jointly and severally liable to pay Rs. 62,56,925 with interest at 11.90% p.a.; recovery certificate issued.

Canara Bank versus M/s. Laksheya Group — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THrS THE 3RD DAy OF JANUARY, 2025

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.411 of ZO24

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Between:

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Canara Bank, Marredpally branch, Situated at 10- t-5/t2A, Entrenchment road, Marredpally, Secunderabad - 500 026. Represented by its Chief Manager

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Applicant

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VERSUS

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M/s. Lakshya Group, Represented by its managing Partner Smt E. Bhagya LJxmi, W/o Durga prasad, aged 38 years Occ: business, H. No. ls_+_SSl , Osman Shahi, Near Babu Jagjivan Ram Community Hall, Gowliguda, Hyderabad _ 12.

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Smt E. Bhagya Laxmi, w/o E. Durga prasad, aged 3B years Occ: business, H.No.1 5l+:357,' Osman Shahi, Near Babu Jagjivan Ram Community Hall, Gowliguda, Hyderabad _ 12.

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Sri A. Narsingh Rao, s/o A Bandoji, aged about 44 years, occ: business, Partner of M/s. Lakshya group, H.No. t5-4-357, Osman dnani, Near Babu Jagjivan Ram Community Hall, Gowliguda, Hyderabad - L2 and

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(OA.No.411 of 2024)

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R/o H.No.14-2-57, Chandanwadi, Goshamahal, Begum Bazar, Hyderabad - 12.

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Defendants

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Counsel for the^pa rties :

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For the Applicant Sri V. Janardhan For the Defendants Exparte

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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.G2,56,925/_(Rupees Sixty Two Lakhs Fifty Six Thousand Nine Hundred and Twenty Five only) with interest @ 11.90% p.a with monthly rests from date of application till the date of realization.

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in the application, the Applicant Bank states r partnership firm represented by its partners vailed Overdraft facility for a sum of Rs.50.00 The defendants executed various necessary ling the loan facility, the defendants failed to sanction, hence the applicant bank was the account as NpA on 28.09.2023 and

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issued fted 22.07.2024 and demand notice dated several requests and demands, the utstanding. Hence this OA. * 03 tnu46

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(OA.No.411 of 2024)

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Defendants 1 to 3 called absent and set exparte on 01.01.2025.

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Sri Mohan G A Kini, Chief Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.16.

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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.16. 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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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.62,56,925l-(Rupees Sixty Two

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Thousand Nine Hundred and Twenty Five

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'6lv) 11.90o/o p.a from date of application till the

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date of realization; * n 'r l1:(

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(OA.No.411 of 2024)

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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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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 ceftificate 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 3'dday of Jan, 2025)

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sd/(G. GOPTCHAND) PRESIDING OFFICER

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TRUE I U-- COPY
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Canara Bank v. M/s. Laksheya Group

Case brief

What is this about?

What did the court decide?

Canara Bank v. M/s. Laksheya Group

Case brief

What is this about?

What did the court decide?

What the court decided

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