Allowed

Canara Bank v. M/s. Sikkolu Industries Private Limited

DRT12 Aug 2025OA/433/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal II, Hyderabad, allowed an original application filed by Canara Bank against four defendants for recovery of a debt of Rs. 1.5 crores with interest and costs, noting the defendants were ex parte.

What did the court decide?

Directing defendants to pay Rs. 1.50 Cr with future interest and costs; declaration of joint and several liability; permission to realize against secured property and personal assets.

Canara Bank versus M/s. Sikkolu Industries Private… — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS^{RECOVERYTRIBUNAL-II AT HYDEMBAD}

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DATED THIS^{THE12THDAY OF AUGUST,2025}

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PRESENT: SH.^{RAMESHWAR KOTHE,B.COM.,L.LB. (HONS.), M.A.}

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PRESIDING OFFICER

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ORIGINAL APPLICATION^{No: 433 OF 2024}

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Canara Bank., H. No.8-2-541,^{Road No.9} Vimal Nagar,^{zahara Nagar} Banjara Hills,^Hyderabad Telangana - 500034. Rep. by its Authorized^Signatory.

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.....Applicant.

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Versus

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M/s. Sikkolu^{Industries PrivateLimited.,} c-9, 2"d Floor, Banjara^{GardensApartment} Road No.12, Banjara^{Hills, Hyderabad} Telangana - 500034.

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Sri. Challa Ramesh,^{S/o. Sri Nancharaiah} Challa, Z-L27, Behlnd^{American Hospital} Kondapalle, VTC Kondapalle,^Vijayawada Krishna District, Andhra^{Pradesh-521228.}

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Sri. Injeti RooPa,^{W/o. Sri Sunil} Gandham Residency,^{Bhavan 3, New} Bowenpally, Hyderabad,^{Telangana-500011.}

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Smt.Rajeshwari Bathuel^Kankipati Wo.Sri.^{Babji, D/o.Sri. BathuelDavid} Kankipati, No 29-t40/2/5,^{Plot No.59} Sy. No.325l 1, Dinakar Nagar,^Neredmet Malkajgiri Circle and Mandal, Ranga Reddy District, Telanqana - 500056.

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...Defendants

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: M/s.chavan & Associates counsel for the Applicant Law Firm Defenda ntsnts :ex-oaefr\sx

Defenda ntsnts

oa.No,433/2024

:: ORDER ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.1,50 ,2t,B93.2'ps as on 31.08.2024 from the defendants jointly and severally with future interest @11.65010 p.a. from the date of application till the date of realization along with costs and in default for sale of OA schedule property.

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Summons served on D2 and was set ex_parte on 21.01.2025 as called absent and no representation and summons served on D3 and was set ex-parte on 10.03.2025 as called absent and no representation. Summons served on D1 and 4 through paper publication and was set ex-parte on 11.08.2025 as called absent and no representation.

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The Applicant Bank examined p.Shashi Bhushan, Legal Manager, as AW-1 and marked 21 documents through him as Ex. A.1 to Ex. A.21.

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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 entitted for the claim made in the OA against the Defendants and OA schedule property?

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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.21 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are jointly and severally liable

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OYo's"

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oA.NO.433/2024

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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.433/2024 is allowed as under: -

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.1,50,21,893.25ps with future interest @9.70o/o^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 mortgage of property described in the schedule annexed to the OA and the applicant bank is entitled to proceed against the same to realise its debt;

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

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Issue Recovery Certificate accordingly.

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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 12th Day of August, 2025).

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Ox**

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(RhqESHWAR KoTHE) PRESIDING OFFICER

Canara Bank v. M/s. Sikkolu Industries Private Limited

Case brief

What is this about?

What did the court decide?

Canara Bank v. M/s. Sikkolu Industries Private Limited

Case brief

What is this about?

What did the court decide?

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