Allowed

Canara Bank v. M/S. Ravindra Bharathi Power Looms Industry

DRT3 Dec 2025OA/456/2024

Case brief

AI extract

What is this about?

In an Original Application filed by Canara Bank for recovery of loan and sale of mortgaged properties, the tribunal held the defendants jointly liable to repay the outstanding sum with future interest. The OA was allowed, and a recovery certificate was issued.

What did the court decide?

OA Allowed; Defendants jointly and severally liable to pay ₹2,24,69,463.98 with future interest; Application for sale of hypothecated/mortgaged properties allowed; Recovery Certificate issued.

Canara Bank versus M/S. Ravindra Bharathi Power Looms Industry — Banking and Recovery | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL - IAT HYDERABAD DATED THIS THE 3'd DAY OF DECEMBER, 2025 PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFIGER

¶2

OA. No. 456 OF 2024

¶3

Between:

¶4

Canara Bank, Hanmakonda -ll, Hanmakonda Mandal of Warangal Urban district, Telangana State - 506 001, Representated by its Authorized officer Applicant

¶5

VERSUS

¶6

M/s. Ravindra Bharathi Power Looms lndustry, Plot No.284, survey No. 1791/1, Textile Park, Madikomda Village, Kazipet Mandal, Warangal District, Telangana State - 506 142. Represented by its Proprietor Sri Daggu Ravinder.

¶7

Sri. Daggu Ravinder S/o. Satyanarayan, Aged 52 years, H.no. 5-116, Sainagar Pakal Road, Narsampet, Warangal Rural - 506 132. Defendants

¶8

(oA. No. 4s612024)

¶9

Counsel for the parties :

¶10

For The Applicant A. Sravanthi For the Defendant Exparte Reserved on 24.11.2025 Pronounced on 03.12.2025 Upload in website on 03.12.2025

¶11

ORDER

¶12

The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.2,24,69,463.98 Ps. (Rupees Two Crores Twenty Four Lakhs Sixty Nine Thousand Four Hundred Sixty Three and Paise Ninety Eight Only) i.e a sum of-

¶13

(i) Rs.1,77,30,130.44 Ps. (Rupees One Crores Seventy Seven Lakhs Thirty Thousand One Hundred Thirty and Paise Fofi Four Only) with future interest @ 1170% p.a from 06.11.2024 till the date of realization.

¶14

(ii) Rs.7,06,285.34 Ps. Six Thousand Two H Only) with future 06.11.2024 tiil the date of [ 3 0ic 205

¶15

(oA. No. 4s612024)

¶16

(iii) Rs.22,52,443.01 Ps (Rupees Twenty Two Lakhs Fifty Two Thousand Four Hundred Fofi Three and paise One Only) with future interest @ 9.25% p.a from 06.11.2024 tiil the date of rea lization.

¶17

(iv) Rs.17,80,605.62 Ps (Rupees Seventeen Lakhs Eighty Thousand Six Hundred Five and paise Sixty Two Only) with future interesl @ 10.40o/o p.a from 06.11.2024 till the date of rea lization.

¶18

and in default for sale of Hypothecated Movables and Mortgaged Properties as mentioned in the Schedules A and B to OA.

¶19

As per the averments in the apprication, the Appricant Bank states that Defendant No.1 is a^{proprietorship} Firm Represented By its proprietor Defendant No. 2 availed Term Loan of Rs.gg,31,000/_ and Over Draft Facitity Os Rs.15.00 Lakhs on 24.05.2019.The Defendant No.1 availed GECL Loan of Rs. 20.00 Lakhs and executed Agreement cum Deed of Hypothecation dated 22.06 2020 in favor of the Applicant Bank. The defendants availed GECL (GECL 1.0 Extension) of Rs.20.00 Lakhs and executed Supplemental Common Hypothecation Agreement dated 06.112021 in favor of the Applicant Bank. The defendants Co-G!1t?,L1:+mortsage and executed Memorandum of .bepcisit of Title s in favor of the Applicant Bank. The said i,-r I :, 'loan facilitibs w and enhanced from time to time by (J oIoEC'ry^ \B- *

¶20

(oA. No. 4s6l2024)

¶21

the defendants. After availing the loan facility, the defendants failed to comply the terms of sanction, hence the applicant bank classified the account as NPA on 29.10.2023 and issued Demand notice on 06.11.2023. lnspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

¶22

Defendants called absent and set exparte on 18.07.2025 and 02.09.2025.

¶23

Sri. Srinivas, Senior Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.59.

¶24

Heard the Ld. Counsel for the Applicant Bank.

¶25

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?

¶26

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.A.1 to A.59. ln view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendants and hence Bank is entitled to recover the claim made in and costs.

¶27

-'1.
0

¶28

(oA. No. 4s612024)

¶29

ln the result, the present OA is allowed with costs, as under :

¶30

The Defendants No. 1 and 2 are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.2,24,69,463.98 Ps. (Rupees Two Crores Twenty Four Lakhs Sixty Nine Thousand Four Hundred Sixty Three and Paise Ninety Eight Only) i.e a sum of -

¶31

(i) Rs.1,77,30,130.44 Ps. (Rupees One Crores Seventy Seven Lakhs Thirty Thousand One Hundred Thirty and Paise Fofi Four Only) with future interest @ 11.70% p.a from 06.11.2024 till the date of realization.

¶32

(ii) Rs.7,06,285.34 Ps. (Rupees Seven Lakhs Six Thousand Two Hundred Eighty Five and Paise Thifi Four Only) with future interest @ 9.25% p.a from 06.11.2024 till the date of rea lization.

¶33

(iii) Rs.22,52,443.01 Ps (Rupees Twenty Two Lakhs Fifty Two Thousand Four Hundred Forty Three and Paise One Only) with future interest @ 9.25% p.a from 06.11.2024 till the date of realization.

¶34

(iv) Rs.l7,80,605.62 Ps (Rupees Seventeen Lakhs Eighty Five and Paise Sixty Two Only) with p.a from 06.11.2024 till the date of ,,^{[3tlECry,. "}

¶35

ii.

¶36

(OA. No. 4s512024)

¶37

The Applicant Bank is entifled to proceed against the Hypothecated Movables and Mortgaged properties mentioned in the Schedules A and B to the OA towards realization of the debt due.

¶38

'10. The Applicant Bank is also entifled to proceed against the person and properties of defendant No. 2 and properties of defendant No.1 towards realization of the debt due.

¶39

That Applicant Bank is entitled to the costs of the OA.

¶40

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

¶41

lssue Recovery Certificate accordingly.

¶42

Communicate a copy of the order to the parties concerned.

¶43

(Oictated to the P.A., transcribed by her, corected, signed and pronounced by me in the open court on this the 3'd day of Dec, 2025)

¶44

sd/(G. GOPTCHAND)

¶45

PRESIDING OFFICER

¶46

r["!f,?:*\ - 6

Canara Bank v. M/S. Ravindra Bharathi Power Looms Industry

Case brief

What is this about?

What did the court decide?

Canara Bank v. M/S. Ravindra Bharathi Power Looms Industry

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Jithender Nagabelly versus Sriram finance limited

Canara Bank versus M/S. Guru Krupa Powerloom Industry

State Bank of India versus Sri. Gabbeta Vijay Kumar

Canara Bank versus M/S. Sri Upvc Windows and Grills

State Bank of India versus M/S. Fenoplast Limited

M/s Rr Gundlapalli versus Union Bank of India