Allowed

Canara Bank v. M/S Saketa Packaging Industries Private Limited

DRT25 Apr 2025OA/473/2024

Case brief

AI extract

What is this about?

In an Original Application for recovery of loan dues, the Tribunal held the defendants jointly and severally liable to pay the principal amounts, future interest, and costs to the bank. The bank was directed to proceed against mortgaged properties and issue a recovery certificate.

What did the court decide?

Defendants liable to pay total sum of Rs.3,57,01,519.01 plus future interest; Bank entitled to proceed against mortgaged and personal properties; Recovery Certificate must be issued.

Canara Bank versus M/S Saketa Packaging Industries… — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDERABAD

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DATED THIS THE 25TH DAY OF APRIL, 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: 473 OF 2024

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Canara Bank., SME Kukatpally, Hyderabad - 500072. Rep. by its Authorized Signatory.

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. ....Applica nt.

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Versus

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lvl/s. Sa keta Packing Industries Private Limited., Registered Office at Flat No.301, Soubagya Residency, 8-3-l9l/Aa/64, Vengala Rao Nagar, Hyderabad - 500038.

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Rep by Mr. G. Naraya n Rao.

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Sri G.Narayan Rao,

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S/o. G.V. Bhaska ra Rao,

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Aged about 61 Years, Residing at B-3- 797/ 68 / 48, Flat No.30 1, Vengala Rao Nagar, Near Heritage Fresh, Hyderabad - 500038.

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Smt.G. Lakshmi Sarada, W/o.G.Narayana Rao, Age Not Known, Residing at 8-3-797/68/48, Flat No.301, Vengala Rao Nagar, Near Heritage Fresh, Hyderabad - 500038.

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. .. Defendants

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: M/s.A.Sravanthi Counsel for the Applicant

Defendants

: Ex-pa rte

oA.NO.473l2O24

:: qLLLL ::

The Applicant Bank filed the^present OA for the recovery a total sum of Rs.3,57,01,519.01ps as on 17.08.2024 i.e., a sum of Rs.2,85,42,454.7 lps under Overd raft A/c. No, 2 427 261005338 with future interest @15.95% p.a., a sum of Rs.15,80,343.42ps under GECL A/c.No.2427755000029 with future interest @9.25olo^p.a. and a sum of Rs.55,78,720.97ps under GECL 1.0 Extension A/c.No.170002tt1499 with future interest @9.25o/o p.a. from the defendants jointly and severally from the date of application till the date of realization along with costs and in default for sale of OA schedule properties.

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Summons served on D1 to 3 through paper publication. They were set ex-parte on 02.04.2025 as called absent and no representation.

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The Applicant Bank examined B.Narasimha, Manager, as AW-1 and marked 68 documents through him as Ex.A.1 to Ex.A.6B.

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Ld. Counsel for the Applicant Bank reported orders may be passed through merits. 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 schedule properties?

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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.68 marked on behalf of the Applicant Bank fu*$il '' (-/

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oA.NO.47312024

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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.473/2e24 is allowed as under: -

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i) The Defendants are joinUy and severally liable to pay to the Applicant Bank a total sum of Rs.3,57,01,519.01ps as on 17.08.2024 i.€., a sum of Rs.2,85,42,454.7Lps under Overdraft A/c.No.2427261005338, a sum of Rs.15,80,343.42ps under GECL A/c.No.2427755000029 and a sum of

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Rs.55,78,720.97ps under GECL 1.0 Extension A/c.No.170002111499 with future interest @8.45olo 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 properties 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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oA.NO.473l2024

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The Applicant^{Bank is directed to file Cost Memo within2 weeks} from the date^{of receipt of this Order'}

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q Issue Recovery^{Certificate accordingly'}

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Communicate^{a copy of this order to the parties concerned'} (Dictated to the steno,^{corrected,signed andpronounced by me in the open court on} this the 25th Day^{of April, 2025).}

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/^ffi*'*^ (*ATTESHWAR KOTHE) PRESIDING OFFICER

Canara Bank v. M/S Saketa Packaging Industries Private Limited

Case brief

What is this about?

What did the court decide?

Canara Bank v. M/S Saketa Packaging Industries Private Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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