Allowed

Canara Bank v. Ms.Mude Rajeshwari

DRT29 Apr 2025OA/502/2024

Case brief

AI extract

What is this about?

The Tribunal allowed an original application filed by Canara Bank for recovery of a debt of Rs. 1,19,46,491.08 along with future interest and costs from the sole defendant, who remained absent. The Tribunal accepted the bank's evidence and documents to establish the claim based on hypothecated assets.

What did the court decide?

Directed defendant to pay Rs. 1,19,46,491.08 with future interest, proceed against hypothecated assets and defendant's properties for realization of dues, and granted costs.

Canara Bank versus Ms.Mude Rajeshwari — DRT (2025) — LawSathi Research

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 29th DAY OF APRIL, 2025

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PRESENT: SH. RAMESHWAR KOTHE, B.com./ L.LB. (HonS.), M.A. PRESIDING OFFICER

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ORIGINAL APPLICATION No: 502 oF 2024

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[4/s.Canara Bank., Kadapa Main Branch - II, O/o. 7 Roads Circle. Rep. by its Authorized Signatory,

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.....Applica nt.

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Versus

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Ivls. 14 ude Rajeshwari, D/o. tv. Nageswar Naik, D.No.37 /230, Bataji Nagar, Rayachoty, Kadapa, Andhra^pradesh - 516269.

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Also at:D.No. t/2560, Near Rajiv Park Housing Board Colony, Kadapa, Andhra Pradesh-516001.

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Also at:-

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23-5-147/l,2nd Floor, 5th Cross Road, Sri Krishna Nagar, MR Palli, Tirupathi - 517502.

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... Defendant

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: lY/s.Manav Gecil Thomas Counsel for the Applicant Defendant : Ex- parte

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:; ORDER ::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.1,19,46,491.08ps as on 31.08.2024 from the defendant with future interest @36010 p.a. wlth monthly rests

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oA.NO.502/2024

¶16

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from 01.09.2024^{till the date of realization along with costsand} in default for^{sale of hypothecated assets'}

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Summon served^on sole defendant and^{was set ex-parte on} 04.O2.2O25^{as called} absent and^{no representatlon.}

¶19

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1. The Applicant^Bank examined N.Nagaraju,^{Asst' lvla nager,} AW- 1 and^marked 16 documents through^{him as Ex.A.1} to Ex.A.16.

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Ld. Counsel for^{the Applicant Bank stated orders may be passed} on merits.^{Perusedthe materialplaced on record'}

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The^point that^{arlses for considerationis:-}

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Whether the^{Applicant Bank is entitled} for the claim^{madein the oA against} the Defendant and^{OA hY\othecated} assets?

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As stated supra, the^{Defendant remainedex-parteThe} Evidence Affidavlt^{coupled with the recitals in the documents} viz., Exs.A.1 to A.16^{marked on behalf of the ApplicantBank} clinches the clalm of the^{Applicant Bank against the Defendant.} Hence, I hold that the^{Defendant is liableto pay the OA claim to} the Applicant Bank with future^{interestand costs.}

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In the result, the^present Original^{Applicatlon No.502/2024is} allowed as under:^-

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i) The Defendant is liable to^pay to^the Applicant Bank a sum of^{Rs.1,19,46,491.08ps} as on 31.08.2024 with^{futureinterest} U,/

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^wn'q

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oA.NO.5O2l2024

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@Ll.4Oo/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 hypothecation of assets described in the schedule annexed to the OA and the applicant bank is entifled to proceed against the same to realise its debu

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iii) the applicant bank is also entiUed to proceed against the person and properties of defendants for realization of its dues;

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iv) the applicant bank is entifled for the costs.

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B. The Applicant Bank is directed to file Cost Memo within 2 weeks

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from the date of receipt of this Order.

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Issue Recovery Certificate accordingly.

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,9?^T:i!,:?,9^{a copy of this order to the parties concerned.} I?,::1.^"1.1? :T :':l-"r i"ill!I"d,^{sig' eaa ; ;,; ;;.:; ;; ;" i""iil="oJl1,,,,} "" this the 25th Day ofApril,2025).

¶37

PRESIDING OFFICER

Canara Bank v. Ms.Mude Rajeshwari

Case brief

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Canara Bank v. Ms.Mude Rajeshwari

Case brief

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