Allowed

Canara Bank v. Ma Zaveri Jewellers

DRT16 Sept 2025OA/53/2024

Case brief

AI extract

What is this about?

In NB Act proceedings, the Debts Recovery Tribunal heard an application by Canara Bank for recovery of dues aggregating Rs.6.18 crores from several defendants. After hearing counsel and examining the bank's witness with exhibited documents, the Tribunal held that the bank's claim was substantiated and allowed the application with costs and order issuance of a recovery certificate.

What did the court decide?

Defendants to pay Rs.6,18,64,496.68 with future interest; Bank to proceed against mortgaged properties and other assets; Recovery certificate issued.

Canara Bank versus Ma Zaveri Jewellers — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I^{AT HYDERABAD} DATED THIS THE 16T}I DAY OF^{SEPTEMBE&2025}

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PRESENT: SRI GUMMADI GOPICHAND'^{PRESIDING OFFICER}

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OA.No.53 ol 2024

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Between:

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Canara Bank, 3-5-874/19lt, Besides Old^MLA Quarters,^Hyderguda, Hyderabad, TS - 500 029' Represented by its^{Authorised Signatory}

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Applicant

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VERSUS

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M/s. Zaveri Jewellers, A partnershiP firm,^rePresented

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By its^partners Mr.^{Anil Kumar Tayal,} And Mr. Ankit Kumar^TaYal, Having its regd office^at 5-9-3ll/G2,^{Pavani Kamal comPlex,} Gun-foundry,^{HYderabad,TS- 500 001.}

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Mr. Anil Kumar TaYal, s/o Sri Nanda Kishore^Gupta, R/o H.No,3-6-69lBlt0, Avanti nagar, Basheerbagh, Hyderabad, TS -^{500 029.}

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Sri Ankit Kumar^TaYal, S/o Sri Anil Kumar^TaYal, R/o H.No.3-6-69/B/tO, Avanti nagar, Basheerbagh, Hyderabad, TS - 500^029.

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Sri Nand Kishore^GuPta, s/o sri Mahaveer^Prasad, R/o H.No.3-6-69/8/tO, Avanti nagar, Basheerbagh, Hyderabad, TS - 500^029.

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I 6 stp :]F

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Sri Dinesh Kumar Kedia, s/o Late Sri Omkarmal Kedia, R/o H.No.5-9-30/ tl 4/4, Palace colony, Basheerbagh, Hyderabad, TS - 500 004.

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Sri Arjun Kumar Kedia, s/o Sri Dinesh Kumar Kedia, R/o H,No.5-9^-30/ t/4/^4,

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Palace colony, Basheerbagh, Hyderabad, TS - 500 004.

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Sri Ashish Kedia, S/o Sri Dinesh Kumar^Kedia R/o H.No.5-9-30/ t/ 4/^4, Palace colony, Basheerbagh, Hyderabad, TS - 500 004.

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Defendants

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Counsel for the Parties:

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For the Applicant For the Defendants^No.1 to³ Defendants No.4 to 7

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Sri B. Ravindra Reddy

Sri V. Ravinder

Exparte

ORDER

The Applicant Bank filed the^{present OA against Defendants for} recovery of a total sum of Rs.6,18,64,495.68ps^{(Rupees Six} Crores Eighteen Lakhs Sixty^{Four ThousandFour Hundred} Ninety Six and^paise Sixty Eight only)^i'e.,

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a) A sum of Rs.5,51,25,364.31ps^{underloan A/c.No.1983261005107} with future interest @ 17.95o/o^{p.a with monthly restsfrom}

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(oA.s3l7o24l

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b) A sum of Rs.50,87,192.44ps under loan^{a/c.No.2423755000004} with interest @ 9.25olo^p.a with monthly rests^{from LO.0L.2024} till the date of realization ;

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c) A sum of Rs.16,51,939.93ps under^{loan A/c.No'161000174849} with interest @ L2o/o^p.a with^{monthly rests from 07.01.2024till} the date of realization ;

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and in default for mortgaged^{property and hypothecated vehicleas} mentioned in the schedule to^OA.

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As per the averments in the application,^{the Applicant Bank states that} defendant no.1 availed^{working capitalloan facility,GECL loan facility} and canara vehicle loan facility^{aggregating asum of} rs.6,18,64,496,68ps^{(Rs.5,51,25,364.31ps + Rs.50,87,192.44ps+} Rs.16,51,939.93ps ).^{Defendant no.1 availedthe said facility by} executing necessary loan documents^{and said facilitywas securedby} mortgage of^properties belonging^{to defendant no.2. The defendants} executed various loan documents in^favour of^{applicantbank'} Defendants no.2 to 4 availed additional credit^{limits of} Rs.2,75,00,000/- and deposited the title^{deeds on 28'09.2013'After} availing the loan facility, the defendants^{failed to comply the terms of} sanction, hence the applicant bank classified^{the account as NPA and} legal notice waq is-SU# on 06.11.2023.^Inspite of^{severalrequests}

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and denffi:r*rred. did not clear the outstanding. Hence this o$i iP t i

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Defendants 4 to 7 called absent and set exparte on 13.08.2025. counsel for defendants 1 to 3 filed vakalath but failed to file WS.

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Sri K. Raj Kiran, Chief Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.71.

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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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Counsel for Defendants No, 1 to 3 filed vakalath but failed to file WS. Defendants No.4 to 7 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,71.^{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.6,18,64,496.68ps (Rupees Six Crores Eighteen Lakhs Sixty Four Thousand Four Hundred Ninety Six

¶41

i.€.,

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loA.s3/20241

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a) A sum of Rs.5,51,25,364.31ps under loan A/c.No.1983261005107 with future interest @ 17.95olo p.a from 10.01.2024 till the date of realization ;

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b) A sum of Rs.50,87,192.44ps under loan alc.No.24237 55000004 with interest @ 9.25olo p.a from L0.0t.2024 till the date of realization;

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c) A sum of Rs.16,51,939,93ps under loan A/c.No.161000174849 with interest @ 12olo p.a frcm 07.01.2024 till the date of realization;

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The Applicant bank is entitled to proceed against the mortgaged property and hypothecated vehicle as mentioned in the schedule to OA towards realisation of the debt due.

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The Applicant Bank is also entitled to proceed against the person and properties of defendants No.2 to 7 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 certificate accordingly.

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t4. Communicate a copy of the order to the parties concerned.
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(pictated lb the P.A,, transcribed by her, corrected, signed and pronounced by me in the open court on
't6is;the t6tn day of SepU 2025)
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Canara Bank v. Ma Zaveri Jewellers

Case brief

What is this about?

What did the court decide?

Canara Bank v. Ma Zaveri Jewellers

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

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