Allowed

Canara Bank v. Sri. K. Mallikarjuna Reddy

DRT11 Jul 2025OA/602/2024

Case brief

AI extract

What is this about?

The DT allowed Canara Bank's original application for recovery of a term loan. As the defendant was in default and remained non-responsive to the summons, the court held that the defendant was liable to pay the dues with future interest and costs, and secured by mortgage properties.

What did the court decide?

Defendant to pay Rs 1.06 Cr with future interest @13 pcpa simple; proceedings against mortgaged properties and defendant's assets; Issue Recovery Certificate.

Canara Bank versus Sri. K. Mallikarjuna Reddy — Banking and Recovery | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE 11TH DAY OF JULY, 2025 PRESENT: sH. MMESHWAR ,*.r,#Rl'5;8.t"fl "^{L'LB' (Hons'),M.A.}

¶2

ORIGINAL APPLICATION No: 602 OF 2024 Canara Bank., Adoni Branch - 1 H^- r, 2 L -453^_ 454 456 7, 456_2 Kurnool District, Andhra pradesh_51g301. Rep. by its Authorized Signatory.

¶3

.....Applicant.

¶4

Versus

¶5

Sri. K. Mallika rjuna Reddv S/o. Srj.A. tvta n ikya Reddv Aged about 43 years, Occ: Agricutture peoda conehal Village, Ingaldahal post Hotagunda t'4a nda l, Kurnool District A.P - 518308.

¶6

...Defendant

¶7

Counsel for the Applica nt

¶8

Defendant

¶9

M/s. K. V. Nageswa ra Rao

¶10

Ex-parte

¶11

:: oRDER ::

¶12

The Applicant Bank Rled the present OA for the recovery a total sum of Rs.1,06 ,68,424.57ps towards Term Loan A,/c. No. 0601883004181 from the defendant with future interest @74.70o/o p.a. and also Zo/o ovar due interest compounded half yearly from the date of application till the date of realizatton along with costs and in default for sale of OA schedule properties. /)W""

¶13

( ),,

¶14

oA.No.60212024

¶15

Summon^{servedon sole defendant throughpaperPublication} unO *u.^{set ex-parte on 06'02'2025as called absent and no} representation.

¶16

The Appllcant^{Bank examined S'Ravi Kanth'Manager'as AW-1} and^{marked17 documentsthrough him as Ex'A'1 to Ex A 17}

¶17

Heard the^{Ld. Counselfor the ApPlicant Bank Perused the} materlal Placed^{on record'}

¶18

The^{polnt that arises for considerationis:-}

¶19

Whether^{the Appticant Bank is entitled} for the^{claim madein the OA against} the Defendant^{and OA schedule}

¶20

ProPerties?

¶21

As stated^{supra, the Defendant remainedex-parte' The} Evidence^{Amdavit coupledwith the recitalsin the documents} viz., Exs.A.1^{to A.17 marked on behalf of the ApplicantBank} clinchestheclaimoftheApplicantBankagainsttheDefendant. Hence,^{I hold that the Defendant is liableto pay the OA claimto} the Applicant^{Bank with future interestand costs'}

¶22

In the result, the^{present Original Application No'602/2024is} allowed as^under:-

¶23

The Defendant^{is liable to pay to the} i) ApPlicant Bank^{a total sumof} Rs.1,06,68,424.57ps^{towards Term Loan A/c'} No. 0601883004181;^{with futureinterest} @13olo P.a.^{simple from the date of} - application till^{the date ol rcalization',N.$,->9}

¶24

oA.NO.602/2024

¶25

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 debU

¶26

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

¶27

iv) the applicant bank is entitled for the costs.

¶28

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

¶29

Issue Recovery Certificate accordingly.

¶30

Communicate a copy of this order^{to the parties concerned.} {Dictated^{to the steno, corrected,signedand pronouncedbymein the open court on} this the 11th Day of .July, 2025).

¶31

PRESIDING OFFICER

Canara Bank v. Sri. K. Mallikarjuna Reddy

Case brief

What is this about?

What did the court decide?

Canara Bank v. Sri. K. Mallikarjuna Reddy

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

Indian Bank versus Ms John Upvc Windowsand Doors

The Axis Bank Ltd. versus M/S. Sri Balaji Enterprises

Union Bank of India versus Seshadri Builders

Ms Avigna Mens Hostel versus Uco Bank

Canara Bank versus M/S. Sumukh Paper and Paper Boards Private Limited.

Canara Bank versus Pundari in House Crafts Manship Homespun Food