Allowed

Canara Bank v. M/S Indus Gene Expressions Ltd.

DRT28 Apr 2025OA/66/2025

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application by Canara Bank for recovery of Rs.22,01,61,568.72 jointly and severally against seven defendants, who defaulted in appearance, with provision for execution via certificate.

What did the court decide?

Defendants to pay sum of Rs.22,01,61,568.72 with interest; applicant entitled to realize debt from mortgaged properties and persons' properties; costs awarded.

Canara Bank versus M/S Indus Gene Expressions Ltd. — Banking and Recovery | DRT (2025)

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]N THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE 28Ih DAY OF APRIL, 2025 PRESENT: SH. MMESHWAR KoTHE, B.com., L.LB. (Hons.), M.A. PRESIDING OFFICER

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ORIGINAL APPLICATION No: 66 OF 2025

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[4/s.Canara Bank., Specialized SME Bra nch, Ananthapur.

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Rep. by its Authorized Signatory.

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.....Applicant.

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Versus

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M/s.Indus Gene Expressions Ltd., O I o.6-372, Kodur Viltaqe, Kanisettipalli post, Anantapur, Chilamathur Mandal, Sri Satyasai District, Andhra pradesh _ 515341.

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Represented by its Authorised Representative.

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Sri Channa Reddy,

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S/o. C.Venkata Rami Reddy,

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Sex. I'lale, Aged Major, Occ: Business, Rlo.4-42-tA, Chenna Kesava puram, Talamarla KOthachesruvu, Sri Satyasai District - 515133.

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Smt.Rupana Reddy Na ari, W/o. Nallari Niroop Kumar Reddy, :9x._F9!ate,^{Aged Major, Occ:Business,} Rlo.8-2-293/82/ Al 672, ptot No.672, Road No.34, Jubilee Hilts, Shaikpet, Hyderabad - 500033.

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Also at:-

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Plot No,825/V/1, Road No.4O, Jubilee Hills. Hyderabad - 5OOO33.

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Smt.C.Usha Rani Reddy, Wo.Channa Reddy,

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ly'rryuut<br>

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oA.NO.66/2025

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Sex. Female,^{Aged Major'Occ: Business'} iii.q-qz-*,^{chennaKesavaPuram'} Talamarla^{KOthachesruvu'} Sri Satyasai^District'

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Sri. c/^^{Natlavadla HimadeeP'} vpnkata Ramana^Reooy, , f : :^ggtg :$^{Ill,T:,?i';,1"11 t'""'i,} Sarada^{Mansion, Uma Nagar'} i"br.P"t,^{HYderabad- 5ooo 16 '} Also at:pioi rlo.zo, s.No's/3,^{BNR tlills'} r"i,ir"" ilrt,^{HYderabad- 500033'} 6. Sri. B.Mallikarjuna^Reddy' S/o.^{Nagi Reddy, Sex Male'} Aoed^{Major, Occ: Business'} R7o. 13/3/510,^Khajanagar' dro Ginsu^{Gowri Theatre ComPlex'} AnantaPur -^515001' Also at:llo.snetralatha^{Hospital Khaja Nagar'} srinivasa^{Nagar,AnanthaPuram} ' Andhra^{Pradesh- 515001'} 7. Sri.A.Srinivasa^ReddY, S/o.A.Ravichandra^ReddY, i"r. rqrt",^{Aged Major, Occ:Business'} Rlo.6-2-14f ,^{Kovur Nagar'} AnantaPur,^A.P -^{515004 '} ... Defendants : Mr.Manav^{Gecil Thomas} Counsel^{for the APPlicant} : Ex-parte Defendants

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::^{qLLE& ::}

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The Applicant^{Bank filed the present OA for the recovery a total} sum of^{Rs.22,O1,61,568'72psas on 30'11 2024 flom the} ,4x*

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oA.NO.65l202s

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defendants jointly and severally with future interest @3670 p.a. frcm 07.12.2024 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 7. They were set ex-parte on 28.03.2025 as called absent and no representation.

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The Applicant Bank examined Maddirala Durga Siva Prasad, Sr. Manager, as AW-1 and marked 22 documents through him as Ex.A.1 to Ex.A.22.

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L.d. 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.22 marked on behalf of the Applicant Bank 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.66/2025 is allowed as under: -

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i) The Defendants are^jointly and severally liable to pay to the Applicant Bank a sum oI

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oA.NO.66/202s

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Rs.22,01,61,568.72ps as on 30.11.2024^with future interest @11.85o/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^mortgage of properties described in the^schedule annexed to the OA and the applicant^bankis 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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B. The Applicant Bank is directed to file Cost Memo within^{2 weeks} from the date of receipt of this Order.

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Issue Recovery Certificate accordingly.

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Communicate a copy of this order to the^parties concerned. (Dictated to the steno, corrected, signed and pronounced by me in the open court on this the 28th Day of April, 2025).

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Na*' (RAMESHWAR KOTHE) PRESIDING OFFICER

Canara Bank v. M/S Indus Gene Expressions Ltd.

Case brief

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Canara Bank v. M/S Indus Gene Expressions Ltd.

Case brief

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