Allowed

Canara Bank v. M/S Aqua Polyplast

DRT26 Dec 2025OA/79/2025

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an original application filed by Canara Bank for recovery of dues totaling over Rs. 2.21 crore from two defaulting borrowers. The court held the defendants liable based on evidence marks, directed payment with interest, and authorized a recovery certificate.

What did the court decide?

Dukeying defendants to jointly and severally pay Rs. 2,21,19,112.44 with future interest; Recovery Certificate issued.

Canara Bank versus M/S Aqua Polyplast — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

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DATED THIS THE 26TH DAY OF DECEMBER, 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: 79 OF 2025

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Canara Bank., Uppal Branch, 7-46/L Om Sai Nilayam, Near Uppal Metro Station, Ring Road, Uppal Hyderabad, Telangana-500039.

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.....Applicant.

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Versus

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M/s. Aqua Ployplast Rep. by its sole Proprietor Sri Nagidi Jagan Mohan Reddy Plot No. B0A/808,^phase III, IDA, Cherlapally, Ghatkesar Mandal, Medchal District, Telangana-500051.

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Also at:

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H. No.4-9/t/1, Budda Nagar, Peerzadiguda, Hyderabad, Telangana-500039.

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R. Uday Shankar Sagar, S/o. R. Shankaraiah, Aged: 84 years R/o. Door No. t-7-7L/67/A, Plot No. 67, Devi Nilayam, Maheshwari Nagar, Street No.B Habsiguda, Hyderabad-500007.

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...Defendants

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Counsel for the Applicant

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Defendants

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: Mr. B. Ravindra Reddy

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: Ex-parte

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:: ORDER ::

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The Appricant Bank fired the present oA for the recovery a totar sum of Rs.2,2t,l9,t12.4tps (i.e., Rs. 1,55,98,366.31ps under

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oA.NO.7912025

OD/OCC Loan Account No. 125003546880 and Rs.65,20,749.10ps under Term Loan Account No. 170007568395) due payable by the defendants as on 37.72,2024 along with agreed future interest at the rate of 13.90o/o p.a. and 14.30olo p.a. respectively, till the date of realization.

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Summons were served on defendant no.l and publication was flled for D2 and both were set ex-parte on L2.06.2025 as called absent and no representation,

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The Applicant Bank examined G. Kavitha, Chief Manager, AS AW-1 and marked 18 documents through him as Ex.A.1 to Ex.A.18.

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Ld. Counsel for the Applicant Bank stated orders may be passed on 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.18 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are liable to pay the OA claim to the Applicant Bank with future interest and costs.

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In the result. the present Originat Apptication No.79l2025 is alowed as under: - CW^r.-

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oA.NO.79/2025

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i) The Defendants are joinUy and severally liable to pay to the Applicant Bank a total sum of Rs. 2,2l,L9,ll2.4lps i.e., a sum of Rs. 1,55,98,366.31ps towards OD/OCC and a sum of Rs. 65,20,749.1Ops towards Term Loan Facility; with future interest @13.90olo 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 entiiled to proceed against the same to realise its debt;

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iii) the applicant bank is also entiued to proceed against lhe 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 Appricant Bank is directed to fire 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 sreno, correcred, signed ."d p.;;;.;;;, i"" ," ,n" open court on thas the 26th Day of December, 2025).

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,-)r . ,^-./ \11rD_-_, r-r,.r --;t''r)-* (RAMESHWAR KOTHE) PRESIDING OFFICER

Canara Bank v. M/S Aqua Polyplast

Case brief

What is this about?

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Canara Bank v. M/S Aqua Polyplast

Case brief

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What did the court decide?

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