Allowed

M/S. Canara Bank v. M/S. Mamatha Dairy (Sole Proprietory Firm)

DRT25 Jul 2025OA/937/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the DIP Act application filed by Canara Bank for recovery of dues totaling approx. Rs. 46.18 lakhs from Mamatha Dairy and proprietor Mamatha. The debt secured by hypothecated assets, and the Tribunal directed issuance of a recovery certificate.

What did the court decide?

The defendants are jointly and severally liable to pay Rs. 46,18,369.05 with future interest; hypothecated assets can be realized; recovery certificate issued.

M/S. Canara Bank versus M/S. Mamatha Dairy (Sole… — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRiBUNAL-II AT HYDERABAD DATED THIS 25rH DAy oF JUL.,2ozs 'RESENT:^{sH. RAMESH!THE} ,#?Jfl:T;ru,.tJfl'L'LB^(Hons'), M A

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ORIGINAL APPLICATION No: 937 oF 2023

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M/s. Canara Bank._ I::r-,1r,^{Branch, D'.No.2_77} /³ / B/ 2 tvear Re_grstration Office waisingi - Ka;endranagar Mandal, Ranga ieddy District, Tetangana _ SbOOeS. Kep. by its Senior Manager.

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.....Applicant.

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Versus

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M/s. Mamatha Dairy(Sole proprietarv Firm) Kep by its^proprietor Mrs.Ravulakolu Mamatha,^plot No.450, Narsingi, Gandipet Puppalguda, Rajendranagar Mandal Ranga Reddy District, Teiangana State_500089.

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Mrs.Ravulakolu Mamatha, W/o. Mr.R.Naveen Kumar, Aged about 35 years, Occ: Business Prop: M/s. Mamatha Dairy, R/o.H.No.5-120 Narsingi, Puppalguda, Rajendranagar Mandal Ranga Reddy District, Telangana State-500089.

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... Defendants

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Counsel for the Applicant

M/s.N.Manohar Reddy

Defendants

Ex- pa rte

:: ORDER ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.46,18,369.05ps i.e., a sum of Rs.5,53,755,50ps towards OD-CC Loan A/c.No.30211400002943 with future interest @11.80o/o^p.a. and a sum of Rs,40,64,613.55ps towa rds Term Loan A/c.No.30219450001325 with future Nos

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oA'No'937/2023

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rnterest^{@12 65% p a'from the defendantsiointly and} severally^{with monthly t"=t= f'om the date of application till the} date^{of realization u'on]-*'tntosts and in defaultfor sale of} hyPothecated^assets'

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Summons summons^{served sent to on DZ D1 through returned with paper publication' endorsementunclaimedwhereas} hence,^{deemed to be served' They were set ex-parteon} 20.OB.ZO24as^{called absentand no representation'}

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The as AW-1 Applicant^{ancl marked 24 Bank examinecj documents Vedratna through him as Ex' A'1 Kumar'Chief Manager'to} Ex. A.24.

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l-lcardtheLd.CounselfortheApplicantBank.Perusedthe material Placed^{on record'}

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The^point that^{arises for consideration is:-}

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Whether the^{Appticant Bank is entitled} for the ctaim^{madr: in the OA against} the Defendants^{and OA hypothecated} assets 2

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As stated supra,^{the Defendants remained ex-parte'The} Evidence Affidavit^{coupledwith the recitals in the documents} vrz.,Exs.A.ltoA.24markedonbehalfoftheApplicantBank clinchestheclaimoftheApplicantBankagainsttheDefendants' Hence,IholdthattheDefendantsarejointlyandseverallyliable topaytheoAclaimtotheApplicantBankWithfutureinterest and costs.

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In the result,^{the presentJ}iginatApplication No'937/2023is} altowed as under: Gf$ag

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oA.NO.937l2023

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.46, 18,369.05ps i.e., a sum of Rs.5,53,755.50ps towards OD_CC Loan A/c.No.30211400002943 and a sum of Rs.40,64,613.55ps towards Term Loan A/c.No.30219450001325 with future interest @10.650lo p.a. sjmple from the date of application till the date of realizailr:n;

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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 entiiled to proceed against the same to realise its debt;

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iii) the applicant bank is also entiued to proceed against the pcrson and propcrties 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 wceks from the date of receipt of this Order.

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Issue Recovery Certificate accord ing ly.

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Communicate a copy of this order to the parties concerned. (Dictated to the steno, corrected, signed and pronounced by rne in the open court on this the 25th Day ofJuly, 2025).

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PRESIDING OFFICER

M/S. Canara Bank v. M/S. Mamatha Dairy (Sole Proprietory Firm)

Case brief

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What did the court decide?

M/S. Canara Bank v. M/S. Mamatha Dairy (Sole Proprietory Firm)

Case brief

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What did the court decide?

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