Allowed

Canara Bank v. Gowtham Polymers

DRT24 Aug 2026OA/283/2026

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's original application for recovery of dues totaling approximately Rs. 38,58,059.32 towards OD/OCC Facility and Term Loan with interest. The court held the defendants jointly and severally liable based on examined evidence and directed the issuance of a Recovery Certificate.

What did the court decide?

Defendants directed to pay Rs. 38,58,059.32 with interest; Relief Certificate issued; Costs allowed.

Canara Bank versus Gowtham Polymers — Contract and Commercial Disputes | DRT (2026)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 24TH DAY OF AUGUST, 2026

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PRESENT: SH. RAMESHWAR KOTHE, B.Com., L.LB. (Hons.), T4.A. PRESIDING OFFICER

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ORIGINAL APPLICATION No: 283 OF 2026

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Canara Bank.,

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Chennamma Circle Branch, F5 First Floor, Neelam Complex, Industrial Estate. Kallur, Kurnool Dist, A.P - 518003. Rep. by its Authorized Signatory.

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.....Applicant.

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Versus

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M/s. Gowtham Polymers., A Proprietary Concern, Shed No.6 Industrial Estate, Kalluru, Kurnool-518003. Rep by its Proprietor.

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Sri. M. Venu Madhu, S/o. Sri. M. Ravi Kumar, Aged about 48 Years Occ: Business, Male, R/o. 691707-25 LBG Nagar, Kurnool - 518002, A.P.

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...Defendants

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Counsel for the Applicant : Mr. Gampa Rangaiah

Defendants

:Ex-parte

:: ORDER ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.38,58.059.32ps i.e., a sum of Rs.14,88,356.49ps towards OD/OCC Facility with interest @11.25olo p.a. and a sum of Rs.23,69,702.83ps towards Term Loan with interest @12.05o/o^p.a. from the defendants^jointly and severally with monthly rests from the date of application till the date of realization along with costs and in default for sale of hypothecated assets. /D'Y<-"x* L-,' t.v{'

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oA.NO.283/2026

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Summons served on D1 and 2 through paper publication. They were set ex-parte on 18.08.2026 as called absent and no representation.

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The Applicant Bank examined Kollipara Sagar, Legal Manager, as AW-1 and marked 10 documents through him as Ex. A.1 to Ex. A.10.

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Heard the Ld. Counsel for the Applicant Bank.^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 hypothecated assets 2

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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.10 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 Orlginal Application No.283/2026 is allowed as under: -

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.38,58,059.32ps i.e., a sum of Rs.14,88,356.49ps towards OD/OCC Facitity 1ffi.rt\

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oA.NO.283/2026

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and a sum of Rs,23,69,702.83ps towards Term Loan; with future interest @11.2590 p.a. simple from the date of appiication till the date of realization;

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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 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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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, siSned and pronounced by me in the open court on this the 24rh Day of August, 2026).

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Kit'to''"

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ESHWAR KOTHE) PRESIDING OFFICER

Canara Bank v. Gowtham Polymers

Case brief

What is this about?

What did the court decide?

Canara Bank v. Gowtham Polymers

Case brief

What is this about?

What did the court decide?

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