Allowed

Canara Bank v. M/S. Sravanthi Powelooms Industry

DRT23 Mar 2026OA/36/2026

Case brief

AI extract

What is this about?

This order in OA.No.36 of 2026 arose from a bank's application for recovery of defaulting loans. The Tribunal, hearing the applicant bank ex-parte, upheld the claim and ordered joint and several liability for payment of the outstanding principal along with specified future interest.

What did the court decide?

The respondents are jointly and severally liable to pay Rs. 1,06,99,542.03 with future interest at 11.55% p.a. to recover the debt.

Canara Bank versus M/S. Sravanthi Powelooms Industry — Execution and Attachment | DRT (2026)

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IN THE DEBTS^{RECOVERYTRIBUNAL-IAT HYDERABAD}

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DATED THrs^{THE 23RD DAY OF MARCH, 2026}

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PRESENT: SRI^{GUMMADI GOPICHAND,PRESIDING OFFICER}

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OA.No.36 ol2O26

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Between:

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Canara Bank, Hanamkonda-II^branch, H.No.2-5-39,^{WaterTank Road,} Near Naveena^{Childrens Hospital,} Nakkalgutta,^Hanamkonda, Warangal^dist -^{506 001. TS'} Rep by its^{Chief Manager}

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Applicant

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VERSUS

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M/s. Sravanthi^{PowerloomIndustry,} ProP: Nirati^Rajalingam, S/o Narasaiah, Plot^no'325, Survey^{no't7g]./ l, KakatiyaTextile} Park, Madikonda^village, KaziPet^{mandal, Warangal} Urban district,^TS'

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Smt SamPellY^Sravanthi, W/o Gangadhar^{Rao, Hindu,} Aged about³⁹ Years,^{occ:business'} R/o H.No.6-233/3,^{Sai nagar,} RangasaiPeta,^{Warangal (urban)} District -^{506 005. TS'}

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Defendants

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Counsel^{for the Parties:}

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For the^APP|icant For the DefendantS ;rv Reserved^on Pronounced^on i,'<^, 2 X l4AB ?pt^:* Uploaded

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Sri T. Sasi^Kumar Exparte t6.03.2026 23.03.2026 23.03.2026

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(oA.No.36/2020)

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ORDER

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The Appricant Bank fired the present oA against defendants for recovery of a total sum of Rs.1,OG,99,542.O3ps (Rupees One Crore Six Lakhs Ninety Nine Thousand Five Hundred Forty Two and paise three only) with future interest @ 11.55o/o p.a with monthly rests from date of filing of oA till the date of realization and in default for sale of mortgaged property as mentioned in the schedule to OA.

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As per the averments in the application, the Applicant Bank states that defendants availed working capital loan of Rs.15 lakhs and Rs.g6.50 lakhs and executed necessary loan documents. Further the defendants availed short term loan of Rs.5 lakhs and GECL extension loan of Rs.10 lakhs. After availing the loan facilities, the defendants failed to comply the terms of sanction, hence the applicant bank classified the account as NPA on 29.10.2023 and issued legal notice dated 04.11.2023. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants called absent and set exparte on 16.03.2026.

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Mr. D. Srinivas, of the Applicant Bank examined himself as AW.1 a ocuments, which are marked as Ex.A.1to A:?9: 2 J ilAR 2lp6

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(oA.No.36/2026)

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Heard the Ld. Counsel for the Applicant Bank.

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The point that arise for consideration is whether the Applicant Bank is entitled for the claim made in the OA against the Defendants as prayed for?

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Defendants remained exparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and she exhibited relevant documents as Ex.A1 to A.29. In view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendants and hence the Applicant Bank is entitled to recover the claim made in the OA with future interest and costs.

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In the result, the present OA is allowed with costs, as under: The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.1,O6,99,542.O3ps (Rupees One Crore Six Lakhs Ninety Nine Thousand Five Hundred Forty Two and paise three only) with future interest @ 11.55o/o p.a from date of filing of OA till the date of realization.

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The Applica to proceed against the mortgaged property"ffi.,i,o}& ule to OA towards realization of the debt dub. 2 3 illp ?tI?6 *

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(oA.No.3Gl2026)

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The Applicant Bank is arso entifled to proceed against the person and properties of defendant No.2 and properties of defendant no.1 firm towards realization of the debt due.

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The Applicant Bank is entitled to the costs of the OA.

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The Applicant shall file a cost memo within two weeks from the date of receipt of order.

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Issue Recovery certificate accordingly.

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Communicate a copy of the order to the parties concerned.

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(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 23d day of March, 2026)

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sdl(G. GOPTCHAND) PRESIDING OFFICER

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Canara Bank v. M/S. Sravanthi Powelooms Industry

Case brief

What is this about?

What did the court decide?

Canara Bank v. M/S. Sravanthi Powelooms Industry

Case brief

What is this about?

What did the court decide?

What the court decided

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