Allowed

Canara Bank v. M/s. Sri Sai Silk Sarees.

DRT10 Mar 2026OA/445/2025

Case brief

AI extract

What is this about?

In an original application, the Debts Recovery Tribunal granted relief to a bank for recovery of dues amounting to over 34 lakh rupees along with future interest and costs against non-appearing defendants securing the advance through hypothecated assets.

What did the court decide?

Order allowed; Defendants jointly and severally liable to pay Rs. 34,61,855/- with future interest and costs; Bank entitled to proceed against hypothecated assets and issue Recovery Certificate.

Canara Bank versus M/s. Sri Sai Silk Sarees. — Contract and Commercial Disputes | DRT (2026)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD

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DATED THIS THE 10rH DAy OF MARCH, 2026

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PRESENT: SH. MMESHWAR KOTHE, B.Com., L.LB. (Hons.), M.A.

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PRESIDING OFFICER

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ORIGINAL APPLICATION No: 445 OF 2025

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Canara Bank., Madanapalle Branch Annamayya District, Andhra Pradesh. Rep. by its Authorized Signatory.

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.....Applicant.

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Versus

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M/s. Sri Sai Silk Sarees., Represented by its Proprietor

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D. No.3- 146- 1 4- 14-6-20t-D, Ammacheruvu Mitta, Madanapalle, Annamayya District - 5L7325.

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Muthana Sivarani

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Wo.^{Sir Yamala Ramanjulu}

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Aged Major, Occ: Business

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C/o. YRC Silks, Opp: Anjaneyasway

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Temple, 131, Ground Floor, 7th Cross Ashwath Nagar, Maratahalli, Bangalore.

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...Defendants

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Counsel for the Applicant : Mr. T. Nagender

Defendants

: Ex-parte

:: ORDER::

The Applicant Bank filed the^present OA for the recovery a total sum of Rs.34,61,855/- i.e., a sum of Rs.28,90,046/- towards Term Loan Facility with future interest @13.10o/o^p.a, and a sum of Rs.5,71,809/- towards Overdraft Loan Facility with future interest @13.15olo^p.a. from the defendants^jointly and \dr}'!

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oA.NO.445/202s

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severally compounded monthly from 26.04.2025 till^{the date} of of realization along with costs and in default for sale hypothecated assets.

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Summons served on D1, whereas summons served on D2 on

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through paper^publication. They were set ex-parte 31.10.2025 as called absent and no representation.

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The Applicant Bank examined M. Manjunadha, Senior Manager, as AW-1 and marked 24 documents through her as Ex. A.1 to Ex. A.24.

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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 assefs?

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.6. As stated supra, the Defendants remained ex-parte.^The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.24 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.445l2025 is alowed as under: - OW*

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oA.NO.445/202s

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i) The Defendants are^jointly and severally liable to pay to the Applicant Bank a total sum of Rs.34,61,855/- i.€., a sum of Rs.28,90,046/- towards Term Loan^Facility and a sum of Rs.5,71,809/- towards Overdraft Loan Facility; with future^interest @8.9olo^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 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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B. The Applicant Bank is directed to^{file CostMemowithin2 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 pronouncedbyme in the open court on} this the 10'h Day of^{March, 2026).}

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OYi"*

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(RAVESHWAR KOTHE) PRESIDING OFFICER

Canara Bank v. M/s. Sri Sai Silk Sarees.

Case brief

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Canara Bank v. M/s. Sri Sai Silk Sarees.

Case brief

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