Allowed

Canara Bank v. M/s. M Rs Fusion

DRT2 Sept 2026OA/489/2026

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by Canara Bank for the recovery of dues amounting to Rs. 42,11,752.31 along with future interest and costs from ex-parte respondents, directing issue of Recovery Certificate.

What did the court decide?

The defendants held jointly and severally liable to pay Rs.42,11,752.31 plus future interest and costs; Recovery Certificate issued; bank entitled to proceed against hypothecated assets and defendant

Canara Bank versus M/s. M Rs Fusion — Banking and Recovery | DRT (2026)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

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DATED THIS THE O2ND DAY OF SEPTEIYBER, 2026

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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: 489 OF 2026

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Canara Bank.,

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A S Rao Nagar Branch, H.No.1-1-262187 Srinivasa Nagar, A S Rao Nagar, Secunderabad-500062. Rep. by its Authorized Signatory.

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.....Applicant.

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Versus

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M/s.MRSFusion., Rep by its Sole Proprietor Sri lvlodala Manohar Sagar, R/o. H.No.10-457 Plot No.46, Sathyanarayana Colony Phase II, Nagaram, Keesara Medchal Malkajgiri - 500083.

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Sri Modala Manohar Sagar S/o. Sri M. Srinivas Sagar, R/o. H.No.30-116/4 Bharathi Nagar, Near Hanuman Temple, Old Safilguda, Hyderabad - 500056.

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Also at:-

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Plot No. 120, Sy.No.70, Rama Krishna Nagar Colony, Charlapalli(V), Kapra^(M) Medchal Malkajgiri - 500083.

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...Defendants

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Counsel for the Applicant : Mr. AVSS Prasad

Defendants

: Ex-parte

::^qLLE& ::

The Applicant Bank filed the^present OA for the^{recoverya total} sum of Rs.42,11,752.319s i.e., a sum of^{Rs.22,30,253.07ps} towards Term Loan A/c. No.170013791876 with future^interest @12.75o/o^p.a. and a sum of^Rs. L9/81,499.24ps^{towards OD} /CY*x u&

(-,'

oA.NO.489/2026

Loan A/c. No.125006548811 with future interest @12.50/o^p.a. from the defendants^jointly and severally at monthly rests from Ot.O4.2026 till the date of realization along with costs and in default for sale of hypothecated/pledged assets.

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Summons served on D1 and 2 through^{paper publication.} They were set ex-parte on 01.09.2026 as called absent and no representation.

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The Applicant Bank examined Medichelimi Ramesh, 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^polnt that arlses 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 hy poth eca ted/ p ledged a ssets?

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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 Original Applicalion No.489/2026 is ailowed as under: - /fM* (,/ )^_

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oA.NO.489/2025

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i) The Defendants are^jointly and severally liable to pay to the Applicant Bank a total sum of Rs.42,11,752.31ps i.e., a sum of Rs.22,30,253.07ps towards Term Loan A/c.No.17001379L876 and a sum of Rs.19,81,499.24ps towards OD Loan A/c.No.125006548811; with future interest @9.25o/o^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/pledged 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 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, signed and pronounced by me in the open court on this the 02"d Day of September, 2026).

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oA 489/26

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01.09.2026

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Ms. K Narsimha representing^{AVSSPcounselfor applicant} present. PP filed for Dl and 2, called^{absent, no} representation and set exparte.^{A1 to 10 already marked} and reported no further^{AE. For exparte arguments, call on} 02.09.2026.

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02.09.2026

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Sri AVSS Prasad counsel^{for applicant submittedexparte} arguments and filed written arguments'^{Orders will be} passed during course.

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flv-

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P.O.

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02.09.2026

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Orders Pronounced,^{vide separate sheets.}

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In the result OA.No.489/2026^{is allowed} with costs. Issue Recovery Certificate according^ly.

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Canara Bank v. M/s. M Rs Fusion

Case brief

What is this about?

What did the court decide?

Canara Bank v. M/s. M Rs Fusion

Case brief

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