This Debt Recovery Tribunal allowed an Original Application filed by Canara Bank for the recovery of a loan defaulting account of Rs. 2.18 crores from Gajakarna Powerlooms Industry, directing payment and sale of mortgaged property.
Defendant liable to pay Rs. 2,18,38,645.81; proceed against mortgaged property; issue recovery certificate.
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IN THE DEBTS RECOVERY TRIBUNAL - I AT HYDERABAD DATED THIS THE O6th DAY OF FEBRUARY,2026 PRESENT: SRI GUMMAD! GOPICHAND, PRESIDING OFFICER
OA. No. 557 OF 2025
Between : Canara Bank, Hanamkonda - ll Branch, Warangal - 506 001. Represented by its Chief Manager
Applicant
VERSUS Gajakarna Powerlooms lndustry, Plot No. 68, Survey No. 1791/'1, Kakatiya Textile Park, Madikonda, Kazipet, Warangal Urban, Telangana - 506 142. Rep. by its Proprietor, Sri Kummarikuntla Sadanandam, S/o. Veeramallu, Aged about 62 years OR R/o. H.No.2-92, Machapur Village and Govindraopet Mandal, . Mulugu District - 506 344 Defendant i:o6rrnztrzr I ''Qr*#
(oA. No. ss7l202s)
Counsel for the parties :
For The Applicant Sri. B. N Swamiji For the Defendant Exparte Reserved on 02.02.2026 Pronounced on 06.02.2026 Upload in website on 06.02.2026
ORDER
(i) Rs.1,82,42,553.87 Ps. being the Term loan account with future interesl @ 11.40%p.a with monthly rests and Penal interest @2%p.ain total 13.40%p.a from 07.09.2025 till the date of realization.
GECL account with future (ii) Rs.4,1 1,910.14 Ps. being the interest @ 8.85Yo p.a with monthly rests and Penal interest 10.85% p.a from 07.09.2025 till the date of * 0 6 rr8 ?m0
(oA. No. ss7l202s)
(iii) Rs.31 ,84,189.80 Ps. being the GECL - | account with future interest @ 8.85%o p.a with monthly rests and penal interest @2%p.ain total 10.85% p.a from 07.09.202s tiil the date of realization.
and in default for sale of Mortgagedproperty as mentioned in the Schedule Property to OA.
As per the averments in the application, the Applicant Bank states that Defendant is a Proprietorship Firm represented by its Proprietor sri Kummarikuntla Sadanandam availed rerm Loan facility of Rs.98,31,000/- repayable in equated monthly installments of Rs.1 ,61 ,653/- with interest @11 A0% p.a compounded monthly and executed Composite Hypothecation Agreement dated 28.03.2019 in favor of the Applicant Bank. The Defendant created Equitable Mortgage morefully mentioned in schedule of Property to the oA and executed Agreement to Mortgage dated 28.03.2019 and deposited tifles deeds and executed Memorandum of Deposit of riile Deeds dated 25.11.2022 in favor of the Applicant Bank. The defendant availed GECL facility of Rs.5.00 Lakhs and executed common Hypothecation Agreement dated 08.07.2020 in favor of the Applicant Bank. The defendants availed GECL 1.0 extension
ility of Rs.26.00 Lakhs and executed Supplementat ion Agreement dated 07.12.2021 in favor of rf 4- {/x nk. After availing the loan facility, the defendant il it * 0 6 FEB ?026 ,:Yi ;1 i.\. ,.,,t
(oA. No. 5s7l202s)
failed to compry the terms of sanction, hence the appricant bank classified the account as NpA on 27.10.2023 and issued Demand Notice dated 06.11.2023 and under section 13(2) of the SARFAEST Act, 2002 to the defendant. rnspite of severar requests and demands, the defendant did not crear the outstanding. Hence this OA.
Defendant called absent and set exparte on 02.02.2026.
Heard the Ld. Counsel for the Applicant Bank.
- The point that arise for consideration is whether the Applicant bank is entitled for the claim made in the OA against the Defendant as prayed for?
- Defendant remained exparte. To substantiate the case of the Applicant Bank, AW.1 , official of the Applicant Bank was examined and he exhibited relevant documents as Ex.A.1 to 4.22. ln view of the above, I hold that the Applicant Bank has established their claim made in the oA against the Defendant and icant Bank is entitled to recover the claim made in oAw interest and costs.
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(oA. No. ss7l202sl
The Defendant is liable topay tothe ApplicantBanka total sum of Rs.2,18,38,645.81 Ps.(Rupees TwoCrores Eighteen Lakhs Thirty Eight Thousand SixHundredForty Five and Paise Eighty One Only) i.e a sumof -
(i) Rs.l ,82,42,553.87 Ps. being the Term loanaccountwith future interest @ 11.40%p.a from07 .09.2025 till the date of realization.
(ii) Rs.4,{1,910.14 Ps. being the GECLaccount with future interest @ 8.85%p.a from 07.09.2025till the date of realization.
(iii) Rs.31 ,84,189.80 Ps. being theGECL - Iaccount with future interest @ 8.85o/op.a from 07.09.2025till the date of realization.
g. The Applicant Bank is entitled toproceed againstthe Mortgaged Property as mentioned in theScheduleof Propertyto the OA towards realization of thedebtdue.
(oA. No. ss7l2ozsl
(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 06th day of Feb, 2026)
sd/(G. GOPTCHAND) PRESIDING OFFICER
1 provisions across 1 enactments
Canara Bank, Hanamkonda - II Branch, Warangal
Gajakarna Powerlooms Industry
GUMMADI GOPICHAND
As recorded by the court registry
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