Allowed

Canara Bank v. Sri. Srinivas Reddy Anneda

DRT27 Jan 2026OA/566/2025

Case brief

AI extract

What is this about?

The Tribunal allowed the Original Application filed by Canara Bank for recovery of dues amounting to Rs. 53,36,594.00 plus future interest against two defendants who had mortgaged property for housing and term loans and defaulted. The respondents were set out of court.

What did the court decide?

The Defendants are directed to pay Rs. 53,36,594.00 plus future interest; the Applicant Bank is entitled to recover from mortgaged property and issue a Recovery Certificate.

Canara Bank versus Sri. Srinivas Reddy Anneda — Banking and Recovery | DRT (2026)

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IN THE DEBTS RECOVERY TRIBUNAL - I AT HYDERABAD DATED THIS THE 27th DAY OF JANUARY, 2026

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PRESENT: SRI cUMMAD! GOPICHAND, PRESIDING OFFTCER

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OA. No.566 OF 2025

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Between :

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Canara Bank,
(Erst. Syndicate Bank)
Lingampally Branch,
Jhavani Complex,
Beside Kumar ATlkies,
Kachiguda, Hyderabad - 500 027
Represented by its Senior Branch Manager Applicant
VERSUS
1. Sri Srinivas Reddy Anneda,
S/o. Sri Lacchi Reddy Anneda,
Aged 49 years, Occ. Business,
R/o. Plot No. 71 - 72, Flat No. 402,
Silver spring Apts Cb R,
Krishnaveni JJ Nagar Colony,
Telangana - 500 087.
2. Smt. Vanitha Reddy Anneda,,
Wo. Sri. Srinivas Reddy Anneda
Aged 41 years, Occ. Business,
R/o. Plot No.402, .. ;i:I\r.-
r ttl-* . i l'.1iir
Silver Spring Apts Cb R, .
Krishnaveni JJ NagarColony,-.-.t" "i,,t'.,t1..i:1
Medchal, Telangana - 500 OS7 , ',, Defendants
i.:: 11 1:
( I .t'!: 7n|/'. +i;,rrtl\ !
,,.
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,.

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(oA. No. s66/202s)

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Counsel for the parties :

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For TheApplicant	M. Srinivas
FortheDefendant	Exparte
Reservedon	20.01.2026
Pronouncedon	27.01.2026
Uploadinwebsiteon	28.01.2026

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ORDER

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The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.53,36,594.00 ps. (Rupees Fifty Three Lakhs Thifi Six Thousand Five Hundred and Ninety Four Only) i.e a sum of -

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(i) Rs.39,27,376.00 Ps. being the Housing toan Facitity account with future interest @ 10.45% p.a with monthly rests including penal interesl @2o/o p.a with monthly rests from the date of this application till the date of realization.

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(ii) Rs.14,09,218.00 Ps. future interesl @ 13.65% interest with monthly rests from the date of this realization. 2t JAil 2026

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(OA. No. 556/202s)

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and in default for sale of Mortgaged Property as mentioned in the Schedule Property to OA.

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As per the averments in the application, the Applicant Bank states that Defendant No. 1 and Defendant No. 2 availed Housing Loan facility of Rs.41.00 Lakhs repayable in 300 equated monthly installments of Rs.32,900/- each with interest @8.45o/o p.a with monthly rests and executed Housing Loan Agreement dated 22.02.2018 in favor of the Applicant Bank. The Defendants created Equitable Mortgage morefully^mentioned in Schedule of Property to the OA and executed Memorandum of Deposit of Title Deeds dated 23.07.2018 in favor of^the Applicant Bank and Defendants deposited Original title deeds and executed agreement to Mortgage daled 22.02.2018ⁱⁿ favor of the Applicant Bank. The Defendants availed^Mortgage loan facility of Rs.19.00 Lakhs repayable in 119 equated monthly installments of Rs.27,039/- each with interest @11.65Yo p.a with monthly rests and executed General Agreement dated 05.03.2020 in favor of the Applicant Bank.^{Afteravailingthe} loan facility, the defendants failed to comply the terms^of sanction, hence the applicant bank classified the account^as NPA on 08.09.2025 and issued Demand Notice dated nder Section 13(2) of the SARFAESI Act, 2002 dated 16.10.2025 to the defendants. lnspite 2 I ,tltt ?tps

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(oA. No. s66/202s)

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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 20.01.2026.

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Smt. K. Viritha, Senior Manager of the Applicant Bank examined herself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.25.

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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.A.1to A.25. ln view of the above, I hold that the Applicant^Bankhas 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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(oA. No. s661202s)

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ln the result, the^{presentOA is allowedwith costs, as under:}

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The Defendants No. 1^and 2^{are jointly and severally liable to} pay to the Applicant Bank a total sum^{of Rs.53,36,594.00 Ps.} (Rupees Fifty Three Lakhs Thirty Six^ThousandFive Hundred and Ninety^{Four Only)i.e a sum of} -

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(i) Rs.39,27,376.00 Ps. being the^{Housingloan Facility} account with future^interest @^{8.45o/op'a from the date of this} application till the date^{of realization.}

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(ii) Rs.14,09,218.00 Ps. being the^{Term loan accountwith} future interesl @ 11.65%^{p.a from the date of this applicationtill} the date of realization.

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The Applicant Bank is^{entitled toproceed against the} Mortgaged Properties^{as mentioned in the Schedule of Property} to the OA towards^{realizationof the debtdue.}

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The to proceed against the No. 1and2 towards

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(oA. No. s66l2o2sl

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That 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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lssue 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 27th day of Jan, 2026)

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sd/(G. GOPTCHAND)

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PRESIDING OFFICER

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Canara Bank v. Sri. Srinivas Reddy Anneda

Case brief

What is this about?

What did the court decide?

Canara Bank v. Sri. Srinivas Reddy Anneda

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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Case details

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