Allowed

Canara Bank v. M/S. Next Plan Overseas Educational Consultancy

DRT13 Mar 2026OA/84/2026

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the Bank's Originator Application (OA) by default, holding the borrower liable to repay the dues including interest and proceed against hypothecated properties.

What did the court decide?

Defendants jointly and severally liable to pay total sum of Rs.32,33,490.42 with future interest @12.90% p.a. from 01.10.2025 till date of realization.

Canara Bank versus M/S. Next Plan Overseas… — Contract and Commercial Disputes | DRT (2026)

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IN THE DEBTS RECOVERY^{TRIBUNAL-I AT HYDERABAD}

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DATED THIS THE 13TH^{DAY OF MARCH,2026}

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PRESENT: SRI GUMMADI^{GOPICHAND,PRESIDING OFFICER}

OA.No.84 ot 2026

Between:

Canara Bank,

Kanchanbagh branch, D.No. 17- 1-37615, Santhosh Nagar colony, Kanchanbagh, Saidabad, Hyderabad -^{500 059.}

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Represented by its^{BranchManager}

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Applicant

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VERSUS

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M/s. Next Plan Overseas^Educational Consultancy, reP bY^{its ProPrietor} Sri Mooni Meravath,^{18-20,2nd floor,} VR colony, chaitanyaPuri, Dilsukhnagar, Hyderabad -^{500 060.}

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Sri Mooni Meravath, s/o Sri Meravath Sukru, aged 33^years, occ:^business, A-23, 2d floor, HUDA colonY, Kothapet X Road, Saroornagar, Hyderabad - 500 035

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And

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H.No.39, Road no.1, Kranthi nagar colonY, Saroornagar, Hyderabad -^{500 035.} Defendants

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Counsel for the.Pairties: 'L,'.. For the Applicant' Sri AVSS Prasad 10.03.2026 1 3 ilAH 2026 13,03.2026 13.03.2026 Uploaded

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(oA.No.84/2025)

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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.32,33,49O.42ps (RupeesThirty Two} Lakhs Thirty Three^{Thousand Four HundredNinety and paise} forty two only)^(Rs.27 ,56,552.59ps^{+ Rs.4J6t937.783ps ) with} future interest @^{12.90o/op.a with monthly rests from 01.10.2025 till} the date of realization^{and in default for sale of hypothecated propefty} as mentioned^{in the schedule to OA.}

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As^per the averments^{in the application, the Applicant Bank states that} defendant 1 is a^{Sole Proprietaryconcern represented by its} proprietor/ defendant no.2 availed^{workingcapital loan of Rs.35.00} lakhs on 17.06.2020.^{The defendants executed the loan and security} documents and^{hypothecatedthe goods of schedule mentioned} property in favour of applicant bank.^{After availing the loan facilities,} the defendants^{failed to comply the terms of sanction16.0l.2024and} issued legal notice dated^{27.L0.2025.Inspite of several requestsand} demands, the defendants^{did not clear the outstanding.Hence this}

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oA.

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set exparte on 10.03.2026.
2026'
'{1"
.-:r."
2

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(oA.No.8al2026)

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Sri L.K. Sripad, Chief Managerof the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.18.

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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 he exhibited relevant documents as Ex.A1 to A.18. 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.32r33,490.42ps (Rupees Thirty Two Lakhs Thirty Three Thousand Four Hundred Ninety and paise forty ,".Na.tl"- ,r:s6,ss2.s9ps + Rs.4,76,937.783ps ) with future r.' .4:j\ rli ; inteieSt @ l2jp,Do/o^p.ra from 01.10.2025 till the date of realization ; i,' ."" g) ='zF f^.\l rro u ff'o^ ii^{.', '1 3 ilAB )fis} :^j

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(oA.No.8al2026)

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The Applicant Bank is entitled to proceed against the hypothecated property as mentioned in the schedule to OA towards realisation of the debt due.

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The Applicant Bank is also entitled 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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t2. 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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L4. 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 couft on this the 13th day of March, 2026)

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sdl-

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(G. GOPTCHAND) PRESIDING OFFICER

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Canara Bank v. M/S. Next Plan Overseas Educational Consultancy

Case brief

What is this about?

What did the court decide?

Canara Bank v. M/S. Next Plan Overseas Educational Consultancy

Case brief

What is this about?

What did the court decide?

What the court decided

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