Allowed

Canara Bank v. M/S, v K Marketing and Services

DRT19 Jan 2026OA/902/2025

Case brief

AI extract

What is this about?

In an Original Application for recovery of debt, the Debts Recovery Tribunal allowed the bank's claim against the defendants jointly and severally, directing payment of the outstanding amount with future interest and permitting realization against hypothecated and other properties.

What did the court decide?

Defendants jointly and severally liable to pay Rs.46,77,652.97 with future interest; OA claim secured by hypothecation; bank entitled to proceed against assets and properties for realization and costs

Canara Bank versus M/S, v K Marketing and Services — Contract and Commercial Disputes | DRT (2026)

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, IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

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DATED THIS THE 19TH DAY OF JANUARY, 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: 902 OF 2025

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Canara Bank., M.G Road Branch.

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.....Applicant.

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Versus

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M/s. V K Marketing and Services., Rep by its Managing Partner Sri. Venu Kodigudla and Lavanya Prathyusha Seethiraju, Firm Address 5-2-183/184, Modi Square, RP Road Secunderabad - 500003.

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Sri, Venu Kodigudla, S/o. K. Suryanarayana R/o. Plot No.51, ICRISAT Colony Phase I Akbar Road, KIR Centre Point, Bowenpally Tirumalgiri, Hyderabad - 500009.

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Also at:-

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R/o. 4-45, First Road, Behind Ayyappa Swamy Temple, Vijayawada - 521225.

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Lavanya Prathyusha Seethiraju W/o. Sri. Venu Kodigudla, Firm Address Second Floor A, 5-2-1831184, Modi Square RP Road, Secunderabad - 500003.

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Also at:-

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R/o. Plot No.51, ICRISAT Colony Phase I Akbar Road, KJR Centre Point, Bowenpally Tirumalgiri, Hyderabad - 500009. | | |^(r I rtorv:[ r, r ryvgiouq] -r.JvvlJv7.

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. . . Defendants

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Counsel for the Applicant

Defendants

: Dr. K. Manikyamba

'7ft*"

OA.NO.902/2025

:: CLLD-L& ::

The Applicant Bank filed the^present OA for the recovery a total sum of Rs.46,77 ,652.97ps as on 28.08.2025 from the defendants^jointly and severally with future interest @11.25olo p.a. from the date of appllcation till the date of realization along with costs and in default for sale of hypothecated assets.

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Summons served on D1 to 3 through^{paper publication.} They were set ex-parte on 08.01.2026 as called absent and no representation.

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The Applicant Bank examined Raghu Kumar, Legal Manager, as AW-1 and marked 23 documents through him as Ex. A.1 to Ex. A.23.

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Ld. Counsel for the Applicant Bank reported orders may be passed through merits. 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 assets ?

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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.23 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 Applicanl-Bank with future lnterest and costs. eY^.*rU

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oA.NO.902/202s

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In the result, the^present Original Application^{No.902/2025is} allowed as under:^-

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i) The Defendants are^jointly and^severally liable to^pay to the Applicant Bank a^{sum of} Rs.46,77,652.97ps with future^interest @10.75olo^{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 sineoutb annexed- to itie 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^propertiesof defendants for realization^{of its dues;}

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iv) the applicant bank^{is entitledfor 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,^{signedand pronouncedbyme in the open court on} this the 19th Day^{ofJanuary,2026).}

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Ow,*

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(RA-MESHWAR KOTHE) PRESIDING OFFICER

Canara Bank v. M/S, v K Marketing and Services

Case brief

What is this about?

What did the court decide?

Canara Bank v. M/S, v K Marketing and Services

Case brief

What is this about?

What did the court decide?

What the court decided

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