CANARA BANK v. Sri. Prasanna R. S

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monthly and also agreed to pay interest at varied rates from time to time and also agreed to pay overdue interest of 2 % in case of defaults in payment of the Housing Loan as agreed. The Applicant submits that Defendant No. 1 & 2 and Applicant Bank had entered into a Tripartite Agreement with Defendant No. 3 dated 29-02-2016 in favour of the Applicant Bank.

4. The defendants executed necessary loan documents in favour of the applicant bank as security for the due repayment of the loans, interest, cost and charges, and Defendants executed Housing Loan Agreement and Agreement to Mortgaged dated 29.02.2016 and Stamped Consideration Receipt dated 02.03.2016, 06.09.2018 & 30.08.2018 and Letter of Revival dated 28.02.2019 & 29.05.2021 in favour of the Applicant Bank.

5. The Applicant Bank submits that the Defendants, after availing the said facilities, failed to repay the loan amount and committed default. The Applicant Bank issue a Legal Notice dated 20.09.2021 calling upon the defendant to repay the entire outstanding loan amount. However, there was no positive response from the Defendants. Hence, this Original Application (OA) has been filed to recover the dues from the Defendants.

6. After the filing of the OA, summons was sent to the Defendant No.2 Registered Post with Acknowledgment Due the same is duly returned served with postal shara "unclaimed" and Defendant Nos.1 & 3 entered appearance through counsel Sri. Sathyanarayana Reddy K. E by filling

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Vakalath, but did not file the written statement in spite of opportunity, hence Written Statement of Defendant was closed on 05.06.2023 When OA was taken up on 05.06.2023 even after giving sufficient time, there was no appearance or representation from the Defendants; hence, Defendant Nos.1 & 3 were placed exparte on 05.06.2023. Heard the submissions of Applicant Bank and perused the records.

7. To prove the case of the Applicant Bank, Smt. Kitty Anto W/o Mr. Anto A M, Senior Manager, has filed Affidavit by way of evidence and same was considered as evidence of AW.1 and marked as Ex.A1, the list of Document came to be marked as Ex.A2 and documents came to be marked as Ex.A3 to A19. As the Defendant remained ex-parte, the OA claim remains unchallenged. There is no contra evidence available on record to repudiate the claim of the Applicant Bank.

8. Having regard to the amount advanced, the interest applied, the conduct and operations in the account and the default committed, this Tribunal comes to the conclusion that the applicant bank is entitled to a final order on the following terms:

: O R D E R:

9. The OA is allowed with costs,

(a) The applicant bank is allowed to recover from Defendant Nos.1 to 3 jointly and severally to pay an amount of Rs.48,20,000.00 (Rupees Forty

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Eight Lakhs Twenty Thousand Only) along with Current and future interest @ 12.25% p.a. compounded monthly from the date of OA application till the date of realization of the entire claim amount at the present prevailing rate.

(b) In the event of failure of the Defendants to pay the loan dues as ordered above, the applicant bank is at liberty to proceed against the personal assets of the Defendants (both movable and immovable) to recover the balance dues as required under law;

(c) The applicant bank shall file the latest memo of calculation of OA amount together with interest, costs etc., to be paid by the Defendants duly considering the amounts, if any, paid by the Defendants and/or amount realized by sale of assets etc., during the intervening period after the filing of the OA, enabling the Registry to prepare Recovery Certificate for the amount to be paid by Defendants to the applicant bank.

(d) The applicant bank shall file memo of costs within ten days from the date of this final order.

(e) Recovery Certificate shall be drawn up and issued to the Recovery Officer in terms of the final order.

(f) The Interim Order attachment passed in IA.No.1399/2022 in OA.No.735/2022 is made, absolute.

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(g) Interim Application pending if any, stands disposed of with this Final Order.

10. A copy of this order be communicated to the parties concerned. [Dictated to the (CS), transcribed by her, corrected and signed by me on this the 20^thDay of May 2024]. Sd/-

PRESIDING OFFICER

DRT-II, BENGALURU

ANNEXURES

WITNESSES EXAMINED FOR THE APPLICANT BANK:

AW-1: Smt. Kitty Anto W/o Mr. Anto A M, Senior Manager, of Applicant Bank.

Exhibits on the part of the Applicant:

Witness Examined for the Defendants: -Nil -

List of Documents Exhibited for the Defendants: -Nil -

Sd/-

PRESIDING OFFICER

DRT-II, BENGALURU

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