Debts Recovery Tribunals and Appellate Tribunals
CANARA BANK vs Suresh Dairy Farm on 6 October 2026
Date of filing : 28.06.2023
Decided on : 06.10.2026
**IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI
TRANSFER ORIGINAL APPLICATION NO. 55 of 2024**
Canara Bank (e-Syndicate Bank), a Body Corporate Constituted under the Banking Companies Acquisition & Transfer of Undertakings Act V, 1970 having their Head Office at 112, J. C. Road, Bengaluru -560002 and amongst other a Branch Office known as Fort -II Branch, Syndicate Bank Building, 26 A. Sir P.M Road, Fort, Mumbai: 400001 through its Manager, Vinay Kumar Vaidya.
...Applicant
VERSUS
1. SURESH DAIRY FARM(Borrower), A Proprietorship firm of Mr.Shakib Mehdi Hassan and having its office at office at. Shop No.9, Railview Building, NG AcharyaMarg, .Near Tembe Bridge, Chembur, Mumbai -400071.
A handwritten signature, possibly in ink, consisting of a stylized 'V' or 'A' shape with a horizontal line extending from the bottom right.
2. Shakib Mehdi Hassan (Proprietor)
Adult, Indian Inhabitant of Mumbai,
residing at Row House No.491 A/3,
Suresh Dairy Farm, Shankar Nagar,
Shell Colony, Chembur Mumbai
Maharashtra -400071.
...Defendants
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Counsel for the Applicant : Advocate Harsh Gutka a/w Adv. Akshita
R. i/b Anup Khaitan & Co.
Counsel for the Defendants : NIL- Defendants Ex -parte
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J U D G M E N T
1. 1. This is an application under Section 19(1) of Recovery of the Debt and Bankruptcy Act, 1993 (for short, 'the 1993 Act') to recover Rs.72,34,774.14/- with future interest thereon from the date of presentation of the Transfer Original Application till payment/realization.
2. 2. The Defendant no.1 was SODH Limit (Hypothecation) against stock and book debts of Rs.60,00,000/- vide sanction letter dt.06.04.2018 and the said credit facility was reduced from Rs.60,00,000/- to Rs.58,00,000/- vide sanction letter dt.10.12.2019. It is also stated by the applicant that Applicant bank further granted the GECL Facility of Rs.11,00,000/- vide sanction letter dt.11.06.2020 and also granted additional GECL Facility of Rs.5,00,000/- vide sanction letter dt.30.06.2021 and as specified in para no.5.6, 5.9, 5.13 & 5.15 of the Transfer Original Application and on them executing loan and security documents.
1. 3. Defendants created hypothecation of stocks and book debt in favour of the applicant to secure the loan.
2. 4. Despite the undertaking effected by Defendants they had failed to regularise the account and service interest in the account. So the account remained out of order since long time resulting it to be declared as NPA on 29.08.2022.
3. 5. Since defendants failed to make the repayment, the applicant was left with no other alternative other than to file the Transfer Original Application which was presented on 28.06.2023. Defendant Nos.1 and 2 were duly served with the Summons through paper publication for appearance on 18.10.2024, despite receipt of Summons, the defendants did not appear. They had remained absent without any representation for them and so, they were set at exparte.
4. 6. Despite issuance of letters, personal visits, telephonic conversation and reminders the Defendants have failed to regularise the account. So the Applicant had caused the issuance of lawyer notice to Defendants to pay up the dues with interest.
A handwritten signature, possibly in ink, consisting of a stylized 'V' or 'W' shape with a long diagonal stroke extending from the bottom right towards the top left.
7. The applicant filed an affidavit (exhibit-13) in lieu of examination in chief through Mr. Anoop Kumar Singh, Manager of the bank, had produced documents, which are admitted in evidence, read, recorded and exhibited and were marked as AW-1 to AW-37.
8. Accordingly, the Transfer Original Application was filed for the recovery of aggregating a sum of Rs.72,34,774.14/- with further interest @13.05% p.a compounded with monthly rests and other expenses for the period from the date of filing of this T.O.A. till payment/realization.
9. A scrutiny of the averments in the Transfer Original Application and an analysis of the evidence adduced by the applicant, which has gone unchallenged, uncontroverted and unrebutted, shows that there is no reason to reject the claim made by the applicant bank.
10. In view of the observations made hereinabove, Transfer Original Application filed by the applicant deserves to be allowed.
11. Hence, the following order is passed:
ORDER
a. T.O.A. stands allowed with cost and the Defendant No. 1 and 2 are held liable jointly and severally to pay to the Applicant
Bank within two months a sum of Rs.72,34,774.14/- @9.00% p.a and other expenses from the date of filing of this T.O.A. till the date of realization; failing which the aforesaid amount shall be recovered from the sale of hypothecated stocks and book debts and in case of shortfall, the same shall be recovered from the sale of the movable and immovable properties of the Defendants.
- b. Defendants are directed to declare, on oath, to the Recovery Officer, Debts Recovery Tribunal – I, Mumbai, both their moveable and immovable assets for the purpose of attachment and sale for realizing the shortfall, if any.
- c. Let a Recovery Certificate be issued with memo of cost immediately u/s 19(22) of The Recovery of Debts and Bankruptcy Act, 1993 together with the details of the properties, if any.
- d. The Defendants are restrained from depleting, transferring, encumbering, alienating or in any way dealing with their properties/assets without first paying the claim of the Applicant Bank.
- e. Copies of this judgment be sent to the parties free of cost and file be consigned to the record room.
- f. Give under my hand and the seal of this Tribunal on this date : 06.10.2026.
(Dictated to my Stenographer, transcribed by him corrected and signed by me and pronounced in open forum on 06.10.2026)
Place:- Mumbai Date:- 06.10.2026
Presiding Officer, DRT-1, Mumbai (Sreekala Suresh)