Allowed

State Bank of India v. Sri Bhanu Prakash Pallapu

DRT7 Dec 2022OA/109/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Originating Application filed by State Bank of India for recovery of Rs. 50,06,473 along with future interest. The bank advanced a home loan which defendants failed to repay, leading to NPA classification and OA filing. With defendants absent, the Tribunal accepted the bank's evidence. The OA was allowed with orders regarding interest, property sale, and cost

What did the court decide?

Permission to recover Rs. 50,06,473 with future interest at 9.30% p.a.; authority to proceed against mortgaged and other properties for realization; issuance of recovery certificate.

State Bank of India versus Sri Bhanu Prakash Pallapu — Execution and Attachment | DRT (2022)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THIS THE 7rH DAy OF DECEMBER,2022

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.1O9 of 2022

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Between:

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State Bank of India, Stressed Assets Recovery Branch, 2nd floor, TSRTC bus terminal complex, (Commuter Amenity Centre), Koti, Hydera bad. Represented by Chief Manager

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Applicant

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VERSUS

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Sri Bhanu Prakash Pallapu, S/o Sri Laxmaiah, major, R/o H.No.1-2-47/5, Gowtham nagar, Kothagudem, Bhadradri, Kothagudem district - 507 101.

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Sri Pallapu Shankar Rao, s/o Sri Laxmaiah, major, R/o H.No.1-2-47/5, Gowtham nagar, Kothagudem, Bhadradri, Kothagudem district - 507 101.

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Defendants

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Counsel for the Pa rties:

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For the Applicant

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For the Defendants

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Mr. P.V. Satyanarayana

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Exparte

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ORDER

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f& .,,):, tF i': t: o'i^n'lc"z#fo" Bank filed the present OA against Defendants for !e r€cov€r!^ tal sum of Rs.50,06,473/(Rupees Fifty lakhs tRt$h,*,.,1:{ {qdi[ii

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(oA>No.109/2022)

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Six thousand Four hundred and Seventy three only) with future interest @ 9.30o/o p.a with monthly rests from the date of OA till the date of realization and in default for sale of hypothecated and mortgaged property as described in the schedule to OA.

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As per the averments in the appllcation, the Applicant Bank states that the defendant No.1 and 2 availed housing loan with a limit of Rs.15.59 lakhs along with funding of home loan insurance cover for a sum of Rs.48,535/- with a total of Rs.16,07,535/-. The defendants executed memorandum of term loan agreement for home loan granted to public dated 06.07.2019. defendant no.2 also executed guarantee agreement dated 06.07.2019. Defendant no.1 executed letter of confirmation for creation of mortgage by deposit of title deeds for securing the outstanding liability. After availing the loan facility, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NpA on 07.04.2021 and issued demand noUces on t5.04.2021 and 16.04.2021. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants we r e called absent set exparte on 2L.09.2022.

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(oA>No.109/2022)

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Shri K. Bhushanam, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1to A.19.

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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

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entitled for the claim made in the OA against the Defendants as prayed for?

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The defendants were called absent and set 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.19. 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 entiUed 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:

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Kgtfu'6tqgounts^{are ioinfly and severaily tiabte to pay to the}

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i' !* niiri.unt'#,"i\u^{totut Rs.Rs.50,06,473/'(Rupees Fifty lakhs}

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i* , 0 7 SEE l0Bur"rrdlFour hundred and Seventy three onty) with futu re @ 9.30o/o p.afrom the date of OA till realization.

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(OA>No.109/2022)

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i) The Applicant Bank is entiiled to proceed against the mortgaged

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Property as described in the schedule to OA towards realization of the debt due.

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ii) the Applicant Bank is also entitled to proceed against the person and properties of defendants towards realization of the debt due,

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iii) The Applicant Bank is entitled to the costs of the OA.

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iv) The Applicant shall file a cost memo within two weeks from the

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date of receipt of order.

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Issue Recovery certificate accord inq lv.

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Communicate a copy of the order to the parties concerned.

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(Djctated to the p.A., transcribed by her, corrected, signecJ and pronounced by me in the open court on this the 7th day of Dec., 2022)

sd/-

(G. coPlcHAND)

PRESIDING OFFICER

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4

State Bank of India v. Sri Bhanu Prakash Pallapu

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sri Bhanu Prakash Pallapu

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

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