Allowed

State Bank of India v. Ch Sivarama Krishna

DRT12 Oct 2022OA/18/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Original Application filed by State Bank of India for recovery of a stressed asset. The Applicant Bank was ordered to recover the principal amount along with future interest and costs, and was entitled to proceed against mortgaged properties and the defendant's personal assets.

What did the court decide?

Allowed recovery of Rs.1,81,157/- with future interest @ 8.55% p.a. and costs. Entitled to proceed against mortgaged properties and defendant's assets.

State Bank of India versus Ch Sivarama Krishna — Banking and Recovery | DRT (2022)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THISTHE 12TH DAY OF OCTOBER,2022

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PRESENTT SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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o.a.Lal2022

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State Bank of India, Stressed Assts Recovery Branch-ll, D.No.1-8-563/ 1, 1", floor, Opp. To Sandhya Theatre, RTC X Roads, Chikkadapally, Hyderabad-500020.

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... Applicant

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VERSUS

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Sri Ch. Sivarama Krishna, S/o Ch. Gurubrahmachari, 1 8-36-58-896, Prashanth Nagar, Near Sivasakthi Kalyan Mandapam, Tirupathi-S 1750 I .

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... Defendalt

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Counsel for the Parties: For the Applicant Bank : Ld. Advocate Sri Arun Kumar Satlravolu For the Defendant : None

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ORDER

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The Applicant Bank filed the present OA against the Defendant for recovery of a total sum of Rs.3 1,81,157 I - (Rupees Thirty one lakhs eighty one thousand one hundred and lifty seven only) with future interest @ 8.55% p.a. with monthly rests from the date of filing of O.A. till the date of realization and in default for sale of the mortgaged properties described in Schedules to the O.A.

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The case of the Applicant Bank is that at the request of the defendant, the Applicant bank RASMECC, Kurnool branch has sanctioned home -r6*?1wp,f^{Rs.26.90lakhs.To securethe due repayment of the said} ,,ikk;W.i"^{i i'bu"ga".rtexe cu ted nece s saryloan documents.To further} ,i ,i/ . ltr ".",rr.{tfre aUovito\p, \^{the defendant createdequitablemortgage over} _ i'' 1?0[I7,[Z -ii | t..,ro^{I L uv'} ",. ii# ',,(,'r.;;r:,. .,,^.,, r_ $f/ '... :.,_ali,i;,; .5.-.........,-..,,, : -.-i-

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the immovable properties described^{in Schedule to the O.A by deposit of} title deeds. The defendant also confirmed^{the said creation of mortgage} vide Letter of Confrrmati on dt. 22.11.2017.^{After availing the above} said loan, the defendant committed^{default in repaying the outstanding} loan amount and the loan account has been classified^as NPA.^Finally, the Applicant Bank issued demand notice dt.^{2O.O3.2O2Orecalling the} defendalt to repay the outstanding dues. Hence^{the O.A.}

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o. The defendant was called absent and set exparte^{on O4.O7.2022.}

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Sri P. Prabhakar, Chief Manager of the^{Applicant Bankexamined himself} as AW-l and exhibited the relevant^{documents whichare marked as} Ex.A1 to A8

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Heard 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 Defendantas prayed} for?

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The defendant was called absent and set exparte'^{To substantiatethe} case of the Applicant Bank, AW-I, official^{of the Applicant Bank was} examined and he exhibited relevant documents^{which are markedas} Ex.A1 to A8. In view of the above, I hold that^{the Applicant Bank has} established their claim made in the O.A.^{against the sole defendant} and hence the Applicant Bank is entitled^{to recover the claim made in} the O.A. with future interest and costs..

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the present OA is allowed with costs, as under:

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to the Applicant Bank a total sum^of one lakhs eighty one thousand^one

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hundred and fifty seven only) with future interest @ 8.55% p.a. simple from the date of application ti1l the date of realization.

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il The Applicant bank is entitled to proceed against the mortgaged properties described in Schedule to the OA towards realization of the debt due.

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ii) the Applicant Bank is entitled to proceed against the person and properties of the defendant 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 date of order.

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Issue Recovery certificate accordingly.

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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 court on this the l2.h dayofOctober, 20221

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sd/-

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(G. GOPr CHANDI PRESIDING OFFICER

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State Bank of India v. Ch Sivarama Krishna

Case brief

What is this about?

What did the court decide?

State Bank of India v. Ch Sivarama Krishna

Case brief

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What did the court decide?

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