Allowed

Union Bank of India v. P Sarojini Devi

DRT11 Nov 2022OA/68/2022

Case brief

AI extract

What is this about?

In an Original Application under Section 17 of the SARFAESI Act, the Debts Recovery Tribunal decreed the claim of Union Bank of India against the borrower for recovery of the loan amount and proceeds against secured and unsecured assets.

What did the court decide?

Payment of Rs. 81,14,420/- with interest. Proceedings against hypothecated assets, mortgaged property, and respondent's other properties. Issuance of Recovery Certificate.

Union Bank of India versus P Sarojini Devi — Contract and Commercial Disputes | DRT (2022)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD DATED THrS THE llrH DAy OF NOVEMBER,2022

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFICER

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OA.No.68 ot 2022

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Between:

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Union Bank of India, Hyderabad Main branch, Siddiamber bazar, Post box no.1108, Hyderabad. Represented by its Chief Manager

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Applicant

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VERSUS

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Mrs. P. Sarojini Devi, W/o Late Satyanarayana, aged major, Occ: agriculturalist, R/o flat no.301, Plot no.390, A&B, Vivekananda colony, Kukatpally, Hyderabad.

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Defendant

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Counsel for the Parties:

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For the Applicant

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For the Defendant

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: Sri N.V. Subba Raju : Exparte

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ORDER

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The Applicant Bank fired the present oA against Defendants for recovery of a total sum of Rs.8,-,l4,42ol-(Rupees Eighty One 9[-!e=loy.teen^{thousand Four hundred and twenty only)with} o/o p.a with monthly rests from date of application K fy til tCi;S date lization and in default for sale of hypothecated *, 11 NlV \nn

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(oA.No.68/2022)

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assets and mortgaged property as described in the schedule ..A & B, to OA.

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As per the averments in the application, the Applicant Bank states that the defendant availed agricultural term loan of Rs.45,20 ,OOO/vide sanction letter dated 06.O L.2OL6 and executed necessary loan documents on 18.01.2016. As per terms of loan documents, the defendant agreed to pay the loan amount together with interest in 14 equated half yearly installments. As a security for due repayment of above loan, the defendant created mortgaged property under original sale deed bearing doc.No.2B45/2oos dated 04.07.2005 of immovable property as described in Schedule B to OA. After availing the loan facility, the defendant failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA and issued legal notice on O2.O2.2o22.Inspite of several requests and demands, the defendant did not ctear the outstanding. Hence this OA.

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3.
Defendant was set exparte on 20.09.2022.
Chief Manager of the Applicant Bank examined
nd exhibited relevant documents, which are
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* marked as Ex.A.1J6 9.
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(oA.No.68/2022)

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

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The defendant was 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.9. In view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendant and hence the Applicant Bank is entitled to recover the claim made in the OA with future interest and costs.

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B. In the result, the present OA is allowed with costs, as under:

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The Defendant is liable to pay to the Applicant Bank a total Rs.81,14,42Ol-(Rupees Eighty One takhs Fourteen thousand Four hundred and twenty only) with interest @ L4.75 o/o p.afrom daqe of applica tion till realization. ,,':, ,}:

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r 6\ -o..* "io,. l:.,

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/ '* S^--b</sup>

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'l; 11 N,,u ?r2 :)i 'fu,#

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(oA.No.68/2022)

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i) The Applicant Bank is entitled to proceed against the hypothecated assets and mortgaged property as described in the schedule "A & B" to OA towards realization of the debt due.

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ii) the Applicant Bank is also entiued to proceed against the person

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and properties of defendant towards realization of the debt due.

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iii) The Applicant Bank is entifled 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 accordingly.

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11, Communicate a copy of the order to the parties concerned.

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(Dictated to the p.A., transcribed by-!9r, corrected, signed and pronounced by me in the open court on this the 11th day of Nov., 2O2i)

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sdl-

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(G. GOPTCHAND) PRESID'NG OFFICER

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.TRUE COPY asst. al{*nr l)^lc ) ART.I,^!;YDERAEAD.

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Union Bank of India v. P Sarojini Devi

Case brief

What is this about?

What did the court decide?

Union Bank of India v. P Sarojini Devi

Case brief

What is this about?

What did the court decide?

What the court decided

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