Allowed

Union Bank of India v. Mr P Satish Babu

DRT11 Nov 2022OA/69/2022

Case brief

AI extract

What is this about?

The DRT allowed an Original Application filed by Union Bank of India for recovery of Rs. 77.73 lakhs principal, interest, and costs from a defaulting borrower. The tribunal held the bank established its claim and ordered the defendant to pay the awarded amount. Recovery proceedings were authorized against both assets and the defendant personally.

What did the court decide?

The Defendant ordered to pay Rs. 77,73,610 along with future interest at 14.75% p.a.; proceedings authorized against hypothecated/mortgaged assets, personal assets, and costs.

Union Bank of India versus Mr P Satish Babu — Banking and Recovery | DRT (2022)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THIS THE 11rH DAy OF NOVEMBER,2022

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFICER

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OA.No.69 of 2022

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Between:

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

Applicant

VERSUS

Mr. P. Satish Babu,

S/o Late Satyanarayana, aged major, Occ: agriculturalist, R/o flat no.301, Plot no.390, A&8, 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 filed the present OA against Defendants for recovery of a total sum of Rs.77,7316lol- (Rupees Seventy three thousand Six hundred and ten only) o/o p.a with monthly rests from date of rx * of realization and in default for sale of 11 NfrV NN iH ? Qtrr't'#

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(OA.No.G9l2022)

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

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2' As per the averments in the apprication, the Appricant Bank states that the defendant availed agricultural term loan of Rs.4L,72,000/_ vide sanction retter dated 06.01.2016 and executed necessary loan documents on 18.01.2016. The defendant created equitable mortgage of property as shown in Schedule A in OA. As per terms of loan documents, the defendant agreed to pay the loan amount together with interest in 14 equated harf yearry instarments. As a security for due repayment of above roan the defendant created mortgage property under original sale deed doc.no.2g44/2005 dated 04'07'2005 as described in schedure B to oA After avairing the roan facility, the defendant faired to compry the terms of sanction, hence the appricant bank was constrained to crassiFy the account as NpA and issued regar notice on 02.02.2022.Inspite of severar requests and demands, the defendant did not clear the outstanding. Hence this oA.

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Defendant was set exparte on 20.09.2022.

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--':>.,'i;?i.i il:.i^r .. Shri himself vijiis-rtllhffi ,./,p 'd as AW.f-and cil'H)r"exhif'1\nager of the Applicant Bank examined relevant documents, which are t mar[S"'^{J*io.[ol"?Ko.} .: !.Il'. ',,..1 o( \S;u:,'tV

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(oA.No.69/2022)

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q Heard the Ld. Counsel for the Applicant Bank.

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The point that arise for consideration is whether the Applicant

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Bank is entiUed 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 Appricant Bank was examined and he exhibited rerevant documents as Ex.A1 to A.10. 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 Appricant Bank is entired to recover the craim 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.77,73,610l- (Rupees seventy seven lakhs seventy three thousand Six hundred and ten only) with interest @ 14.75 o/o

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(oA.No.69/2022)

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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 and properties of defendant towards realization of the debt due.

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iii) The Applicant Bank is entiUed 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 receipt of order.

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Issue Recovery certificate accordingly.

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Communicate a copy of the order to the pafties 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 11th day of Nov., 2022)

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sdl(G. GOPTCHAND) PRESIDING OFFICER

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TRUE.COPY
oRT-t. ti.iDaRAAAD.
^"",W!l',,,

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Union Bank of India v. Mr P Satish Babu

Case brief

What is this about?

What did the court decide?

Union Bank of India v. Mr P Satish Babu

Case brief

What is this about?

What did the court decide?

What the court decided

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