Allowed

State Bank of India v. Sri P. Sachin Kumar

DRT31 Aug 2023OA/105/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal found in favor of the State Bank of India in an OA filed for recovery of dues from three defendants. The Bank was granted entitlement to recover principal, interest, and costs, with the right to proceed against mortgaged property.

What did the court decide?

Defendants directed to jointly and severally pay Rs.32,82,259/- with interest; Recovery certificate issued; rights to realize dues from mortgaged property and persons recognized.

State Bank of India versus Sri P. Sachin Kumar — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 31ST DAY OF AUGUST'2023

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PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFICER

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OA.No.1O5 of 2023

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Between:

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State Bank of India, Asset Recovery Management Branch-II (SARB-2), 1-8-563/1, Opp Sandhya theatre, RTC cross roads, Chikkadpally, Hyderabad. Telangana State, Represented by its Chief Manager

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Applicant

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VERSUS

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Sri P. Sachin Kumar, s/o Sri P. Dattatreya, aged 52 years, male,

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R/o 2-34I, Rani Sathiji road,

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Adilabad - 504 001. TS.

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Smt Vaishali Padigela, w/o Sri Sachin Kumar^padigela,

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aged 53 years, female,

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H.No.4-2-341, Rani Sathiji

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Colony, Adilabad - 504 001.

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Mr. Ganesh Padigela, s/o Mr. P. Dattatri,Mr. P. Dattatri,P. Dattatri,Dattatri,

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s/o Mr. P. Dattatri,Mr. P. Dattatri,P. Dattatri,Dattatri,
ilee'}
aged H.No.4-2-341, 45 years, Rani male,Sathiji .$* ^ffi
6&
Colony, Adilabad - 504 OO1. Defendants

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(oA. No.10s/2023)

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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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Sri C. Prabhakar 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.32,g2,259l_ (Rupees Thirty two lakhs Eighty two thousand Two hundred and Fifty nine only) i.e,, a sum of Rs.31,64,988/_ under loan account No.62231141889 and a sum of Rs.1,17,271l- under loan account No.62231142634 with interest @B'050/o p.a with monthry rests from date of apprication till realization and in default for sale of mortgaged property as described in the schedule to OA.

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As per the averments in the application, the Applicant Bank states that the defendants No.1 to 3 availed housing loan of Rs.40.00 lakhs and funding of housing loan insurance cover of Rs.4,39,00 O/_ forpurchase of OA schedule property through arrangement letter dated 18.05.2012. To secure d.ue fbplympnt of aforesaid housing loan of Rs.40.00 takhs, defeny'Hntli r &. z j";;.iluif.rted memorandum of loan agreement. oufE,nOunt no.: '''^.l 1 tJ[ xm-^{u-Ju.utra;iguu.untue agreement}

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(oA.No.105/2023)

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dated 18.05.2012. Defendant no.1 created equitable mortgage on 06.09.2013 by way of deposit of sale deed No.1594/2012 dated 27.05.2012 in respect of OA schedule property. 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 and issued legal notice on 20.02,2023. Inspite of several requests and demands, the defendants did not crear the outstanding. Hence this OA.

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Defendants were called absent and set exparte on 15.05.2023.

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Shri Venkateswar Rao, Deputy Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.11.

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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 To su bstantiate the case of the Appticant Barfk, eWSf&.}. tn" official of the Applicant Bank was examiryp! and - he -exh l ibitedliereva i' nt documents as :rif:! :l: Ex.A1 to A.11. rn viewiol the?qoq.q$fi6ra tn4 idr," Appticant Bank A ; ^s,# \d. dlir'it 'dl.!}-.,,,,*.r8'{ii'

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(OA.No.10s/2023)

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has established their claim made in the OA against the Defendants and hence the Applicant Bank is entitled to recover the claim made in the OA with futu re 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 Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.32,82,259l- (Rupees Thirty two lakhs Eighty two thousand Two hundred and Fifty nine only) i.e., a sum of Rs.31,64,988/- under loan account No.62231141889 and a sum of Rs.1,I7,271/- under loan account No.62231L42634 with interest @ 8.05o/o p.a from date of application till realization.

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i) The Applicant bank is entitled to proceed against the mortgaged property as described in the schedure to oA towards rearization of its dues.

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ii) the Applicant Bank is arso entiiled 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 shalr file a cost memo within two weeks from the date of receipt of order.

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1 1 Al:fi^2U8

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(oA.No.10s/2023)

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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 31st day of Aug, 2023)

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(G. coPtcHAND) PRESIDING OFFICER

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T;.'t$.$E,^COPY ^i":,^.b'l

State Bank of India v. Sri P. Sachin Kumar

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sri P. Sachin Kumar

Case brief

What is this about?

What did the court decide?

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