Allowed

State Bank of India v. Sri. Gouri Narasimha Reddy

DRT5 Oct 2023OA/123/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an Original Application filed by State Bank of India against a defaulting borrower for recovery of outstanding loan amounts, interest, and costs. The debtor was absent, and recovery was permitted against both mortgaged property and personal assets.

What did the court decide?

OA allowed; recovery order passed; costs awarded; recovery certificate issued; applicant entitled to proceed against mortgaged property and defendant's assets.

State Bank of India versus Sri. Gouri Narasimha Reddy — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE sTH DAY OF OCTOBER' 2e.23

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PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFICER

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OA.No.123 of 2023

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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, Hyderabad. Telangana State. Represented by its Chief Manager

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Applicant

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VERSUS

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Sri Goguri Narasimha Reddy, s/o Sri Malla Reddy, major, male, R/o H,No. 1-27, Nusthullapur, Thimmapur mandal, Karimnagar Karimnagar district - 505 481.

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Defenda nt

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Counsel for the Parties: For the Applicant For the Defendant

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Sri P.V. Satya narayana

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Ex pa rte

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ORDER

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The Applicant'^garlk filea the present OA against Defendant for Rs.33,69,559,/(Rupees Thirty Three i'^{j'"'#' '"'"i}fri"' ,ii-^{o 5 otl ?'18} iil &,rri.ii:

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(OA.No.123l2023)

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lakhs Sixty Nine thousand five hundred and Fifty nine only)

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i.e., a sum of Rs,21,79,196/- and Rs.B1,30B/- with interest @10.25olo p.a with monthly rests and a sum of Rs,11,09,055/- with interest @ l2.5oo/o p.a with monthly rests from date of application till the date of 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 defendant avaired home roan of Rs.22.47 rakhs and funding of Home loan insurance cover limit of Rs.1,g6,637l_ on 08.11.2018, The defendant executed Memorandum of roan agreement for home roan granted to public dated 09.08.2018 and deposited the title deeds relating to oA schedure property bearing regd sare deed no.288g of 2018 dated 07.08.2018. Subsequently the defendant availed SBI Asset Backed Agri loan of Rs.9.50 lakhs on 26.04.20Lg and executed letter oF arrangement dated 26.04.2019. After avairing the roan facilities, the defendant faired to compry the terms of sanction, hence the applicant bank was constrained to classify the account as NpA on 29'06.2022 and issued regar notice dated 04.03.2023. Inspite of several requests and demands, the defendant did not clear the outstanding.

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07.08.2023. * 05 wT nn

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(OA. No.123/2023)

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Shri Dhanunjaya panda, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked

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as Ex.A.1 to A.17.

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Heard the Ld. Counsel for the Applicant Bank.

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6, 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 Defendant as prayed

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for?

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7' Defendant cailed absent and set exparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and he exhibited rerevant documents as Ex.41 to A.17. 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 entitred 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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(oA.No. t23l2023)

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Rs.81,308/- with interest @10.25olo p.a and a sum of Rs.11,09,055/_ with interest @ 12.50o/o p.a from date of application till the date of realization;

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The Applicant Bank is entitled to proceed against the mortgaged property as described in the schedule to OA.

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the Appricant Bank is arso entitred to proceed against the person and properties of defendant towards realization of the debt due.

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1. The Applicant Bank is entitled to the costs of the OA.

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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 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 sth day of Oct, 2023)

sd/-

(G. GOPTCHAND)

PRESIDING OFFICER

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State Bank of India v. Sri. Gouri Narasimha Reddy

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sri. Gouri Narasimha Reddy

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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Case details

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