Allowed

State Bank of India v. Mr. K Surendra

DRT24 Apr 2023OA/1/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Order Attachment filed by State Bank of India against two defendants for non-payment of housing and Suraksha loans, directing joint and several payment of dues with interest and permission to proceed against the mortgaged property.

What did the court decide?

Debtors to pay Rs. 28,68,999/- with interest; Bank entitled to proceed against mortgaged and personal properties; costs awarded; recovery certificate issued.

State Bank of India versus Mr. K Surendra — Specific Performance | DRT (2023)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THIS THE 24TH DAY OF APRIL 2023

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.1 of 2022

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Between:

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State Bank of India, Branch at SARB-1, 2nd floor, TSRTC commuter Amenity centre, Bus terminal Complex, Koti, Hyderabad Telangana, Represented by its Chief Manager

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Applicant

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VERSUS

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Mr. K. Surendra, w/o K. Raja Rao, aged 36 yrs,

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occ: business, R/o plot no.38 & 39, vinayaknagar, Opp Jai Jawan colony, Secunderabad.

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Mr K. RamyaSree, w/o K. Surendra, aged 29 yrs,

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occ: business, R/o plot no.38 & 39, vinayaknagar, Opp lai lawan colony, Secunderabad. Defendants

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Counsel for the Parties:

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For the Applicant tyanarayana
For the Defendants
2 4 tPn &,pu

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(oA.No.U2022)

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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.28,68,999/- (Rupees Twenty Eight Lakhs Sixty eight thousand Nine hundred and ninety nine only) ie., a sum f Rs.27,92,229/- for housing loan and a sum of Rs.76,770/- for Suraksha loan with further interest at contractual rate @7.359o p.aat annual rests plus additional interest @ 2olo ov€r the contractual rate from 16.11.2021 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 defendant availed home loan of Rs.27.00 lakhs and a sum of Rs. 78,0001- for SBI life Insurance on 16.05.2018 as^per letter of arrangement. The defendant has deposited the title deed which was executed in favour by depositing the memorandum of deposit of title deed dated 16.05.2018 by depositing the regd sale deed no.4642/2016 dated 28.09.2016 registered before SRO Kapra. After availing the loan facilities, the defendants failed to comply the terms _:_\ sr of sa nction, hence the.;a^{prfireui^Uitio</sup> .oⁿ straⁱ ned to classify^the 'io\ *'la i account as NPA on",'/,X5.02.2021 and^'r$G,,d oemano notice and k}

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possession notice Q$d oq.S.mPUS"ror$/it several requests and \r%^r, ., i*/r ';'^'' "?|;?i 2

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(oA.No.1/2022)

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demands, the defendants did not clear the outstanding. Hence this oA.

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Defendants were called absent and set exparte on 15.3.2023.

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Sri P. MadhavRao, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.12.

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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 defendants were 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 4.L2. In view of the above, I hold that the Applicant Bank has established their claim made in".the.OA against the Defendant and ..

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' ::,.,''

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hence the Applicant Bank is e

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OA with future interest and costs: *

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In the result, the ,^{as under:}

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(oA.No.1/2022)

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The Defendants 1 & 2 are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.28r68,9991- (Rupees Twenty Eight Lakhs Sixty eight thousand Nine hundred and ninety nine only) ie., a sum f Rs.27,92,229/- for housing loan and a sum of Rs.76,770/- for Suraksha loan with further interest at contractual rate @7.35o/o p.a from 16.11.202L till realization.

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i) The Applicant Bank is entitled to proceed against the mortgaged property as described in the schedule to OA towards realization of the debt due.

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ii) the Applicant Bank is also entitled 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 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 I r, corrected, signed and pronounced by me in the open
court on this thp )
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24tPRm /( (/, -Qibqr") sd/'
G o PTcHAN D)
"s'il'r$3n,';X's PRESIDING OFFICER

State Bank of India v. Mr. K Surendra

Case brief

What is this about?

What did the court decide?

State Bank of India v. Mr. K Surendra

Case brief

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