Allowed

State Bank of India v. Sri.Marla Abraham

DRT15 Jun 2023OA/7/2023

Case brief

AI extract

What is this about?

This order of the Debts Recovery Tribunal allows the Applicant Bank's Original Application for recovery of a housing loan and home loan insurance amount from the defendants who failed to comply with repayment terms.

What did the court decide?

Direct the Defendants to pay the total claimed amount with interest and costs; authorize the Bank to realize the debt from mortgaged property and personal assets; issue recovery certificate.

State Bank of India versus Sri.Marla Abraham — Specific Performance | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE lsTHDAY OF JUNE'2023

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFICER

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OA.No.O7 of 2023

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Between :

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State Bank of India, Stressed Assets Recovery Branch - Ii, 1-8-563/1, 1't floor, Opp Sandhya Theatre, RTC cross roads, Chikkadpally, Hyderabad. Represented by its Chief Manager

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Applica nt

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VERSUS

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Sri Marla Abraham, s/o Prakasham, male, major,

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occ: business, H.No.7-62,

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Macherla village, Nandipet

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Mandal, Nizamabad dist-503 212.

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Sri Marla Prakasham, s/o Ashanna, male, major, occ: business, H.No.7-62, Macherla village, Nandipet Mandal, Nizamabad dist-503 212.

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Defendants

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Counsel for the Parties:

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For the Applicant Ku ma ri For the Defendants 15 JUil

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(OA. No.7/2023)

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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.2O,54,561,/- (Rupees Twenty Lakhs Fifty four thousand Five hundred and Sixty one only) i.e., a sum of Rs.79,60,447l- under housing loan limit and a sum of Rs.94,lt4/- under Home loan Insurance with interest @ 9.85o/op.a with monthly rests from 01.01.2023 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 apprication, the Appricant Bank states that the defendants avaired housing roan rimit of Rs.20.00 rakhs and funding of home insurance cover loan of Rs.9g,000/_ on 02.07.2018. Defendants 1 & 2 executed agreement to mortgage dated 02.07.2018 to create mortgage in favour of Applicant Bank. As a security for repayment of roan the defendants deposited originar Regd settrement deed bearing doc.No.12BB/2015 dated 04.03.2015 and created mortgage over application schedule property, The defendant no.1 confirmed creation of mortgage over application schedule property by deposit of title deeds on 15.07.2018. After avairing the roan facilities, the defendants faired to compry the terms of sanction, hence the applicant bank wa-E corist[+ined to classify the account as {,i. 1.. NPA and issued nstfte date.d-,O4.10.Zqia and legal notice dated t," : , 11 ,l,Ja lW :,,. ,r'' *q ':t^j"" ' ,.:r:l;f. ii,r'i.," '_ -: - :li-

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(OA.No.7/2023)

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20,t2.2022. Insplte of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants were set exparte on 24.04.2023.

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Shri R. Venkateshwara 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.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

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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 calred 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.12. In view of the above, I hord that the Appricant Bank has estabrished their claim made in the oA against the Defendants and hence the Applicant Bank is entitred to recover the craim made in the oA with future interest and costs.

as under:

(oA.No.7/2023)

The Defendants are jointry and severaily riabre to pay to the Appricant Bank a total Rs.2O,54,S6t/- (Rupees Twenty Lakhs Fifty four thousand Five hundred and Sixty one only) i.e., a sum of Rs.79,60,447l- under housing loan limit and a sum of Rs.94,lL4/_ under Home loan Insurance with interest @ 9.85o/op.a from 01.01.2023 till the date of realization.

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i) The Applicant Bank is entitled to proceed against the mortgaged property as described in Schedure to the oA towards rearization 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 shail fire a cost memo within two weeks from the date of receipt of order.

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Issue Recovery certificate accord ing ly.

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Communicate a copy of the order to the parties concerned.

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in the open

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1i ,jtJN ?fn
'I
'.-i

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sd/_ (G. GOPTCHAND) PRESIDING OFFICER ,4:f;ff;;i;6uy

State Bank of India v. Sri.Marla Abraham

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sri.Marla Abraham

Case brief

What is this about?

What did the court decide?

What the court decided

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