Allowed

Andhra Pradesh Grameena Vikas Bank v. Sri. Mamilla Damodar Yadav

DRT11 Oct 2023OA/218/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Originating Application filed by Andhra Pradesh Grameena Vikas Bank to recover a term loan along with interest and costs from the defendant, observing that the bank had established its claim through the examination of its manager and documentary evidence.

What did the court decide?

Defendant directed to pay Rs.40,16,014/- with future interest; recovery certificate issued; proceedings against mortgaged and other properties allowed.

Andhra Pradesh Grameena Vikas Bank versus Sri… — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE l1TH DAY OF OCTOBER' 2O2g

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFICER

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OA.No.218 of 2023

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Between:

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Andhra Pradesh Grameena Vikas Bank, Patancheru branch, Sanga reddy dist Telangana State Represented by its Manager

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Ap plica nt

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VERSUS

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Sri Mamilla Damodar Yadav, s/o Sri Mamilla Balesh Yadav, aged major, male, H.No.B-3-825/5/ l, Sri nagar colony, Hyderabad - 520 O73.

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Defendant

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Counsel for the Parties:

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For the Applicant

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Sri Mohammed Ubedulla

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For the Defendant Ex pa rte

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ORDER

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The Applicant Bank filed the present OA against Defendant for recovery of a total sum of Rs.40,16,011/:rr:$,:(-"..s Forty Lakhs sixteen thousand and fourtefl'oriry)'i interest @ % i,^{11 otT zul} "ii t'.}"U" ''{-ii':r";'$:'.};r"'"u,i);'# :,ii.,ii_'l'i .

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(OA. N o.218/2023 )

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8.350/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 availed term loan of Rs.36,50,000/- for purchase of residential flat vide arrangement letter dated 04.07.2020. The defendant executed an agreement to mortgage with power of attorney clause in favour of applicant bank on 77.O3.2020, The defendant also executed memorandum of term loan agreement for housing loan on 04.7,2020. Subsequent to execution of documents, the defendant deposited title deed of application schedule property and also executed regd mortgage deed in favour of Applicant bank on 06.07.2020. After availing the loan facility, the defendant failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA and issued legal notice dated 16.03.2023. Inspite of several requests and demands, the defendant did not clear the outstanding. Hence this OA.

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Defendant was called a bsent and set exparte on 2 2.09.2023.

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(OA.No.218/2023)

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Shri EVSS Murthy, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.9.

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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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Defendant called absent and set exparte. To substantiate the case of the Applicant Bank, AW.1, officiar of the Appricant Bank was examined and he exhibited rerevant documents as Ex.A1 to A.9. In view of the above, I hold that the Appricant Bank has estabrished their craim made in the oA against the Defendant and hence the Appricant Bank rs 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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The Defendant is liable to pay to the Applicant Bank a total sum of Rs.4O,16tOL4/(Rupees Forly Lakhs Sixteen thousand and ,. 4,..r:.^{. -,r,.} fourteen only) with futpJti- inter$t @ p.a from date of application till the date of r€aliza.tionj__ - - * a^11[[Im i{ , dla lB,x' -p S-', W;r.CfF'r*:;:,

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(OA. No.218/2023)

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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 Applicant Bank is also entitled to proceed against the person and properties of defendant towards realization of the debt due.

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

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13, The Applicant shall fire 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 11th day of Oc.,2023)

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sd/-

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(G. GOPTCHAND) PRESIDING OFFICER

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TRI",'E COPY C'RT.T, H YBERAAAD. ^.",:ffi{il,

Andhra Pradesh Grameena Vikas Bank v. Sri. Mamilla Damodar Yadav

Case brief

What is this about?

What did the court decide?

Andhra Pradesh Grameena Vikas Bank v. Sri. Mamilla Damodar Yadav

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

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