Allowed

State Bank of India v. Sri. Kotte Tirupathi

DRT21 Nov 2023OA/220/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by State Bank of India for recovery of home loan dues. The defendants were declared absent and presentee evidence from the bank was examined. The tribunal found the bank's claim substantiated and ordered joint and several liability.

What did the court decide?

Defendants ordered to pay Rs. 25,92,373.34 with interest; Recovery Certificate to be issued; Discretion to proceed against mortgaged property and defendants' properties.

State Bank of India versus Sri. Kotte Tirupathi — Contract and Commercial Disputes | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 21ST DAY OF NOVEMBER' 2023

¶2

PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFIcER OA.No.22O of 2O23

¶3

Between :

¶4

State bank of India, Asset Recovery Management Bra nc h, (SARB-II) First ftoor, Opp Sandhya Theatre, RTC Cross road, Chikkadpally, Hyderabad. Represented by its Chief Manager

¶5

Applicant

¶6

VERSUS

¶7

Sri Kotte Tirupathi, s/o Sri K. Gattaiah, aged about 64 years, male, occ: working in Singareni collieries Company Limited, BPA Srirampur Area, Mancherial, Mancherial District - 504 207.

¶8

& H.No.5-20l1, Namnoor, Hazpu r mandal, Mancherial district - SO4 207.

¶9

Sri Kotte Ganesh, s/o Sri Kotte Tirupathi, aged about 34 years, male, occ: business, H.No,5-2011, Namnoor, Hazpu r mandal, Mancherial district - 504 207.

¶10

Defendants

¶11

(OA.No.22o/2023)

¶12

Counsel for the parties:

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For the Applicant

¶14

For the Defendants

¶15

Shri G. Prabhakar Sarma

¶16

Expa rte

¶17

ORDER

¶18

The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.25,92,373.34ps (Rupees Twenty Five lakhs Ninety two thousand Three hundred Seventy three and paise Thirty four only) i.e., a sum of Rs.4,67,324.08ps under home loan account with interest @ B.7Oo/o p.a with monthly rests and a sum of Rs.21,25,049.26ps under Home top up loan with interest @ B'350/o p'a with monthry rests from date of apprication ti, the date or rearization and in defaurt for sare of mortgaged property as described in the schedule to OA.

¶19

As per the averments in the application, the Applicant Bank states that the defendant No.1 is the father of 2nd defendant availed home loan of Rs.16 lakhs vide arrangement letter dated 18.06.2018. To secure due repayment of said home roan, the defendant no.1 executed memorandum of loan 18.06.2018 and created equitable Regd Sale deed ocumenr no.4065/ 2014f i dared f.ffirtofiJ"ov e* movable property tn

¶20

(oA.No.22012023)

¶21

more fully described in the schedule to OA. Subsequently the defendants availed home top up loan of Rs.25.00 lakhs vide arrangement letter dated 11.09.2019. After availing the loan facilities, 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 dated 30.05.2023.^{Inspite of several requests and} demands, the defendants did not^{clear the outstanding.Hencethis OA.}

¶22

Defendants 1 to 3 called^{absent and set exparte on 26.10.2023'}

¶23

Sri O. Muralidhar, Manager of^{the Applicant Bank examined himself as} AW.1 and exhibited^{relevantdocuments, which are marked as Ex'A'1} to A.15.

¶24

Heard the Ld. Counsel^{for the ApplicantBank.}

¶25

The^point that^{arise for considerationis whetherthe Applicant Bank is} entitled for the claim^{made in the oAagainst the Defendantsas} prayed for?

¶26

Defendants called^{absentand set exparte.} To substantiate the case of the Applicant Bank,^{AW.1, offi} licant Bank was examined and he exh ibited^relevant e rB-N^ 1s. In^{view of the} above, I hold that^{the APPlicant} :) BanN01r a, ,n2J estlfri\ed^{*thelr claim made} ,r.

..5

Qiu",,' J

(oA.No.22012023)

in the OA against the Defendants and hence the Applicant^{Bank is} entitled to recover the claim^made in the OA with future^{interest and} costs.

¶31

B, In the result, the^{present OA is allowed with costs, as under:}

¶32

The Defendants are^{jointlyand severally liable to pay to the Applicant} Bank a total sum of^{Rs.25,92,373.34ps (RupeesTwenty Five} lakhs Ninety two thousand^{Three hundred Seventy three and} paise Thirty four onty)^{i.e., a sum of Rs'4,67,324'0Bps underhome} loan account with^interest @^B '7^{Oo/o p'a and asumof} Rs.21,25,049.26ps^{underHome top up loan with interest@ B'350/op a} from date of application^{till the date of realization;}

¶33

The Applicant^Bank is entitled to^{proceedagainstthe schedule} mentioned^mortgaged property as described^{in the Schedule to OA'}

¶34

the Applicant^{Bank is also entitledto proceed againstthe person and} properties of defendants^{towards realization of the debt due'}

¶35

The Applicant^{Bank is entitled to the costs of the OA'}

¶36

The Applicant^shall file a cost memo^{within two weeksfrom the date of} receipt of order.

¶37

1o 10r'1
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¶38

(oA. N o.220l202 3 )

¶39

Issue Recovery certificate^accordingly.

¶40

Communicate a copy of^{the order to the partiesconcerned.}

¶41

(Dictated to the P.A., transcribed by her, corrected,^{signed and pronouncedby mein the open} court on this the 21't day of^{Nov, 2023)}

sd/_

(G. GOPICHAND)

PRESIDING OFFICER

TRUE^COtrY
6y g1{*ry/
Asst, Raa't'stJar

¶46

DRI- l. I t'{D i F. 7.3 t, D.

State Bank of India v. Sri. Kotte Tirupathi

Case brief

What is this about?

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State Bank of India v. Sri. Kotte Tirupathi

Case brief

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