Allowed

State Bank of India v. Pradeep Kumar

DRT19 Apr 2023OA/257/2022

Case brief

AI extract

What is this about?

The Tribunal allowed an Original Application filed by State Bank of India for recovery of dues aggregating Rs. 21,37,086. The order disposed of housing and car loans with past and future interest, allowing the bank to proceed against mortgaged property and issue a recovery certificate.

What did the court decide?

Recovery of Rs. 21,37,086 with interest; permission to sell hypothecated movables and mortgaged property; issuance of recovery certificate.

State Bank of India versus Pradeep Kumar — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THIS THE 19TH DAY OF APRIL, 2023

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.257 ol 2022

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Between:

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State Bank of India, Stressed Assets Recovery branch, 2nd floor, APSRTC, CAC, Koti, Hyderabad.

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Represented by its Chief Manager

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Applicant

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VERSUS

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SriTigalaPradeepkumar,

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s/o Sri T. Sammaiah, aged 39 yrs,

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occ: teacher, occ: teacher

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R/o H.No.1-279, bheemaram,

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Hasanparthy, Warangal dist- 506 015.

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And also at

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D.No.35-3-21 / 7/D/ 10, gopalpur Village, Hanamkondamandal, Warangal district - 506 001.

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SmtKiranmaiTigala,

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w/o Sri TigalaPradeep Kumar, aged major, occ: housewife, R/o H.No.1-279, bheemaram,

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Hasanparthy, Warangal dist- 506 015.

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And also at

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D.No.35-3-21 / l/D/ L0, gopalpur Village, Hanamkondamandal, Warangal district - 506 001.

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Defendants

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(oA.No.2s7l2o22l

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Counsel for the Parties:

For the Applicant

Smt B. RamanaKumari

For the Defendants

Expa rte

ORDER

The Applicant Bank filed the^present OA against^{Defendants for} recovery of a total sum of Rs.21,37rO85l-^{(RupeesTwenty one} lakhs thirty seven thousand and eighty six only)^{i.e., a sum of} Rs.17,27,455/- in respect of housing^loan account^{with currentand} future interest @9.4olo^p.a with monthly^rests from^{07.8.2Q22and a} sum of Rs.4,09,631/- in respect of car loan with current and^future interest @ 9%^p.a with monthly rests from 07.08.2022 till the date of realization and in default for sale of hypothecated movables and mortgaged property as described in the schedule "A & B" to OA.

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''!,, C

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1. As per tne are'.'*\s * in the application, the Applicant Bank states t$\OqnEr'ffit no+Jlno 2 availed housins loan of Rs.19.00 lakhs and me loan in#&dfe of Rs.BB,340/-. The defendants 1 & 2 as +rdn yment of housing loan executed memorandum of

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.;' - -'r a.{,';^j: '---loan-6-gleement for housing loan^granted to^public on 09.02.2015.

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As a security for repayment of loan amount, the defendant no.1 deposited original regd sale deed bearing no.554/2015 dated

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(OA.No.2s7 /20221

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09.02.2015 and created mortgage over the application schedule property. As a security for repayment of loan, the defendant no.1 executed memorandum of deposit of title deeds bearing document no.558/2015 in favour of applicant bank. Subsequently the defendants 1 & 2 availed term loan of Rs.6,50,000/- for^purchase of Maruti Ritz. Defendants 1 & 2 executed loan cum hypothecation agreement dated 06.04.2016. After availing the loan facilities, the defendant failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA and issued demand notice dated 19.02.2022. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants were called absent set exparte on 30.t2.2O22.

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Sri P, MadhavRao, Manager of the Applicant Bank examined himself

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as AW.1 and exhibited relevant documents, which ard marked as ., ,'^.\.

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Ex.A.1 to A.14.

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the Applicant Bank is entitled for the claim made in the OA against the Defendants as prayed for?

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(oA.No.2s7 /20221,

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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 A,14. 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 Applicant Bank is entitled to recover the claim 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 Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.21,37,O861- (Rupees Twenty one lakhs thirty seven thousand and eighty six only) i.e., a sum of Rs.17,27,455/- in respect of housing loan account with current and future interest @9.4% p.a from 01 .8.2022 and a sum of Rs.4,09,631/- in respect of car loan with current and future interest @ 9% p.a from 07.08.2022 till realization.

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i) The Applicant Bank is entiUed to proceed against the hypothecated movables and mortgaged as described in .i:

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the schedule to OA towards realization of t ebt due. 1 3 rPB 2023

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ii) the Applicant Bank is also entitled to against the person , r. ,sl. .

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and^properties of defe$-b on of the debt due.

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iii) The Applicant Bank is eniitiea ib' of the OA.

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lOA.No.2s7 /20221

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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 P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 19th day of April., 2023)

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sdl-

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(G. GOPTCHAND) PRESIDING OFFICER

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I
--rW*

State Bank of India v. Pradeep Kumar

Case brief

What is this about?

What did the court decide?

State Bank of India v. Pradeep Kumar

Case brief

What is this about?

What did the court decide?

What the court decided

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