Allowed

State Bank of India v. Mrs. Vasantham Swapna

DRT5 Oct 2023OA/263/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Application filed by State Bank of India for recovery of a debt of Rs. 29 Lakhs 61,894 along with interest and costs against the Defendant, directing sale of property as per the mortgage schedule.

What did the court decide?

Defendant ordered to pay Rs. 29,61,894 plus interest; Bank entitled to proceed against mortgaged property and Defendant's assets.

State Bank of India versus Mrs. Vasantham Swapna — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE sTH DAY OF OCTOBER' 2023

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFICER

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OA.No.263 of 2022

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Between:

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State Bank of India, Stressed Assets Recovery Branch, L-B-563/1, RTC "X" roads, Opp Sandhya Theatre, 1't floor, Chikkadpally, Hyderabad - 500 020. Represented by its Chief Manager

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Applicant

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VERSUS

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M rs. Vasantham Swapna, w/o Mr. J. Ramgopal reddy, D/o B. Swami Das, aged major, Occ: Private service, R/o H.no.11-1-474-4, Opp: cement godown, Aravinda nagar, Ananthapur- 515 001.

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And a lso at

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Flat no.1, ground floor, Sri Saik Niketan Apartments, Aravinda Nagar, Ananthapur- 515 001.

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And also at

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C/o B. Swami Das, H.No.4-2-651, jana Shakti Na ga!-,... Nea r Somanatha nagar, r\o Ananthapur - 515 OO1, Ap. +iiil Defendant 05 0tI -[

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(oA.No.263/2022)

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Counsel for the^pa rties:

For the Applicant

For the Defendants

Sri V. Raghu

Sri T. Sridhar Reddy

ORDER

The Appricant Bank filed the present oA against Defendant for recovery of a total sum of Rs.29,61rg94l_ (Rupees Twenty Nine Lakhs Sixty One thousand Eight hundred and Ninety four only) with subsequent interest @7.70o/o p.a with monthly rests from 20.08.2022 to ti, the date of rearization and in defaurt for sare 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 avaired home roan of Rs.27.00 rakhs on L4.r0.207g and funding of home loan Insurance cover of Rs,1,23,000/_ totaling a sum of Rs.28,23,000/-. The defendant executed arrangement letter for home loan, memorandum of loan agreement, affidavit and agreement to mortgage etc. To secure the repayment of dues, the defendant deposited originar regd sare deed bearing no.12450 0f 2019 dated 19.10.2019 dr-rly registered with Jt.SRO, Ananthapur, A.p in respect of application-:.icneOule",pqoperty. After availing the loan ::I

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(OA.No.263/2022)

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facilities, 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 25.07.2022. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this oA.

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Shri r. Sreedhar Reddy filed vakalath for defendant but not filed written statement. Hence the right of filing of ws was forfeited on 28.07.2023.

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Shri Narayana Kumar Vaddi, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant docu ments, which are marked

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as Ex.A.1to A,15.

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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 Defendant as prayed

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for?

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counsel for Defendant fired vakarath but not fired wS. To substantiate the case of the Appricant Bank, AW.1, officiar of the Appricant Bank was examined and he exhibited relevant documents as Ex.A1 to A,15, In view of the above, I hord that the Appricant Bank has estabrished their claim made in the OA against the Defendant and hence the Applicant

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(OA. No.263/2022)

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Bank is entitled to recover the claim made in the OA with future interest

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and costs.

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B. In the result, the present OA is allowed with costs, as under:

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9' The Defendant is riabre to pay to the Appricant Bank a totar sum of Rs.29,61,894/- (Rupees Twenty Nine Lakhs Sixty One thousand Eight hundred and Ninety four only) with subsequent interest @7.7Oo/o^p.a from 20.OB.2OZ2 till the date of realization ;

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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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The Applicant shail 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 ,.I:..:1. 0", of oct, 2023)

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State Bank of India v. Mrs. Vasantham Swapna

Case brief

What is this about?

What did the court decide?

State Bank of India v. Mrs. Vasantham Swapna

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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