Arising from defaulted car loan repayments, the Debt Recovery Tribunal allowed the bank's original application to recover the outstanding debt plus interest and proceeded against the defendants' property.
The Defendants were held jointly and severally liable to pay Rs. 32,66,245/- with interest at 10.50% p.a. from filing until realization.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD DATED THrs THE 6rH DAy OF JANUARY.I 2023
PRESENT: sRI GUMMADI GoPICHAND, PRESIDING OFFICER
OA.No.279 of 2022
Between:
State Bank of India, Stre-ssed Assets Recovery Branch, 2"" floor, TSRTC bus terminal complex, (commuter Amenity Centre), Koti, Hyderabad. Repres_ented by its Chief Manager Sri D. Shankar
Applicant
VERSUS
Counsel for the parties: For the Applicant For the Defendants
Sri C. Sreedhar Exparte
(OA.No.279 of 2022)
2
ORDER
2' As per the averments in the apprication, the Appricant Bank states that the defendants availed car loan/ term loan of Rs,42.OO lakhs for purchase of AUDI A4 2Ol7 on 21.08.2017. To secure repayment of loan, the defendants executed roan cum hypothecation agreement dated 21.09.20L7 and executed necessary loan documents. The aforesaid loan amount of Rs.42.00 lakhs was repayable in g4 monthly installments @ EMI of Rs.66,513.20p.m. After availing the roan facirities, the defendants faired to comply the terms of sanction, hence the appricant bank was constrained to crassify the account as NPA and issued legal notice dated 07.0g.2022. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.
Iri^'
Defendants were called absent set expartb on J
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(OA.No.279 of 2022)
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(OA.No.279 of 2022)
five only) with interest @ 10.50% p.a from date of filing of OA
till realization.
[o-*ffi sd/-
0 6 Jilt 208 (G. GOPTCHAND)
TRUE COPY
PRESIDING OFFICER
n""r,M;b
oir-t, tt'nrntaeo'
4
1 issue framed by the court
Whether the Applicant Bank is entitled to the claim made in the OA against the Defendants?
State Bank of India
Srinivas Venkata purigundla
Smt. Padmalatha Venkata Puriginadla
Gummadigopichand
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
