Allowed

State Bank of India v. Krishnaiah

DRT9 Jun 2023OA/290/2022

Case brief

AI extract

What is this about?

In an Original Application filed for recovery of home loan dues, the Debt Recovery Tribunal allowed the application ex parte. The Court held the banking applicant established its claim and ordered the defendant to pay the principal amount along with future interest and costs.

What did the court decide?

The Original Application was allowed. The Defendant was directed to pay Rs. 25,32,054/- with future interest @ 8.60% p.a. from 20.09.2022 till realization, along with costs. A recovery certificate was

State Bank of India versus Krishnaiah — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE^gTH DAY OF JUNE' 2023

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFIcER

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OA.No.29O OF ZOZ2

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Between :

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State Bank of India, Stressed Assets Recovery Branch (SARB_2) D.No.1-8-563/1, 1't floor, Opp SanOhya Theatre, Near RTC'X, roads, chikkadpally, Hyderabadd - 500 020. Represented by its Chief Manager

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... Applicant

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VERSUS

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Sri Kandiputna Krishnaiah, Aged major, male, S/o K. yellaiah, H.No.11-1-494, Chandra Shekar colony, Nizamabad - 503 003, Telangana

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Also at :

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Plot no.156, Sy.No.175, Mubarak Nagar village, Nizamabad - 503 OO3.

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Also at:

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Office of Animal Husbandry, Govt of Telangana, Alipur village, China Koduru mandal, Siddipet - 502 103.

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Defenda nt

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Counsel for the Pa rties:

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For the Applicant Shri Y. Aravind For the Defendant Ex^pa rte

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loA.No.290l2022l

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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.25,32,054l- (Rupees Twenty Five Lakhs Thirty two thousand and Fifty four onty) with future interest @ 8.600/o p.a with monthly rests from 20.Og.2022 till 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 apprication, the Appricant Bank states that the defendant an individual and government employee availed home loan for a sum of Rs.21,15,000/- along with insurance to a tune of Rs.2,69,000/- totaling a sum of Rs.23,84,000/_. The defendant executed Memorandum of deposit of title deeds in favour of the Applicant bank and deposited originar Registered sare deed bearing doc.No.8B07/2019 dated 18.07.2019 registered at SRO, Nizamabad. As the defendant met with an accident, the Applicant bank restructured the home roan on 27.oB.zo2l. 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 on and issued demand notice dated L6.OB.ZO22. Inspite of several requests and demands, the defendant did not clear the outstanding. Hence this OA.

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Defendant was a bsent and set

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on 03.3.2023.

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(OA. No,290/2022)

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Shri T. Ramesh Kumar, Manager of the Applicant Bank examined himself as AW,1 and exhibited relevant documents, which are marked as Ex.A.1to A.14.

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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 entitled for the claim made in the oA against the Defendant as prayed for?

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The defendant was 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 Defendant is liable to pay to the Applicant Bank a total Rs.25,32,054/- (Rupees Twenty Five Lakhs Thirty two thousand and Fifty four only) with future interest @ 8.600/o p,a from 20.09.2022 till the date of realization.

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i)
property as described in SqJB{ule. !o-the OA towards realization of
the debt due. ,7?'"4::l1i\ i"ji.ir"
.*rir "' ",,-. '$lo.<br>ll t)'Ir" fF i!.i\ tii 'e'5\
!!+ *
il " n 0?,!!l','l flm

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(oA. No.290/2022)

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ii) the Applicant Bank is arso entitred to proceed against the person and properties of defendant towards realization of the debt due.

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

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iv) 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 the 9th day of June, 2023)

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sd/_

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(G. GOPTCHAND) PRESIDING OFFICER

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TRUM,^COPV ,#f';lm9

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State Bank of India v. Krishnaiah

Case brief

What is this about?

What did the court decide?

State Bank of India v. Krishnaiah

Case brief

What is this about?

What did the court decide?

What the court decided

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