Allowed

State Bank of India v. Smt. Jyothi Singh

DRT14 Jun 2023OA/303/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Origin Application filed by State Bank of India for recovery of Rs. 73.08,1,16 with future interest from defendants who failed to comply with loan terms after the borrower's death, establishing the bank's claim through documentary evidence.

What did the court decide?

Defendants ordered to pay Rs.73.08,1,16 plus future interest at 10.85% p.a.; bank entitled to proceed against mortgaged and defendant properties.

State Bank of India versus Smt. Jyothi Singh — Money Laundering | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED T}IIS THE 14TH DAY OF JUNE' 2023

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFICER OA.No.3O3 OF 2O2Z

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Between :

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State Bank of India, Stressed Assets Recovery Branch, 2nd floor, TSRTC Bus Terminal Complex, (Commuter Amenity Centre), Koti, Hyderabad, Telangana. Represented by its Chief Manager

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Applicant

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VERSUS

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Smt Jyothi Singh, w/o Late Sri Vinod Kumar, major, r/o flat no.4O2, Subanji apartment, plot no. 35 & 36, Kalyan nagar, phase-1, Motinagar, Hyderabad - 1B (co-borrower & legal heir to the Borrower/ deceased person Sri Vinod Kumar, S/o Sri Dashrath yadav)

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Sri Arnav Yadav, S/o Late Vinod kumar, Aged about 74 yrs, R/o flat no.4O2, Subanji Apartment,^plot no.35 & 36, Kalyannagar, phase-1, Motinagar, Hyderabad - 500 018. (defendant no.2 legal heir/ successor to the Deceased person/ borrower Sri Vinod Kumar, S/o Sri Dashrath yadav, Rep by His mother, natural guardian i.e., Smt Jyothi Singh as per Hindu Succession Act, 1956)

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Defendants

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(oA.No.303/2022)

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Counsel for the Parties:

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For the Applicant

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For the Defendants

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Shri P.V. Satyanarayana

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Expa rte

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ORDER

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The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.73,g1rg16/- (Rupees Seventy Three Lakhs Eighty One thousand Eight Hundred and Sixteen only) with future interest @ 10.85o/o p.a with monthly rests from the date of application till rearization and in defaurt 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 Sri Vinod kumar and defendant no.1 avaired housing roan under the scheme of SBIMAXGAIN for a sum of Rs.72.00 rakhs vide arrangement letter dated 17.05.2015. subsequently Sri Vinod Kumar and defendant no.1 deposited the regd sare deed no.12174 of 2oLB dated 23.O7.2018 with an intention to create equitable mortgage by deposit oF title deeds dated 20.08.2018. The creation of mortgage by deposit of title deeds has been confirmed by way of confirmation letter dated 20.08.2018 in favour of Appricant bank in respect of schedule mentioned property. Subsequentry sri vinod Kumar who was one of the borrower/ mortgagor died on 06.05.2021, Defendant no.1, who is wife of deceased Sri Vinod kumar and Master Arnav yadav was son of deceased Vinod Kumar and hence defendant no.2 has been impleaded to enforce mo$9ry'Ue;.f1Ohts,in..5StrOect of secured asset. After availing the lopqofacilities.. the aetrffits failed to comply the terms

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(oA.No.303/2022)

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of sanction, hence the applicant bank was constrained to classify the account as NPA and issued legal notice dated 15.09.2022. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants were set exparte on 1g.04.2023.

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Shri Lakavath Narender Naik, Senior Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.10.

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

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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.10. In view of the above, I hold that the Applicant Bank has established their claim made in the oA against the Defendants and hence the Applicant Bank is entiued 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 joi 1fu.-a'raii.,,, pay to the Applicant Bank a total of Rs.73 L,8L6/: (Rupees nty Three Lakhs ; 1q^JllilTttul ? a3 +, "'s7

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fug, Fl

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(oA.No.303/2022)

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Eighty One thousand Eight Hundred and Sixteen only) with future interest @ 10.85o/o p.a from the date of application till the date of realization.

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i) The applicant bank is entitled to proceed against the mortgaged immovable property as described in the schedule to OA towards realization of the debt due.

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ii) the Applicant Bank is also entifled to proceed against the person and properties of defendants towards realization of the debt due. However, the Applicant bank is entitled to proceed only to the extent of estate devolved upon legal heirs from deceased sri Vinod Kumar

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

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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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lssue Recovery certificate accord ing ly.

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Communicate a copy of the order to the parties concerned.

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(Dictated to court on this

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corrected, signed and pronounced by me in the open

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State Bank of India v. Smt. Jyothi Singh

Case brief

What is this about?

What did the court decide?

State Bank of India v. Smt. Jyothi Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Statutes considered

Parties & counsel

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