The Debts Recovery Tribunal allowed an Original Application filed by State Bank of India for recovery of a stressed asset loan along with interest and costs from the defaulting defendant.
Defendant ordered to pay Rs.32,89,768/ along with interest at 11.50% p.a. Applicant Bank entitled to proceed against mortgaged and other properties and to recover costs.
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 RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 13TH DAY OF OCTOBER' 2c.23
PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFICER OA.No.33t of 2022
Between:
State Bank of india, Stressed Assets Recovery Bra n ch, 2no floor, TSRTC Bus Terminal Complex (Commuter Amenity Centre), Koti, Hyderabad. Telangana State. Represented by its Chief Manager
Applicant
VERSUS
Sri Vaggu Chinna Vittal, s/o.Sri Ramugonda, aged major, male, H.No,15-50-23, plot no.4/ part A, Cheriyal, Hireddypally, sangareddy district.
Defenda nt
Counsel for thepa rties:
For the Applicant : Sri C. Sreedhar For the Defendant : Exparte
ORDER
1.
The Applicant ar"$.ffS,i*.qt.- .' r1:, present oA against Defendant for
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recovery o rf a .{bta'.tbti l s u&,ortiliiti[ss,zos7_ (Rupees Thirty Two
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lakhs Eighty "i": !!gi:_1nd spii,en hundred and Sixty eight
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(oA.No.331/2022)
only) i.e., a sum of Rs.32,02,O26/and Rs.87,742/- with further interest @11.5olo p.a with monthly rests from t7.10.2021 till the date of realization and in default for sale of mortgaged property as described in the schedule to OA.
2' As per the averments in the apprication, the Appricant Bank states that the defendant avaired home roan of Rs.30.00 rakhs and Home roan insurance cover limit of Rs.91,526/_ on 25.07.2019. The defendant executed Memorandum of roan agreement for home roan granted to pubric dated 25.o7.2019 and deposited the titre deeds rerating to oA schedule property bearing regd sale deed no.345t9/2or9 dated 07,08.2019 in respect of OA schedule property. To secure due repayment of aforesaid roan amount, the defendant executed conformation retter dated 29.o7.zotg.After avairing the roan facirities, the defendant failed to comply the terms of sanction, hence the applicant bank was constrained to crassify the account as NpA on 29.07.2022 and issued demand notice dated 04.02.2022. Inspite of several requests and demands, the defendant did not clear the outstanding. Hence this OA.
?
Defendant was called absent apdqiUS 24.07.2023.
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(OA.No.331/2022)
as Ex.A.1 to A,9.
entitled for the claim made in the OA against the Defendant as prayed
for?
Rs.32,89,768l- ( Rupeeses nine thousand
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Seven hundred and Si tr x ty rfgJnontrI,lY i.e.,Brsumof Rs.32,o2,026/- 'i*t u.! i\ i
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(OA. No.331/2022)
and Rs.87,742/- with further interest @11.5olo p.a from t7.LO.2O2 till the date of rea lization ;
(Dictated to the p A, transcribed by her, corrected, signed and pronounced by me in the open court on this the 13th day of Oct, 2023)
sd/-
(G. GOPTCHAND) PRESIDING OFFICER
1 r 0[T 20n
TRUE.COPY "-u".tffi-ti'v
1 issue framed by the court
Whether the Applicant Bank is entitled for the claim made in the original application against the Defendant?
State Bank of India
SRI GUMMADI GOPICHAND
As recorded by the court registry
2 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
