Allowed

State Bank of India v. Sri Nunavath Veeru Naik

DRT19 Apr 2023OA/363/2022

Case brief

AI extract

What is this about?

In an original application, the Debts Recovery Tribunal allowed the bank's claim for loan recovery against the defendant. The court held the bank established its claim through documentary evidence on file and issued a recovery certificate for the principal amount, interest, and mortgage proceeds.

What did the court decide?

Recovery certificate issued for Rs. 41,13,324/- with interest and mortgage enforcement; costs ordered.

State Bank of India versus Sri Nunavath Veeru Naik — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL.I AT HYDERABAD

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DATED THIS THE 19TH DAY OF APRIL, 2023

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.363 ot 2022

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Between:

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State Bank of India, Stressed Assets Recovery Branch, 2nd floor, TSRTC Commuter Amenity Centre, bus terminal complex, Koti, Hyderabad - 500 095. Represented by its Chief Manager

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Applicant

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VERSUS

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Sri NunavathVeeru Naik, s/o Sri Maalu, aged major, male, H.No.2-7-1 163, excise colony, Hanamkonda, Warangal - 506 001.

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Defendant

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Counsel for the Parties:

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For the Applicant

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For the Defendant

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Sri C. Sreedhar Exparte

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ORDER

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Bank filed the present OA against Defendants for sum of Rs.41,13,324l- (Rupees Forty one usand Three hundred and twenty four only) 1i,0.,ARB.lU,{0, under loan account no.62458419189with further ) '1

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(oA.No.363/2022)

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interest @ lL.75o/op.a with monthly rests and a sum of Rs.1,86,359/- under loan account no.62458420332 with future interest @LL.75o/o p.awith monthly rests from date of filing of OA till the date of 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 application, the Applicant Bank states that defendant availed housing loan of Rs.37,71,000/- for purchase and construction of house vide arrangement letter dated 08.3.2016. to secure due repayment of loan of Rs.37,71,000/- the defendant executed memorandum of loan agreement dated 08.03.2L6 for schedule mentioned property. To secure due repayment of home loan, the defendant executed memorandum of deposit of title deeds dated 08.03.2016 with its rectification deed vide document no.4367 of 2016 dated 16,04.2016 and memorandum of deposit of title deeds dated 11.7.2016. 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 07.05.2022 and issued demand notice dated 09.05.2022. Inspite of several requests and not clear the outstanding, Hence this 6- lP .l * 1 I APB 202,3 ? Defendant-.v,1gs ca I led a bspQi exparte on 20.02.2023. '...$;,g$p

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(OA. No.363/2022)

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Sri P. MadhavRao, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1to 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 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.10. 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

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and costs.

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:g_,i( lnlttS tpBuffilhe pi4ent OA is attowed with costs, as under: to pav to the Applicant Bank a total sum or

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!1- .#-/'able 4/- (Rupees Forty one lakhs Thirteen thousand

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Three hundred and twenty four only) i.e., Rs.39,26,965/under loan account no.62458419189with further interest @

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(oA.No.363/2022)

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ll.75o/op.a and a sum of Rs.1,86,359/- under loan account no.62458420332 with future interest @11.75olo p.a from date of filing of OA till realization.

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

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ii) 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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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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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 19th day of Aptil.,2023)

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sd/-

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(G. GOPTCHAND) PRES!DING OFFICER

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TRUE COPY 6\1 i':rllt9 DR'.I, H}'DERA8AO.

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State Bank of India v. Sri Nunavath Veeru Naik

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sri Nunavath Veeru Naik

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

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