Allowed

Union Bank of India v. Sri. Monagari Laxmi Narayana (Died)

DRT10 Aug 2023OA/382/2022

Case brief

AI extract

What is this about?

In an Original Application filed by Union Bank of India for recovery of a housing loan, the Tribumal held that the bank substantiated its claim. The avenue was allowed, declaring joint and several liability of defendants to pay the principal sum with future interest and permitting proceedings against mortgaged property.

What did the court decide?

Differed No.2 to 6 pay Rs.20,18,426/- with future interest; Applicant Bank entitled to proceed against mortgaged property and personal assets to realize dues.

Union Bank of India versus Sri. Monagari Laxmi Narayana (Died) — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL.I AT HYDERABAD DATED THIS THE lOTH DAY OF AUGUST'2023

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PRESENT: sRI GUMMADI GoPIcHAND, PRESIDING oFFICER

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OA.No.382 ot ZO22

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Between:

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Union Bank of India, (Erstwhile Andhra Bank) B.ra nch office at Ramayampet, Medak district, Telangana state Represented by its Senior Manager

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Applicant

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VERSUS

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Sri Monagari Laxmi Narayana (died) Represented by LR Monagari ghoolaxmi 1v/1fl _t-axmi^{Narayana, gender: femaie,} ag-eo 53 years, occ: business, I.ry9. 1-s7,^{chirtapur viilase,} Dubbak mandal, Medak _ 502 1OB.

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Smt Monagari Bhoolaxmi, w/o Late_M. Laxmi Narayana, gender: female, aged 4g years, occ: business, H.No.3_57 chittapur village, Dubbak mandal, Medak _ 502 1OB.

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Monagari Swathi,

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?{:,1u,".M.^{Laxmi Narayana, femate,} Aged major, occ: business, 'village,

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502 108.

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(OA.No.382/2022)

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Monagari Dhanalaxmi, D/o Late M. Laxmi Narayana, Female, aged major, occ: business, H.No.3-57, chittapur village, Dubbak mandal, Medak - 502 108.

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Smt Monagari Dhanalaxmi, D/o Late M. laxmi Narayana, female, Aged major, Occ: business, H.No.3-57, chittapur village, Dubbak mandal, Medak - 502 108.

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Sri Parvathaneni Satyanarayana Rao, S/o P. Vittal Rao, male, aged major, Occ: business, H.No.3-6-49914, Flat no,202, Itikyala Ashok Residency Street no.7, Itikyala Satya na raya na Marg, Himayath nagar, Hyderabad - 29.

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Defenda nts

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Counsel for the Parties:

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For the Applicant

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Sri B. Praveen Kumar

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For the Defendants

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Exparte

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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.20,18,425l- (Rupees Twenty Lakhs Eighteen thousand Four hundred and Twenty Six only) with future interest @ onthly rests from 18.11.2022 till realization and in property as described ri"

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in the schedule to OA.! .i¹⁰ all zw

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i9 Q***#

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(oA.No.382/2022)

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As per the averments in the application, the Applicant Bank states that the defendants No.1 and 2 are borrower and co-borrower, defendants No.2 to 5 being legal heirs availed housing loan of Rs.20,16,000/vide credit sanction letter dated 16.03.2016. Defendant no.6 stood as guarantor to the loan availed by defendants No.1 and 2. The defendants executed composite agreement dated 16.03.2016 and created mortgage of property more fully described in the schedule to OA. Subsequently defendant no.1 died and defendant no.1 was represented by defendants 2 to 5 as legal heirs and defendant no.6 as guarantor for the facility availed by defendants 1 and 2. After availing the loan facility, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA on |4.LO.ZO2L and issued demand notice dated 01.11.2021. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants No.2 to 6 were cailed absent and set exparte on 03.04.2023.

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Sri M. Karthik Yadav, Senior Mana er of the Applicant Bank examined -.J^{r -</sup> himself as AW.1 and .t-ple.vSf! ments, which are marked as Ex.A.1 to A.9. 'tttl}

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AUE lTTJ

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(oA. No.382/2022)

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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 No.2 to 6 were called absent and set exparte. To substantiate the case of the Applicant Bank, AW.1 who is the official of the Applicant Bank was examined and he exhibited relevant documents as Ex.A1 to A.9. 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 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 Defendants No.2 to 6 are jointly and severally liable to pay to the Applicant Bank a total Rs.2O,18,426/- (Rupees Twenty Lakhs Eighteen thousand Four hundred and Twenty Six only) with future interest @ 1Bo/op.a from 18.11.2022 till the date of realization.

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i) The Applicant bank is entitled to proceed against the immovable property as described in the to OA towards realization of its dues.

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10 AUEIW,

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&,##"

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(oA.No.382/2022)

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ii) the Applicant Bank is arso entitred to proceed against the person and properties of defendants No.2 to 6 towards realization of the debt due. However, the applicant bank is entitled to proceed only to the extent of estate devorved upon regar heirs from deceased defendant no.1.

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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 pa rties 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 lOth day of Aug, 2023)

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(G. GOPTCHAND) PRESIDING OFFICER

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¶52

TRUE COtrY
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Union Bank of India v. Sri. Monagari Laxmi Narayana (Died)

Case brief

What is this about?

What did the court decide?

Union Bank of India v. Sri. Monagari Laxmi Narayana (Died)

Case brief

What is this about?

What did the court decide?

What the court decided

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