Allowed

Bank of India v. Palli Yashwanth

DRT5 Sept 2023OA/541/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Original Application filed by the respondent bank for recovery of a loan default. The court held the respondents jointly and severally liable to pay the outstanding amount of Rs. 43,96,599.05 with interest and costs.

What did the court decide?

The respondents are directed to pay the balance claim of Rs. 43,96,599.05 with future interest @ 8.25% p.a., and a recovery certificate was issued.

Bank of India versus Palli Yashwanth — Banking and Recovery | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE sth DAY OF SEPTEMBER, 2023

¶2

PRESENT: SH. MMESHWaR KoTHE, B.com., L.LB. (Hons.), M.A. PRESIDING OFFICER

¶3

OriginalApplication No: 541 OF ZO22

¶4

Bank of India Film Nagar Branch, Plot No. 1, Road No, 76, Laxmi Ganpathi Nilayam. Film Na.gar, Shaikpei Mandal, Hyderabad-500033. Rep by its Constituted Attorney.

¶5

.....Applicant.

¶6

Versus

¶7

Sri.^palli yashwanth, S/o.^palli Anand Rao, Aged: 32^years, Occ: private EmDlovee, Vo. H. No. t2-3-r77/ 1,-Near canOriiilatue, Moosapet, Hyderabad_500018.

¶8

Smt.^palli Sirisha,

¶9

Wo. Yashwanth^palli,

¶10

Aged: 24^years, Occ: private Employee, Vo. H. No. t2-3-177/ 1, Near Canatri Statue Moosapet, Hyderabad-50001g.

¶11

...Defendants

¶12

Counsel for the Applicant

¶13

Defendants

¶14

Mr. D. Brahma Reddy Exparte0Y*

¶15

oA.NO.s41/2022

¶16

:: ILLD-EB^::

¶17

The Applicant^{Bank filed the present OA for the recovery from} the defendants^{jointly and severally a total sum of Rs'} 43,96,599.05ps^{i.e. a sum of Rs. 38,42,048.63 underHousing} Loan account and Rs.^{5,54,550.42psunderPersonal Loan} account with^{future interest} @^{8.25olowithmonthlyinterests} plus 2olo Penal interest from the^{date of applicationtill the date} of realization^{along withcostsand in defaultfor sale of OA} schedule Property.

¶18

Summons served on^{Dl & 2 through paper publication They} were set exparte on^{23.02.2023as called absentand no} representation.

¶19

The Applicant Bank^{examinedSneha Aggarwal, Manager} (Credit), as AW-1 and marked^{26 documentsthroughher as} Ex. A.1 to Ex.^A.26.

¶20

It is stated that after filing^{oA, the OA schedule propertywas} sold under SARFAESI^{Act for Rs. 35,25,OOO1- and appropriated} sale^proceeds to Housing Loan account.

¶21

Heard the Ld. Counsel for the Applicant Bank and^{perused the} material^placed on record.

¶22

The point that arises for consideration is:-

¶23

Whether the Applicant Bank is entitled for the balance claim made in the OA against the Defendants?

¶24

As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents

¶25

/ff.<"t

¶26

oA.NO.s41/2022

¶27

viz., Exs. A.1 to 4.26 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinHy and severally liable to pay the balance OA claim to the Applicant Bank with future interest and costs.

¶28

In the result, the present Original Application No.541/2022 is allowed as under: -

¶29

i) The Defendants are joinUy and severally liable to pay to the Applicant Bank a sum of Rs. 43,96,S99.05ps () Rs. 35,25,OOO/ appropriated to housing loan as on O2.O5.2O23 with future interest @ 8.250lo p.a. simple from the date of application till the date of realization;

¶30

ii) the applicant bank is entiued to proceed against the person and properties of defendants for realization of its dues;

¶31

iii) the applicant bank is entiHed for the costs-

¶32

The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this Order.

¶33

Issue Recovery Certificate accordingly.

¶34

Communicate a copy of this order to the parties concerned. (Dicteted.to the steno, corrected, signed and pronounc;d by me in the opun .or.t on this the 5d day of September, 2023 ) .

¶35

{-"u*

¶36

MESHWAR KOTHE) PRESIDING OFFICER

Bank of India v. Palli Yashwanth

Case brief

What is this about?

What did the court decide?

Bank of India v. Palli Yashwanth

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Abdul Nazar @ Chinnappa versus Hdfc Bank

Woodmall Furniture versus South Indian Bank

State Bank of India versus M/S Sree Guru Sales and Marketing Pvt. Ltd. and Ors.

Mr Sathish S versus Uco Bank

Icici Bank Limited versus Sh. Jagdeep

Nisha Nitin Koppikar versus Icici Home Finance Company Ltd.