Allowed

Union Bank of India v. Sri Emani Srinivasa Rao

DRT15 Jun 2023OA/57/2023

Case brief

AI extract

What is this about?

DeR Tribunal allowed an application filed by Union Bank of India against two defendants for recovery of Rs.24.99 lakhs with interest, finding the bank had established its case on default of housing loan obligation.

What did the court decide?

Defendants ordered to pay Rs.24,99,399.37 with interest @9.60% p.a.; Bank entitled to proceed against mortgaged and person/properties of defendants; Recovery certificate issued.

Union Bank of India versus Sri Emani Srinivasa Rao — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 15TH DAY OF JUNE' 2023

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PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFICER

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OA.No.57 oJ 2023

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Between :

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Union Bank of India, (E- Andhra Bank)., R.C. Puram, Sangareddy district, Represented by its Chief Manager

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Applicant

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VERSUS

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Sri Emani S rin ivasa Rao, s/o Venkatadri, aged 40 years, plot No.34, Phase-II, Venkata Papaiah nagar, Allwyn colony, Kukatpally, Hyderabad -500 072

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Also at

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4-32-1492/ t, plot no.34, Phase-II, Last bus stop, Venkata Papaiah nagar, Allwyn colony, Kukatpally, Hyderabad - 500 072.

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Smt Emani Padma, w/o Emani Srin ivasa Rao, female, aged 38 years, plot No.34, Phase-II, Venkata Papaiah nagar, Allwyn colony, Kukatpally, Hyderabad -500 072

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(oA.No.s7l2023)

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Also at

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4-32-1.492/ t, plot no.34, Phase-II, Last bus stop, Venkata Papaiah nagar, Allwyn colony, Kukatpally, Hyderabad - 5OO 072.

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Defenda nts

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Counsel for the^pa rties:

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For the Applicant

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For the Defendants

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Sri Srin ivasa Rao Chakrala Ex pa rte

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ORDER

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The Applicant Bank fired the present oA against Defendants for recovery of a total sum of Rs.24r99r399.37ps (Rupees Twenty Four lakhs Ninety nine thousand Three hundred Ninety nine and paise Thirty seven only) with interest @ 9.60o/op.a with monthly rests from 29.12.2022 tirr rearization and in defaurt for sare 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 the defendants availed housing loan limit of Rs.23,90,000/_ on

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(OA.No.s712023)

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document EMG/ MOD no.143545/2016 and deposited original sale deed no.10609/2016 dated L7.09.20t6. After availing the loan facilities, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA and issued demand notice dated 29.10.2022, Inspite of severar requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants were set exparte on 01.05.2023.

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Smt T. Padmasree, Senior Branch Manager of the Applicant Bank examined herself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.12.

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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

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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, offlcial of the Applicant Bank was examined and he exhibited relevant documents as Ex.A1 to A.12. In view of the above, I hord that the lppticllqt Bank has estabrished nts and hence the

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(oA.No.s7l2023)

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Applicant Bank is entitled to recover the claim made in the OA with futu re 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 joinfly and severaily riabre to pay to the Appricant Bank a total Rs.24,99,399.37ps (Rupees Twenty Four lakhs Ninety nine thousand Three hundred Ninety nine and paise Thirty seven only) with interest @ 9.60olop.a from 29.L2.2022 tiil the date of realization.

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i) The Applicant Bank is entitled to proceed against the mortgaged property as described in schedule to the 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 defendants 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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(oA.No.s7l2023)

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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 15th day of lune, 2023)

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sd/-

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(G. GOPTCHAND) PRESIDING OFFICER

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r:i 1 5 JX.'l
rf,!*" ..,

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TXUE CO
' ist. Ae{tslrar
LPr"l, IIYDERABAD.

Union Bank of India v. Sri Emani Srinivasa Rao

Case brief

What is this about?

What did the court decide?

Union Bank of India v. Sri Emani Srinivasa Rao

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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Case details

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