Allowed

State Bank of India v. Gurram Akhileshwar Reddy

DRT24 Nov 2023OA/672/2022

Case brief

AI extract

What is this about?

DTB allowed an application by a bank for recovery of dues due to the respondent, who was absent and the debt was established via recorded documents. The court declared the debtor liable to pay principal, interest, and costs, and issued a recovery certificate.

What did the court decide?

Defendant liable to pay Rs. 26,01,278/- plus interest and costs. Recovery certificate issued.

State Bank of India versus Gurram Akhileshwar Reddy — Banking and Recovery | DRT (2023)

¶1

IN THE DEBTS RECOVERY TR]BUNAL.II AT HYDEMBAD DATED THIS THE 24th DAY OF NOVEMBER, 2023

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PRESENT: SH. RAMESHWAR KOTHE, B.COM, L.LB. (HONS.), M.A. PRESIDING OFFICER

¶3

ORIGINAL APPLICATION No.672 OF 2022

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State Bank of India, SMECC, Patny, Secunderabad Represented by its Chief l,lanager ....Applicant.

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Versus

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Mr. Gurram Akhileshwar Reddy, S/o. Ranga Reddy Age: Major; Occ: Business H.No. 4-614A, Ramanujanagar, M unganoor Abdullapur Met, KV.Ranga Reddy District, Telangana-501505.

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....Defendant.

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Counsel for the Applicant : Mr. K. Anoop Kumar Defendants : Exparte.

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O-BD-E-R

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The Applicant Bank filed the present OA for the recovery of a sum of Rs.26,01,2781- ftom the defendant with interest @ 11.3% p.a. with monthly rests from the date of Application tilt the date of realization along with costs.

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Summons served on sole defendant. He was set ex-parte on 70.04,2023 as called absent and no reptesentation/dv.,r) / -r\r..'

¶12

¶13

oA.NO.672l2022

¶14

The Applicant^{Bank examined Mr. O. Muralldhar,Manager as} AW-1 and marked 7 documents^{through him as Ex A l to Ex'} 4,7 ,

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Ld. Counsel for the^{ApplicantBank reported ordersmay be} passed on merits. Perused^{the materialplaced on record'}

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The^point that arises^{for considerationis:-}

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Whether the Applicant^{Bank is entitled} for the claim made in the^{OA against} the Defendant?

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As stated supra,^{the Defendant remainedex-parteThe} Evidence Affidavit^{coupledwith the recitals in the documents} viz., Exs. 41 to A.7^{marked on behalfof the ApplicantBank} clinches the claim of^{the Applicant Bank againstthe Defendant'} Hence, I hold that^{the Defendant is liableto pay the OA claimto} the Applicant^{Bank with future interestand costs.}

¶20

In the result, the^{present Original Application No.672/2022is} allowed as under:^-

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i) The defendant is liable to^pay to^the Applicant Bank a sum of Rs. 26,01,278l-^with future interest @8.3olo^{p.a. simple fromthe} date of application till the date^{of realization;}

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iii) the OA claim is secured by way^of hypothecation of property described ln^the schedule annexed to the OA and^the

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oa.No.672l2O22

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applicant bank ls^entitled to^{proceed agalnst} the same for recovery^{of its balance dues;}

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iv) the applicant bank^is also^{entltled to proceed} against the^person and^{property of the} defendant for realization^{of its balance dues;}

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v) the applicant bank^{is entitledfor the costs.}

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

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Issue Recovery certificate^accordingly.

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Communicate a copy of^{this order to the parties concerned.} (Dictated to the steno, corrected, siBned and^pronounced by^{me in the open court on} this the 24rh day of November,²⁰²³⁾

¶31

'/sg llr*' ESHWAR KOTHE) PRESIDING OFFICER

State Bank of India v. Gurram Akhileshwar Reddy

Case brief

What is this about?

What did the court decide?

State Bank of India v. Gurram Akhileshwar Reddy

Case brief

What is this about?

What did the court decide?

What the court decided

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