Allowed

State Bank of India v. Mr. Kamalla Stalin

DRT29 Aug 2023OA/68/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by State Bank of India for recovery of dues and issuance of a recovery certificate against a defendant who defaulted on a home loan and had failed to clear the outstanding amount despite demand notices.

What did the court decide?

Recovery of Rs.27,81,832/- with interest; entitlement to proceed against mortgaged and personal properties; issue of recovery certificate.

State Bank of India versus Mr. Kamalla Stalin — Banking and Recovery | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 29TH DAY OF AUGUST' 2023

¶2

PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFICER

¶3

OA.No.68 ot 2023

¶4

Between :

¶5

State Bank of India, Stressed Assets Recovery bra n ch, 2nd floor, TSRTC Commuter Amenity Centre, Bus terminal complex, koti, Hyderabad - 500 095. Represented by its Chief Manager

¶6

Applicant

¶7

VERSUS

¶8

Mr, Kamalla Stalin, s/o Latchaiah, aged major, male, H.No.10-6-3, Shiva Shankar colony, Near Navabharat school, Fathe nagar, Balanagar, R.R. district Telangana - 500 018.

¶9

Defendant

¶10

Counsel for the Pa rties:

For the Applicant

Sri C. Sreedhar

For the Defendant

Expa rte

ORDER

The Applicant Bank filed the present OA against Defendant for recovery of a total sum of Twenty Seven Lakhs Eighty one th thirty two only) with *t .i) s" ! ^Gt^-':' ItT6rpg$Fl":;'

¶17

(oA.No,68/2023)

¶18

further interest @ 11.05o/o p.a with monthly rests from 13.01.2023 till the date of realization and in default for sale of mortgaged property as described in the schedule to OA.

¶19

As per the averments in the application, the Applicant Bank states that the defendant availed home loan of Rs.27,04,000/- for purchase and construction of house in Sy.no.926l4, 925/4,966/5,92518,926111 on plot no.134 admeasuring 746.66 sq.yds at Suryapet district vide arrangement letter dated 29.O2.2O2O. The defendant executed memorandum of loan agreement for home loan dated 29,02,2020. After execution of aforesaid loan/ security documents, the defendant purchased and constructed the house as mentioned in the OA schedule property - I. To secure due repayment of aforesaid home loan, the defendant executed memorandum of deposit of title deeds dated 02.O3.2020. After availing the loan facilities, the defendant failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA on 30.08.2022 and issued demand notice dated L.09.2022. Inspite of several requests and demands, the defendant did not clear the outstanding. Hence this OA.

¶20

Defenda nt was called

¶21

03.08.2023.

¶22

(OA.No.68/2023)

¶23

Shri Dhanunjaya^panda, Manager of the Applicant Bank examined himself as AW.1 and exhibited rerevant documents, which are marked as Ex.A.1 to A.10.

¶24

Heard the Ld. Counsel for the Applicant Bank.

¶25

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?

¶26

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 rerevant 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 oA with future interest and costs.

¶27

B. In the result, the present jth costs, as u nder:

¶28

1. The Defendant is lia t Bank a total sum of Rs.27,8L,832/( Lakhs Eighty one

¶29

(oA.No.58/2023)

¶30

thousand Eight hundred and thirty two only) with further

¶31

interest @ 11.05o/o p.a from t3.Ot.2023 till the date of realization

¶32

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.

¶33

ii) the Applicant Bank is also entifled to proceed against the person and properties of defendant towards realization of the debt due.

¶34

iii) The Applicant Bank is entifled to the costs of the OA.

¶35

iv) The Applicant shall file a cost memo within two weeks from the date of receipt of order,

¶36

Issue Recovery certificate accordingly.

¶37

Communicate a copy of the order to the parties concerned.

¶38

(Dictated to the P.A , transcribed by her, corrected, signed and pronounced by me in the open court on this the 29th day of Aug, 2023)

sd/-

(G. GOPTCHAND)

PRESIDING OFFICER

''rt"r*-rM'''

State Bank of India v. Mr. Kamalla Stalin

Case brief

What is this about?

What did the court decide?

State Bank of India v. Mr. Kamalla Stalin

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

All orders in this case

Similar cases

State Bank of India versus M/S. Vinayaka Polymers

Madhucon Infra Ltd. versus Ifci Ltd.

State Bank of India versus M/S. Raksha Ginning and Pressing Factory

Union Bank of India versus M/S. Dream House Cine Techniq

Indian Bank versus Sri Sandrapalli Venkata Bipin Kumar

State Bank of India versus M/S. Sri Laxmi Kirana and General