Allowed

State Bank of India v. Sri .Gazibanda Ramesh Babu

DRT27 Mar 2023OA/83/2022

Case brief

AI extract

What is this about?

Impressed with the evidence produced and documents exhibited, the Debts Recovery Tribunal allowed the Applicant Bank's external application and ordered recovery of the principal along with future interest and costs. The court also directed the applicant to proceed against mortgaged and other properties for debt realization. A recovery certificate was issued.

What did the court decide?

Recovery of principal sum of Rs.33,24,053/- with future interest @ 9.55% p.a. till realization. Permission to proceed against mortgaged property and defendant's properties. Costs awarded. Recovery cer

State Bank of India versus Sri .Gazibanda Ramesh Babu — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THIS THE 27TH DAY OF MARCH, 2023

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.83 ot 2022

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Between :

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State Bank of India, Stressed Assets Recovery branch, (SARB)-I, 2nd floor, Koti, Hyderabad Represented by its Chief Manager Applicant

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VERSUS

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Sri Gazibanda Ramesh Babu, s/o G. Janaki Ram, Major, R/o H,No.18-4-707 to 704, Kalvagadda, Aliabad, Hyderabad - 53

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Also at

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Sri Gazibanda Ramesh Babu, s/o G. lanaki Ram, major, r/o H.No, 23-5 -432/D, Shalibanda, Charminar, Hyderaba - 65

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Office: office of the Director for accounts Postal, A.P. Circle, Abids, DAK sadan, 9In floor, PA-9 section, Hyderabad - 500 001. Defendant

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Counsel for the Parti s For the Applicant V. Satyanarayana For the Defendant

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(oA.No.83/2022)

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ORDER

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The Applicant Bank filed the present oA against Defendant for recovery of a total sum of Rs.33,24,O53/_ (Rupees Thirty Three lakhs Twenty four thousand and fifty three only) with future interest @ 8.55^0/o p.awith monthry rests from date of apprication till the date of rearization and in defaurt for sare of immovabre property as described in the schedule to OA.

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2' As per the averments in the apprication, the Appricant Bank states that the defendant availed housing loan of Rs.3g.70 lakhs along with funding of home loan insurance cover limit of Rs.3,72,000/_ on 31.03.2018 and the defendant executed necessary security roan documents in favour of Appricant bank dated 31.03.201g. To secure the due repayment of outstanding riabirity, the defendant executed Memorandum of Term Loan Agreement for Home loan dated 08.05.2019 and deposited the tiue deeds bearing regd sare deed no.10110 0f 2018 dated 25.0g.2017 with an intention to create equitable mortgage of OA schedule property. After availing the loan facility, the defendant faired to compry the terms of sanction, hence the applicant bank was .onrt?l,l-:g to classify the account as NpA and issued demand requests and clear the outstanding. r* Hence this OA, Jf-\J

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(OA.No.83/2022)

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Defendant was called absent and set exparte on 31.10.2022.

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Shri P, Madhav Rao, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.9.

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q 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

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prayed for?

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7' The defendant was cared 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.g. In view of the above, I hold that the Applicant Bank has established their craim made in the oA against the Defendant and hence the Applicant Bank is entitled to recover the n the OA with

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future interest and costs. .&

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B. In the result, the present OA isthe result, the present OA ispresent OA isOA isis *iJ',toUS, / tlYt)

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to the sum of

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B. In the result, the present OA isthe result, the present OA ispresent OA isOA isis

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ofRs.33,24,o53/- (Rupees Thirty Three rakhs Twenty four

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(oA.No.83/2022)

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thousand and fifty three only) with future interest @ 9.55 % p.a from date of application till realization

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i) The Applicant bank is entifled to proceed against the mortgaged

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immovable^property as described in the schedule to OA towards

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realization of the debt due.

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ii) the Applicant Bank is also entitled to proceed against the person

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and properties of defendant 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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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 27th day of March., 2023)

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sd/-
(G. GOPTCHAND)
'4'RUE COPY PRESID!NG OFF!CER

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\ssffi:lq

State Bank of India v. Sri .Gazibanda Ramesh Babu

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sri .Gazibanda Ramesh Babu

Case brief

What is this about?

What did the court decide?

What the court decided

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