Allowed

State Bank of India v. Sri. Vaddi Sidhardha Reddy

DRT15 Dec 2023OA/84/2023

Case brief

AI extract

What is this about?

A bank file order for recovery against borrowers and guarantors who defaulted on an education loan. The court found the bank's claim established and directed payment of the principal amount with interest and permission to proceed against mortgaged and other properties.

What did the court decide?

Defendants to pay Rs. 26.09 lakhs with interest; bank entitled to proceed against mortgaged and property of defendants; recovery certificate issued.

State Bank of India versus Sri. Vaddi Sidhardha Reddy — Execution and Attachment | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 15TH DAY OF DECEMBER, 2023

¶2

PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

¶3

OA.No.84 ol 2023

¶4

Between :

¶5

State Bank of India, Stressed Assets Recovery Branch, 2n'r floor, TSRTC Bus Terminal complex (Commuter Amenity centre), Koti, Hyderabad. Represented by its Chief Manager

¶6

Applicant

¶7

VERSUS

¶8

Sri VaddiSiddhardha Reddy, s/o Sri V. Sathi Reddy, male, major, R/o 48/47/2L-I, papaiah Yadav nagar, IDpL colony, Balanagar, Hyderabad - 37.

¶9

Sri VaddiSathi Reddy, s/o Sri V. Veera Reddy, male, major, R/ o 48/ 47 /21- 1, papaiah Yadav nagar, IDpL colony, Balanagar, Hyderabad - 37.

¶10

Sri CherukuriMadhuBabu, s/o Sri C. Kusaiah, male, major, R/o 505, Scion heights, Mallikarjunanagar, Chinthal, Hyderabad - S00 054.

¶11

Defendants

¶12

Counsel for the For the Applicant Satya na raya na For the Defendants 1 i ltt: tfll exfi

¶13

(oA.No.84/2023)

¶14

ORDER

¶15

The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.26,09,G43l- (Rupees Twenty six !akhs Nine thousand Six hundred and forty three only) with interest @ 10.25olo p.a from date of apprication tiil the date of realization and in default for sale of mortgaged property as described in the schedule to OA.

¶16

As per the averments in the apprication, the Appricant Bank states that defendants avaired Educationar roan facirity for a sum of Rs.19.00 lakhs on 09.09.2018, Defendants no.2 & 3 stood as guarantors and defendants 1 to 3 executed agreement for term roan under educationar roan scheme and defendants 2 & 3 executed guarantee agreement dated 09.08.2018 in favour of the Bank. Defendant no.2 deposited the title deeds relating to OA schedule referred property bearing regd release deed no.24Bl2018 dated 20.10.2018 with an intention to create equitable mortgage by deposit of tiue deeds. After avairing the roan facirity the defendants faired to compry the terms of sanction, hence the appricant bank was constrained to classify the account as NpA on L4.06.2022 and issued demand ,_J"7.05.2022 and legal notice dated 28.01.2023. requests and demands, the defenda nts f^{'SE?" outstdr$$o Hence rhis oA,}

¶17

(oA.No.84/2023)

¶18

Defendants called absent and set exparte on 13.06.2023.

¶19

4' Shri^{p' prabhakar,} Manager of the Appricant Bank examined himserf as AW'1 and exhibited rerevant documents, which are marked as Ex.A.1 to A.11.

¶20

Heard the Ld. Counsel for the Applicant Bank.

¶21

The point that arise for consideration is whether the Applicant Bank is

¶22

entitled for the claim made in the OA against the Defendants as

¶23

prayed for?

¶24

T Defendants ca'ed 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.11. In view of the above, I hold that the Applicant Bank has established their claim made in the oA against the DeFendants and hence the Appricant Bank is entired to recover the craim made in the oA with future interest and costs.

¶25

B. In the result, the present eA: with costs, as under: --::-l .' '{ i: i

¶26

rhe Defendantr .." i.bi:;fi-:' friilhr," ro pay ro the Appticant Bank a totar sum lir--" ,u,diti43/_ &)I"es rwenty six rakhs ':^- ii-odcjii3- 'X ' I'-&;ey

¶27

(oA.No.84/2023)

¶28

Nine thousand six hundred and forty three onry) with interest

¶29

@ 10.25olo p.afrom date of application till realization.

¶30

i) The Applicant bank is entiued to proceed against the mortgaged property as described in the schedure to oA towards rearization of the debt due.

¶31

ii) the Appricant Bank is arso entiued to proceed agarnst the person and properties of defendants towards rearization of the debt due.

¶32

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

¶33

iv) The Appricant shail fire a cost memo within two weeks from the date of receipt of order.

¶34

Issue Recovery certificate accordingly.

¶35

Communicate a copy of the order to the parties concerned,

¶36

(Dictated to the p A , transcribed by her, corrected, signed and pronounced by me in the open coud on this the 1sth day of Oec., ZO2i)

¶37

sd/-

¶38

(G. GOPTCHAND) PRESIDING OFFICER

¶39

,'IW,

State Bank of India v. Sri. Vaddi Sidhardha Reddy

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sri. Vaddi Sidhardha Reddy

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

City Union Bank Ltd. versus M/S. Laxmi Venkateswara Cotton Industries

State Bank of India versus Sri.Jangili Srinivasa Rao

State Bank of India versus M/S. Ganapathi Bricks

Indian Bank versus M/S Narahari Teja Enterprises

Indian Bank versus M/S. Varsha Logistics

City Union Bank Ltd. versus M/S. Om Sai Cotton Ginning & Industries