Allowed

State Bank of India v. Sri. P. Sachin Kumar

DRT27 Jul 2023OA/85/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an Original Application filed by State Bank of India against two Defendants for recovery of a home loan default of Rs.92,71,081/- along with interest and costs, permitting proceedings against mortgaged and other properties.

What did the court decide?

Defendants jointly and severally liable to pay Rs.92,71,081/- plus 8.40% p.a. interest and costs; permission granted to proceed against mortgaged and other properties.

State Bank of India versus Sri. P. Sachin Kumar — Contract and Commercial Disputes | DRT (2023)

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(OA.No.85/2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 27TH DAY OF JULY 2023

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.85 of 2O23

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Between:

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State Bank of India, Asset Recovery Management branch (SARB-2), 1,-4-563/1, RTC Cross roads, Opp Sandhya theatre, 1't floor, Chikkadpally, Hyderabad - 500 020. Represented by its Chief Manager

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Applica nt

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VERSUS

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Sri P. Sachin Kumar, s/o Sri P. Dattatreya, aged 52 years, male, R/o 2-347, Rani Sathiji road, Adilabad - 504 001. TS.

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M/s. Pooja Crafted Homes Pvt Ltd, Represented by its General Manager-Marcom, Mrs Lakshmi M.S., H.No.3-6-692, street no. 12, Himayathnagar Main road, Hyderabad - 500 029. .. :'

Defendants

Counsel

.//

Sri C. Prabhakar

Expa rte

(OA.No.8sl2023)

ORDER

The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.92,71,081/- (Rupees Ninety Two lakhs Seventy One thousand and Eighty one only) with furthcr interest @ 8.40% p.a with monthly rests from date of application till the date of realization and in default for sale 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 defendant No.1 availed home loan of Rs,BB,60,0OO/- for purchase of OA schedule property in 2018. The defendants 1 & 2 executed tripartite agreement dated 10.01.2018. To secure due repayment of aforesaid loan, defendant no.1 executed Memorandum of loan agreement for home loan and executed agreement to mortgage on 12.01.2018. 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 legal noticc dated 08.02.2023. Inspite of several requests and demands, the: defendants did not clear the outstanding. Hence this OA.

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.called absent and set exparte on i,3,O7 .2023.

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h-t
2 7 Jljtm

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(OA. No.85/202.l )

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Sri R. Venkateswara Rao,^{DeputyManager of the ApplicantBank} examined himself as AW.1^{and exhibited relevant documents, which} are marked as Ex.A.1 to A.11.

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Heard the L,d. Counsel for the Applicant^Bank,

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The point that arise for conslderation is^{whether the Applicant Bank is} entitled for the claim made in the^{OA againstthe Defendantsas} prayed for?

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The defendants were called absent and set exparte.^{To substantiate} the case of the Applicant Bank, AW.1 who is the^{official of thc} Applicant Bank was examined and he exhibited^{relevant documentsas} Ex.A1 to A.l-1. 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 Applicant Bank is entitled to recover the claim made rrr the OA with future 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 No.1 & 2 are jointly and severally liable to pay to thc nt Bank a total sum of Rs.92,71,081/- (Rupees Ninety One thousand and Eighty one only) wilh

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(OA. No.8l,/207 3 )

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further interest @ 8.40olo p.a from date of application till the date of realization.

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i) The Applicant bank is entitled to proceed against the mortgagcd property as described in the schedule to OA towards realization of its dues.

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ii) The applicant bank is also entitled to proceed against the person and properties of defendant No.1 and properties of defendant no.2 firm 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 datc of receipt of order.

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Issue Recovery certificate accord ing ly.

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Communicate a copy of the order to the parties concerned. $r

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by her, corrected, signed and pronounced by me in thc opcn )uly, 2023)

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TITUE COPY sd/ - (G. GOPTCHAND) ;^ztmm *st.WtnrUlc) PRESIDING OFFICER OPT.i,^HYDERABAD.'

State Bank of India v. Sri. P. Sachin Kumar

Case brief

What is this about?

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State Bank of India v. Sri. P. Sachin Kumar

Case brief

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What did the court decide?

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