Allowed

Union Bank of India v. Mr. D. Tirupathi Reddy

DRT25 Sept 2024OA/103/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the Original Application filed by a bank to recover the principal amount, future interest, and costs against the borrower, guarantor, and co-applicant for failure to comply with loan terms, permitting sale of mortgaged property and execution against personal assets.

What did the court decide?

The exercise of the OA is allowed with costs. Defendants are liable to pay Rs.52,23,939/- with future interest. Applicant can execute against mortgaged and personal properties. Recovery certificate is

Union Bank of India versus Mr. D. Tirupathi Reddy — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 25TH DAY OF SEPTEMBER' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.1O3 ot 2024

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Between:

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Union Bank of India, D. No. 1-2618/8, 7-26/8/ A, AletiKasaia hVenkataravamma complex, Suryapet road, Kodad, Suryapet district, TS -508 206. Represented by its Chief Manager

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Applicant

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VERSUS

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Mr. D. Tirupathi Reddy, S/o Pratapa Reddy, aged about 40 Years, occ: business, R/o H.No.3-BB, Near State Bank of India, Akupamula village, Munagalamandal, Suryapet district, Telangana-508 233.

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Mr. SuraganiRambabu, s/o Venkateswarlu, aged about 35 yrs, occ: business, R/o H.No.1-2, Narayanagudem village, Munagala Mandal, Suryapetdist, TS - 508 233.

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SmtPa llaVenkata Ravamma,
w/o D. Tirupathi Reddy, aged major,
occ: housewife, R/o H.no.3-BB,
near State Bank of India,
Akupamula village, Mu
Suryapet district, Tela Defendants
H<br>(n: E e<br>Counsel for the Pa rties : lr
?5sEP?$2t -i
For the Applicant rasad
For the Defendants i,a ' "I :':+sl
Wrs#

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(oA. No.103/2024)

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ORDER

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The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.52,23,939/- (Rupees Fifty Two Lakhs Twenty Three thousand Nine hundred and Thirty Nine only) with future interest @ 8.50o/o p.a 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 defendant No.1 is^principal borrower and mortgagor and defendant no.2 is guarantor and defendant no.3 as co-applicant availed term loan of Rs.42.00 lakhs for purchasing the house. Defendant no.1 purchased the OA schedule property and created mortgage of immovable property and executed general form of guarantee, composite agreement dated 05.05.201g and Memorandum of deposit of Title deeds vide doc.no.3737/201g dated 05.05.2018 and Regd in SRO, Kodad, Suryapet district. After availing the loan facility, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA on 30.04.2021 and issued demand notice dated 29.07.202r. Ins I requests and demands, the defendants did Hence this OA. ,T'e;'* 1^{t5stP S} ^.n nLU,*-d

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(oA. No.103/2024)

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Defendants No.1to 3 called absent and set exparte on LL.07.2e24.

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Sri S.A. Venkateswar 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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Heard the Ld. Counsel for the Applicant Bank.

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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?

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Defendants 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 relevant documents as Ex.A1 to A.9. 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 in the OA with future interest and costs.

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B. In the result, the present OA is allowed with costs, as under: The Defendants a ly and severally liable to pay to the Applicant Ban 2t23,939/- (Rupees Fifty Two Lakhs hundred and Thirty Nine i.y ,lStP?tVt ? \it -l \i.1-i-:*', a,r#

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(oA. No.103/2024)

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only) with future interest @ 8.50o/o p.a from date of application till the date of realization;

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The Applicant bank is entitled to proceed against the mortgaged property as described in schedule to OA towards realization of the debt due.

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The Applicant Bank is also entitled to proceed against the person and properties of defendants towards realization of the debt due.

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The Applicant Bank is entitled to the costs of the OA.

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t2. 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, srgned and pronounced by me in the open court on this the 25th day of Sept, 2024)

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sdl(6. GOPTCHAND) PRESIDING OFFICER

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Union Bank of India v. Mr. D. Tirupathi Reddy

Case brief

What is this about?

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Union Bank of India v. Mr. D. Tirupathi Reddy

Case brief

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