Allowed

State Bank of India v. P Madhu Babu

DRT20 Nov 2024OA/11/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an original application filed by State Bank of India for recovery of a principal loan amount along with future interest, costs, and realization dues secured by mortgaged properties from the defaulting proprietor.

What did the court decide?

The Defendant is directed to pay Rs.2,11,99,166.65 with future interest at 10.30% p.a. The applicant bank is entitled to proceed against mortgaged schedule properties, defendant's person and other pro

State Bank of India versus P Madhu Babu — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 20th DAY OF NOVEMBER, 2024

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PRESENT: SH. RAMESHWAR KOTHE, B.Com., L.LB. (Hons.), M.A. PRESID]NG OFFICER

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ORIGINAL APPLiCATION No: 11 OF 2024

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State Bank of India Stressed Assets Recovery Bra nch, D.NO.s4-20-18l3FlU6, 3'd Floor, Upstair of KFC Restaurant, Gurunanak Naga r Road, Vijayawada, NTR District, A. P - 520008. Rep. by its Chief l4anager.

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.....Applica nt

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Versus

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Sri P.lvlad h u Babu, Proprietor of Lakshmi Narasimha Function Ha ll, D.No.3-127, Kotha Bazar, Railway Kodur, YSR Kadapa-s16101.

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... Defendant

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: lvlr.C.Prabhakar
Counsel for the Applicant
Defendant
: Ex-parte

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:: ORDER ::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.2,11,99,166.65ps i.e., a sum of Rs.1-,74,72,800.44ps under Loan A/c.No.3726899777 6 with future interest @13.55% p.a., a sum of Rs.2l,B9,92O.22ps under Loan A/c. No.394337863236 with future interest @9.25yo p.a., a sum

)',

oA.NO.11/2024

of Rs.3,44,634.18ps^{underLoan A/c'No'39835694194with} future interest @17.25o/o^{p a and a sum of Rs 11'91'81181ps} under^{Loan A/c.No' 37741880873with future interest@9 6590} p.a. from the^{defendant compounded with monthly rests from} the date of^{application till the date of realization alongwith} costs and^{in default for sale of OA scheduleproperties'}

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Summons^{served on sole} defendant^{through paper publication} f6.07.?024^{as called absent and no}

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and was set^{ex-Parte on} representation.

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examined G.Sambasiva^Rao,Chief

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1. The APPlica nt^Bank marked 23^{documentsthrough him as}

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Manager, as^AW-1and Ex.A.1 to^Ex.A.23.

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Ld. Counsel^{for the} Applicant^{Bankstated orders maybe passed} on merits.^Perused the materlal Placed^{on record.}

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The^point that^{arises for consideration is:-} Bank is entitled

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Whether the^APPlicant for the claim^madein the OA^against the Defendant^and OA schedule properties?

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As stated^{supra, the Defendant remainedex-parte' The} Evidence Affidavit^{coupledwith the recitalsin the documents} viz., Exs.A.1^{to A.23 marked on behalf of the ApplicantBank} clinches the^{claimof the Applicant Bank againstthe Defendant'} Hence, I^{hold that the Defendant is liableto pay theloA claimto} the Appticant^{Bank with future interestand co#} ---/)ffi1,*"1

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oA.NO.11/2024

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In the result, the^{present Original ApplicationNo 11/2024is} allowed as under:^-

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i) The Defendant is^{liable topay tothe} Applicant Bank^{a sum of Rs.2,11,99,166.65ps} i.e., a sum ot^{Rs.|,74,72,800.44psunder} Loan Nc.No.37268997776,^asumof Rs.21,89,920.22Ps under Loa n A/c. No.394337863236,^a sum of Rs.3,44,634.18ps under Loan A/c. No.39835694194 and^{a sum of} Rs.11,91,811.81ps under Loa n A/c.No.37741880873^{with futureinterest} @10.30o/o^{p.a. simple from the date of} application till^{the date of realization;}

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ii) the OA claim^{is secured by way of mortgage} of properties described^{in the schedule} annexed to the OA and the^{applicant bank is} entitled to^proceed against^{the same to} realise its debu

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iii) the appticant bank^is also^{entitled to proceed} against the^person and^{properties of} defendants for realization^{of lts dues;}

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iv) the applicant bank^{is entitledfor the costs.}

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The Applicant Bank is directed^{to file Cost Memo within2 weeks} from the date of receipt of this order, fu'uW

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oA.NO.11/2024

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Issue Recovery Certificate according ly.

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Communicate a copy of this order to the parties concerned. (Dictated to the steno, corrected, signed and pronounced by me in the open court on this the 2oth Day of November,2024).

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(RAMESHWAR KOTHE) PRESIDING OFFICER

State Bank of India v. P Madhu Babu

Case brief

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State Bank of India v. P Madhu Babu

Case brief

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