Allowed

State Bank of India v. Smt. Usha Sree

DRT6 Aug 2024OA/126/2024

Case brief

AI extract

What is this about?

The Tribunal allowed the original application filed by State Bank of India against five respondents. The bank sought recovery of loan amounts totaling Rs.92,71,324/ along with interest and costs. The Tribunal held that the bank established its claim through documentary evidence and authorized recovery from mortgaged and other properties of the defendants.

What did the court decide?

Declaration allowing recovery of Rs.92,71,324/-, future interest at 8.75% p.a., and costs; authorization to proceed against mortgaged and personal properties of the respondents for realization.

State Bank of India versus Smt. Usha Sree — Company and Corporate | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 6TH DAY OF AUGUST'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER OA.No.126ot 2024

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Between :

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State Bank of India, Stressed Assets Recovery branch, 2nd floor, TSRTC commuter Amenity Centre, bus terminal comPlex,^Koti, Hyderabad, Telangana State. Represented by its Chief Manager

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Applicant

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VERSUS

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SmtUshaSree, W/o Shyam Sunder K, Aged 57^years, female, R/o 24, HIG BHEL, Ramachandrapuram, Hyderabad - 500 032.

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Sri K. Shyam Sunder, s/o K.V. Ranga^Rao, aged 61^years, male, R/o 24,HIG BHEL, Ramachandrapuram, Hyderabad - 500 032.

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BHEL Executing Housing^Society, H.No.23-267, Ashok^nagar, RC Puram, BHEL,^Medakdist Represented by its^President

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M/s. Nymisha Infrastructure^{Pvt Ltd,} Rep by its Director, Sy.No.162^part, 163/A,^{163/A4& 165} Madinaguda village, Serilingampally Mandal, Ranga ReddY^District.

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,'ffi

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loA.No.726/2024].

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M/s. SVS InfraconPvt^ltd, Represented by its^Director, Sy.No.162^{part, 163/A, 163/4A & 165} Madinaguda village,^{Serilingampally} Mandal, Ranga^{ReddY District.}

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Defendants

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Counsel for the^Parties:

For the APPlicant

For the Defendants

Sri C. Prabhakar

Exparte

ORDER

The Applicant^{Bank filed the present OA against Defendants for} recovery of a^{total sum of Rs.92,7|,324l- (Rupees NinetyTwo} Lakhs Seventy^{One ThousandThree hundred and twenty four} onlY) i.e.,

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a) A sum of^{Rs.44,42,951/- under loan A/c' No'62272369941with} further^{interest@ 8.75olo p'a with monthlyrests from the date of} filing of OA^{till the date of realization;}

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b) A sum of^{Rs.45,66,980/- under loan A/c' No'62297253520with} further^{interest@ B'75%p'a with monthlyrests from the date of} filing of OA^{till the date of realization;}

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c) A sum^{of Rs.2,61,393/- underLoan a/c'No.62297253870with} rests from^{the date of}

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further^{interest@ 8.75olo p'a with mon} filing of OA^{till the date of} bed in^the

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and in default^{for sale of}

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schedule^{"I and II" to OA'}

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(oA.No.125l2024)

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As per the averments in the application, the^{ApplicantBankstates} that defendants No.1 and 2 availed home loan of^{Rs.29.00 lakhs} vide letter of arrangement dated 27.02.2013^{for purchase of OA} schedule property-I and defendant no'3^{agreed to give undertaking} for completion of construction of^{OA scheduleproperty-I.Due to} non repayment of said^{loan amount with interest and costs and also} on account of^{Non performanceof the contract by developersi'e',} defendants 4 & 5.^{Defendants1 to 3 executed Tripartiteagreement} dated22.o8'2o13.Thedefendantsjointlyexecutedagreementto mortgage dated 27.02.20t3.^{The defendants 1 & 2 created} mortgage of schedule^{propertiesI and IIto OA' 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 notice dated L5'03'2024' Inspite of several} requests and demands,^{the defendants did not clear the outstanding.} Hence this OA.

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Defendants¹ to^{5 called absentand set exparteon 02'07 '2024'}

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SriGovindRaju,ManageroftheApplicantBankexaminedhimselfas AW.1 and exhibited^{relevant documents, whi} marked as

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marked as

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Ex.A.1to A.26.

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Heard the^{Ld. Counsel for the Applica}

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l\
,^
:;"' 0 6 rtlc 2o2t t
W-r-9'

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(oA.No.12612024)

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The^point that arise for consideration^{is whetherthe ApplicantBank is} entitled for the claim made in the OA^{against the Defendantsas} 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 Bankwas} examined and he exhibited^{relevant documents as Ex'A1to A'26' In} view of the above, I^{hold that the Applicant Bank has established} their claim made in^{the oA against the Defendantsand hence the} Applicant Bank is^{entitledto recover the claim madein the OA with} future interest^{and costs.}

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Llntheresult,thepresentOAisallowedwithcosts,asunder: The Defendants^{are jointly and severallyliable to pay to the} Applicant Bank a^{total sum of Rs'92,71,3241- (Rupees Ninety} Two Lakhs Seventy^{One ThousandThree hundred and twenty} four onlY)^i.e.,

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a) A sum of^{Rs.44,42,951/- under loan A/c' No'62272369941} with further interest @^{8.75olo p'a from the date of filing of OA} till the date of^realization;

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b) A sum of^{Rs.45,66,980/-under loan A/c' No'622-97253520} with further interest O^{erZf"Zgffiiq']+-\qOate of filingof oA} ti, the dare^or ururff^{-''& "hD} lr n ^ ...^ ii=^{0 6 ttrn rrnl *} li rit \ Sa",$z

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(oA.No.125l2024)

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c) A sum of Rs.2,61,393/- under Loan a/c. No.62297253870 with further interest @ 8.75olo p.a from the date of filing of OA till the date of realization;

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The Applicant bank is entitled to proceed against the mortgaged properties as described in schedule "I and II"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 No.1 & 2 and^propefties of defendants 3 to 5 firms 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, signed and pronounced by me in the open
court on this the 6th day of Aug, ?o?4)
sdl-
r$\ (G. GOPTCHAND)GOPTCHAND)
PRESIDING OFFlCER
o6rl]om I
I _ -\J
J3 ^Yl

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sdl-
(G. GOPTCHAND)GOPTCHAND)
PRESIDING OFFlCER

State Bank of India v. Smt. Usha Sree

Case brief

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State Bank of India v. Smt. Usha Sree

Case brief

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