Allowed

State Bank of India v. Sri Myana Bhanu Vijayanand

DRT24 Jun 2024OA/133/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the applicant bank's petition against the defendant for recovery of personal loans totaling Rs. 23.40 lakhs with future interest and costs, as the bank substantiated its claim with documentary evidence while the defendant remained absent.

What did the court decide?

The defendant is liable to pay a total sum of Rs.23,40,882/- with future interest; a recovery certificate is issued.

State Bank of India versus Sri Myana Bhanu Vijayanand — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 24TH DAY OF JUNE 2024

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PRESENT: sRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.133 of 2024

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Between:

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State Bank of India, Asset Recovery Management branch. !SAR^B-2),^{1_8_563/1,1st ftoor,} 9p.p,Sulollu^{Theatre,RTC ,,Xi, roads,} Lntkkadpally, Hyderabad Represented by its Chief Manager

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Applicant

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VERSUS

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Sri MyanaBhanuVijayanand, s/o.Sri Laxmi Narayana, male, major, R/o H.No.4_3_216 / r6/t/ r/4, Bhoomnagar, Basanthnagar, Karimnagar - SO5 209.

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Defendant

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Counsel for the parties: For the Applicant For the Defendant

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Sri P.V. Satyanarayana Exparte

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ORDER

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The Applicant Bank filed the present OA against Defendant for recovery of a ,aaz/- (Rupees Twenty Three Lakhs undred and Eighty two onty) i.e., z 4 ,luH rrpr : ; W-

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(oA.No.133/2024)

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a) A sum of Rs.13,94,91S/-with further interest @11.15olo p.a from

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17.t0.2023 till the date of realization;

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b) A sum of Rs.9,45,967/- with future interest @ 13.30% p.a from

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17.7O.2023 till the date of realization;

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As per the averments in the application, the Applicant Bank states that defendant avaired personar roan under the scheme of Xpress Credit scheme of Rs.19.80 lakhs on 05.05.2021. The defendant executed personar roan agreement dated 05.05.2021.Subsequenry the defendant availed personal loan of Rs.10.69 lakhs on 21.05.2022 and executed necessary security documents in favour of the Applicant bank. After avairing the roan facirities, the defendant faired to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NpA and issued legal notice dated 28.03.2024. Inspite of several requests and demands, the defendant did not clear the outstanding. Hence this OA.

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Defendant called absent and set exparte on 04.06.2024.

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Smt Bank as

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AW.1 as

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Ex.A.1 4{\

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Heard the Ld. CounselLd. CounselCounsel n*. JUIIIfifl

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Heard the Ld. CounselLd. CounselCounsel

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(oA.No.133/202a)

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

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

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prayed for?

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7' Defendant cared absent and set exparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and she exhlbited relevant documents as Ex.A1 to A.10. In view of the above, I hord that the Appricant Bank has estabrished their claim made in the oA against the Defendant and hence the Appricant Bank is entiiled to recover the craim 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:

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v. The Defendant is liable to pay to the Applicant Bank a total sum of Rs.23,40,882/- (Rupees Twenty Three Lakhs forty thousand Eight Hundred and Eighty two only) i.e.,

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a) A sum of Rs.13,94,915/- with further interest @11.15olo p.a from 17.L0.2023 till the date of realization;

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b) A sum of Rs.9,45,967/- with future interest @ 13,30olo p.afrom L7.70.2023 tiil the date

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The Applicant Bank is also entiiled and properties of defendant towards realization of the debt due.

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(oA.No.133/2024)

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

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12' The Appricant shaI fire 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., t.rn..rltq,ry^l:r, corrected, signed and pronounced by me in the open court on this the 24th day of )une, 2024)

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sdl(G. GOPTCHAND) PRESIDING OFFICER

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i,l, ? i.::ii "rl

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6iii,,7ffi;aw' onr.t uvoEii'd'ao.

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State Bank of India v. Sri Myana Bhanu Vijayanand

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sri Myana Bhanu Vijayanand

Case brief

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What did the court decide?

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