Allowed

Union Bank of India v. Sri Kalapatapu Krishna Murthy

DRT7 Nov 2024OA/144/2024

Case brief

AI extract

What is this about?

In OR.A.No.144 of 2024, the Debts Recovery Tribunal allowed the Applicant Bank's case against two borrowers for recovery of dues totaling approximately Rs.40.99 lakhs from housing and term loans with interest, declaring the bank entitled to proceed against mortgaged and personal properties.

What did the court decide?

Defendants jointly and severally liable to pay total sum of Rs.40,99,726.50 with future interest; Applicant Bank entitled to proceeds from mortgaged and personal properties; Recovery certificate to be

Union Bank of India versus Sri Kalapatapu Krishna… — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 7TH DAY OF NOVEMBER'2024

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PRESENTI sRI GUMMADI GoPICHAND, PRESIDING oFFICER

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OA.No.144 ot 2024

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Between:

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Union Bank of India, Marredpally branch, H.No.10-3, St Johns School Road, Teachers colony, East Nehru nagar, Marredpally, Secunderabad, TS - 5OO 026. Represented by its Authorlsed officer

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Applicant

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VERSUS

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Sri Kalapatapu Krishna Murthy, s/o Sri Kalapatapu Ramachandra Rao, ilo flat no.203, lustice Kummarray Residency, H.No. 10-3-13/138,

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Plot no.14A, Tukaram gate road, Marredpally, Hyderabad _ SO0 026

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And also at

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C/o Ind-Bharath^power Infra Ltd, Plot no.30-A, road no.1, @

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1. lxT:?:#-f'Fmnasar, SmtKalapatapu ozo siillg;riatnilinuijuru.upu, Radhika ,,,.;;-%%^r' n 7 xil ,il * R/o ;l;#i flat i:',#T,fi?i,.Til11?il4 no.203, Justice Kummarr:a#. .,^{o 7 rm m} ; Resialencrr H l\lr\ 1n-2 11t1)o :,14.";', n:: i::^gr:*i,iH,'# i{.*K&, *$i il 31,.1 !,i1f, ; tilHt,o":",'..T t:.Kfr!P, e re n d a n ts

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Counsel for the^parties:

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For the Applicant

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For the Defendants

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M/s. Chavan& Associates

Exparte

(OA.No.r44/20241

ORDER

The Applicant Bank filed the present oA against Defendants for recovery of a total sum of Rs.4O,gg,7Z6.5Ops (Rupees Forty Lakhs Eighty Nine Thousand Seven hundred Twenty Six and paise Fifty only) i.e.,

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A) A sum of Rs.15,76,05U- under housing loan with future interest @ 10.25% p.a with monthry rests from 0L.04.2024 tiil the date of rea lization;

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B) A sum of Rs.25,13,675.50ps under term roan with future interest @ 11.05% p.a with monthly rests from 0L.04.2024 till the date of rea lization ;

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and in default for sale of movable mortgaged properties as described in the schedule to OA.

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2' As per the averments in the apprication, the Appricant Bank states that defendant No.1 is a borrower and defendant no.2 is co-borrower avaired credit facirities i.e., a housing roan facirity of Rs.2g.00 rakhs and Rs.5.00 rakhs for interiors of frat purchased. The defendants 1 and 2 mortgaged their frat more fury described in the schedure to oA with the Applicant bank.. {-Th_e3de{gsants executed the regd memorand u m evidencins'[ge €tlffiNeds dated 1 3. os. 20 1 3 in favour or appticant 6'ai[". oereffiants uB\u,,uo education roan ror a sum or ns.rs.Qi1g.un! I.E0V"(Sr,"oI ry documents. \- '?n-{, \i?-dL ,:/r-d[ .9 & r A,mr#

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(oA.No.La4/2024)

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After availing the loan facilities, the defendants failed to comply the terms of sanction, hence the appricant bank was constrained to classify the account as NpA on 13.0g.2022 and issued regar notice dated 20.03.2024. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants No.1 and 2 called absent and set exparte on 15.10.2024. 4. Sri M. Anil Kumar, SeniorManager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.22.

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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

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

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prayed for?

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7' Defendants remained 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.22. In view of the above' I hord that the Appricant Bank has estabrished their craim made in the OA against and hence the Applicant Bank qE: is entifled to ,ecor{y'gre^iE made oA with future interest N" and costs. 0 7 il0|,mt .^..':

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(OA.No.14al202a)

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In the result, the present OA is allowed with costs, as under: The Defendants are joinUy and severally liable to pay to the Applicant Bank a total sum of Rs.4O,g9,726.5Ops (Rupees Forty Lakhs Eighty Nine Thousand Seven hundred Twenty Six and paise Fifty only) i.e.,

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a) A sum of Rs.15,76,051/_ under housing loan with future interest @ 10.25olo p.a from 0t.04.2024 till the date of rea lization ;

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b) A sum of Rs.25,13,675.50ps under term loan with future interest @ 11.05o/o p.a from 0t.04.2024 till the date of rea lization;

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The Applicant bank is entiUed to proceed against the mortgaged

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properties as described in schedule to OA towards realization of the

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debt due.

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10' The Applicant Bank is arso entifled to proceed against the person and properties of defendants towards rearization of the debt due.

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

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The Applicant shall file from the date

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of receipt of order. *

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07Nl]uMl

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Issue Recovery certificate ac

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(oA.No.7a4/2024)

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communicate a copy of the order to the parties concerned.

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(Dictated to the p.A., transcrit ,n,r tt"il-iuv oii;J,i;';;i"o bv her' cor'ected, sisned and pronounced by me in the open court on

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sd/(c. GoPtCHAND) PRESIDING OFFICER

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Union Bank of India v. Sri Kalapatapu Krishna Murthy

Case brief

What is this about?

What did the court decide?

Union Bank of India v. Sri Kalapatapu Krishna Murthy

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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Case details

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