Allowed

State Bank of India v. Sri Bandarapu Ramesh

DRT25 Jan 2024OA/146/2023

Case brief

AI extract

What is this about?

The tribunal allowed an Originating Application (OA) filed by State Bank of India for recovery of outstanding loan dues. The court found the bank established its claim based on equitable mortgages and loans availed by defendants and ordered repayment of principal with future interest.

What did the court decide?

Defendants jointly and severally liable to pay total sum of Rs. 1,31,57,982 with future interest; bank entitled to proceed against mortgaged properties.

State Bank of India versus Sri Bandarapu Ramesh — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-T AT HYDERABAD DATED THIS THE 25TH DAY OF JANUARY'2024

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PRESENT: sRI GUMMADI GOPICHAND, PRESIDING OFFICER OA.No.146 of 2023

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Between:

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State Bank of India, Stressed Aesets Recovery Branch, 2'- r|oot, TSRTC Commuter Rmenity Centre,. Bus terminal complex, Koti, Hyderabad - 5OO 095. Represented by its Chief Manager

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... Applicant

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VERSUS

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Sri_Bandarapu Ramesh, @ Sri Ramesh GoudBandarapu Aged 48 years, male,

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s/o Sri Chandraiah, R/o 2L_42, Yy-"I"iu^{rg.u na gar, Saroo.naiu.,} Ranga Reddy _ 500 035.

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Also at:

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H.no.4 - L2-7 24 / 9, Sy.no.2B3,
I3L9 l-oro.btock no.12, LB nasar
Ltrcle-III, Dwarakmainagar colony,
BaghHayathnagar village,
Hayathnagar Revenue -mandal,
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Ranga Reddy district.
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M/s. .Sai Balaji Function Hall, ll r." ,.'.,; ';r <br>6 "','.r-'q
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Opp AKLB Handloom marlet, t ..1 +
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(oA. No.146/2023 )

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Counsel for the Parties: For the Applicant For the Defendants 1 & 2

Sri C. Prabhakar

Shri Rakesh Sanghi

a&Dl3

1' The Applicant Bank fired the present oA against Defendants for recovery of a total sum of Rs.1,31,57,9g2l_ (Rupees One Crore Thirty one Iakhs Fifty seven thousand Nine hundred and Eighty two onty) i.e.,

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a) A sum of Rs.13,34,605/- under roan account no.3g5g005g162 with further interest @ 7.650/o p.a with monthry rests from date of firing of OA till the date of realization;

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b) A sum of Rs.38,215/- under loan account no.3862g675 732 with further interest @ 7.85% p.a with monthly rests from date of filing of OA till the date of realization;

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c) A sum of Rs.92,49,168/- under loan account no.3g951gg0060with further interest @ 11olo p.a with monthry rests from date of firing of OA till the date of realization;

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d) A sum of Rs.8,69,291l- under roan account no.39690901792 with further interest @ 9.2solo p.a with rnonthry rests from date of firing of OA till the date of realization;

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e) A sum of Rs.16,66,70rl- Fr$f,e-l--G.lfdm .40814464336 with further interest @ g.2S% frl with m'onthty date of filing * of OA till the date of rqatiiatiofl;:r rtiiii liit (.i:,t>,*,4flW

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(oA.No.145/2023)

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and in default for sale of mortgaged properties and hypothecated

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movables as mentioned in the schedules "I to IV" to OA.

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As per the averments in the application, the Applicant Bank states that defendant No.1 being the proprietor of defendant no.2 availed home loan of Rs.14.00 lakhs and funding of home loan insurance of Rs.49,000/- totaling a sum of Rs.14,49,000/- through letter of arrangement dated 05.07.2019. To secure due repayment of aforesaid home loan of Rs.14,49,000/-, defendant no.1 created equitable mortgage on 16.08.2019 by way of deposit of sale deed no.9043/2015 dated 30.12.2015 in respect of OA schedule property - I.^Defendants 1& 2 availed FBTL loan of Rs.100.00 lakhs vide letter of arrangement dated 21.08.2019 and created equitable mortgage of schedule mentioned property -II to OA and settlement deed no.4836/2015 dated 07.08.2015 in respect of schedule mentioned property -III to OA. Subsequently the FBTL loan was renewed for Rs.81.00 lakhs and availed FBWC-TL (GECL) of Rs.14.00 lakhs, totaling Rs.95.00 lakhs vide letter of arrangement dated 10.06.2020. To secure due repayment of loan facilities of Rs.95.00 lakhs, defendant no.2 executed supplemental agreement of loan cum hypothecation dated 10.06.202 defendants 1 & 2 renewed the existing facilities to Rs.l efendant no,2 executed ! l-, supplemental agreemeht .ril\vpo,necation dated

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30.03.2021 and defendanl2 n!. ill{e6rteo rantee agreement i .{,' , ^"o.$, i.P";

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(OA.N0.146/2023)

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dated 30.03.2021, Further the loans were renewed to Rs.130.00 lakhs vide letter of arrangement dated 28.02.2022. 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 29.03.2023.Insp1te of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Ld counsel Shri Rakesh Sanghi filed vakalath for defendants but not filed Written Statement.

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Shri A. G, Satyaprasad, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A. 1 to A,28.

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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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Counsel for defendants lath but not filed WS. To nk, AW.1, offlcial of the Applicant Bank was exaqined and he exfi,i ted relevant documents :^{2 q "tAll 7ff7_f} : 14i, '.^.-"',i -r ,.a, Q{ri t".r,,".$::r -+f.Slrj r,.r " lt*lrg],i "\ll$i4],:,/

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(oA.No.146/2023)

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as Ex.A1 to A.28. 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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R In the result, the present OA is allowed with costs, as under:

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The Defendants are joinfly and severally liable to pay to the Applicant Bank a total sum of ofRs.l,31 57,9g2l- (Rupees One Crore Thirty One lakhs Fifty Seven thousand Nine hundred and Eighty two only) i.e.,

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a) A sum of Rs.13,34,605/- under loan account no.3g58005g162 with further interest @ 7.65% p.a from date of filing of OA till the date of realization;

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b) A sum of Rs.38,215l- under loan account no.3g62g675732 with further interest @ 7.85o/o p.a from date of filing of OA till the date of realization;

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c) A sum of Rs.92,49,L68/- under loan account no.38951880060with further interest @ 11% p.a from date of filing of OA till the date of realization;

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d) A sum of Rs.8,69,291l- under loan account no.39690901792

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with further in m date of filing of OA till

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the date of :^{25inli ,ozt} : qq#',Y

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(oA.No.1a612023)

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e) A sum of Rs.16,66,703/- under loan account no.408t4464336 with further interest @ 9.25olo p.a from 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 and hypothecated movables as described in the schedules

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"I to IV" 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 defendant No.1 and properties of defendant no.2 firm 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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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 tne Z1{ Oay of Jan'2O24) o

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,or-

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(G. GOPTCHAND) PRES]DING OFFICER

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frs- -ffi
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State Bank of India v. Sri Bandarapu Ramesh

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sri Bandarapu Ramesh

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

Coram

Case details

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