Allowed

Bank of India v. Sri. Reddimala Vijaya Kumar

DRT8 Feb 2024OA/15/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Bank of India's OA against two defendants for a housing loan default. The applicant proved the loan details and security. The tribunal held the defendants jointly and severally liable and ordered recovery of the principal, future interest, and costs.

What did the court decide?

The respondents are directed to pay Rs. 66,95,640.67 with future interest and costs; applicant to recover from mortgaged property.

Bank of India versus Sri. Reddimala Vijaya Kumar — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD DATED THrs rHE 8rH DAy oF FEBRUARy, zo24

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.15 ol 2023

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Between:

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Bank of India, Hyderabad Main branch, Abids, GPO, Hyderabad, Telangana State. Represented by its Constituted attorney

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Applicant

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VERSUS

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Sri ReddimalaVijaya Kumar, s/o Sri A. Rajaiah, aged about 40 years, occ: business, male, R/o Plot no.1, western part, East Balaji hills, road no.3, Boduppal village, Medipally Mandal, Medchal - Malkajgiri District, Telangana - 5OO 092.

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Mrs. AraladeviMaha Lakshmi, w/o A. Narasimha Raju, aged about 36 years, occ: business, female, R/ o H.no.2-22- Igt/ L, plot no.117,3.d floor, flat no.302, deepika residency, Jaya nagar, Opp KPHB Katamjndir, Kukitpaily, Hyderabad - 500 072.

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Defendants

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Counsel for the parties:

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For the Applicant

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Mohammed Rafiq
,.
0BiHm

For the Defendants

(oA.No.1sl2023)

ORDER

1' The Applicant Bank filed the present oA against Defendants for recovery of a total sum of Rs.66,95,640.67ps (Rupees Sixty Six lakhs Eighty five thousand Six hundred forty and paise Sixty Seven only) i.e.,

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a) A sum of Rs.64,04,770l_under housing loanaccount No.860075110000309 with future interest @ 9.60% p.a with monthly rests along with penal interest @ additional 2o/o p.afrom date of application till the date of realization;

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b) A sum of Rs.2,80,870.67ps under personar roan account No.860060110000124with future interest @ 7.25o/o p.a along withpenal interest @ 2o/o p.a with monthly rests from date of application till the date of realization;

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

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As per the averments in the application, the Applicant Bank states that defendant No.1 is the borrower and defendant no.2 is the guarantor availed housing loan of Rs.60.OO lakhs on 10.07.2019 vide loan A/c. No.86007511OOOO309 and executed demand promissory note and bearer letter dated Ll.O7.2,tg. the defendants executed letter of installment, tetter,of'.u.nteffigg, agreement for home loan, MCLR asreem .nr, a.gjar;r;;*#ffi .r;, .r; rr;;;; dated 11.07.2oLg. ii .rl ::!"ri i': ''" "' dFI:nX-i,it'p''P"ned the immovabre ii :'''u^{0 I}

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(OA.No.1sl2023)

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property more fury described in the schedure to oA and deposited originar sare deed no.Lo777 0f 2otg dated 12.07.2019 in favour of Applicant bank. After avairing the roan facirities, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to crassify the account as NpA on 31.03.2021 and issued demand notice dated 06.04.202I and possession notice dated L6.02.2022. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants called absent and set exparte on 02.08.2023.

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Shri B. Ashok Raj Singh, Manager of the Applicant Bank examined

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himself as AW.1 and exhibited relevant documents, which are

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marked as Ex.A.1 to A.23.

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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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Defendants called a rrte. To substantiate the case

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of the Appticant Bink, ' AW.f, :i .- :,,^O.f the Applicant Bank was

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,.; ..'

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, . . ii

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examined and he' exhibited relevant as Ex.A1 to A.23.

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(oA.No.1sl2023)

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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 entiUed to recover the claim made in the OA with future interest and costs.

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In the result, the present OA is allowed with costs, as under:

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The Defendants are joinUy and severally liable to pay to the Applicant Bank a total sum of Rs.66,95,64O.67ps (Rupees Sixty Six lakhs Eighty five thousand Six hundred forty ancl paise Sixty Seven only) i.e.,

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a) A sum of Rs.64,04,770/_ under housing loan account No.860075110000309 with future interest @ 9.600/o p.afrom date of application till the date of realization;

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b) A sum of Rs.2,80,g70.67ps under personal loan account No.860060110000124 with future interest @ 7.25o/o p.afrom date of application till realization.

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The Applicant bank is entitled to proceed against the mortgaged

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property as described in the schedule to OA towards realization of

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the debt due.

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the Applicant Bank aga inst the person and

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properties of defend towards rea lizatidn c the debt due.

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(oA.No.15/2023)

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

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13' The Applicant shall file a cost memo within two weeks from the date of receipt of order.

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t4. 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 Bth day of Feb, ZOZC)

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sdl(G. GOP|CHAND) PRESIDING OFFICER

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RUE COF\ ,T .8:f^^JY ;;;ffi,'n

Bank of India v. Sri. Reddimala Vijaya Kumar

Case brief

What is this about?

What did the court decide?

Bank of India v. Sri. Reddimala Vijaya Kumar

Case brief

What is this about?

What did the court decide?

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