Allowed

State Bank of India v. Sri Sangepu Siva Kumar

DRT15 Jul 2024OA/163/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the Originating Application filed by State Bank of India for recovery of a loan of Rs. 41,50,181/- with interest and costs against the defaulting borrower, directing an issue of recovery certificate.

What did the court decide?

The respondent is liable to pay Rs. 41,50,181/- with interest at 10.90% p.a.; the applicant is entitled to proceed against mortgaged property; issue of recovery certificate directed.

State Bank of India versus Sri Sangepu Siva Kumar — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 15TH DAY OF JULY'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.163 ol 2023

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Between:

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State Bank of India, Stressed Assets Recovery branch, 2nd floor, TSRTC bus terminal Complex, Commuter Amenity Centre, Koti, Hyderabad Rep by its Chief Manager Applicant

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VERSUS

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Sri Sangepu Siva Kumar, S/o Sri S. Venkateswarlu, Male, major, R/o Q.No.75C, GPRA campus,Gachibowli, Hyderabad - 500 032.

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Also at H.No.l-5-434 / 2/ A, Plot no. 104/8, suryanagar Colony, Alwal village, Medchal/ Malkajgiri District - 500 010. Defendant ffi\ Counsel for the Pa :^{lsJULmt *} rnFor the Applicant -_, ^ri Satya narayana For the Defendant WnE$ ORDER 1. The Applicant Bank filed the present OA against Defendant for recovery of a total sum of Rs.41,50,181/(Rupees Forty One lakhs Fifty thousand One hundred Eighty one only ) with

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(oA.163 of 2023)

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interest @ 10.90o/o p.a with monthly rests from date of application till the date of realization and in default for sale of mortgaged property 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 is the borrower who avaired housing roan of Rs.52.00 lakhs on 26.10.2018 and executed memorandum of roan agreement, agreement to mortgage dated 26.10.2018. The defendant also deposited the agreement of sale dated and created mortgage of schedure mentioned property. After avairing the roan facirities, the defendant failed to compry the terms of sanction, hence the applicant bank was constrained to classify the account as NpA and issued legar notice dated rt.4.2023. Inspite of severar requests and demands, the defendant did not crear the outstanding. Hence this oA.

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Defendant called absent and set exparte on 01.11.2023.

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Smt K. Geeta Lakshmi, Chief Manager of the Applicant Bank examined herself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.B.

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5.
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(oA.163 of 2023)

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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 Defendant as prayed for?

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Defendant called absent and set 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.B. In view of the above, I hold that the Applicant Bank has established their claim made in the oA against the Defendant and hence the Applicant Bank is entitled to recover the claim 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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The Defendant is liabre to pay to the Appricant Bank a totar sum of Rs.41,5O,181/- (Rupees Forty One lakhs Fifty thousand One hundred Eighty one only ) with interest @ 10.90o/o p.a from date of application till the date of realization;

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The Applicant bank is entifled to proceed against the mortgaged property as described in schedule to OA towards realization of the

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debt due.

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The Applicant Bank against the person and properties of de B€ant15 JUL 7Wrea lizati of the debt due.

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(oA.163 of 2023)

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L2, The Applicant Bank is entitled 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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Issue Recovery certificate accordingly.

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15, 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 15th day ot July,2024)

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sdl(G. GOPTCHAND) PRESIDING OFFICER

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IRUE COPV ,"t,h^-ffin,

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State Bank of India v. Sri Sangepu Siva Kumar

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sri Sangepu Siva Kumar

Case brief

What is this about?

What did the court decide?

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