Allowed

State Bank of India v. Mr. R. Madhu

DRT13 Aug 2024OA/164/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an Original Application filed by a statutory bank for recovery of a home loan debt along with interest and a recovery certificate against the defaulting borrower.

What did the court decide?

Order allowed with costs; Defendant to pay Rs. 24,44,225 plus interest; Applicant entitled to proceed against mortgaged property and issue recovery certificate.

State Bank of India versus Mr. R. Madhu — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS^{RECOVERYTRIBUNAL-I AT HYDERABAD}

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DATED THIS^{THE 13IHDAY OF AUGUST'2024}

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PRESENT: SRI GUMMADI^{GOPICHAND,PRESIDING OFFICER}

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OA.No.164 ot 2024

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Between :

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State Bank of India, Stressed Assets^{Recovery branch,} 2nd floor, TSRTC Commuter^AmenitY Centre, Bus terminal^comPlex, Koti, Hyderabad - 500 095. Rep by its Chief Manager

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Applicant

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VERSUS

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Mr. R. Madhu, S/o Krishnama Raju^R, H. No. 1B- 19U48, Satyanarayana Colony, Puttur, Chittoor - 517 583.

¶10

Also at

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Flat no.102, Block-D,
Perfect towers, Madha
Miyapur, Hyderabad - &t{t ur$}v oil Derend a nt
'il
/,P S 8""<br>Counsel for the Pa
13[U0?Dl
For the Applicant
A ' ' nuu''""-srlc'iprabhakar
For the Defendant
Kfu,,"'u:#J'

¶12

The Applicant Bank filed the^present OA against Defendant for recovery of a total sum of Rs.24,44,2251(Rupees Twenty four Lakhs Forty four thousand Two hundred and Twenty Five only

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(OA.No.154 of 2024)

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)^{with further interest @ 9.55% 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'}

¶15

As per the averments^{in the application, the Applicant Bankstates} that defendant availed home^loan of^{Rs.50,48,9321- on 02.12'2019'} To secure due repayment of aforesaid^{home loan, the defendant} executed memorandum of loan^{agreementdated 02.12.2019 and} also executed agreement to^{mortgage agreeingto createmortgage} in respect of OA schedule^property in favour of^{the Bank. After} availing the loan facilities, the defendant^{failed to complythe terms} of sanction, hence the applicant bank^{was constrained to classify the} account as NPA and issued legal notice dated 10.04.2024.^Inspite of several requests and demands, the defendant did^{not clearthe} outstanding. Hence this OA.

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Defendant called absent and set exparte on t0.07.2024.

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Shri K. GovindRaju, Manager of the Applicant^{Bank examined} himself as AW,1 and exhibited relevant documents, which^are marked as Ex.A.1 to A.8.

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Heard the Ld.

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(OA.No.164 of 2024)

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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.8. 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 liable to pay to the Applicant Bank a total sum of Rs.24,44,225/- (Rupees Twenty four Lakhs Forty four thousand Two hundred and Twenty Five only )with further interest @ 9.55o/o p.a from date of applicationtill the date of rea lization ;

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The Applicant bank is entitled to proceed against the mortgaged property as described in schedule to OA towards realization of the debt due.

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The Applicant Ban against the person and properties of d of the debt due.

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(oA.No.164 of 2024)

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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 the l3thday of Aug, 2024)

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sdl(G. GOPTCHAND) PRESIDING OFFICER

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State Bank of India v. Mr. R. Madhu

Case brief

What is this about?

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State Bank of India v. Mr. R. Madhu

Case brief

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