Allowed

State Bank of India v. Mr. Kesupaka Seetha Rama Raju

DRT29 Jul 2024OA/167/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the Applicant Bank's OA No.167 of 2024 for recovery of a personal loan. The Defendant was absent. The Tribunal held the claim established and ordered payment of the principal, interest, and costs.

What did the court decide?

The Defendant is liable to pay a total sum of Rs.29,32,205/- with interest at 12.85% p.a. from 27.04.2024, apart from costs and the right to execute the decree against the Defendant's property.

State Bank of India versus Mr. Kesupaka Seetha… — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THIS THE 29TH DAY OF JULY'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.167 ot 2024

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Between:

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State Bank of India, Stressed Assets Recovery branch, 1-B-563/1, 1't floor, Opp Sandhya Theatre, RTC Cross road, Chikkadpally, Hyderabad. Rep by its Chief Manager

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Applicant

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VERSUS

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Sri Kesupaka Seetha Rama Raju, S/o Sri K. Bhadram, Aged 49 years, occ: Govt employee, R/o H.No.6-9511, Bhurgampahad, Kothagudem, Khammam dist, Telangana - 507 Ll4.

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Defenda nt

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Counsel for the Parties:

For the Applicant

For the Defendant

Smt B. Ramana Kumari

Expa rte

ORDER

The Applicant Bank filed the present OA against Defendant for recovery of a total sum of Rs.29,32,2O5l- (Rupees Twenty Nine Lakhs Thirty Two thousand Two hundred and five only ) (Rs.19,37,84O / - + 9,94,365 /, 12.85o/o p.a with 'a ,'; <i monthly rests from 27.04.202!,\t| €LB^of ti * lr I 2^g ,llJl^7[2{ W,#"

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(oA.L67 of zo24l

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As per the averments in the apprication, the Appricant Bank states that defendant avaired personar roan under (Xpress credit) for a sum of Rs.19,45,100/- vide retter of arrangement dated 2g.02.2022 and executed personal loan agreement dated 04.05.2022. The defendant also avaired Erite roan of Rs.10.00 rakhs on 28.02.2022. After availing the roan facirities, the defendant faired to compry the terms of sanction, hence the appricant bank was constrained to classify the account as NpA and issued legal notice dated 02.04,2024. Inspite of several requests and demands, the defendant did not clear the outstanding. Hence this OA.

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Defendant called absent and set exparte on 24.06.2024.

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SmtM. sarala, chief Manager of the Applicant Bank examined herserf as AW.1 and exhibited rerevant documents, which are marked as Ex.A.1 to A.11.

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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 Appricant Bank is entitled For the craim made in the oA against the Defendant as prayed for?

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Defendant called absent and bstantiate the case of the Applicant Bank, 'p"n,.,ffi"r licant Bank was examined and he exhibit .A1 to A.11. In view of the above, I hol has established %**&Y'

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(oA.167 of 2024)

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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.29,32,205/- (Rupees Twenty Nine Lakhs Thirty Two thousand Two hundred and five only ) (Rs.19,32,g4O/- + 9,94t365/-) with interest @ 12.85o/o p.a from 27.04.2024 till the date of realization;

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The Applicant Bank is also entitled to proceed against the person and properties of deFendant towards realization of the debt due.

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The Applicant Bank is entiUed 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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Communi y of the order to the parties concerned. Tet ., ;- -'.

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., ;- -'.

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(Dacra'red lt"the^p her, corrected, signed and pronounced by me in the open court'orithis tne ; 4\

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sdtrRqF cafY , 'ffi-,JB,i:'J:i':IiJ OR--r,^{r,Y^t?lt Fin'}

State Bank of India v. Mr. Kesupaka Seetha Rama Raju

Case brief

What is this about?

What did the court decide?

State Bank of India v. Mr. Kesupaka Seetha Rama Raju

Case brief

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What did the court decide?

What the court decided

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