Allowed

State Bank of India v. Sri. Avuthu Venkata Ramesh

DRT20 Feb 2024OA/176/2023

Case brief

AI extract

What is this about?

Recovery Tribunal allowed an Originating Application filed by State Bank of India for recovery of a loan amount and interest from the defendant borrower/ mortgagor who failed to comply with loan terms.

What did the court decide?

Defendant to pay Rs. 80,65,297/- plus interest; Applicant entitled to proceed against mortgaged property and defendant's person and properties; Recovery certificate issued.

State Bank of India versus Sri. Avuthu Venkata… — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 2OTH DAY OF FEBRUARY' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.176 of 2023

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Between:

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State Bank of India, Stressed Assets Recovery Branch, 2'd floor, TSRTC Commuier Amenity Centre, Bus Terminal Complex, Koti, Hyderabad - 500 09S. Represented by authorised officer

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Applicant

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VERSUS

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Sri AvuthuVenkata Ramesh, S/o Chandra Reddy, male, Aged about 42 years,.occ: business, R/o Plot no.L7S/C, 2nd floor, Addagutta society, Near Vijetha College, Kukatpally, RangaReddy - 500 285.

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Also at

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H.No.6-101, Nuthakki, Mangalagiri, Guntur - 522 303.

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Also at

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Plot no.l7L/C, 2nd floor, Addagutta society, Kukatpally, Near Vijetha college, Hyderabad _ 85

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Also at

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*5[i{i
{o

0-0 ffB )0?1

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H.No.5-12-68,^ptot no.14 to 1B/J, Mangapuram New Housing colony, Meerpetmandal, Ranga Reddy dist - 500 040.

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(oA.No.17612023)

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Counsel for the Parties:

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For the Applicant For the Defendant

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Smt Tarangini Pisipati

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Exparte

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ORDER

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The Applicant Bank filed the present OA against Defendant for recovery of a total sum of Rs.g0,65,297l_ (Rupees Eighty Lakhs Sixty five thousand Two hundred and Ninety Seven only) i.e., a sum of Rs.77,53,L03/_ towards loan a/c.No.3965428g257 withinterest @ LI.9Oo/o p.awith monthly rests and a sum of Rs.3,t2,rg4/- towards roan A/c.No.39683531956 with interest @ Lt.9lo/o p.a with monthly rests from 09.05.2023 tiil the date of rearization and in defaurt for sare 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 the defendant is the borrower and mortgagor who avaired housing loan facllity and also insurance under suraksha scheme availed roan of Rs.75.00 rakhs for purchase of schedure mentioned property. The defendant mortgage of schedule property by depostt of tiUe deeds rds repayment of .:. '.i es, the defendant said loan facitity. nrtflrr,avaiffi tFe mf, f1e{t

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(OA.No.17612023)

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failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA on 16.05,2022 and issued demand notice dated 17.05.2022. 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 16.11.2023.

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Smt K. GeethaLakshmi, 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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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 Defendant as prayed for?

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Defendant called absent and set exparte. To substantiate the case of the Applicant Bank, AW.1, offlcial of the Applicant Bank was examined and she exhibited relevant documents as Ex.A1 to A.B. In view of the above, I hold tha-t-the Applicant Bank has established Defendant and hence the

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their claim ,uO" in.1(-@ffi Applicant Bank is to &re. u{^9, im made in the OA with future interest and cdsts.2 0 tiil 20A

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(oA.No.176/2023)

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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.8O,65,297l- (Rupees Eighty Lakhs Sixty five thousand Two hundred and Ninety Seven only) i.e., a sum of Rs.77,S3,lO3/towards loan a/c.No.39654288257 withinterest @ 11.90% p.a and a sum of Rs.3,12,L94/- towards loan A/c.No.39683531956 with interest @ 11.90olo p.a from 09.05.2023 till the date of realization;

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The Applicant Bank is entitled to proceed against the mortgaged property as described in the schedule 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 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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transcribed by her, corrected, signed and pronounced by me in the open of Feb,2024)

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sdl(G. GOPTCHAND) PRESID!NG OFFICER dV',ffy o^{asstS$-iuk?.ov'14} 4^{' " '"t'i4!:.:).}

State Bank of India v. Sri. Avuthu Venkata Ramesh

Case brief

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State Bank of India v. Sri. Avuthu Venkata Ramesh

Case brief

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