Allowed

State Bank of India v. Sri. Gattu Prabhakar Reddy

DRT23 Jul 2024OA/182/2024

Case brief

AI extract

What is this about?

In an operating application filed by the State Bank of India for recovery of dues and sale of mortgaged property, the Debts Recovery Tribunal allowed the application, holding that the bank established its claim against the defendant borrower.

What did the court decide?

Allowed the operating application; directed the defendant to pay Rs. 50,78,392/- with interest; directed the bank to proceed against mortgaged and personal properties; issued recovery certificate.

State Bank of India versus Sri. Gattu Prabhakar Reddy — Specific Performance | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 23RDDAY OF JULY'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.182 of 2024

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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

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Applicant

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VERSUS

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Sri Gattu Prabhaker Reddy, S/o Gattu Chandra Reddy, Aged about 50 years, occ: business, Male, R/o flat no.63, west part Road no.4, Raja Rajeswari colony, Hayathnagar, Ranga Reddy, Telangana - 501 505.

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Also at

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C/o Lakshmi SrinivasaKirana and General stores, Plot no.174, Sharada Nagar, BhagHayathnagar, Ranga Reddy, Telangana - 501 505.

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Also at

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Flat no.102, 1't floor, Sri Balaji Pride-III, Sy.No.249,250 and 254, Information colony, Anmagal, Hayathnagar, Ranga Reddy, Telangana - 501 505.

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Also at:

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Plot no.B1, Padmavathinagar, Bank Colony, Near Hanuman temple,

¶16

23 JUt mt :ii
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¶17

(oA.No.182 of 2024)

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Sahib nagar, Vanasthalipuram, Telangana - 500 070.

¶19

Defendant

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Counsel for the Parties: For the Applicant Smt Tarangini Pisipati For the DeFendant 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.50,79,392,/- (Rupees Fifty Lakhs Seventy Eight thousand Three hundred and Ninety Two only ) with interest @ 11% p.a with monthly rests from 03.05.2024 till the date of realization and in default for sale of mortgaged property as described in the schedule to OA.

¶23

As per the averments in the application, the Applicant Bank states that defendant is the borrower who availed housing loan of Rs.49.00 lakhs on 21.12.2022 and executed memorandum of loan agreement, agreement to mortgage dated 21.12.2022. The defendant also deposited the agreement of mortgage dated 06.01.2023 and created mortgage of schedule menUoned property. After availing the loan facilities, the defendant failed to com rms of sanction, hence the applicant bank was constrf,I account as NPA on 09.03.2024 and issuedjde;nd 03.2024. Inspite of several requests and d s? tlreJUJULrS?Lnt cidr not ctear the outstanding. Hence this OA.

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(OA.No.182 of 2024)

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Defendant called absent and set exparte on QL.07.2024,

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Sri Kattacovind Raju, Manager of the Applicant Bank examined himself 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, 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.sO,78,392/(Rupqgmlkhs Seventy Eight thousand +. Three hundred add.fllnetyfluo![)with interest @ 11% p.a fG.?&"i; ;i^{F',g 'L</sup> from 03.05.2024 fiiu.tne date 6irealizail6n ir^23luLM:}

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..:J,.tl { ,,-tt 3 -.Q^.,Y, "

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(OA.No.182 of 2024)

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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 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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(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 23'dday of Jvly, 2024)

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sd/_ (G. GOPTCHAND) PRESIDING OFFICER

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State Bank of India v. Sri. Gattu Prabhakar Reddy

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sri. Gattu Prabhakar Reddy

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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