Allowed

State Bank of India v. Sri Bandi Kiran Kumar

DRT14 Nov 2024OA/183/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an originating application by State Bank of India for recovery of Rs.26,75,211/- and interest against the defaulting borrower, rejecting the defendant's absence.

What did the court decide?

Order allowed; Defendant to pay Rs.26,75,211/- with interest @ 12.65% p.a.; Recovery certificate issued.

What the court decided

State Bank of India versus Sri Bandi Kiran Kumar — Contract and Commercial Disputes | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 14TH DAY OF NOVEMBER' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFICER

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OA.No.183 of 2024

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Between:

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State Bank of India, Stressed Assets Recovery Branch-II, 1-B-563/1, 1't floor, Opp Sandhya Theatre, RTC Cross Roads, Chikkadpally, Hyderabad, Telangana State. Represented by its Chief Manager

¶7

Applica nt

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VERSUS

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Sri Bandi Kiran Kumar, s/o Late B. Kankaiah, major, male, R/o t6-2-t47/G,4th line, Anandnagar, Hyderabad - 500 024.

¶10

Also at:

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Sri Bandi Kiran Kumar, S/o Late B. kankaiah, major, Male, R/o flat no.204, Ravi Apartment, Saleemnagar colony, Malakpet, Hyderabad - 500 024.

¶12

Defendant

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Counsel for the Parties:

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For the Applicant V. Satyanarayana For the Defendant 4 }l0,^,tl?t

¶15

(oA.No.183 of 2024)

¶16

ORDER

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The Applicant Bank filed the present OA against Defendant for recovery of a total sum of Rs.26,75,2L1l- (Rupees Twenty Six Lakhs Seventy Five Thousand Two hundred and Eleven only)with current and future interest @ 12.650lo p.a with monthly rests from date of application till the date of realization.

¶18

As per the averments in the application, the Applicant Bank states that defendant personal loan under scheme of Xpress credit of Rs.25.00 lakhs vide letter of arrangement dated 30.11.2022. To secure the repayment of personal loan limit, the defendant executed personal loan agreement dated 30.1I.2022 in favour of applicant bank. After avairing the roan facirity, the defendant failed to compry the terms of sanction, hence the applicant bank was constrained to classify the account as NpA on 29.07.2023 and issued legal notice dated 15.04.2024. Inspite of several requests and demands, the defendant did not clear the outstanding. Hence this OA.

¶19

Defendant called absent and set exparte on 07.L0.2024.

¶20

AS smt M. Sarala, Manaser "%qr#Nexamined hersetf AW.1 and exhibited ,eg(a*;;8".,;; a re ma rked AS .ti k Ex.A.1 to A.6. i, ,.,. ri,:^{1 r lrorr xlzt} ; ',r-1 N " ':. ,\ 'i'l. \i.4..-.1! -€*i ''(sruts

¶21

(OA.No.183 of 2024)

¶22

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?

¶24

Defendant remained exparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and she exhibited relevant documents as Ex.A1 to 4.6. 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.

¶25

B. In the result, the present OA is allowed with costs, as under: The Defendant is liable to pay to the Applicant Bank a total sum of Rs.26,75,2LL/- (Rupees Twenty Six Lakhs Seventy Five Thousand Two hundred and Eleven only)with further interest @ 12.650/o p.a from date of application till the date of realization ;

¶26

The Applicant Bank is also entitled to proceed against the person

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and p roperties of defendant lization of the debt due.

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The Applicant Bank i:i e OA.
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14 N0Imt itT
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¶29

(OA.No.183 of 2024)

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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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12, 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 14th day of Nov, 2024)

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sd/(G. GOPTCHAND) PRESIDING OFFICER

¶35

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¶36

State Bank of India v. Sri Bandi Kiran Kumar

Case brief

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What the court decided

State Bank of India v. Sri Bandi Kiran Kumar

Case brief

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What the court decided

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