Allowed

Idbi Bank Ltd. v. Mr. Paturi Muralikrishna

DRT11 Jan 2024OA/185/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Applicant Bank's original application for recovery of dues. The court held that the bank established its claim and ordered the Defendant to pay the balance amount along with future interest and costs, after deducting proceeds from the sale of mortgaged property.

What did the court decide?

Recovery certificate issued directing Defendant to pay Rs.26,59,059/- adjusted, with future interest and costs to the Applicant Bank.

Idbi Bank Ltd. versus Mr. Paturi Muralikrishna — Specific Performance | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 11TH DAY OF JANUARY' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.185 ot 2023

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Between:

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IDBI BanK Ltd, Basheerbagh branch, Hyderabad, Telangana State Represented by its Asst Gen Manager

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Applicant

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VERSUS

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Mr. PaturiMuralikrishna, s/o Sri Satyanarayana, male, aged 35 years, H.No,1-6711, Near Hanuman temple, Jeedimetla, Quthbullapur,^Hyderabad -^{500 067.}

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Also at:

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Mr. PaturiMuralikrishna,

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s/o Sri Satyanarayana, male, aged 35 years, flat no.4O2,4th floor, white fields apartment, block 3, plot no.10, sy.No.146, part of layoutJayabher park, Kompally, Gandimaisamma, Dundigalmandal, Medchal, Malkajgiri district, TG state.

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Defendant

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Counsel for the Pa jt^- For the Applicant il * Trivikramchitturu 11 ,lAi\l zmt For the Defendant rte

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(oA.No.18s/2023)

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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.26,59,O59/- (Rupees Twenty Six lakhs Fifty Nine thousand and Fifty Nine only) a sum of Rs.26,06,540/- + Rs.52,519/- with future interest @ 10.g5o/o p.awith monthly rests from date of application till the date of realization and in default for sale of mortgaged immovable property as described in the schedule to OA.

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As per the averments in the application, the Applicant Bank states that the defendant availed home loan of Rs.21.00 lakhs and executed home loan agreement on 19.07,2019 and also secured by equitable mortgage of immovable property more fully described in the schedule to OA. The defendant also availed Insurance premium for a sum of Rs.51,587/- and executed Insurance premium loan agreement on 30.08.2019. After availing the loan facilities, the defendant failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NpA on 0g.10.2022 and issued recall notice dated 27.01.2023. Inspite of several requests and demands, the defenda r the outstanding, Hence this oA. r4\ *r 3. Defendant call abse nqand set exna rte'oli 28.Lt.2023. I r-' :- !t {:; ;/t

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(OA.No.18s/2023)

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SmtUsha Rani Devara, Assistant General manager of the Applicant Bank examined herserf as AW.1 and exhibited rerevant documents, which are marked as Ex.A.l to A.7, The Applicant bank filed part satisfaction memo stating that the Applicant bank sold mortgaged property under SARFAESI Act, 2OO2 and recovered a sum of Rs.22.1O lakhs on 23.1-L.2O23.

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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

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entitled for the claim made in the OA against the Defendant as prayed for?

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7' Defendant cafled absent and set exparte. To substantiate the case oF the Applicant Bank, AW.1, officiar of the Appricant Bank was examined and he exhibited rerevant documents as Ex.A1 to A.7. In view of the above, I hold that the Applicant Bank has established their claim made in the OA E9€iXsHts.:.ffindant and hence the Applicant Bank is entitredlto recover.the crairn rnade in the oA with future interest and costs/i'it l

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B. In the result, the as u nder:

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The Defendant is liable to pay Bank a total sum of

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Rs.26,59,O59/- (Rupees Twenty Six lakhs Fifty Nine thousand and Fifty Nine only) a sum of Rs.26,06,540/_ + Rs.52,519/_ with

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(oA.No.18s/2023)

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future interest @ 10.85o/o p.a from date of applicationtill the date of realizationLESS a sum of Rs.22.10 lakhs recovered by sale of mortgaged property ;

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the Applicant Bank is also entifled 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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t2. 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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74, Communicate a copy of the order to the pafties 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 1lth day of Jan,2024)

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(G. coPtCHAND) PRESIDING OFFTCER

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¶41

Idbi Bank Ltd. v. Mr. Paturi Muralikrishna

Case brief

What is this about?

What did the court decide?

Idbi Bank Ltd. v. Mr. Paturi Muralikrishna

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Statutes considered

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