Allowed

State Bank of India v. Smt. Pasupuleti Jothi (Died)

DRT4 Nov 2024OA/193/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Originating Application filed by State Bank of India. The court held that the bank has established its claim for recovery of Rs. 59,81,950/ including interest, and directed payment, proceeds against mortgaged property, and issuance of a recovery certificate.

What did the court decide?

Respondent liable to pay Rs. 59,81,950/- with interest; Applicant entitled to proceed against mortgaged and personal properties; Recovery certificate to be issued.

State Bank of India versus Smt. Pasupuleti Jothi (Died) — Execution and Attachment | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL.I AT HYDERABAD DATED THIS THE 4TH DAY OF NOVEMBER' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.193 of ZOZ4

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Between:

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State Bank of India, Stressed Assets Recovery Branch, 2nd floor, TSRTC Commuter Amenity Centre, Bus Terminal complex, Koti, Hyderabad - 500 095. Represented by its Chief Manager

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Applicant

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VERSUS

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SmtPasupuletiJyothi (died) Major, female, W/o Sri Madhavarapu Radha Krishna, represented by her Legal heir/ successor Sri Madhavarapu Radha Krishna, S/o M. Satyanarayana, R/o H.No.2-6-50, Near Indiramma Hospital, Suryapet, Krishna Talkies road, Suryapet - 508 213.

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Also at:

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3-9-36, Kanchari Bazar, Suryapet, Nalgonda District - 508 213.

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Sri Madhavarapu Radha Krishna, S/o M. Satyanarayana, R/o H.No.2-6-50, Near Indiramma Hospital, Suryapet, Krishna Talkies Suryapet - 508 213. Alsoat: ,drffi 3-9-36, Kanchari Bazar,

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3-9-36, Kanchari Bazar,
Nalgonda District - 508 4 il$ll fipt Defendants
et
S/

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(OA. No.193/202a)

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Counsel for the Parties: For the Applicant For the Defendants

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Sri P.V. Satyanarayana

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Exparte

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ORDER

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The Applicant Bank filed the present OA against Defendant no.2 for recovery of a total sum of Rs.59,81,950/- (Rupees Fifty Nine Lakhs Eighty One Thousand Nine Hundred and fifty only) with future interest @ 10.01o/o p.a with monthly rests from date of filing of OA till the date of realization and in default for sale of mortgaged property as described in the schedule to OA.

¶19

As per the averments in the application, the Applicant Bank states that defendant No.1 SmtPasupuletiJyothi availed housing loan of Rs.54.90 lakhs and funding of home loan insurance of Rs.2,40,000/and executed necessary loan documents in favour of Applicant bank. To secure loan facility, defendant no.1 executed Memorandum of term loan agreement dated 24.09.2019 and agreement to mortgage dated 20.09.2022 and deposited the title deeds bearing Regd Sale deed no.13407/2022 in of OA schedule^property. 01.08.2023 and on Subsequently defen verification of loa n as di that defendant no.2 who is the husband olo".E.8"Us$,381"n.,]oilir/ -_l- --:,1 - t^tt successor and the .- I ;j. mortgaged property -Ehfl. custodv o+A&-el{oant no.z, Therefore \4ohroeI1{17;' S#H,1H7'

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(OA.No.193/2024)

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defendant no.2 was impleaded as legal heir to deceased defendant no'1' After avairing the roan facirity, the defendants faired to compry the terms of sanction, hence the applicant bank was constrained to classify the account as NpA and issued legal notice dated 24.04.2024. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendant called absent and set exparte on t4.L0.2024.

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Sri S. PrathikYadav, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.10.

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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 Defendants as prayed for?

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Defendant remained ex pa rte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and he exhibited relevant d s Ex.Al to A.10. In view of the above, I hold that established their claim made in the OA agai ce the Applicant Bank 0 4^NO\I zmt

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(oA. No.193/2024)

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is entiued to recover the craim 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: The Defendant No.2 is riabre to pay to the Appricant Bank a totar sum of Rs.59,81,950/- (Rupees Fifty Nine Lakhs Eighty One Thousand Nine Hundred and fifty only) with future interest @ 10.01olo p.a from date of firing of oA tiil the date of rearization;

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The Applicant bank is entiUed to proceed against the mortgaged property as described in schedure to oA towards rearization of the debt due.

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The Applicant Bank is also entitled to proceed against the person and properties of defendant No.2 (regar heir) towards rearization 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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Communicate a copy of the-order to the parties concerned.

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bed by her, corrected, signed and pronounced by me tn the open court on

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State Bank of India v. Smt. Pasupuleti Jothi (Died)

Case brief

What is this about?

What did the court decide?

State Bank of India v. Smt. Pasupuleti Jothi (Died)

Case brief

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What the court decided

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