Allowed

State Bank of India v. Mrs. Nelapati Hemalatha

DRT25 Nov 2024OA/196/2024

Case brief

AI extract

What is this about?

TheDTallowed anapplicationbyStateBankofIndiainrelationtoanoverdueservicepersonalloanagainstanindvidualdefendantfollowingdefault. Thecourtconfirmedtheclaim,orderedrecoveryoftheprincipalamountwithinterestawardedarecovery certificate. Thisjudgmentdealswithadilatoryproceduralreviewanddoesnotinvolveanylegallawproblemtosolutionandinresultsfallegalprpiration. It relieves the bank of the burden of rulingi

What did the court decide?

Recovery certificate issued for principal sum of Rs. 27,11,667 plus future interest at 12.90% p.a.

State Bank of India versus Mrs. Nelapati Hemalatha — DRT (2024) — LawSathi Research

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 25TH DAY OF NOVEMBER'2f/24

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PRESENT: SRI GUMMADI GoPICHAND, PRESIDING oFFICER OA.No.196 ot 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 Iheatre, RTC Cross Roads, Chikkadpally, Hyderabad, Telangana State. Represented by its Chief Manager Applicant

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VERSUS

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Mrs. NelapatiHemalatha, D/o Mr. Nelapati Victor Clement, Aged 52 years, occ: service, L2-3-912/S or 6, shanti nagar, North Lalguda, Hyderabad.

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Defendant

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Counsel for the parties:

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For the Applicant A,M. Kiran Kumar For the Defendant rte ., -:,.,1 -, 25WhBt*.:, il ',:: ' .. 1 .-j' a] "'Y:', 1. The Applicant B ank . fi_fear'tne* j.i---.i.: i'.:. p-r.esent .: ,.' OA against DeFendant .:..1-'.,, recovery of a total sum.6f"''hs.27,1L,667/ (Rupees Twenty Seven Lakhs Eleven Thousand Six Hundred and Sixty Seven only)with future interest @ 12.90olo p.a with monthly rests from date of application till the date of realization.

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(OA. No.196/2024)

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2' As per the averments in the apprication, the Appricant Bank states that defendant availed personal loan of Rs.25.00 lakhs and executed Arrangement letter, personal agreement and agreed to repay in 72 monthry instarments' After avairing the roan facirity, the defendant faired to compry the terms of sanction, hence the appricant bank was constrained to classify the account as NpA on 12.09.2023 and issued legal notice dated 02.04.2024. lnspite of several requests and demands, the defendant did not crear the outstanding. Hence this oA.

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Defendant called absent and set exparte on 24.09.2024.

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Sri J. Rama Rao, Chief Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are

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marked as Ex.A.1 to A.7.

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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 entitled for the claim made inst the Defendant as

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prayedfor? {#

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Defendant remained exparte 2rt Mlefihti"t{1ithe case of the Applicant Bank, RW.1, oifi,cii Qf the nk was examined and he exhibited retevant O)S .r. In view of the

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(0A. N0.196/202a)

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above, I hold that the Applicant Bank has established their claim made in the oA against the Defendant and hence the Appricant Bank is enti'ed 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 is liable to pay to the Applicant Bank a total sum of Rs.27,11,667 / - (Rupees Twenty Seven Lakhs Eleven

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Thousand six Hundred and sixty seven onry)with future interest @ 12.90olo p.a from date of application till the date of realization.

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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 entiUed to the costs of the OA.

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11' The Appricant sha, fire 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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Communi of the order to the parties concerned.

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,^corrected, signed and pronounced by me in the open

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State Bank of India v. Mrs. Nelapati Hemalatha

Case brief

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State Bank of India v. Mrs. Nelapati Hemalatha

Case brief

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