Allowed

State Bank of India v. Sri Kunarapu Raju

DRT21 Aug 2024OA/200/2024

Case brief

AI extract

What is this about?

This O.A. was filed by the State Bank of India for recovery of a personal loan availed by the defendant under Xpress Credit scheme. The defendant failed to repay the dues. The Tribunal, being the defendant absent and satisfied by the evidence of the Chief Manager, allowed the OA. It directed the defendant to pay the outstanding sum with future interest and costs, and issued a recovery certificate.

What did the court decide?

To pay a total sum of Rs. 23,28,404.51 with interest at 11.15% p.a. from 08.05.2024 till realization, along with costs. A recovery certificate was issued accordingly.

State Bank of India versus Sri Kunarapu Raju — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

¶2

DATED THIS THE 21STDAY OF AUGUST' 2024

¶3

PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

¶4

OA.No.2OO of 2024

¶5

Between :

¶6

State Bank of India, Stressed Assets Recovery branch-II, 1-8-563/1, RTC Cross roads, Opp Sandhya theatre, 1st floor, Chikkadpally, Hyderabad - 20. Rep by its Chief Manager Applicant

¶7

VERSUS

¶8

Sri Kunarapu Raju, Male, major, S/o KunarapuRamulu, H.No.2-2-7 5, Subhash street, Enumamula, Warangal - 506 381. Defendant Counsel for the ParlilS6 B For the Appticant lf^frF lanaki Ram For the oerendant i,^I 2^{1 tUS} mt !', 1. The Applicant Bank filed the present OA against Defendant for recovery of a total sum oF Rs,23,28,404.51ps (Rupees Twenty Three Lakhs Twenty Eight Thousand Four hundred Four and

¶9

(oA. No.200/2024)

¶10

paiseFifty One only ) with interest @ 11.15olo p.a with monthly rests from 08.05.2024 till the date of realization.

¶11

As per the averments in the application, the^{ApplicantBankstates} that defendant availed^{personal loan underXpressCredit scheme or} a sum of Rs.25.00 lakhs vide^letter of^{arrangementdated} 05.12.2022. The defendant^{agreed to repay the loan with interest} @ 11.5^{o/o p.awith monthly rests} repayable in 72 EMIs^of Rs,47,778/-. After availing^{the loan facility, the defendant failed to} comply the terms of^{sanction, hence the applicant bank was} constrained to classify^{the account as NPA on 04'03'2024and} issued legal notice dated^{12.04.2024.Inspite of severalrequests} and demands, the^{defendant did not clear the outstanding' Hence} this OA.

¶12

Defendant called^{absent and set exparte on 10'07} '2024'

¶13

Shri leeval Rama Rao,^{Chief Manager of the ApplicantBank} examined himself^{as AW.1and exhibited relevantdocuments,which} are marked as^{Ex.A'1 to A.7'}

¶14

Heard the Ld. Counsel^for,

¶15

)
t't ^ ^ ?1AU02fi1 rrtt.r rxYll * i<
'W,-t$P

¶16

(OA.No.200/202a)

¶17

The point that arise for consideration is whether^{the ApplicantBank is} entitled for the claim made in the OA^{against the Defendantas} prayed for?

¶18

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'7' In} view of the above, I^{hold that the Applicant Bank has established} their claim made in the^{OA against the Defendant and hencethe} Applicant Bank is entitled^{to recover the claim madein the oA with} future interest and^costs.

¶19

S.Intheresult,thepresentOAisallowedwithcosts,asunder: TheDefendantisliabletopaytotheApplicantBankatotalsumof Rs.23,281404.51ps^{(Rupees Twenty Three Lakhs Twenty Eight} ThousandFourhundredFourandpaiseFiftyoneonly)with interest @^{11.15% p.a from 08.05.2024till the date of realization;}

¶20

The Applicant Bank is^{also entitled to proceedagainstthe person} and properties of defendant towards^{realization of the debt due'}

¶21

The ApPlicant The ApPlicant Bank is entitledis entitledentitled of the OA;'
11. The APP|icant shall file w ith in ks from the date
of receiPt of order.
: 21rLrnrm I
' :1\ - .!,
..h,i*@rP

¶22

The ApPlicant The ApPlicant^{Bank is entitledis entitledentitled}

¶23

(oA. No.200/2024)

¶24

12. Issue Recovery certificate accordingly.

¶25

13. Communicate a copy of the order to the parties concerned.

¶26

(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 2l'tday of Aug, 2024)

¶27

sdl(G. GOPTCHAND)

¶28

PRESIDING OFFICER

¶29

t e coi P7Y ). alv<br>It,' L_--r ,
'[. var ci (r)
Asst:r"['Jn!:'l'JArBAo.
nP.'(,(-1, H t YN

State Bank of India v. Sri Kunarapu Raju

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sri Kunarapu Raju

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

All orders in this case

Similar cases

Suman Kumar Kotra versus Sriram City Union Finance Ltd.

State Bank of India versus Sri Makkena John Jabraj

Bank of Baroda versus M/S. Harihara Pack Private Ltd.

O. Pruthvik Rao versus State Bank of India

State Bank of India versus M/S.Gnr Products India

Punjab National Bank versus Smt Banoth Sarojini