Allowed

State Bank of India v. Smt. Donthi Narmada

DRT14 Oct 2024OA/6/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the Originating Application filed by State Bank of India for recovery of a total sum of Rs.40,24,183/- inclusive of interest and future interest on housing loans, insurance accounts, and top-up loans defaulting by Smt. Donthi Narmada, authorizing action against both her and mortgaged properties.

What did the court decide?

Defendant to pay Rs.40,24,183/- with interest; Bank entitled to proceed against mortgaged property and Defendant's assets; Costs awarded.

State Bank of India versus Smt. Donthi Narmada — Contract and Commercial Disputes | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 14THDAY OF OCTOBER' 2024

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PRESENTI SRI GUMMADI GOPICHAND, PRESIDING oFFICER

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OA.No.O6 ot 2024

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Between:

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State Bank of India, Stressed Assets Recovery Branch, 2nd Floor, TSRTC bus Terminal Complex, (Commuter Amenity Centre), Koti, Hyderabad, Telangana State. Represented by its Chief Manager

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Applicant

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VERSUS

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SmtDonthi Narmada, Wo Satyanarayana, Aged 36 years, occ: business, Female, R/o 6-4-6t/62, Kameshwari Apartment, Hanamkonda, Warangal- 506 OO1.

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Defendant

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Counsel for the parties:

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For the Applicant

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For the Defendant

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Smt B. RamanaKumari Exparte

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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.4O,24,183/- (Rupees Forty Lakhs
Twenty Four
hundred and Eighty three only)
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¶17

(oA.6/2024],

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a) A sum of Rs.37,17,439/- in respect of housing loan with current and future interest @ 10.80o/o p.a with monthly rests from 20.12.2023 till the date of realization;

¶19

b) A sum of Rs.59,246l- in respect of housing loan Insurance account with current and future interest @ 10.80o/o p.a with monthly rests from 20.L2.2023 till the date of realization;

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c) A sum of Rs.2,47,498/- in respect of Top Up loan with current and future interest @ 11,75% p.a with monthly rests from 20.12.2023 till the date of realization;

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and in default for sale of mortgaged property as described in the schedule to OA.

¶22

As per the averments in the application, the Applicant Bank states that defendant availed home loan of Rs.28,50,000/-and funding of home loan insurance of Rs.65,000/-. The defendant executed agreement to mortgage dated 06.03.2019 and mortgaged the schedule mentioned property by depositing the RegdSale deed bearing doc. No.6533/2019 dated 13.03.2019 registered in the office of SRO, Warangal. Subsequenily the defendant availed housing top up loan of Rs.2,28,000/- on 05.08.2022. After availing the loan facilities, the defendant failed to comply the terms of sanction,

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hence the applica. nstrained to classify the account as NPA and ated 13.02.2023. Inspite of

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seyera/ reques and dernanc (oa.e72s2a1 outstanding. He rnce this oA. ls' the defendan t did not c/ear the

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(oa.e72s2a1

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Defendant called absent and set eXparte

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6;-1 09.09.2024.

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Sri MsnyulDixit, Manager of the Applicant AW.1 and exhibited relevant Bank examined herself as 'srcvdrJt documents' Ex.A.1 to A.15. which are marked as

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5, Heard the Ld. Counsel for the Applicant Bank.

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The point that arise for consideration is whether the Applicant Bank is entiUed for the claim made in the OA against the Defendant as prayed for?

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7 ' Defendant ca,ed absent and set exparte. To substantiate the case of the Appricant Bank, AW.1, officiar of the Appricant Bank was examined and he exhibited rerevant documents as Ex.A1 to A.15. In view of the above, I hold that the Appricant Bank has established their craim made in the oA against the Defendant and hence the Appricant Bank 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 O

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s under:

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loA.6/2024]|

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The Defendant is liable to pay to the Applicant Bank a total sum of

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Rs.4O,24,183/- (Rupees Forty Lakhs Twenty Four thousand One hundred and Eighty three only) i.e.,

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a) A sum of Rs.37,17,439/- in respect of housing loan with current and future interest @ 10.80o/o p.a from 20.12.2023 ill the date of realization;

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b) A sum of Rs.59,246/- in respect of housing loan Insurance account with current and future interest @ 10.80o/o p.a from 20.12.2023 till the date of realization;

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c) A sum of Rs.2,47,498/- in respect of Top Up loan with current and future interest @ 11.75olo p.a from 20.t2.2023 till the date of realization;

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The Applicant bank is entitled to proceed against the mortgaged property as described in schedule to OA towards realization of the debt due.

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The Applicant Bank is also entitled 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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The Applicant shall file from the date of receipt of order.

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Issue Recovery certifica ft.o,.a,,{n,9tr^,t ^ ;

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W,-sg

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(oA.612024)

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14. 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 Oct,2024)

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sd/(G. GOPTCHAND) PRESIDING OFF]CER

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¶52

DRT.I, HYDERABAD.

State Bank of India v. Smt. Donthi Narmada

Case brief

What is this about?

What did the court decide?

State Bank of India v. Smt. Donthi Narmada

Case brief

What is this about?

What did the court decide?

What the court decided

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