Allowed

State Bank of India v. Smt. Gavva Vara Lakshmi

DRT30 Jul 2024OA/5/2024

Case brief

AI extract

What is this about?

The DRT adjudicated an Original Application filed by State Bank of India for recovery of a housing loan along with interest and costs. The bank established its claim through affidavit evidence. The Tribunal directed the defendants to pay the outstanding sum including future interest and allowed the bank to proceed against mortgaged and personal properties for debt realization.

What did the court decide?

Joint and several liability order to pay Rs. 28,91,856/- plus future interest at 10.45% p.a.; authority to proceed against mortgaged and personal properties for realization; recovery certificate issue

State Bank of India versus Smt. Gavva Vara Lakshmi — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 3OTH DAY OF JULY'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

OA.No.S of 2024

Between:

State Bank of India,

Stressed Assets Recovery branch, 2nd floor, TSRTC Commuter Amenity Centre, Bus Terminal complex, Koti, Hyderabad - 500 095.

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Represented by its Chief Manager

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Applicant

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VERSUS

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Smtcavvavara Lakshmi, w/o GavvaBalaji aged 39 years, occ: housewife, flat no.105, SrinivasaAnandam, plot no. 1-40, Near Meeseva, Miyapur, Hyderabad - 500 049.

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Also at:

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Flat no.402, Sri Vinayak Residency, Bhavanipuram, Ashok nagar, Ameenpur, Sangareddydist- 500 032.

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Sri GavvaBalaji, S/o GavvaEswar Rao, Aged 42 years, occ: business, flat no.105, SrinivasaAnandam, plot no.1-40, Near Meeseva, Miyapur, Hyderabad - 500 049.

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Also at:

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Flat no.402, Sri Vinayak Residency, Bhavanipuram, Ashok nagar, Ameenpur, Sangareddydist- 500 032.

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Defendants

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(OA.No.5 of 2024)

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Counsel for the Pa rties: For the Applicant

For the Defendants

Smt B. RamanaKumari

Exparte

ORDER

The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.28,91,856/- (Rupees Twenty Eight Lakhs Ninety One thousand Eight hundred and Fifty Six only)

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with current and future interest @ 10.45olo p.a wlth monthly rests from 30.11.2023 till the date of realization and in default for sale of mortgaged property as described in the schedule to OA.

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As per the averments in the application, the Applicant Bank states that defendants l and 2 availed housing loan of Rs.24,14,000/- on 71.L0.2017. The defendants executed agreement to mortgage dated 20.10.2077 agreeing to create mortgage of schedule property and also executed deed of undertaking dated 20.L0.20t7 in favour of Applicant Bank. As a security for repayment of loan, the defendant no.1 deposited the original Regd sale deed doc.No.22Bl7/2OtTdated L3.t0.2017 and created mortgage over the schedule property. After availing the loan facilities, the defendants failed to comply the terms .-.- .-. ----.i: .. of sanction, hence the to classify the 30.6.2023 and account as NPA ana is(#;;ffi'".

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legal notice dated 03'.11.2o!{ JIJ[nsffit" o( requests and r:1 ,1,^J: a.l t.'.r,. ..,, -Q:Y, VI;:yM:,=

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(oA.No.s of 2024)

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demands, the defendants did not clear the outstanding. Hence this oA.

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Defendants 1 & 2 called absent and set exparte on t2.07.2024.

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Sri Govind Raju, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1to A.13.

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

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Defendants 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.13. In view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendants and hence the Applicant Bank is entitled to recover the claim made in the OA with future interest and costs.

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B. In the result, the p as under:

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(OA.No.5 of 2024)

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The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.28,91,8561- (Rupees Twenty Eight Lakhs Ninety One thousand Eight hundred and Fifty Six only) with current and future interest @ lO.45o/o p.a from 30.11.2023 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 defendants 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 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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by her, corrected, signed and pronounced by me in the open

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sdl(G. GOPTCHAND) PRESIDlNG OFFICER

State Bank of India v. Smt. Gavva Vara Lakshmi

Case brief

What is this about?

What did the court decide?

State Bank of India v. Smt. Gavva Vara Lakshmi

Case brief

What is this about?

What did the court decide?

What the court decided

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