Allowed

State Bank of India v. Sri Mora Venkata Appa Reddy

DRT3 May 2024OA/8/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an application filed by State Bank of India for recovery of Rs. 56.33 lakhs along with future interest and penal interest, and ordered the joint and several liability of the defendants subject to fault-finding.

What did the court decide?

Respondents jointly and severally liable to pay Rs. 56,33,561/- plus future interest at 10.35% p.a. inclusive of 2% penal interest. Applicant entitled to proceed against mortgaged property and persona

State Bank of India versus Sri Mora Venkata Appa… — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL.I AT HYDERABAD

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DATED THrs rHE 3RD DAy oF MAy, 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.8 ot 2024

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Between:

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State Bank of India, Stressed Assets Recovery Branch-I, Branch at 2nd floor, upstairs of TSRTC building, commuters centre, Koti, Hyderabad, TS. Represented by its Chief Manager

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Applicant

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VERSUS

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Sri Mora VenkataAppa Reddy, s/o Late M.S. Tilakreddy,

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aged about 52 years, male

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occ: service, R/o l-L-287/39 and 40,

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bapunagar, Chikkadpally,

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Near TyagarayaGana Sabha,

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Hyderabad - 500 020.

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Smt Mora Sharmila, w/o Sri Mora VenkataAppa Reddy, aged about 48 years, female,

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occ: housewife, R/o 1-L-287/39 and 40, bapunagar, Chikkadpally, Near Tyagarayacana Sabha, Hyderabad - 500 020.

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Defendants

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Cou nsel for the Pa
For the Applicant Ms. Sangeeta laiswal
For the Defend Ex pa rte

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(OA.No.8 of 2024)

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ORDER

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The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.56.33,561/- (Rupees Fifty Six lakhs Thirty three thousand Five hundred Sixty one only) i.e.,

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a) A sum of Rs.42,35,898/- tn loan A/c. No.36928504966 with future interest @10.35% p.a inclusive of 2o/o penal interest with monthly rests from 15.t2.2023 till the date of realization;

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b) A sum of Rs.13,97,663/- in toan A/c. No.37846577765 with future interest @ 10.35o/o p.a inclusive of 27o penal interest with monthly rests from 15.12.2023 till the date of realization;

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and in default for sale of mortgaged immovable 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 availed housing loan of Rs.333.00 lakhs vide arrangement letter dated 05.06.2017. The loan amount was secured by equitable mortgage of schedule mentioned property. To secure the loan facility, the Applicant bank deposited the tile deed bearing document no.3580/2017 of SRO, Keesara on L7.06.2017. Subsequently the defendants availed top up loan facility of Rs.13.00 lakhs and lhe loa91@tr$.qgffigextension of equitabte mortgage or a, the ,,"r.,{gffi;J.hN the schedure to oA. After availing the lo#tacilitief, \tbF defpnderrlb faited to compty the terms '::; ':'!l ,,t, n ^:r,J

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*(QafP'

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(OA.No.8 of 2024)

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of sanction, hencethe appricant bank was constrained to crassify the account as NpA on 30.09.2023 and issued legal notice dated 15.72.2023. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants No.1 and 2 called absent and set exparte on 26.04.2024.

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Shri A.G. Satyaprasad, Manager of the Applicant Bank examined

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himself as AW.1 and exhibited releva nt documents, which are

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marked as Ex.A.1 to A.14.

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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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Defendants cailed absent and set exparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examrned and he exhibited rerevant documents as Ex.A1 to A.14. In view of the above, I hord that the Appricant Bank has estabrished their claim made in the OA Defendants and hence the

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Applicant Bank is en made in the OA with

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future interest and

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(OA.No.8 of 2024)

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In the result, the present OA is allowed with costs, as under:

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The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.56,33,561/- (Rupees Fifty Six lakhs Thirty three thousand Five hundred Sixty one only) i.e.,

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a) A sum of Rs.42,35,898/- in loan A/c. No.36928504966 with future interest @10.35olo p.a inclusive of 2yo penal interest from 15.72.2023 till the date of realization;

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b) A sum of Rs.13,97,663/- in loan A/c. No.37846577765 with future interest @ 10.35% p.a inclusive of 2o/o penal interest from 75.72.2023 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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13, The Applicant shall file within two weeks from the date
of receipt or orAerll(-
H
^
,: o 3 t.tAY zo24 *
if,i_ r -6,;flJ
@lrlz

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(OA.No.8 of 2024)

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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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(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 3'd day of May'2024)

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sdl(G. GOPTCHAND) PRESIDING OFFICER

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State Bank of India v. Sri Mora Venkata Appa Reddy

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sri Mora Venkata Appa Reddy

Case brief

What is this about?

What did the court decide?

What the court decided

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