Allowed

State Bank of India v. Sri Varakantham Nanda Kumar Reddy

DRT8 Jan 2024OA/211/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Order Application filed by State Bank of India to recover a loan sum of Rs.36,28,600/- with interest. The court held the bank's claim substantiated after the defendant was absent, granting recovery against movable properties.

What did the court decide?

Recovery of Rs.36,28,600/- with future interest and costs; procedure against hypothecated movable properties allowed.

State Bank of India versus Sri Varakantham Nanda… — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THrs rHE 8rH DAy oF JANUARy, zo24

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.211 of 2023

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Between :

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State Bank of India, ARMB (SARB-II), Chikkadpally, Opp Sandhya Theatre, RTC "X" roads, Hyderabad, Represented by its Chief Manager

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Applicant

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VERSUS

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Sri Varakantham Nanda Kumar Reddy, S/o V. Shekar Reddy, male, aged 23 years, Occ: business, R/o H.No.1-30, Allapur, Choutuppal Mandal, Nalgonda District - 508 252.

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Also at

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Plot no.15, Road no.4, Bhagyalatha, Hayathnagar, Ranga Reddy Reddy dist- 501 505.501 505.505.

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Hayathnagar, Ranga Reddy Reddy dist- 501 505.501 505.505. Defendant
Counsel for the Parties:
ffi
For the Applicant : Sri M. f.Ff,ilffi
For the Defendant : Expart
ORDER

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The Applicant Bank filed the present OA aga'

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recovery of a total sum of Rs.36,28,6OO/- (Rupees Thirty Six

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Lakhs Twenty Eight thousand and Six hundred only) i.e.,

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(oA.No.211l2023)

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a) A sum of Rs.27 ,69 ,097 /- in respect of loan account no.38963167577 with further interest @ 12.95olo p,a ;

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b) A sum of Rs.3,56,018/- in respect of loan account no.39700493581 with further interest @ 9.25o/o p.a ;

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c) A sum of Rs.5,03,485/- in respect of loan account No.40254924060 with further interest @ 9.250lo p.a ; with monthly rests and penal interest @ 2olo p.a from 09.06.2023 till the date of realization and in default for sale of hypothecated movable property as described in the schedule to OA,

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As per the averments in the application, the Applicant Bank states that the defendant availed term loan of Rs.24,90,000/- on 30.11.2019 vide loan account no.38963l67577. The defendant hypothecated schedule mentioned bus as security to the said loan vide agreement of loan cum Hypothecation dated 30.11.2019. The defendant availed GECL loan of Rs.4,74,000/- on 06,10.2020 and 3d loan amount of Rs.4,74,000/- on 29.06.2021. After availing the loan facilities, the defendant failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA on 29.71.2022 and issued demand noti 022.

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the outstanding. Hence this OA.

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Defendant called absent and set

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-: 0f^{urr 7p1} ith*#P

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(oA. No.21112023)

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Smt M. Sarala, Manager of the Applicant Bank examined herself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.11.

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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 Defendant as prayed for?

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Defendant called absent and set exparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and she exhibited relevant documents as Ex.Al to A.11. In view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendant and hence^the Applicant Bank is entitled to recover the claim made in the OA^with future interest and costs.

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

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q The Defendant is liable to^pay to the sum of Rs.36,28,6OO/- (Rupees Thirty Eight thousand and Six hundred only)

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(oA.No.211l2023)

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a) A sum of Rs.27,69,097/- in respect of loan account no.38963167577 with further interest @ 12.95olo p.a ;

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b) A sum of Rs.3,56,018/- in respect of loan account no.39700493581 with further interest @ 9.25olo p.a ;

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c) A sum of Rs.5,03,485/- in respect of loan account No.40254924060 with further interest @ 9.25% p.a from 09.06.2023 till the date of realization;

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The Applicant Bank is entitled to proceed against the hypothecated movable property as described in the 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 entiued to the costs of the OA.

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The Applicant shall file a cost memo within two weeks from 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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(Dictated to the P.A.,P.A.,

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(Dictated to the P.A.,P.A., by her, corrected, signed and pronounced by me in the open court on this the 4) f^--B sdt-

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sdt(G. GOPTCHAND) PRESIDING OFFICER IRUE coP. // ,,..--2.. - ,, ^^{w6,lt '+} "^?"',,:i,f;g';:::

State Bank of India v. Sri Varakantham Nanda Kumar Reddy

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sri Varakantham Nanda Kumar Reddy

Case brief

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What did the court decide?

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