Allowed

State Bank of India v. Sri. Narsimhulu Muggu

DRT6 Aug 2024OA/211/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Application by State Bank of India against two defendants for recovery of a defaulted home loan principal amounting to Rs.23.22 lakhs along with future interest and costs, declaring them jointly and severally liable.

What did the court decide?

Defendants to pay Rs.23,22,724/- plus future interest and costs; Applicant bank to proceed for realisation against mortgaged property.

State Bank of India versus Sri. Narsimhulu Muggu — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD DATED THrs rHE 6rH DAy oF AUGUsr, 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER OA.No.211 of 2024

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Between:

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State Bank of India,

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Stressed Assets Recovery branch, 2nd floor, TSRTC commuter Amenity Centre, bus terminal complex, Koti, Hyderabad, Telangana State. Represented by its Chief Manager

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Applicant

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VERSUS

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SriNarsimhuluMuggu, s/o Yadagiri, aged 33 years, male, H.No.14-308/L0, balajinagar, Alair - 508 101. YadadriBhuvanagiri dist.

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SmtMugguSathyamma, W/o MugguNarsimhulu, Aged 31 years, female,

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H. No.5-84l67lC, Golankonda, Alair - 508 101, YadadriBhuvanagiri dist.

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Defendants

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Counsel for the Parties:

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For the Applicant Prabhakar For the Defendants 0stljcmf

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(oA. No.211l2024)

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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.23,22,724l- (Rupees Twenty Three Lakhs Twenty two Thousand Seven hundred and Twenty four only) i.e.,

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a) A sum of Rs.8,30,939/- under loan A/c.No.402553g6915 withfurther interest @ 9.40olo p.a with monthly rests from the date of filing of OA till the date of realization;

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b) A sum of Rs.16,123l- under loan A/c.40795992284 with further interest @ 9,15olo p.a with monthly rests from the date of filing of OA till the date of realization;

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c) A sum of Rs.6,47,630/- under loan A/c. 4033t746lt4 withfurther interest @ 10.15o/o p.a with monthry rests from the date of firing of OA till the date of realization;

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d) A sum of Rs.8,28,032/- under loan account No.4t202t74304 with further interest @ 9.75olo p.a with monthly rests from the date of filing of OA till the date of realization;

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

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As per the averments licant Bank states that defendants No.1 &']. availed home loan fl .7,90,000/- and it^- ll F lttL'^rrutr ll '.1 Ft funding of home loan $q8.rance^{of Rs.25,588&} vide arrangement

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(oA.No.211l2024)

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letter dated 24.06.202L. To secure due repayment of home^{loan of} Rs.8,15,588/- the defendant no.1 created equitable mortgage^on 28.07.202L by way of deposit of sale deed^{No.5541/2018dated} 20.03.2018 in favour of Bank. The defendants availed^Home top^up loan of Rs.6,20,000/- vide letter of arrangement dated 30.07.202L. Subsequently the defendants availed Home top up loan of Rs.8.00 lakhs on L2.08.2022 and executed necessary documents. After availing the loan facilities, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA and issued legal notice dated 20,04.2024.Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants 1 and 2 called absent and set exparte on 15.07.2024.

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Sri P. Sandeep, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A. 1 to A. 15.

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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 ma nst the Defendants as

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prayed for?

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.s
0 6 rln ,R2{

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(oA.No.27L/20241

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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.15. 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 entifled to recover the claim made in the OA with future interest and costs.

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B. In the result, the present OA is allowed with costs, as under: The Defendants are joinUy and severally liable to pay to the Applicant Bank a total sum of Rs.23,22J241- (Rupees Twenty Three Lakhs Twenty two Thousand Seven hundred and Twenty four only) i.e.,

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a) A sum of Rs.8,30,939/- under loan A/c.No.40255386915 with further interest @ 9.40% p.a from the date of filing of OA till the date of realization;

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b) A sum of Rs.16,123l- under loan A/c.4}7g1gg22e4 with further interest @ 9.15olo p.a from the date of firing of oA tiil the date of realization;

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c) A sum of Rs.6,47,630/- under loan A/c. 4033t7461t4 with

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further interest a from the date of filing of OA till the date of

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(OA.No.2111202a)

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d) A sum of Rs.8,28,032/- under loan account No.4t202L74304 with further interest @ 9.75o/o p.a from the date of filing of OA 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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L2. 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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t4. 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 6th day of Aug,2024)

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sdt_
(G. GOPTCHAND)
PRESIDING OFFICER

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State Bank of India v. Sri. Narsimhulu Muggu

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sri. Narsimhulu Muggu

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

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