Allowed

Punjab National Bank v. Smt Banoth Sarojini

DRT27 Aug 2024OA/245/2024

Case brief

AI extract

What is this about?

ThisDebts Recovery Tribunal order allowed an application filed by Punjab National Bank for recovery of a loan amount of Rs. 20,07,321.57 along with future interest. The Tribunal held that the bank established its claim against the defendant.

What did the court decide?

Recovery of Rs. 20,07,321.57 with interest @ 9.90% p.a.; right to proceed against mortgaged property; right to proceed against defendant person and properties.

Punjab National Bank versus Smt Banoth Sarojini — Specific Performance | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE ?TTHDAY OF AUGUST'2024

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PRESENT: sRI GUMMADI GoPICHAND, PRESIDING OFFICER

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OA.No.245 ot 2024

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Between:

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Punjab National Bank, Circle Sastra, Maharshi House, Road no.3, Banjara Hills, Hyderabad - 500 034. Represented by its Authorised officer

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Applicant

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VERSUS

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Smt Banoth Sarojini, w/o_Hussain, R/o H.No.6_8g, Sai Prabath nagar, pedda Thanda, Raghunadhapalem, Khammam - SO7 tB)

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Defendant Counsel for the parti For the Applicant & * N.M. Shiny Mounika For the Defendant ?r ilt8 i-i:

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The Applicant Bank filed the present OA against Defendant for recovery of a total sum of Rs,20,07,321.57ps (Rupees Twenty Lakhs Seven thousand Three hundred Twenty one and paise Fifty seven only) with future interest @ 9.96o7o p.a with monthly rests from 04.rr'2023 ti, the date of rearization and in defaurt for sale of mortgaged property as described in the schedule to OA.

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(OA.No.245/20241

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As per the averments in the application, the Applicant Bank states that defendant availed cash credit facility of Rs.11,60,000/_ for crop production and executed necessary documents in favour of the Applicant Bank. As security for due repayment of loan, the defendant mortgaged the immovable property more fully shown in schedule A to OA. After availing the loan facilities, the defendant faired to compry the terms of sanction, hence the appricant bank was constrained to crassify the account as NpA and issued reca, notice dated 27.05.2024. Inspite of several requests and demands, the defendant did not clear the outstanding. Hence this OA.

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Defendant called absent and set exparte on 30.07.2024.

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Mrs Nirmala Mary Francis, Branch Manager of the Applicant Bank

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examined herself as AW.1 and exhibited relevant documents, which

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are marked as Ex.A.1 to A.B.

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Heard the Ld. Counsel for the Applicant Bank. 6. The point that arise for er the Applicant Bank is entitled for the cla inst the Defendant as ffi;,ffi'*-8d prayed for? 7. Defendant called a ;^z7ilmzm ; o substantiate the case of the eppticant Bani'j the Applicant Bank was

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(oA.No.24sl2024)

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examined and he exhibited relevant documents as Ex.A1 to A.B. In view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defenclant and hence the Appricant Bank is entitred to recover the craim made in the oA with future interest and costs.

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B. In the resurt, the present oA is ailowed with costs, as under:

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The Defendant is liable to pay to the Applicant Bank a total sum of Rs.2O,O7,32t.S7ps (Rupees Twenty Lakhs Seven thousand Three hundred Twenty one and paise Fifty seven only) with future interest @ 9.90% p.a from 04.tt.2023 tiil the date of rea lization ;

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The Applicant bank is entiued to Proceed against the mortgaged

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property as described in schedule to OA towards realization of the

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debt due.

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The Applicant Bank is also entifled to proceed against the person

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and properties of defendant towards realization of the debt due.

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The Applicant Bank of the OA.

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The Appticant shall fite weeks from the date of receipt of order.

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(oA. No.2asl2024)

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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 byler, corrected, signed and pronounced by me in the open court on this the 27th day of Aug,2024)

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sd/(G. GOPTCHAND) PRESlDING OFFICER

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¶35

rsu9^coPY /J' U-'- - ' Asst. RoEr3trEi DRI.I,^{HYOERABAD.Z)u"l"*} h

¶36

Punjab National Bank v. Smt Banoth Sarojini

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Smt Banoth Sarojini

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Statutes considered

Parties & counsel

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Case details

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