Allowed

State Bank of India v. Mr.. P . Shravan Kumar

DRT2 Sept 2024OA/249/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the applicant bank's Original Application for recovery of a personal loan. The defendant was absent, and the court held the bank had established its claim based on documentary evidence.

What did the court decide?

Defendant ordered to pay Rs.22,12,128/- plus future interest at 10.65% p.a. and costs; powers to proceed against defendant's person and properties exercised.

State Bank of India versus Mr.. P . Shravan Kumar — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS RECOVERY"TRIBUNAL-I AT HYDERABAD DATED THIS THE 2ND DAY OF SEPTEMBER'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

¶3

OA.No.249 of 2024

¶4

Between:

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State Bank of India, Stressed Assets Recovery branch-II, 1-8-563/1, RTC Cross roads, Opp Sandhya theatre, 1't floor, Chikkadpally, Hyderabad - 20. Rep by its Chief Manager

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Applicant

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VERSUS

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Mr. P. Shravan Kumar, s/o Mr. Parvatha Srinivas, aged 28 years, occ: service, working as Helper-II, Mechanical division, Office of DRM, South Central Railway, Secunderabad. 4-93/3, Bypass road, Bibinagar, YadadriBhuvanagiri district Old Nalgonda district.district.

¶9

Old Nalgonda district.district. Defendant Counsel for the Parties:,.;:1 For the Appricant ,i/iKiran Kumar For the oerendant flirt 0 Z S&, lrlfi 1. The present OA against Defendant for recovery of a total sum of Rs.22,12,L28l- (Rupees Twenty two Lakhs Twelve thousand One hundred and Twenty Eight only )

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(oA. No.24912024)

¶11

with future interest @ 10.650lo p.a with monthly rests from date of application till the date of realization.

¶12

As per the averments in the application, the Applicant Bank states that defendant availed personal loan of Rs.22.00 lakhs vide arrangement letter dated 16.11.2022 and agreed to repay in 72 monthly installments from 02.12.2022. After availing the loan facility, the defendant failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA on 15.07.2023 and issued legal notice dated 02.04.2024, Inspite of several requests and demands, the defendant did not clear the outstanding. Hence this OA.

¶13

Defendant called absent and set exparte on 31.07.2024.

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Shri JeebanMishra, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.8.

¶15

Heard the Ld. Counsel for the Applicant Bank.

¶16

The point that arise for consideration is whether the Applicant Bank is
entitled for the claim against the Defendant as
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prayed for?
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¶17

(OA. No.249l2024)

¶18

Defendant 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.8. 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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B. In the result, the^present OA is allowed with costs, as under:

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The Defendant is liable to pay to the Applicant Bank a total sum of Rs.22,L2,L28l- (Rupees Twenty two Lakhs Twelve thousand One hundred and Twenty Eight only )with future interest @ 10.65olo p.a from date of application till the date of realization;

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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 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

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i6t,

¶26

(oA.No.24912024)

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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 2nd day of Sept, 2024)

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(G. GOPTCHAND)

PRESIDING OFFICER

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¶34

State Bank of India v. Mr.. P . Shravan Kumar

Case brief

What is this about?

What did the court decide?

State Bank of India v. Mr.. P . Shravan Kumar

Case brief

What is this about?

What did the court decide?

What the court decided

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