In this O.A. for recovery of a debt, the court permitted the Applicant Bank's claim for repayment of an educational loan along with future interest and costs, noting that defendants remained absent.
Defendants ordered to jointly and severally pay Rs. 26,50,025/- with future interest; applicant bank entitled to proceed against mortgaged property.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 4TH DAY OF NOVEMBER'2024
PRESENT: SRI GUMMADI GoPICHAND, PRESIDING oFFICER
OA.No.256 of 2023
Between:
Indian Overseas Bank, Marredpally branch, Plot no.48, Sarvasuki Society, West Marredpally, Secunderabad - 500 026. Represented by its Constituted General Power of Attorney
Applicant
VERSUS
(oA. No.256/2023)
Sri Sai Bhavan Apartments, Old Safilguda Main Road, Malkajgiri, Secunderabad - 56.
Also at H,No.2-2-44412/1, Nallakunta, Osmania University Road, Hyderabad - 500 044. Defendants
Counsel for the Parties: For the Applicant Sri Alluri Krishnam Raju For the Defendants Expa rte
ORDER
1' The Applicant Bank fired the present oA against Defendants for recovery of a total sum of Rs.26,5o,O25,/(Rupees Twenty Six Lakhs Fifty Thousand and Twenty five only) i.e, a sum of Rs.24,19,985/-with future interest @ 12.55o/o p.a with monthly rests from 07.09.2023 and a sum of Rs.2,30,040/ with future interest @ tt.95o/o p.a from 07.09.2023 till the date of realization and in default for sale of mortgaged property as described in the schedule to OA.
(OA.No.2s612023)
guarantee agreement dated 17.09.2013. The defendants also executed credit sanction, letter of undertaking, undertaking from coborrower, demand promissory note and letter of undertaking in term loan for repayment. Defendants 2 & 3 and late K. prabhakar Sharma created mortgage by deposit of title deeds in respect of schedule property and deposited original regd sale deed dated 31.07.2006. Subsequently late K.prabhakar Sharma also availed term loan of Rs.4.00 lakhs and executed necessary documents. After availing the loan facility, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NpA on 30.10.2021 and issued demand notice dated I1.02.2022. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.
(OA.No.2s612023 )
7' Defendants remained exparte. To substantiate the case of the Applicant Bank, AW.1, officiar of the Appricant Bank was examined and he exhibited rerevant documents as Ex.Al to 4.26. In view of the above, I hord that the Appricant Bank has estabrished their craim made in the OA against the Defendants and hence the Applicant Bank is entitled to recover the claim made in the oA with future interest and costs.
B' In the resurt, the present oA is alowed with costs, as under: The Defendants are joinUy and severally liable to pay to the Applicant Bank a total sum of Rs.26,50,025/_ (Rupees Twenty Six Lakhs Fifty Thousand and Twenty five only) i.e, a sum of Rs.24,19,985/-with future interest @ 12.55% p.a from 07.0g,2023 and a sum of Rs.2,30,040/- with future interest @ 11.95olo p.a from 07.09.2023ti11 the date of realization;
v. The Applicant bank is entiUed to proceed against the mortgaged property as described in schedule to OA towards realization of the debt due.
(oA. No.2s612023)
sd/(G. GOPTCHAND) PRESIDING OFFICER
i;,, IqN0I 2$2
ffuffi-, AssL Rcglslrar r'DT.I. HYDERAEAO.
3 issues framed by the court
whether the bank is entitled to recover the loan amount with future interest and costs upon defendants failing to clear outstanding dues
how the application against defendants should be disposed of in default
whether the applicant bank is entitled to proceed against the mortgaged property towards realization of debt
INDIAN OVERSEAS BANK
SRI K. SADASHIV KASHYAP
MRS. K. TRIVENI
SMT V. SHOBHA RANI
GUMMADI GOPICHAND
As recorded by the court registry
2 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
