Allowed

State Bank of India v. Sri. Motor Deepak Kumar

DRT18 Apr 2024OA/26/2024

Case brief

AI extract

What is this about?

In an Original Application filed by State Bank of India against Sri Motor Deepak Kumar for recovery of dues including principal, interest, and proceeds from mortgaged property, the Debts Recovery Tribunal allowed the bank's claim. The court held that the bank had established its claim and directed the issuance of a recovery certificate.

What did the court decide?

Recovery of Rs.77,30,557/- plus future interest of 10.90% p.a. from filing date till realization; permission to proceed against mortgaged property and respondent's properties; costs of the OA.

State Bank of India versus Sri. Motor Deepak Kumar — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THIS THE 18TH DAY OF APRIL'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.26 OF 2024

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Between:

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State Bank of India, Stressed Assets Recovery Branch, 2nd floor, TSRTC Commuter Amenity Centre, Bus Terminal Complex, Koti, Hyderabad - 500 095. Represented by its Chief Manager

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Applicant

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VERSUS

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Sri Motor Deepak Kumar, S/o Sri M. Buchaiah, H. No.B- 12-97 /V2/ t1NP, Venkateswara Colony, Phase-2, Hasthinapuram West, Kharmanchar, Hyderabad.

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And also at

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Sri Motor Deepak Kumar, s/o Sri M. Buchaiah, flat no.101, green meadows, Karmanghat, Saroornagar, Hyderabad.Hyderabad.

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Saroornagar, Hyderabad.Hyderabad. Defendant
Counsel for the Parties:
%%
For the Applicant : '' . ^ Sri C. Sreed
For the Defendant
, ' ;;;.;i-:'

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The Applicant Bank filed the

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against Defendant for

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recovery of a total sum of Rs.78,27,462l- (Rupees Seventy

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(oA.26 of 2024)

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Eight Lakhs Twenty Seven thousand Four Hundred and Sixty Two only) i.e., a sum of Rs.77,30,557/- under loan account No.4t602722654with further interest @ 10.90% p.a with monthly rests from date of filing of oA till the date of realization and a sum of Rs.96,905/- under loan account no.4L6l24244tO with further interest @ 10.90olo p.a with monthly rests from date of filing of OA till the date of realization and in default for sale of mortgaged property as described in the schedule to OA.

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2' As per the averments in the apprication, the Appricant Bank states that defendant avaired home roan of Rs.74.00 rakhs for purchase of new flat and executed memorandum of loan agreement dated 19.0, 2023. To secure due repayment of Home loan, the defendant executed agreement of mortgage, deed of undertaking dated 79.01.2023 and memorandum of deposit of title deeds dated 06.02.2023. The defendant purchased the OA schedule property vide sale deed no.705/2023 dated 23.01.2023, declaration dated 23'01.2023 and confirmation retter dated 07.02.2023 and sare deed no.705/2023 dated 23.01.2023. After availing the loan facilities, the defendant faired to compry the terms of sancron, hence the applicant bank was constrgf,q,{g.,9tassiry the account as NpA on 13.10.2023 and issued tegat,',stiqe date-d 15.12.2023. Inspite of severar requests a'b demands, .the deiendant did not crear the outstanding. Hencei thts Oe..^'-- :i2,1

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(oA.26 of 2024)

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Defendant called absent and set exparte on 06.03.2024.

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shri P. Sandeep, Manager of the Appricant Bank examined himserf as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.12.

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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 he exhibited relevant documents as Ex.A1 to A.12. 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 entiUedJ&r+Sr,.the ctaim made in the OA with future interest and costs, ,f..,'!li^-'.,'.-.1" .:.. i,.^, ,. ,i

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B. In the result, the present bn ii afciwed with costs, as under:

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The Defendant is sum of

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Rs.78,27,462/Seven

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(oA.26 of 2024)

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thousand Four Hundred and Sixty Two only) i.e., a sum of Rs.77,30,557/- under loan account No.41602722654 with further interest @ 10.90olo p.a from date of filing of OA till the date of realization and a sum of Rs.96,905/- under loan account no.476t2424410 with further interest @ 10.90o/o p.a from 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 defendant towards realization of the debt due.

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The Applicant Bank is entiiled 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 certificate accordingly.

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Communicate a copy of the order to the parties concerned.

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( Dict'j bed by her, corrected, signed and pronounced by me in the open court on this t of April'2024)

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sd/(G. GOPTCHAND) PRESIDING OFFICER

State Bank of India v. Sri. Motor Deepak Kumar

Case brief

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What did the court decide?

State Bank of India v. Sri. Motor Deepak Kumar

Case brief

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