Allowed

State Bank of India v. E. Varaprasad

DRT5 Mar 2024OA/266/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an Original Application filed by State Bank of India against two respondents for recovery of loan dues. The tribunal held the bank's claim substantiated, directed joint and several liability for principal and interest, and authorized recovery proceedings.

What did the court decide?

Directed respondents to pay Rs. 2,08,68,311/- with future interest; permitted bank to proceed against mortgaged properties; Recovery Certificate to be issued.

State Bank of India versus E. Varaprasad — Insolvency and Bankruptcy | DRT (2024)

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IN THE DEBTS RECOVERYTRIBUNAL.I AT HYDERABAD

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DATED THrs rHE 5rH DAy oF MARCH'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.266 of 2O23

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Between:

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State Bank of India, Stressed Assets Recovery Branch, 2nd floor, APSRTC, CAC, Koti, Hyderabad. Represented by its Chief Manager

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Applicant

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VERSUS

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Sri E. Varaprasad, s/o Sri E. Surya Rao, aged 53^years, occ: business, H.No.9-85/2, Road no.3, Vidya Nagar, Pothireddypally, Sangareddy town, Sangareddy district - 502 307.

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Smt E. Sathyabharathi, w/o Sri E. Varaprasad, aged 42 years, occ: housewife, H.No.9-85/2, Road no.3, Vldya Nagar, Pothireddypally, Sangareddy town, Sangareddy district - 502 307. Defendants

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Smt B. Ramana Kumari Expa rte [5HIB

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(oA.No.26612023)

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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.2,O8,68,311/- (Rupees Two Crores Eight Lakhs Sixty Eight thousand Three hundred and Eteven only) i.e.,

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a) A sum of Rs.1,48,57,183/- in respect of housing loan with current and future interest @ 12.20o/o p.awith monthly rests from 22.09.2023 till the date of realization;

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b) A sum of Rs.60,11,128/- in respect of top up loan with current and future interest @ 12.25o/o p.a with monthly rests from 22.09,2023 till the date of realization;

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and in default for sale of mortgaged properties as described in the schedule "A &8" to OA.

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As per the averments in the application, the Applicant Bank states that defendants availed housing loan of Rs.1,36,88,287l- for construction of the house more fully described in the schedule to OA. The defendants created equitable mortgage of the schedule property vide arrangement letter dated 27.06.2019. As a security for repayment of the loan amount, the defendant no.1 deposited original regd sale deed -- doc.No.21103/2013 dated o6.tz.2ot3 reeistere!,,;-ry$Sfu, uno arso deposited

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oris i n a r deed or'::[]..,,f .s r,:.ii' i,n0zf^{".r$fr nt n o. 1 62 38/20 1 s a nd}

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(oA.No.25512023)

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created mortgage of Schedule A property. Defendant no.2 deposited original Regd Sale deed Doc.No.16293l2ot4 dated11.12.2014 and created mortgage over Schedule B property. The defendants availed top up loan of Rs.60.00 lakhs vide sanction letter dated 29.06.2019. 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 demand notice dated 30.06.2023. 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 09.01.2024.

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Shri P.Prabhakar, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex,A,1to A.20.

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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 Defendants as prayed for?

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Defendants called substantiate the of the Applicant n[.(, ,p,ffiJfl1i1or Applicant Bank

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(oA.No.26612023)

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examined and he exhibited relevant documents as Ex.A1 to A.20. 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 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 Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of RS.2,O8,68,3LL/- (Rupees Two Crores Eight Lakhs Sixty Eight thousand Three hundred and Eleven only) i,€.,

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a) A sum of Rs.1,48,57,t83/- in respect of housing loan with current and future interest @ t2.2Oo/o p.a from 22.09.2023 till the date of realization;

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b) A sum of Rs.60,11,128/- in respect of top up loan with current and future interest @ 12.25o/o p.a from 22.09.2023 till the date of realization;

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The Applicant bank is entitled to proceed against the mortgaged properties as described in schedule "A &8" to OA towards realization of the debt due. -,:t',.,,... ",;i,,Uif.,tr

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i;J"'"ll:^'}lV

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the Applicant Bank is dsg entitled tb" proceed aftinst the person and p D ro oe pe rt i ies es or "'""'\ffiliffi o ere n oa n[LJo*"Po 15,.lifl ,i#J" oJiL o" debto, o, due'".

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(oA.No.26612023lr

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L2. The Applicant Bank is entiUed 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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t4. Issue Recovery ceftificate 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 by her, corrected, signed and pronounced by me in the open court on this the 5th day of March, ZO24)

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sd/(G. GOPTCHAND)

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PRESIDING OFFICER

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State Bank of India v. E. Varaprasad

Case brief

What is this about?

What did the court decide?

State Bank of India v. E. Varaprasad

Case brief

What is this about?

What did the court decide?

What the court decided

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