Allowed

Punjab National Bank v. Sri. K. Ramakrishnareddy

DRT2 Sept 2024OA/266/2024

Case brief

AI extract

What is this about?

Detribunal allowed an Order of Adjudication filed by Punjab National Bank against borrowers for recovery of a housing loan debt of Rs.79.43 Lakhs plus future interest and costs, holding the bank established its claim through document evidence.

What did the court decide?

Defendants jointly and severally liable to pay Rs.79.43 Lakhs plus future interest; entitlement to proceed against mortgaged and personal properties; recovery certificate issued.

Punjab National Bank versus Sri. K. Ramakrishnareddy — Execution and Attachment | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 2ND DAY OF SEPTEMBER' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.266 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 authorized Officer

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Applicant

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VERSUS

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Sri K. Ramakrishna Reddy, S/o K. Narasimha Reddy, male,. Aged 56 yrs, occ: business, R/o H.No.1-1, Kandi village,

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Sangareddy district - 502 285.

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MrsKohirvanitha,

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w/o Sri K. Ramakrishna Reddy,

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female, aged 48^years,

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occ: housewife,

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R/o H.No.1-1, Kandi village,

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Sangareddy district - 502 285.

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Defendants

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Counsel for the Parties:

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For the Applicant Smt N.M. Shiny Mounika
For the Defendants .4lat%rte
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¶20

(OA.No.266 of 2024)

¶21

ORDER

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The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.79,43,991.1lps (Rupees Seventy Nine Lakhs Forty Three thousand Nine Hundred Ninety one and paise Eleven only) with future interest @ 12olo p.awith monthly rests from 31.05.2024 till the date of realization and in default for sale of mortgaged property as described in the schedule to OA.

¶23

As per the averments in the application, the Applicant Bank states that defendants availed housing loan of Rs.70.00 lakhs and executed housing loan agreement on 27.0L.2017. To secure the loan facilities, the defendants created equitable mortgage of schedule mentioned property. 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 01.03.2023 and issued Possession notice dated 11.05.2023. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants No.1 and exparte on 14.08.2024.
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(OA.No.266 of 2024)

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Sri M.M. Chishty, Manager (Law) of the Applicant Bank examined himself 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 Defendants as prayed for?

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Defendants 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 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.79,43,991.'11ps (Rupees Seventy Nine Lakhs Fo usand Nine Hundred Ninety one and paise ture interest @ l2o/o ff"W'};rq\ p.a From 31.05.2024 ti the date of realization* ;^o2sEPzmt i Wr.#7

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(OA.No.266 of 2024)

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The Applicant bank is entiued 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 defendants 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 certificate accordingly.

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t4. 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 2'dday of Sept, 2024)

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6.st)

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sdl(G. GOPTCHAND) PRESIDING OFFICER )t#{,^'

Punjab National Bank v. Sri. K. Ramakrishnareddy

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Sri. K. Ramakrishnareddy

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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Case details

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