Allowed

State Bank of India v. Sri Pailla Vikram Reddy

DRT12 Jul 2024OA/28/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an original application filed by State Bank of India against two borrowers for recovery of housing loans, home insurance, and top-up facility totaling Rs.45,52,163/- along with costs and permission for enforcement against mortgaged property.

What did the court decide?

Permission to proceed against mortgaged property; Recovery certificate issued; Joint and several liability imposed on respondents.

State Bank of India versus Sri Pailla Vikram Reddy — Banking and Recovery | DRT (2024)

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(OA.No.28 of 2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 12TH DAY OF JULY'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.28 ot 2024

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Between:

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State Bank of India, Stressed Assets Recovery branch-II, House No.1-B-563/1, first floor, Opp Sandhya theatre, RTC'X'roads, Hyderabad, Telangana state Represented by its Chief Manager

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Applicant

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VERSUS

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Sri PaillaVikram Reddy, Male, major, S/o Smt P. Anasuya, Flat no.202, sy.no.219,

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Maram RP Happy homes,

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Information colony, Amnagal,

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Hayatnagar RR district, Telangana.

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SmtPailla Rani Reddy, Female, major, W/o Sri^pailla Vikram Reddy,Flat no.202, sy.no.2 19, Maram RP Happy homes, Information colony, Amnagal, Hayatnagar RR district, Telangana.

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Defendants

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Counsel for the Parties:Parties:

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Counsel for the Parties:Parties:
For the Applicant . Janakiram
For the Defendants rte
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¶18

(OA.No.28 of 2024)

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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.45,52,163/- (Rupees Forty Five Lakhs Fifty Two thousand One hundred and Sixty three only) ie..,

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a) A sum of Rs.25,12,899/- under housing loan with interest @ 9.30o/o p.a with monthly rests from LO.OL.ZO24 till the date of realization;

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b) A sum of Rs.2,955/- under housing loan insurance with interest @ 9.L5o/o p.a with monthly rests from tO.Ot.2O24 till the date of rea lization ;

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c) A sum of Rs.20,36,309/- under housing loan top up with interest @ 9.35% p.a with monthry rests from ro.oL.2024 tiil the date of rea lization ;

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and in default for sale of mortgaged immovable property as described in the schedules to OA.

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2' As per the averments in the apprication, the Appricant Bank states that defendant No.1 availed housing loan of Rs.26,58,000/_ and Rs.|,70,2t6/- towards home roan insurance vide arrangement retter

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dated 10.03 ant no.1 executed a memorandum of ,d\ loan ag ent and&_"",Ji {\or" mortgage on 10.03.2020 over the p edule to OA. After availing the 'p'tt'suPeft^in^tt* :ri T :r - . rl ,,'. .. * : l ^

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(oA.No.28 of 2024)

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housing the loan, the defendants No.1 and 2 availed credit facility under personal segment advances (home top up) for a sum of Rs.19,45,000/- vide arrangement letter dated 23.11.2022. 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 legal notice dated 13.102.2023. 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 L2.06.2024.

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Sri M. Ravinder,Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked AS Ex.A.1 to A.21.

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Heard the Ld. Counsel for the Applicant Bank.

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6, The point that arise for consideration is whether the Applicant Bank is

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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 rhe Appri.%aquriar of the Applicant Bank was exa m i ned {ffi.nti,ffi ." Jtkcu ments as Ex.A1 to A.21. In view of thefla6ove4,2hgn Tm[^{ther{looticant} Bank has established $

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(OA.No.28 of 2024)

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 joinfly and severally liable to pay to the Applicant Bank a total sum of ofRs.45,52,L6gl- (Rupees Forty Five Lakhs Fifty Two thousand One hundred and Sixty three only) ie,.,

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d) A sum of Rs.25,12,899/- under housing loan with interest @ 9.30o/o p.a from t0.0t.2024 till the date of realization ;

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e) A sum of Rs.2,955/- under housing loan insurance with interest @ 9.15o/o p.a from I0.0t.2024 till the date of realization ;

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f) A sum of Rs.20,36,309/- under housing loan top up with interest @ 9.35olo^p.a from 10.0I.2024 till the date of realization ;

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The Applicant bank is entiiled 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

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and properties of de lization of the debt due.

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6^-E) r, 4$

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The Applicant Ba the OA. ".t,,F1ii

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(OA.No.28 of 2024)

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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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(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 12th day of )uly,2024)

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sd/(G. GOPTCHAND) PRESIDING OFFICER

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State Bank of India v. Sri Pailla Vikram Reddy

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sri Pailla Vikram Reddy

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

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Case details

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