Allowed

Union Bank of India v. Mr. G. Srinivasa Sarma

DRT10 Dec 2024OA/284/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Applicant Bank's recovery claim of Rs. 41,70,037 with interest against the defendant borrowers and co-borrower for a non-performing asset.

What did the court decide?

Order for recovery of Rs. 41,70,037 with interest and future interest; direction to issue recovery certificate; permission to proceed against mortgaged property and person/properties of defendants.

Union Bank of India versus Mr. G. Srinivasa Sarma — Execution and Attachment | DRT (2024)

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THE DEBTS RECOVERYTRIBUNAL-T AT HYDERABAD DATED THIS THE 1OTH DAY OF DECEMBER' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.284 ot 2024

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Between:

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Union Bank of India, Kandikal Branch, 18-5-922/924, Outside Lat Darwaja Road, Kandikal, Hyderabad, TS - 500 253. Represented by its Manager

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Applicant

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VERSUS

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Mr. G. Srinivas Sharma, s/o Guntur Prabhakar Sharma aged major, male, occ: business, R/o H.No. 1B- I47 - r/47 L, Plot no.1, Sy.No.147 & 148, Maruthinagar,^peerzadiguda Village and municipality Medipallymandal, Medchal Malkajgiridist - 500 092.

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Also at:

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Plot no.39, Sai Bhavani Nagar Colony, Near electric Sub station, Boduppal, Medchal, Malkajgiri district - 500 092.

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Mrs. G. Rojaramani, w/o Mr. G. Srinivas Sharma, aged major, female, occ: housewife, R/o H.No. 1B- t47 - t/47 L, Plot no.1, Sy.No.147 & 148, Maruthinagar,^peerzadiguda Village and municipality Medipatlymandal, Medchal Malkajgiridist - 500 092.

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"b<br>0 IEIM *J
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loA.No.24al2024)

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Also at:

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Plot no.39, Sai Bhavani Nagar Colony, Near electric Sub station, Boduppal, Medchal, Malkajgiri district - 500 092.

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Defendants

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Counsel for the^pa rties:

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For the Applicant

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For the Defendants

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Sri D.S. Pavan Kumar Expa rte

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ORDER

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1' The Applicant Bank filed the present oA against Defendants for recovery of a total sum of Rs.41,70,O37l_ (Rupees Forty One Lakhs Seventy Thousand and Thirty Seven only) with current and future interest @ 10.30o/o p.a from date of application till the date of realization and in default for sale of mortgaged property as described in the schedule to OA.

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As per the averments in the application, the Applicant Bank states that defendant No.1 is a borrower and defendant no.2 as co_ borrower availed loan of Rs.39,60,OOO/_ under CC ,,Union Home Scheme" and executed demand promissory note and letter of undertaking. Defendant no.1 deposited the regd Sale deed doc. No.146t7/2017 at SRO, Uppal -d After availing the roan faciriry, the defendan t f/{iffro.;&, ,n of sanction, hence the appticant bank wabconst?dn66[t?Ufassiff account as

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(oA.No.24412024)

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NPA on 29.10.2023and issued dema nd notice dated 04.0t.2024. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this oA.

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Defendants No.1 & 2 called absent and set exparte on 20.tL.2024.

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Sri M. Sudhir Kumar, Manager of the Applicant Bank examined herself as AW.1 and exhibited relevant documents, which are

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marked as Ex.A.1to A. 15.

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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

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entitled for the claim made in the OA against the Defendants as prayed for?

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counsel for defendants remained 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.15. In view of the above, I hord that the Appricant Bank has estabrished their claim made in the oA against the Defendants and hence the Applicant Bank is entiued to recover the craim made in the oA with

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In future the result, interest and the presecosts.the result, interest and the presecosts.result, interest and the presecosts.the presecosts.presecosts. @qYis allor,{f, with

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Yis allor,{f, withallor,{f, withwith as under: ;^laoElwt I Wr*#

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B. In future the result, interest and the presecosts.the result, interest and the presecosts.result, interest and the presecosts.the presecosts.presecosts.

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(OA.No.244/2024)

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The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.41,7O,O3l/- (Rupees Forty One Lakhs Seventy Thousand and Thirty Seven only) with current and future interest @ 10.30% p.a from date of application till the date of realization.

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The Applicant bank is entitled to proceed against the mortgaged

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property as described in schedule to OA towards realization of the

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debt due.

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10' The Applicant Bank is arso entitred to proceed against the person and properties of defendants towards rearization of the debt due.

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The Applicant Bank is entitled to the costs of the OA.

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12' The Applicant shail fire 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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(Drctared to the p A , transcnbed bv her, corrected L sig ned and pronounced by me in the open court on this the 10r" day ot Dec,2024)

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,,,6t"$5
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sd/(G. GOPTCHAND) PRESIDING OFFICER

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Astl. Reglst'er
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Union Bank of India v. Mr. G. Srinivasa Sarma

Case brief

What is this about?

What did the court decide?

Union Bank of India v. Mr. G. Srinivasa Sarma

Case brief

What is this about?

What did the court decide?

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