Allowed

State Bank of India v. Sri Sonaganti Pavan Kumar

DRT2 May 2024OA/29/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by State Bank of India for recovery of housing, insurance, and personal loans from the defendant respondents, holding the bank established its claim based on documentary evidence.

What did the court decide?

Defendants to jointly and severally pay Rs.40,07,346/- with interest; Applicant Bank entitled to proceed against mortgaged property to realize the debt; issue of recovery certificate directed.

State Bank of India versus Sri Sonaganti Pavan Kumar — Execution and Attachment | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THrs rHE 2NDDAY oF MAY' 2024

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PRESENTI SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.29 ol 2024

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Between:

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State Bank of India, Stressed Assets Recovery Branch-II, H.No. 1-8-563/1, first floor, Opp Sandhya Theatre, RTC X roads, Hyderabad,

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Represented by its Chief Manager

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Applicant

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VERSUS

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Sri SonagantiPavan Kumar, Major, male, S/o Sri Chandra Mouli, H.No.8-795 (8-7-95), phase-3, Teachers colony, Hastinapuram, Hyderabad - 500 079.

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And also at

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Sri SonagantiPavan Kumar, Major, male, S/o Chandra mouli, Flat no.504, Sri Hari Hara Nilayam Apartment, Nacharam Industrial Area, Telangana - 501 510.

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SmtSonagantiKalavathi, 7'4, * Female, major, W/o Sonaganti ,tp' Pavan Kumar, f:) H.No.B-795 (B-7-95), phase-3, x Teachers colony, Hastina pura Hyderabad - 500 079.

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And also at

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(OA.No,29l2024)

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Flat no.504, Sri Hari Hara Nilayam Apartment, Nacharam Ind ustria I Area, Telangana - 501 510.

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Defendants

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Counsel for the Parties: For the Applicant

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For the Defendants

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Sri M. lanaki Ram Exparte

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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.4O,07,346/-(RupeesForty Lakhs} Seven thousand Three^{hundred and forty six only) i'e',}

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a) A sum of Rs.32,88,699/-^{under housingloan accountwith} [email protected]/op.afromlo.|,2024tillthedateofrealization;

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b)AsumofRS.54,31o/-underhousingloaninsuranceaccountWith interest @ 9.15olo^{p.a from lo,ot.2024 till the date of realization;}

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c) A sum of Rs.6,64,337/-^{under personal loan account with interest} @12.80%^{from 10.01.2024 till the date of realization;}

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and in default for^{sale of mortgagedpropertyas described in the} schedule to OA.

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ic aOplE'?tienA\N^{Applicant Bankstates} that defendants nome^'tf,an &i$^{.s+.oo lakhsand} Rs.1,03,068/- towards^{home loan insufancevid| arrangement letter}

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(oA.No.29l2024)

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agreement and created equitable mortgage on 02.0L.2020 over^the schedule^property by depositing the title deeds^{registered before SRO} Vanasthalipuram. The defendants executed deed of^undertaking dated 26.12.2019. Subsequently the defendants^{availed credit} facility of Rs.6,60,000/- vide arrangement^{letter datedL8.08.2022.} After availing the loan facilities, the^{defendantsfailed to complythe} terms of sanction,^{hence the applicantbank was constrained to} classify the account as^{NPA and issued legal noticedated} 13.t2.2O23.lnspite of several^{requestsand demands, the defendants} did not clear the outstanding.^{Hence this OA.}

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Defendants No.1 and^{2 called absentand set exparte on 22.04.2024.}

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shri o. Muralidhar,^{Manager of the Applicant Bank examined himself} asAW.landexhibitedrelevantdocuments,whicharemarkedas Ex.A.1to A.18.

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Heard the Ld. Counsel^{for the Applicant Bank'}

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The point that arise^{for co.psid€iffiis.whetherthe ApplicantBank is} t4 7'"n!'t^lfn;</sup>

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entitled for the^{claim'made'in the dA. &gainst the Defendantsas} " .. , '.t. :'

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prayed for? :. \

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:t' It

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Defendants called absent 1^{and set exparte. To substantiatethe case} of the Applicant^{Bank,:AW'. l,} 'officiat'of^{the Applicant Bank was}

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(OA.No.29l2024)

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examined and he exhibited^{relevant documents as Ex.A1 to A.18. In} view of the above, I hold that the^{Applicant Bank has established} their claim made in the^{OA against the Defendantsand 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 severallyliable to pay to the} Applicant Bank a total^{sum of Rs.4O,07,3461-(RupeesForty} Lakhs Seven thousand^{Three hundred and forty six only) i'e',} a) A sum of^{Rs'32,88,699/-under housingloan accountwith} interest @9.55%^{p'afrom t}'l'2024till the date of} realization;

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b) A sum of^{Rs.54,310/- underhousingloan insuranceaccount} with interest @^{9.15olop.a from lO'Ol'2024till the date of} realization;

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c) A sum of^Rs.6,64,337 l- under^{personal loan accountwith} interest @^{12.80o/o from} 1O.O1.2024till^{the date of realization;}

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The Applicant^{bank is entitled.toproceed againstthe mortgaged} :-::l

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,,4' towards realization^{of the}

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op ro op erty ' as descri be/":bey' in 6edd hedu le 1,'

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l/.

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debt due. /"^!"" 1,. \4 ,/

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(oA.No.291202a)

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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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L2. 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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Communicate a copy of the order to the parties concerned.

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(Dictated to the P.A,, transcribed by her, corrected, sagned and pronounced by me in the open court on this the 2nd day of May'2024\

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sdl(G. GOPTCHAND) PRESIDING OFFICER

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State Bank of India v. Sri Sonaganti Pavan Kumar

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sri Sonaganti Pavan Kumar

Case brief

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