Allowed

State Bank of India v. Mr. Swami Naidu Bora

DRT19 Feb 2024OA/296/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Original Application filed by the State Bank of India against the defendants for recovery of a housing loan amounting to Rs. 61,16,188 with future interest and costs.

What did the court decide?

Defendants ordered to jointly and severally pay Rs. 61,16,188 with future interest @ 11.50% p.a. including penal interest @ 2% from 07.10.2023 till realization.

State Bank of India versus Mr. Swami Naidu Bora — Execution and Attachment | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL.I AT HYDERABAD

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DATED THIS THE 19TH DAY OF FEBRUARY' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.296 of 2023

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Between:

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State Bank of India, SARB-I, znd floor, TSRTC Community Amenity Centre, Bus terminal complex, Koti, Hyderabad - 500 095.

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Represented by its Chief Manager

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Applicant

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VERSUS

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Mr. Swami Naidu Bora,

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S/o Ch in naVenkata rama na,

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Aged 48 years, occ: business,

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R/o B-43 /U/L7/IlB/L, Rd.No.B,

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Street no.2, Balaji hills, Boduppal

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Village, Medipallymandal, Medchal

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Malkajgiri district - 500 039.

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Smt Bora Ammalu, w/o Mr. Swami Naidu Bora,

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aged 40 years, occ: private

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employee, R/o B-43/U/ L7 / L/B/ t,

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Rd. No.B,Street no.2, Balaji hills,

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BoduppalVillage, Medipa llymanda l,

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Medchal, Malkajgiri district - 500 039.

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Defendants

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Counsel for the Parties:

For the Applicant

Ms. Sangeetalaiswal

For the Defendants

(OA.No.296 of 2023)

ORDER

The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.61,16,188/- (RupeesSixty One Lakhs Sixteen thousand One hundred and Eighty Eight only) with future interest @ 11.50o/o p.a including penal interest @ 2olo penal interest with monthly rests from 07.I0.2023 till the date of realization and in default for sale of mortgaged property as described in the schedule to OA.

¶31

As per the averments in the application, the Applicant Bank states that defendants availed housing loan of Rs.62,00 lakhs and house insurance of Rs.3,14,000/- vide arrangement letter dated t6.04.2022. The loan is secured by equitable mortgage of schedule mentioned property and the defendants executed loan agreement and specimen of agreement for additional loan etc. 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 on 13.06.2023 and issued legal notice.Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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(OA.No.296 of 2023)

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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.7.

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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.7. 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,6 ''' upees Sixty One Lakhs "iⁱ

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Sixteen thousand One' hundied Eighty Eight only) -- .-l -*

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fi:^r s r;B Mr l:^lJ- l !'i1

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Kh:,,,'*rl.*t#

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(OA.No.296 of 2023)

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withfuture interest @ 11.50o/o p.a including penal interest @ 2o/o from 07.10.2023 till realization.

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The Applicant bank is entitled 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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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 19th day ot Feb'2024)

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¶53

(G. GOPTCHAND) PRESIDING OFFICER

¶54

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¶55

State Bank of India v. Mr. Swami Naidu Bora

Case brief

What is this about?

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State Bank of India v. Mr. Swami Naidu Bora

Case brief

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