Allowed

State Bank of India v. Smt. Parasa Vijayavani

DRT12 Apr 2024OA/299/2023

Case brief

AI extract

What is this about?

In this Order Appeal, the Dr. TN. Govindarajan Debts Recovery Tribunal, Hyderabad allowed the applicant bank's appeal against order and directed the defendants to pay the loan amount of Rs. 77,43,905/- along with interest and costs, invoking joint and several liability.

What did the court decide?

Defendants directed to pay Rs. 77,43,905/- with interest; bank entitled to proceed against mortgaged and personal properties; recovery certificate issued.

State Bank of India versus Smt. Parasa Vijayavani — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 12THDAY OF APRIL'2024

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PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFICER

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OA.No.299 OF 2023

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Between:

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State Bank of India, Stressed Assets Recovery Bra n ch, 2nd floor, APSRTC, CAC, Koti, Hyderabad,

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Represented by its Chief manager

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Applicant

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VERSUS

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SmtParasaVijayavani, w/o Sri P. Manikyala Rao, aged 33 years, occ: business, Plot no.128, SF No.275, Adarshnagar, Vidyanagar, Pothireddypally, Venkatapuram, Tirumalagiri, Hyderabad - 502 OO1.

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And also at

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Laxm iEnterprises, Plot no.45, Lothukunta, Lala Bazar, Secunderabad - 5OO 015.

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And also at

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H.No.2-2- L24/ 69, plot no.69 (part), Sy.No.154, Macha Bolarum, Alwal, Hyderabad - 5OO 010.

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Sri Parasa Manikya la Rao, s/o Sri P. Bulliya, aged 38 yea occ: business, plot no.128, {*w""""\ IIiFfl SF No.275, Adarshnagar, Vidyanagar,^{pothireddypally,}

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(OA.No.299 of 2023)

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Venkatapuram, Tirumalagiri, Hyderabad - 502 001.

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And also at:

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Laxmi Enterprises, Plot no.45, Lothukunta, Lala Bazar, Secunderabad - 500 015.

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And also at

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H.No.2-2-124/ 69, plol no.69 (part), Sy.No. 154, Macha Bolarum, Alwal, Hyderabad - 500 010. Defenda nts

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Counsel for the Parties:

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For the Applicant Smt B. RamanaKumari For the Defendants 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.77,43,9O5l-^{(Rupees Seventy} Seven Lakhs Forty three thousand^{Nine hundred and Five} onty) i.e, a sum of^{Rs.48,00,071/'in respect of housingloan} account with current and^{future interest @ 10.10olo p.a with monthly} rests from 11.10.2023 till the date^{of realizationand a sum of} Rs.29,43,834/- in respect of^{top up loan with current and future} from 11.10.2023 till the interest @ 10.55o/o P.a date of rea lisationa mortgaged^property as described in the rdule to OA.

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¶27

(OA.No.299 of 2023)

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As per the averments in the application, the Applicant Bank states that defendants 1 and 2 are wife and husband who availed housing loan of Rs.46,60,000/- vide letter of arrangement on 25.08.2022. As a security towards repayment of above housing loan facility, the defendant no.1 mortgaged theschedule mentioned property vide Sale deed document no.7852/2021 dated 25.02.202L in favour of Applicant bank with an intention to create security by way of equitable mortgage by depositing title deeds. Subsequenfly the defendants availed top up loan of Rs.28,60,000/- vide letter of arrangement dated 25.08.2022. 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 demand notice dated 07.08.2023 and legal notice dated 05.10.2023. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants called absent and set exparte on 13.03.2024.

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Sri KattaGovindRaju, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A. 1 to A.16.

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Heard the Ld.
l*" g 'A<br>g 12trPRM
w#

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(OA.No.299 of 2023)

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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.Al to A.16. 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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a 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.77,43,9051- (Rupees Seventy Seven Lakhs Forty three thousand Nine hundred and Five only) i.e, a sum of Rs.4B,00,O7t/- in respect of housing loan account with current and future interest @ 10.10% p.a from 11.10.2023 till the date of realization and a sum of Rs.29,43,834/tn t and future interest @ 10.55o/o a lizat ion. p.ff'ffi;" (tu#

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(oA.No.299 of 2023)

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The Applicant bank is entitled to proceed against the mortgaged immovable 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 l2thday of April'2024)

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sd/_ (G. GOPTCHAND) PRESIDING OFFICER

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4Pn 2m{

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I.RUE COPY ,,iX,f;f,f,i'il,

State Bank of India v. Smt. Parasa Vijayavani

Case brief

What is this about?

What did the court decide?

State Bank of India v. Smt. Parasa Vijayavani

Case brief

What is this about?

What did the court decide?

What the court decided

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