Allowed

State Bank of India v. Smt. Jawar Santhosh

DRT12 Apr 2024OA/304/2023

Case brief

AI extract

What is this about?

Debt Recovery Tribunal allowed an Original Application filed by SBI for recovery of home loan dues and future interest. The court held that the banking company established its claim and ordered payment of the outstanding amount.

What did the court decide?

The respondent is ordered to pay Rs.63,95,003/- with future interest at 10.15% p.a. and the applicant is entitled to proceed against mortgaged properties and issue a recovery certificate.

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

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 12TH DAY OF APRIL'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.3O4 ot 2O23

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Between:

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State Bank of India, Stressed Assets Recovery Branch (SARB-II) 1-B-563/1, RTC Cross roads, Opp Sandhya theatre, 1't floor, Chikkadpally, Hyderabad - 500 020. Represented by its Chief Manager

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Applica nt

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VERSUS

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Smtlawar Santhosh, Female, major, D/o Sri PannalaMundada W/o Sri Jawar Gopal, H.No.9-88, vinayakgunj, Shadnagar, Farooqnagar- 509 216.

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Defenda nt

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Counsel for the Parties:

For the Applicant

For the Defendant

Sri M.V. Janaki Ram

Exparte

ORDER

The present OA against Defendant for oral sum 63,95,003/- (Rupees Sixty Three irtiL iflt and three only) under housing loan interest @ 10.15% p.a with monthly

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(OA.No.304 of 2023)

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rests from 28.10.2023 till the date of realization and in default for

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sale of mortgaged properties as described in the schedule to OA.

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As per the averments in the application, the Applicant Bank states that defendant availed Home loan of Rs.63,95,000/- and a sum of Rs.2.00 lakhs towards home loan insurance vide letter of arrangement dated t5.t2.2020. The defendant executed memorandum of loan agreement for home loan vide housing term agreement on 2L.07.2021. The defendant created equitable mortgage on 20.02.2021 over schedule mentioned properties and deposited the title deeds bearing no.2029/2021 and 2030/202L dated 27.01.2021 executed in favour of Applicant bank. After availing the loan facilities, the defendant failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA and issued legal notice dated 18.09.2023. Inspite of several requests and demands, the defendant did not clear the outstanding. Hence this OA.

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Defendant called absent and set exparte on 18.03.2024.

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Shri O. Muralidhar, plicant Bank examined himself aS AW.1 d ocuments, which are marked as Ex.A.1 t .1

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(OA.No.304 of 2023 )

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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 Defendant as prayed for?

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Defendant 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.11. In view of the above, I hold that the Applicant Bank^has established their claim made in the OA against the Defendant and^hencethe Applicant Bank is entitled to recover the claim^{madein 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 Defendant is liable to^pay to^{the Applicant Bank a total sum of} Rs.63,95,003/- (Rupees Sixty Three^{Lakhs Ninety Five} thousand and three only) under^{housing loan account} no.39953899594 with interest @ 10.15%^{p.a from 28.10.2023till} the date of realization.

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The Applicant bank against the mortgaged dr.

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properties as descri sch a rds realization of the *

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debt due. 1? E?B MI

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(OA.No.304 of 2023)

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the Applicant Bank is also entitled to proceed against the person and properties of defendant 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 12th day of April'2024)

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sdl(G. GOPTCHAND) PRESIDING OFFICER

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State Bank of India v. Smt. Jawar Santhosh

Case brief

What is this about?

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State Bank of India v. Smt. Jawar Santhosh

Case brief

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What did the court decide?

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