Allowed

Union Bank of India v. Mr. Pemmada Aneesh

DRT7 Aug 2024OA/327/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an Original Application filed by the Union Bank of India against borrowers and a guarantor for recovery of a defaulted education loan principal along with future interest and costs.

What did the court decide?

Order allowing the OA; Defendants jointly and severally liable to pay the total sum of Rs. 76,20,171/- with future interest; Applicant Bank entitled to proceed against mortgaged properties, hypothecat

Union Bank of India versus Mr. Pemmada Aneesh — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THIS THE 7TH DAY OF AUGUST' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER OA.No.327 ot 2022

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Between:

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Union Bank of India, Sultan Bazar Branch, Ground floor, Andhra Bank Buildings, koti, Hyderabad - 95. Represented by its Branch Manager

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Applicant

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VERSUS

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Mr. PemmadaAneesh, S/o P. Srinivasa Rao, Aged major, occ: employee, Male, plot no.66, flat no.502 sth floor, Sairam towers, Mithilanagar, Kukatpally, Hyderabad, TS - 500 072. Represented by its GPA Holder Sri PemmadaSrinivasa Rao

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Sri PemmadaSrinivasa Rao, s/o P. Veerabhadra Rao, aged majo r, occ: employee, male, plot no.66, flat no.502 sth floor, Sairam towers, Mithilanagar, Kukatpally, Hyderabad, TS - 500 072.

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SriAndrajuYogananda Rao, 0 7 Al.l0 ?[2f S/o late Sri A. VenkataSubramanyam, Aged /.1vs!l rrrqJvmajo r, vL., r\sLuocc: Retd stttPtuysr, employee,^ri.]-* i. i<sup>is, Male, flat no.104, Nimisha castle, \tr;|,"{ NGOs colony, Muralinagar, Visakhapatnam, Industrial Visakhapatnam - 530 007. n da nts

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(OA.No.327l2022)

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Counsel for the Parties:

For the Applicant

For the Defendants

Sri D.S. Pavan Kumar

Exparte

ORDER

The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.35,66,969/- (Rupees Thirty Six Lakhs Sixty Six thousand Nine hundred and Sixty Nine only) with future interest @ tl.75o/o p.a with monthly rests from date of OA till the date of realization and in default for sale of mortgaged properties as described in the schedule "A&B" to OA.

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As per the averments in the application, the Applicant Bank states that defendants No.1 and 2 availed education loan of Rs.47,93 lakhs and defendant no.3 stood as guarantor to the loan facilities. Defendants 1 and 2 executed the composite agreement, letter of undertaking and the loan was secured with collateral security as mentioned in application schedule A Property. The defendants 1 and 2 deposited the Regd sale deed No.3285/1978 dated 16.08.1978. After availing the loan facility, the defendants failed to comply the

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terms of sa nction, he nt bank was constrained to classify the account 1 and issued demand

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loA.No.327 /20221

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notice dated t6.07.2022. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Counsel for Defendants No.1 to 3 called absent and set exparte on L6.0t.2024.

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Sri K. Santhosh, Branch 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. Counsel^{for the Applicant Bank.}

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The^point that^{arise for consideration is whetherthe ApplicantBank is} entitled for the claim^{made in the oA against the Defendantsas} prayed for?

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Defendants called^{absent and set exparte. To substantiatethe case} of the Applicant^{Bank, AW.1,official of the Applicant Bank was} examined and^{he exhibited relevant documents as Ex'A1to A'16'In} viewoftheabove,IholdthattheApplicantBankhasestablished theirclaimmadeintheoAagainsttheDefendantsandhencethe Applicant Bank^{is entitledto recover the claim madein the OA with}

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future interest and^costs.

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Ir' .lt, gP ' <br>B. In rhe result. the oreseirt OA is 5'lTowed witl' , as u nder:
ii tll, ' 07[U0ml T
:i

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(oA.No.32712022)

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The Defendants are joinfly and severally liable to pay to the Applicant Bank a total sum of Rs.76,20,l7Ll- (Rupees Seventy Six Lakhs Twenty thousand One hundred and Seventy two only) i.e., a sum of Rs.61,71,977.87ps with future interest @ 1O% p.a and a sum of Rs.14,48,194.14ps with future interest @ 10.95olo p.a from 09.12.2023 till the date of realization;

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The Applicant bank is entitled to proceed against the hypothecated movables and mortgaged properties as described in schedules '.I to II" to OA towards realization of the debt due.

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The Applicant Bank is also entiued to proceed against the person and properties of defendants No.2 to 5 and properties of defendant no.1 firm towards realization of the debt due.

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

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t2. 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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bed by her, corrected, signed and pronounced by me in the open
7'd<br>U

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sd/(G. GOPTCHAND) PRESIDING OFF'CER ofrli,'ui-oteenaao'

Union Bank of India v. Mr. Pemmada Aneesh

Case brief

What is this about?

What did the court decide?

Union Bank of India v. Mr. Pemmada Aneesh

Case brief

What is this about?

What did the court decide?

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