Allowed

State Bank of India v. Mr Archakam Balakrishna

DRT20 Nov 2024OA/334/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Origin Application filed by State Bank of India for recovery of a loan amount of Rs. 23,59,386/- along with future interest and costs against the respondent, who remained absent. A Recovery Certificate was issued.

What did the court decide?

The respondent is liable to pay Rs. 23,59,386/- with future interest @ 12.90% p.a. from the date of filing of OA till realization, plus costs.

State Bank of India versus Mr Archakam Balakrishna — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 2OTH DAY OF NOVEMBER' 2024

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PRESENT: SRI GUMMADI GOPIcHAND, PRESIDING oFFICER

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OA.No.334 of 2024

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Between:

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State Bank of India, Stressed Assets Recovery Branch-II, 1-B-563/1, 1't floor, Opp Sandhya Theatre, RTC Cross Roads, Chikkadpally, Hyderabad, Telanga na State. Represented by its Chief Manager

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Applicant

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VERSUS

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Mr. ArchakamBalakrishna, S/o Mr. AVR Acharya,

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Aged 56 years, male, occ: service, H.No.402, Mounikalakshmi Apartment, 2-2-3/ 2/ 234, TRT quarters, Vidyanagar, Hyderabad- 500 044.

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Defendant

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Counsel for the Parties:

For the Applicant

For the Defendant

Sri A.M. Kiran Kumar

Exparte

ORDER

The Applicant e present OA against Defendant for recovery of'.. . iat' toti '23,ss,386/-^{(Rupees rwentv} ,t,^i,'_d Three Likhs Fifty^hru: Nine Thoqsf,nd Three Hundred and Eighty Six only)rdith future intEl'est @' 2.90o/o p.a with monthly rests i. ' ', -i; ..^,1::' from date te of rea lization ;

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(OA.No.334 of 2024)

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2, As per the averments in the application, the Applicant Bank states that defendant availed personal loan of Rs.25.00 lakhs and executed arrangement letter dated 04.t.2023. To secure the personal limit of Rs.25.00 lakhs agreed to repay in 66 monthly installments from 01.02.2023. After availing the loan facility, the defendant failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NpA on 03.03.2024 and issued legal notice dated 14.06.2024. 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 17.LO.ZO24.

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Smt M. Sarala, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.9.

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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 against the Defendant as prayed for? - ^8

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'*f i.

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Defendant remained 1,1n"² il"lffhT"'a*il^{the case or the} Applicant Bank, AW.1, al of the Applican.fiBank was examined and he exhibited relevant tn.i";i"^{n.s In view or the}

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(OA.No.334 of 2024)

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above, I hord that the Appricant Bank has estabrished their craim made in the oA against the Defendant and hence the Appricant Bank is entitled to recover the craim 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: The Defendant is riabre to pay to the Appricant Bank a totar sum of Rs.23,59,386/- (Rupees Twenty Three Lakhs Fifty Nine Thousand Three Hundred and Eighty Six only) with future interest @ 12.90olo p.a with monthry rests from date of firing of oA till the date of realization.

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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 entifled 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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12, Issue Recovery certificate accordingly.

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of the oider to the parties concerned.

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her, corrected, signed and pronounced by me in the open 24)

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sd/? !^rrc\l zmt (G. GOPICHAND) PRESIDING OFFICER

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State Bank of India v. Mr Archakam Balakrishna

Case brief

What is this about?

What did the court decide?

State Bank of India v. Mr Archakam Balakrishna

Case brief

What is this about?

What did the court decide?

What the court decided

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