Allowed

State Bank of India v. Mr. Ravinder Rangu

DRT8 Mar 2024OA/339/2023

Case brief

AI extract

What is this about?

The DrT allowed the Originating Application filed by the State Bank of India against Ravinder Rangu for recovery of an outstanding home loan and top-up loan sum with interest and future interest and costs.

What did the court decide?

Ordered payment of Rs.34,88,481 with future interest @ 8.55% p.a. and Rs.11,57,051 with future interest @ 7.18% p.a., and costs. Authorized proceeding against mortgaged property and other assets.

State Bank of India versus Mr. Ravinder Rangu — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THIS THE 8TH DAY OF MARCH'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.339 of 2023

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Between:

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State Bank of India, SARB-II, chikkadpally, Hyderabad. Represented by its Chief Manager

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Applicant

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VERSUS

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Mr. RavinderRangu, s/o Mr. Buchiramulu, male, aged 61 years, occ: Retd employee, H.No. 1-2-358, Girnigadda, Jangaon, Warangal - 506 167.

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Defendant

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Counsel for the^parties:

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For the Applicant Sri A. M. Kiran Kumar

For the Defendant

Exparte

ORDER

The Applicant Bank filed the present OA against Defendant for recovery of a total sum of Rs.34,88,484l- (Rupees Thirty four Lakhs sand Four hundred and Eighty Four 1,433/- with future interest @ 8.55o/o

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p.a with rflorttllyflt?ilf L8.t2.2023 till the date of realization .?,1 ,"'ri .rl

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(oA.No.339/2023)

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and a sum of Rs.11,57,051/- with future interest @ 7.18olo p.a with monthly rests from 18.12.2023 till the date of realization and in default for sale of mortgaged property 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 facility of Rs.29,30,000/- for purchase of schedule property and executed letter of arrangement, agreement to mortgage and memorandum of loan agreement. The loan availed by defendant was secured by equitable mortgage of schedule property and the defendant deposited the original title deed document no.6051/2017. Subsequently the defendant availed top up loan of Rs.12,80,000/- on Zl.01.2020and executed the letter of arrangement, loan agreement for top up loan. 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 on 08.08.2023 and issued legal notice dated 07.LL.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 27.02.2024.

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,6t. <br>?^ 08H,lBzuf :
W**',,*W

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(oA.No.339/2023)

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Shri O. Muralidhar, Manager of the Applicant Bank examined himself as AW.1 and exhibited releva nt documents, which are marked as Ex.A.1 to A.17.

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Heard the Ld. Counsel^{for the Applicant Bank.}

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

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Defendant called^{absentand 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.17. In} viewoftheabove,IholdthattheApplicantBankhasestablished their claim made^{in the oA against the Defendant and hencethe} Applicant Bank^{is entitledto 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} four Lakhs Eighty Eight

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Rs.34,88,48 1' :( Thousand Four only) i.e., a sum of Rs.23,31,43 -lruitnj fftyA? lq@^{8.55o/o P.a} from 18.12.2023 :'

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(oA.No.339/2023)

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till the date of realization and a sum of Rs.11,57,051/- with future interest @ 7.18o/o p.a from 18.L2.2023 till the date of 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 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 ceftificate accordingly.

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15, 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 8th day of March'2024)

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sdl_ (G. GOPICHAND) PRESIDING OFFICER

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ISHARmt

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'K;,F*,';,7'%7.

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State Bank of India v. Mr. Ravinder Rangu

Case brief

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State Bank of India v. Mr. Ravinder Rangu

Case brief

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