Allowed

State Bank of India v. Mr. Aitha Rajendra Kumar

DRT3 Jul 2024OA/342/2023

Case brief

AI extract

What is this about?

In an Original Application filed for recovery of a personal loan, the Debts Recovery Tribunal allowed the defaulting borrower to pay the outstanding amount along with future interest and costs, permitting proceeding against hypothecated movables.

What did the court decide?

Recovery certificate issued. Defendant ordered to pay principal and future interest. Proceedings against hypothecated movables allowed.

State Bank of India versus Mr. Aitha Rajendra Kumar — Execution and Attachment | DRT (2024)

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(OA.No.342 of 2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 3RD DAY OF JULY'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING^OFFICER

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OA.No.342 ot 2023

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Between:

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State Bank of India, Stressed Assets RecoverY^Branch, 2nd floor, TSRTC Commuter^Amenity Centre, Bus Terminal^comPlex, Koti, Hyderabad - 500^095. Represented by its Chief^Manager

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Applicant

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VERSUS

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Mr. AithaRajendra^Kumar, S/o A. Ramalingam, R/o 8-4-582,^{Thirumalnagar,} Baantnagar, Karimnagar, Telangana - 505^001.

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Defendant

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Counsel for^{the Parties:} For the ApPlicant For the Defendant

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Sri C. Sreedhar Exparte

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ORDER

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The^APPlicant Bank filed the^{presentOA against Defendant for} total sum of^Rs.25,69,359 Twenty Five recovery of^a Lakhs SixtY Nine thousand^Th Nine only interest @^{13.B0o //'f3 with} thly m date of )^{with further} 0 3 JUI a[t

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(OA.No.342 of 2023)

¶17

filing of OA till the date of realization and in default for sale^of hypothecated movables as described in the^schedule to^OA,

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As per the averments in the^{application, the ApplicantBankstates} that defendant availed^{personalloan scheme "Xpress credit Elite} Facility term loan of Rs.25.00^{lakhs vide letter of arrangementdated} 20.0g.2022. To secure due^{repayment of loan facilities, the} defendant executed^{personal loan agreement dated 20'09'2022'} After availing the^{loan facilities,the defendant failed to comply the} terms of sanction,^{hence the applicantbank was constrained to} classify the account^{as NPA on 18.8.2023and issued legal notice} dated 20.11.2023.^{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 04'06'2024'}

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Bank examined^{himself as}

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1. Shri P. Sandeep,^{Manager of the Applicant} which are marked^as

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AW.1 and exhibited^{relevantdocuments,} Ex.A.1to A.8.

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Heard^{the Ld. Counselfor the Applicant Bank'}

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The^{point that arise for} considera' Applicant Bank^is entitled for the^claim mad6 in the e Defendant^as prayed for?

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(OA.No.342 of 2023)

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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.Al to A.B' In} view of the above, I hold that the^{Applicant Bank has established} their claim made in the OA against the^{Defendant and hence the} Applicant Bank is entitled to recover the^{claim madein the OA with} future interest and costs.

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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.25,59,359/-^(Rupees Twenty^{Five Lakhs Sixty Nine} thousand Three^{hundred and Fifty Nine only} )with^further interest @ 13.80o/o^{p.a from date of filing of OA till the date of} realization;

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The Applicant bank^{is entitled to proceedagainst the hypothecated} movables as described^{in scheduleto oA towards realizationof the} debt due.

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The Applicant^{Bankis also entitled to proceed againstthe person} and^properties of defendant^{towards realization of the debt due'}

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The Applicant^Bank I the the OA.

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(OA.No.342 of 2023)

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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^{certificateaccordingly.}

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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,signedand pronounced by me in the open} court on this the^{3'd day of luly, 2024)}

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sdl(G. GOPICHAND) PRESIDING^OFFICER

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State Bank of India v. Mr. Aitha Rajendra Kumar

Case brief

What is this about?

What did the court decide?

State Bank of India v. Mr. Aitha Rajendra Kumar

Case brief

What is this about?

What did the court decide?

What the court decided

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