Allowed

State Bank of India v. Sri. Vijay Kumar Satyalaya

DRT12 Jul 2024OA/343/2023

Case brief

AI extract

What is this about?

This order in OA No. 343 of 2023 arose from a debt recovery petition filed by State Bank of India against a borrower for an outstanding personal loan. The court held that the bank established its claim through documentary evidence and allowed the OA, directing the respondent to pay the principal amount along with future interest and permitting the bank to recover the debt from hypothecated propert

What did the court decide?

Respondent directed to pay Rs. 30,87,581/- with future interest at 12.20% p.a.; Applicant Bank authorized to proceed against hypothecated property.

State Bank of India versus Sri. Vijay Kumar Satyalaya — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 12TH DAY OF JULY'2024

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PRESENT: SRI GUMMADI GoPICHAND, PRESIDING oFFIcER

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OA.No.343 of 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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Sri Vijay Kumar Satyalaya, S/o S. Israil, H.No.4-21, Somarajapeta village Maggam Post, East Godavari, Andhra Pradesh - S33 201.

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Defenda nt

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Counsel for the^parties: For the Applicant Sri C. Sreedhar For the Defendant Expa rte

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ORDER

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The Applicant Bank filed the present OA against Defendant for recovery of a total sum of Rs.30,87,581/- (Rupees Thirty Lakhs

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Eighty Seven thousand Five Eighty One onty ) from date of il"iB,;q i#. filing of OA tilt the of ,r realizati6-n and in ult for sale of hypothecated property as oA.

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(oA. No.3a3l2023)

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2' As per the averments in the apprication, the Appricant Bank states that defendant avaired personar roan scheme : xpress credit Erite facirity term roan of Rs.30.00 rakhs vide retter of arrangement dated 02.05.2022. The defendant executed personal loan agreement, annexure-Xp_4, Annexure Xp_8, annexure_10,annexure _12 dated 02.05.2022. After availing the loan facilities, the defendant failed to compry the terms of sanction, hence the appricant bank was constrained to crassify the account as NpA on 31.05.2023 and 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 12.06.2024.

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Shri P. Sandeep, Manager of the Applicant Bank examined himself as

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AW.1 and exhibited relevant documents, which are marked as

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Ex.A.1 to A,11.

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Heard the Ld. Counsel for the Applicant Bank.

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The point that arise for con er the Rpplicant Bank ts

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entitled for the claim the Defendant as

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prayed for? ,1'? :i ' '^,!uL Tl2l^* fu',t-#

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(oA.No.343/2023)

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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.A1 to A.11. In view of the above, I hord that the Applicant Bank has established their claim made in the oA against the Defendant and hence the Applicant Bank is entiiled to recover the claim 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:

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The Defendantis riabre to pay to the Appricant Bank a totar sum of Rs.30,87,581/- (Rupees Thirty Lakhs Eighty Seven thousand Five Hundred and Eighty One only )with furtherinterest @ 12.20o/o p.afromdate of filing of oA till the date of realization till the date of realization;

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The Applicant bank is entiUed to proceed against the hypothecated

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property as described in schedule to OA towards rea lization of the debt due.

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The Applicant Bank is also entiUed to proceed against the person and properties of defendant gn of the debt due.

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The Applicant Bank is

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(OA. No.343/2023)

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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 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 July,2024)

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sd/(G. GOPTCHAND)

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PRESIDING OFFICER

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LT€7:9vt 6;;,ski

State Bank of India v. Sri. Vijay Kumar Satyalaya

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sri. Vijay Kumar Satyalaya

Case brief

What is this about?

What did the court decide?

What the court decided

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