Allowed

State Bank of India v. Sri Doma Krishna

DRT28 Jun 2024OA/36/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an ouster application filed by State Bank of India against Sri Doma Krishna for recovery of rupees 71.13 lakhs and 46.93 lakhs along with interest. The court held the bank established its claim and permitted proceedings against mortgaged and other properties.

What did the court decide?

Order allowed. Defendant liable to pay Rs. 71.13 lakhs and Rs. 46.93 lakhs with interest. Bank entitled to proceed against mortgaged property and defendant's properties. Recovery certificate issued.

State Bank of India versus Sri Doma Krishna — Specific Performance | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 28TH DAY OF JUNE 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.36 ot 2fJ24

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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 Doma Krishna, S/o DomaBalaiah, H.No.3-6-17l5, Bwagthguda Ambedkar Statue, Hyderguda, Attapur, Rajendranagar, Hyderabad - 500 048.

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Defendant

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Counsel for the Parties:

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For the Applicant For the Defendant

Sri C. Prabhakar

Expa rte

ORDER

The Applicant Bank filed the present OA against. Defendant for

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recovery of a total sum of Rupees Seventy One Lakhs Sixty Thousand r,l,fr..a wenty Four only) i.€.,

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(oA.No.36/202a)

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a) A sum of Rs.71,13,887/- under loan A/c.37711189075 with further interest @ 11.25% p.a with monthly rests from date of filing of OA till the date of realization;

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b) A sum of Rs.46,937l- under Loan A/c. 37711358353 with further interest @ 11.25olo p.a with monthly rests from date of filing of OA till the date of realization;

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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 of Rs.59.00 lakhs and funding of home loan insurance of Rs.71,000/- vide arrangement letter dated 21.05.2018. To secure due repayment of home loan, the defendant executed Memorandum of loan agreement for home loan dated 12.06.2018. The defendant created equitable mortgage on 12.06.2018 by way of deposit of title deeds of schedule mentioned property. 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 and issued legal notice dated 03.01.2024. Insp eral requests and demands, the defendant did not cl ce this OA. i"'4F i: x * ii .* 3. Defendant catted absent J"t rJUl 5.06.2024. Iip&'teq! l,^r:i.

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(OA.No.35/2024)

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Shri A. G. Satyaprasad, 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 the OA against the Defendant as prayed for?

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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.9. 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 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 Defendant is liable to pay to the Applicant Bank a total sum of Rs.7L,60,824/( Lakhs Sixty Thousand Eight hundred ,e., 2 I Jutt^,f,Pl

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(oA.No.35/202a)

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a) A sum of Rs.71,13,887/- under loan A/c.3771 1189075 with further interest @ 11.25olo p.afrom date of filing of OA till the date of realization;

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b) A sum of Rs.46,937l- under Loan A/c. 3771135g353 with further interest @ 11.25olo p.a from date of filing of OA till the date of realization;

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10' The Appricant bank is entiued to proceed against the schedure mentioned mortgaged property towards rearization of the debt due.

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The Applicant Bank is arso entifled to proceed against the person and properties of defendant towards rearization 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 certificate accordingly.

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Communicate a copy of the order to the parties concerned.

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transcribed by her, corrected, signed and pronounced by me in the open Qt^{of lune'2024)}

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4

State Bank of India v. Sri Doma Krishna

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sri Doma Krishna

Case brief

What is this about?

What did the court decide?

What the court decided

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