Allowed

Bank of India v. Sri Nithya Venkatesu Kalla

DRT17 Sept 2024OA/470/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the original application filed by Bank of India for recovery of a home loan amount of Rs. 75,91,336.93 with future interest from the defendants jointly and severally, securing the claim against mortgaged property.

What did the court decide?

Recovery of Rs. 75,91,336.93 with future interest; directive to proceed against mortgaged and defendant's properties; issuance of recovery certificate.

Bank of India versus Sri Nithya Venkatesu Kalla — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE 17th DAY OF SEPTEMBER,2024

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PRESENT: SH. RAMESHWAR KOTHE, B.Com., L.LB. (Hons.), tvt.A. PRESIDING OFFICER

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ORIGINAL APPLICATIoN No: 470 oF 2022

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BANK OF INDIA Khairatabad Bra nch, Ground Floor,^pTI Build ings, AC Guards, lYasab tank, Hydera bad - 500004. Rep. by ats Constituted Attorney.

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.....Applicant.

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Versus

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Sri. Nithya Venkatesu Kalla, S/o.Sri. K. Chandra Sekhar, Aged 25 Years, Occ: Business, 8-3-260 / 7, Yousuf Guda, Hyderabad, Tela n9 a na - 5 0 0 045.

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Also at:8-4-380/ l/ 4, Prem Na9ar, Erragada, Hyderabad, Telangana - 500018.

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Sri. Nithya Eswar Kumar Kalla, S/o. Sri. K.Chandra Sekhar, Aged 30 Years, Occ: Business, 8-3-260/ 7, Yousuf Guda, Hyderabad, Tela n9a na- 500045.

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Also at:-

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8-4-380/ ll 4, Prem Nagar, Erragada, Hyderabad, Telanoana - 500018.Ow'*

.. . Defendants

oA.NO.470/2022

Counsel^{for the APPlica nt}

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Defendants

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: M/s.K.V.Nageshwara^Rao

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: Ex-parte

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:: CLLD-LB^::

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The Applicant^{Bank filed the present OA for the recovery a total} sum of Rs'75,91,336 '93ps^{under Home Loan} A/c. No.860975110000593^{from the defendants jointlvand} severally^{with futureinterest@ 9 75o/o p'a' compounded with} monthly rests^{inclusiveof zyo penalinterest fromthe date of} application^{till the date of realization alongwith costs and in} default for sale^{of OA scheduleproperty'}

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Summons^{served on D1 and 2 through} paper Publication.^TheY called absent^{and no}

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were set ex-Parte^{on 10.04 2023as} representation.

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The Applica^nt Bank examined^{E Th ilaqavathi,} Senior Ma^nager, as AW-1^and marked 14 docu^{ments through} her as Ex.^{A.1 to} Ex. A.14.

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Heard the Ld. Counsel^for the APPlica^{nt Bank.Perusedthe} material Placed^{on record.}

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The^point that^{arises for considerationis:-}

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Whether the APPlicant Bank is entitled for the claim^madein the OA against the Defendants and OA schedule property? 1frn"a

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oa.No .47olzo22

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As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.14 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are jointly and severally liable to pay the OA claim to the Applicant Bank wlth future interest and costs.

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In the result, the present Original Application No.470/2022 is allowed as under: -

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.75,91,336.93ps under Home Loan A/c. No.860975110000593 with future interest @9.75olo p.a. simple from the date of application till the date of realization;

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ii) the OA claim is secured by way of mortgaged property described in the schedule annexed to the OA and the applicant bank is entitled to proceed against the same to realise its debt;

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iii) the applicant bank is also entitled to proceed against the person and properties of defendants for realization of its dues;

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iv) the applicant bank is entitled for the costs.

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ffi'o*'"

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oA.No.470/2022

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B. The Applicant Bank^{is directed to file Cost Memo within2 weeks} from the date of^{receipt of this Order.}

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q Issue Recovery Certificate^accordingly.

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Communicate a^{copy of this order to the parties concerned'} (Dictated to the steno, corrected, signed^{and pronouncedbyme in the open court on} this the 17th^{Day of September, 2024).}

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PRESIDING OFFICER

Bank of India v. Sri Nithya Venkatesu Kalla

Case brief

What is this about?

What did the court decide?

Bank of India v. Sri Nithya Venkatesu Kalla

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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