Allowed

State Bank of India v. Sri Thirumalreddy Venkateshwara Reddy

DRT15 Jul 2024OA/50/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the Original Application filed by State Bank of India against Sri Thirumalreddy Venkateswara Reddy for recovery of Rs. 87.72 lakhs with interest and permission to proceed against mortgaged property. Minor typos in operative portion noted.

What did the court decide?

Defendant liable to pay Rs.87.72 lakhs with interest; applicant entitled to proceed against mortgaged property; to be issued recovery certificate.

State Bank of India versus Sri Thirumalreddy… — Contract and Commercial Disputes | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

¶2

DATED THIS THE 15TH DAY OF )ULY'2024

¶3

PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFIcER

¶4

OA.No.SO oJ 2024

¶5

Between:

¶6

State Bank of India, Stressed Assets Recovery bra nch, 2nd floor, TSRTC bus terminal Complex, Commuter Amenity Centre, Koti, Hyderabad Rep by its Chief Manager

¶7

Applicant

¶8

VERSUS

¶9

Sri ThirumalreddyVenkateswara Reddy, S/o Sri Narayana Reddy, Major, male, R/o Flat no.G4, Block no.4, Rain Tree park, Malaysian Township, KPHB Colony, Kukatpally, Hyderabad -72

¶10

Also at Cognizant Technology India Limited, Inorbit Mall road, Mind Space, Vittalraonagar, Madhapur, Hyderabad - 50 Defendant Counsel for the Partiesi','^I For the Applicant 1 5 Jllt ffiri e.t atya na raya na For the Defendant 1. The Applicant Bank filed the present OA against Defendant for recovery of a total sum of Rs.g7,72Jl7l- (Rupees Eighty Seven

¶11

Lakhs Seventy Two thousand Seven hundred and Seventeen

¶12

(oA.No.s0/2024)

¶13

only ) with interest @ 9.20% p.a with monthly rests from date of application till the date of realization and in default for sale of mortgaged property as described in the schedule to OA.

¶14

As per the averments in the application, the Applicant Bank states that defendant is the borrower who availed housing loan of Rs.75.00 lakhs on 05.OL.2022 and executed memorandum of loan agreement, agreement to mortgage dated 05.01.2022. fhe defendant also deposited the agreement of sale dated 31.12 .202t and created mortgage 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 29.t2.2023. Inspite of several requests and demands, the defendant did not clear the outstanding. Hence this OA.

¶15

Defendant called absent and set exparte on 01.07.2024.

¶16

Smt K. Geeta Lakshmi, Chief Manager of the Applicant Bank examined herself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.B.

¶17

Heard the Ld. Counsel

¶18

(OA.No.s0l202a)

¶19

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?

¶20

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.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 made in the OA with future interest and costs.

¶21

B. In the result, the present OA is allowed with costs, as under:

¶22

The Defendant is liable to pay to the Applicant Bank a total sum of Rs.87,72,7L7l- (Rupees Eighty Seven Lakhs Seventy Two thousand Seven hundred and Seventeen only )with interest @ 9.20o/o^p.a from date of application till the date of realization;

¶23

The Applicant bank is entitled to^proceed against the^mortgaged property as described in schedule to OA towards realization of the debt due.

¶24

The Applicant against the^person and properties the debt due. 1\tutmt^*

¶25

(oA.No.s0/2024)

¶26

The Applicant Bank is entiUed to the costs of the OA.

¶27

The Applicant shall file a cost memo within two weeks from the date of receipt of order.

¶28

Issue Recovery certificate accordingly.

¶29

Communicate a copy of the order to the parties concerned.

¶30

(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 15th day of July,2024)

¶31

sd/(G. GOPTCHAND) PRESIDING OFFICER

¶32

"(<br>

¶33

TRUE COPY ,i:;:o*^q

¶34

State Bank of India v. Sri Thirumalreddy Venkateshwara Reddy

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sri Thirumalreddy Venkateshwara Reddy

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

All orders in this case

Similar cases

State Bank of India versus Sri. Vijay Kumar Satyalaya

State Bank of India versus Sri Pailla Vikram Reddy

Bank of India versus M/S.Hanuman Enterprises

State Bank of India versus Sri Sangepu Siva Kumar

State Bank of India versus Mr. Madhusudhan Babu Ponnekanti

Union Bank of India versus M/S. Green Aggri Implements