Allowed

State Bank of India v. Chiragoni Shankaraiah

DRT19 Apr 2024OA/547/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an original filed by State Bank of India for recovery of a loan against an ex-parte defendant. The court held the defendant liable to pay the principal sum with future interest and costs, secured by the hypothecated vehicle and other properties.

What did the court decide?

The defendant is liable to pay Rs.26,19,666/- with future interest; the bank can proceed against the hypothecated vehicle and defendant's other properties for recovery.

State Bank of India versus Chiragoni Shankaraiah — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDERABAD

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DATED THIS THE 19TH DAY OF APRIL, 2024

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PRESENT: SH. RAMESHWAR KOTHE, B,Com, L.L.B. (HonS.), I\4.A, PRESIDING OFFICER

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ORIGINAL APPLICATION NO. 547 OF 2022

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State Bank of Indla, SMECC, Patny, Secu ndera bad Rep by its Chief Manager

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...........Applicant.

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Versus

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Mr. Chiragoni Sha nka raiah, S/o. Chiragoni Ma raiah, A9e: Major, Occ: Business,

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H. No.1-61, Vankamamidi Village, Pocham pally Mandal, Na lgonda, Tela nga na-508284

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Defe n da nt.

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Cou nsel for the Applicant Mr. K. Anoop Kumar Defenda nt Expa rte.

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ORDER

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The Applicant Bank filed the present OA u/s.19 of the Recovery of Debts and Bankruptcy Act, 1993 for the recovery of a sum of Rs.26,79,666/- from the defendant under the Loan Account No's 39003952743, 397 4252567 4, 4022967375 respectively together with interest @10.50% p.a. with monthly rests from the date of OA till the date of final realization along with costs and OA schedule hypothecated vehicle.

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Summons served on sole defendant. He was set ex-parte on 1O.O4.2023 as called absent and no reDresentation ,'dn l-,," (-,'z ''o'^'-'

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oA.NO.547l2022

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The Applicant Bank examined O. lvluralidhar, Manager as AW-1

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and marked 13 documents throuqh him as Ex. A.1 to Ex.A.13.

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Learned Counsel for the applicant bank reported orders may be passed on merits. Perused the material placed on record.

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The point that arises for consideration is:-

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Whether the Applicant Bank is entitled for the claim made in the OA against the Defendant and OA Schedule hypothecated vehicle?

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As stated supra, defendant remained ex-parte. The Evidence AFfidavit coupled with the recitals in the documents viz., Exs. A1 to A.13 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendant. Hence, I hold that the Defendant ts liabte to pay the OA claim to the Applicant Bank with future interest and costs.

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In the result, the present Original Application No.S47l2O22 is allowed as under: -

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i) the defendant is liable to pay to the Applicant Bank a sum of Rs.26,19,666/- with future interest @10.50o/op.a. simple from the date of application i.e.,01.08.2022 ti the date of realization;

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ii) the OA claim is secured by way of hypothecation of vehicle described in the schedule annexed to the OA and the applicant bank is enti ed to proceed against the same for recovery ot its dues|/Vy,, tL\

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oA.NO.s47lZO22

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

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iv) the applicant bank is entitled for the costs.

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B. The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this Order,

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Issue Recovery Certificate accordingly.

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Communicate a copy of this order to the parties concerned. (Dictated to the steno, signed and pronounced by me in the open court on this the 19th day of April, 2024).

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PRESIDING OFFICER

State Bank of India v. Chiragoni Shankaraiah

Case brief

What is this about?

What did the court decide?

State Bank of India v. Chiragoni Shankaraiah

Case brief

What is this about?

What did the court decide?

What the court decided

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