Allowed

State Bank of India v. Mr. Mouli Ravitla

DRT24 Jul 2024OA/74/2024

Case brief

AI extract

What is this about?

In OA.No.74 of 2024, the Debts Recovery Tribunal allowed the Applicant Bank's original application to recover a personal loan sum of Rs. 25,34,358/- with future interest. The Court held the bank established its claim through documentary evidence despite the defendant's absence, granting realization of the debt against movables, properties, and person.

What did the court decide?

Defendant to pay total sum of Rs. 25,34,358/- with interest at 14.05% p.a.; Applicant entitled to proceed against hypothecated movables, properties, and person; Recovery certificate to be issued.

State Bank of India versus Mr. Mouli Ravitla — Contract and Commercial Disputes | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

¶2

DATED THIS THE 24THDAY OF JULY' 2024

¶3

PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

¶4

OA.No.74 of 2024

¶5

Between:

¶6

State Bank of India, Stressed Assets Recovery Branch, 2nd floor, TSRTC Commuter Amenity Centre, bus term ina I complex, Koti, Hyderabad - 500 095. Rep by its Chief Manager Applicant

¶7

VERSUS

¶8

Mr. MouliRavitla, S/o R. Venkatapathinaidu, 5-82L, lzzatnagar, Near Ramalayam temple, Kothapet, Ranga Reddy - 500 084.

¶9

Defe nda nt

¶10

Counsel for the Pa rties:

¶11

For the Applicant Sri C.Sreedhar For the Defendant Expa rte

¶12

Sri C.Sreedhar

¶13

ORDER

¶14

The Applicant Bank filed the present OA against Defendant for recovery of a total sum of Rs.25,34,358/- (Rupees Twenty Five

¶15

Lakhs thirty four Three hundred and Fifty Eight only

¶16

tirnru"6#frnfr .a with monthly rests from date of

¶17

(OA.No.74 of 2024)

¶18

filing of OA till the date oF realization and in default for sale of

¶19

hypothecated movables as described in the schedule to OA.

¶20

As per the averments in the application, the Applicant Bank states that defendant availed personal loan scheme Xpress credit Elite facility/ term loan of Rs.25.00 lakhs vide application dated Ll.I0.2022. The defendant executed personal loan agreement and undertook to repay the loan dues together with interest @ 12.05o/o p.a and penal interest @ 2olo with monthly rests. After availing the loan facility, the defendant failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA on 09.11.2023 and issued legal notice dated 31.01.2024. Inspite of several requests and demands, the defendant did not clear the outstanding. Hence this OA.

¶21

Defendant called absent and set exparte on 08.07.2024.

¶22

Shri K. GovindRaju, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.B.

¶23

Heard the Ld. Counsel fo

¶24

(oA.No.74 of 2024)

¶25

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?

¶26

7' 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.

¶27

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

¶28

The Defendant is riabre to pay to the Appricant Bank a totar sum of Rs.25,34,358/- (Rupees Twenty Five Lakhs thirty four thousand Three hundred and Fifty Eight only )with further interest @ 14.05% p.a from date of filing of OA till the date of rea lization ;

¶29

The Applicant bank is entitled to proceed against the hypothecated movables as described to OA towards realization of the debt due. .6

¶30

(OA.No.74 of 2024)

¶31

The Applicant Bank is also entitled to proceed against the person and properties of defendant towards realization of the debt due.

¶32

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

¶33

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

¶34

Issue Recovery certificate accordingly.

¶35

Communicate a copy of the order to the parties concerned.

¶36

(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 24th day of )uly, ZO24)

¶37

sd/(G. coPtcHAND) PRESIDING OFFICER

¶38

["--&
i .,; 2 4 JUI ,mf
+
',,:::,
\ ''."i +j.. ^P"r.'l
''(,a$rrroq;f;,1...:'
-\I--OVPP{ }-:::.;'

¶39

o:F"f:ry
,iff#f,"*

State Bank of India v. Mr. Mouli Ravitla

Case brief

What is this about?

What did the court decide?

State Bank of India v. Mr. Mouli Ravitla

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 M/S. Vow Interiors

State Bank of India versus Sri. Gattu Prabhakar Reddy

M/S. Instruments Techniques Pvt. Lts., versus M/S. Pegasus Assets Reconstruction Pvt. Ltd.

State Bank of India versus Mr. G. Devender

Karur Vysya Bank versus Sri Ammapalli Gurunatham

Bank of India versus Dr. Bheemagani Lakshmi Narayana