Allowed

State Bank of India v. Suggala Sai Kumar

DRT18 Oct 2024OA/78/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Applicant Bank's Origin Application for recovery of Rs. 36.17 lakhs as a home loan. The court held the bank established its claim and awarded the principal sum with interest, allowing enforcement against properties and issuing a recovery certificate.

What did the court decide?

Allowed OA with costs; ordered deficiency payment of Rs.36,17,045/- with interest; authorized proceeding against mortgaged and personal properties; issued recovery certificate.

State Bank of India versus Suggala Sai Kumar — Insolvency and Bankruptcy | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL.I AT HYDERABAD

¶2

DATED THIS THE 1STHDAY OF OCTOBER' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFIcER

¶4

OA.No.78 ot 2024

¶5

Between:

¶6

State Bank of India, Stressed Assets Recovery Branch, 2nd floor, TSRTC bus Terminal Complex, (Commuter Amenity Centre), Koti, Hyderabad, Telangana State. Represented by its Chief Manager

¶7

Applicant

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VERSUS

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Suggala Sai Kumar, s/o S. Shekar Rao, male,

¶10

aged 37 years, occ: business, R/o flat no.20B, A block, Western Plaza, OU colony, ShaikpetRaidurg, Golconda, Hyderabad - 500 008.

¶11

Also at:

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C/o Willgrow, H. No.B-4-54411/13, Sehnkarlal Nagar, Erragadda, Hyderabad - 18.

¶13

Also at:

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Flat no.209, VenkataKalyan Residency, Plot no.s, L,2,3 & 4, Sy.No.50/2 Hydernagar village, Kukatpal Medchal- Malkajgiri distri Telangana - 500 072. Defendant Counsel for the Parties: 1 0 0[T^?ffiurn, For the Applicant ini Pisipati For the Defendant .corenx

¶15

(OA.No.78 of 2024)

¶16

ORDER

¶17

The Applicant Bank filed the present OA against Defendant for recovery of a total sum of Rs.36,17,O45l- (Rupees Thirty Six Lakhs Seventeen Thousand and Forty five only) with interest @ 11.50o/o p.a with monthly rests from 15.02.2024 till the date of realization and in default for sale of mortgaged property as described in the schedule to OA.

¶18

As per the averments in the application, the Applicant Bank states that defendant is the borrower and mortgagor availed home loan of Rs.29.15 lakhs along with insurance cover of Rs.1.04 lakh for purchase of OA schedule property. To secure the due repayment of home loan, the defendant executed memorandum of loan agreement for home loan dated 31.12.2017. The defendant created equitable mortgage of schedule mentioned property. 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 13.11.2023 and issued demand notice dated 14.11.2023 and recall notice dated 17.02.2024. Inspite of several requests and demands, the defendant did not clear the outstanding. Hence this OA.

¶19

.2024. Defendant catted absent.ffi; "H ,,;^180[Iil2] :

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(OA.No.78 of 2024)

¶21

Sri P. Sandeep, Manager of the Applicant Bank examined herself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.8.

¶22

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?

¶24

Defendant remainedexparte. 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^{Bankhas established their claim} made in the OA against the Defendant and^{hence the ApplicantBank} is entitled to recover the claim^{madein the OA with future interest} and costs.

¶25

B. In the result, the^present OA^{is allowed with costs, as under:} The Defendant is liable to^{pay to the Applicant Bank a total sum of} Rs.36,17,O45l-^(Rupees Thirty Six^{Lakhs SeventeenThousand} and Forty five only) with^interest @^{11.50o/o p'a from15.02'2024} tin rhe date or ."urirutiZ@*SN

¶26

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¶27

(OA.No.78 of 2024)

¶28

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

¶29

The Applicant Bank is also entitled to^proceed against the^person and properties of defendant towards realization of^{the debtdue.}

¶30

The Applicant Bank is entitled to the costs of^the OA.

¶31

12, The Applicant shall file a cost^{memo within two weeks from the date} of receipt of order.

¶32

Issue Recovery certificate^accordingly.

¶33

Communicate a copy^{of the order to the parties concerned'}

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(Dictated to the P.A., transcribed by^{her, corrected,signedand pronounced by mein the open} court on this the^{18thday of Oct,2024)}

¶35

sdl_ (G. GOPICHAND) PRESIDING OFFICER

¶36

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¶37

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¶38

State Bank of India v. Suggala Sai Kumar

Case brief

What is this about?

What did the court decide?

State Bank of India v. Suggala Sai Kumar

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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Case details

All orders in this case

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