Allowed

State Bank of India v. Sri. Silamulla Chandrakanth

DRT14 May 2024OA/79/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by State Bank of India against two borrowers. The Bank sought recovery of dues aggregating to Rs. 35,03,910/- comprising housing and additional insurance loans. The Tribunal held the claim established and directed repayment along with future interest, costs, and the right to proceed against mortgaged property.

What did the court decide?

Defendants ordered to pay total sum of Rs.35,03,910/- plus future interest; Bank entitled to proceed against mortgaged and personal properties and file recovery certificate.

State Bank of India versus Sri. Silamulla Chandrakanth — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 14TH DAY OF MAY' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

OA.No.79 ot 2024

Between:

State Bank of India,

Stressed Assets Recovery branch (SARB), second floor, TSRTC Commuter Amenity Centre, Bus Terminal complex, Koti, Hyderabad.

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Represented by its authorized signatory

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Applicant

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VERSUS

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Sri SilamullaChandrakanth, S/o SilamullahDurgaiah, Aged 40 years, occ: business, male, R/o H.No.1-2-171, ground floor, Kalasiguda, JJH Colony, SD Road, Opp CMR Shopping Mall, Secunderabad - 500 003.

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Also at:

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Flat no.314, 3'd floor, Sri Bhavani Azher Residency, block No.1, Old village, Mallapur, Uppal, Ranga Reddy - 500 076.

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Also at:

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C/o MSC Agency (India) Private Limited, Flat no.302, 3'd floor, Ashoka Bhopal Chambers, SP Road, Secunderabad - 500 003.

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Mrs. SilamullaArchana, w/o SilamullahChandrakanth, aged 37 years, occ: business,

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(OA.No.79 of 2024)

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female, R/o H.No. 1-2-171, ground floor, Kalasiguda JJ Colony, SD Road, Opp CMR Shopping Mall, Secunderabad - 500 003.

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Also at

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Flat no.314, 3'd floor, Sri Bhavani Azher Residency, block No.1, Old village, Mallapur, Uppal, Ranga Reddy - 500 076.

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Also at:

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C/o MSC Agency (India) Private Limited, Flat no.302, 3'd floor, Ashoka Bhopal Chambers, SP Road, Secunderabad - 500 003. Defendants

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Counsel for the Parties:

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For the Applicant Smt Tarangini Pisipati For the Defendants Expa rte

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ORDER

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The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.35,03,910/- (Rupees Thirty Five Lakhs Three thousand Nine hundred and ten only) i.e.,

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a) A sum of Rs.33,08,490/-in respect of loan account

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no.40886730360 with interest @11.30% p.a with monthly rests

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from 15.02.2024 dl the date of realization;

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in b) A sum of Rs.|,95,420/"^# No.40886780594 with interest @ fra^{with #ontntv} ,r from 15.02.2024 till the date of realizat j 14fiAyzrru ,9..,]i

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(OA.No.79 of 2024)

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and in default for sale of mortgaged^property as described in the schedule to OA.

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As per the averments in the application, the Applicant Bank states that defendants are the borrowers and mortgagors availed housing loan of Rs.33.56 lakhs vide arrangement letter dated 30.03.2022 for purchase of flat more fully described in the schedule to OA. The defendants executed memorandum of loan agreement, agreement of mortgage etc. In addition to the above housing loan,^the defendants availed additional loan of Rs.1,94,000/- for^{payment of} life insurance premium dated 31.03.2022. After availing the loan facilities, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA on 13.10.2023 and issued demand notice and recall notice dated 17.02.2024. Inspite of several requests and demands,^the defendants did not clear the outstanding. Hence this OA.

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Defendants No.1 and 2 called absent and set exparte on 18.04.2024.

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Shri P. Sandeep, Manager of the Applicant Bank examined^{himself as} AW.1 and exhibited relevant documents, -Uf@eqtg- marked^as Ex.A.1 to A.11. 6

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Heard the Ld. Counsel for the Applica

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(OA.No.79 of 2024)

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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 Defendants as prayed for?

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Defendants 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.Al to A. 11. In view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendants and hence the Applicant Bank is entitled to recover the claim made in the OA with future interest and costs.

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

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The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.35,O3,gtOl- (Rupees Thirty Five Lakhs Three thousand Nine hundred and ten only) i.e., a) A sum of Rs.33,08,490/- in respect of loan account no.40886730360 with interest @11.30o/o p.a from L5.02.2024 till the date of realization;

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b) A sum of Rs.1,95,420l- in respect of Loan account No.40886780594 11.30% p.a from 15.02.2024; .;i lp 1 { IAY zln

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(OA.No.79 of 2024)

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

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d) The Applicant Bank is also entitled to proceed against the^person and properties of defendants towards realization of the debt due.

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e) The Applicant Bank is entitled to the costs of the OA.

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

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S)^{Issue Recovery certificateaccordingly.}

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h) Communicate a copy of the order to the parties concerned.

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(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 14th day of May'2024)

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sd/(G. GOPTCHAND) PRESIDING OFFICER

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State Bank of India v. Sri. Silamulla Chandrakanth

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sri. Silamulla Chandrakanth

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

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