Allowed

State Bank of India v. Smt. Gadmoor Rani

DRT5 Jan 2024OA/80/2023

Case brief

AI extract

What is this about?

This Order in Appeal by the Debts Recovery Tribunal allowed the Applicant Bank OA for recovery. The Tribunal held the Defendant liable to pay Rs. 27,25,291/- comprising home loans, insurance, and top-up loans with applicable interest, and entitled the Bank to proceed against mortgaged and other properties.

What did the court decide?

Defendant ordered to pay Rs. 27,25,291/- with interest; Applicant Bank entitled to proceed against mortgaged property and Defendant's assets; Recovery Certificate issued.

State Bank of India versus Smt. Gadmoor Rani — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 5TH DAY OF JANUARY'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.8O of 2023

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Between:

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State Bank of India, Stressed Assets Recovery Branch _ II (:ARB-IIL First ftoor, Opp Sandhya Theatre, RTC cross roads, chikkadpally, Hyderabad Represented by its Chief Manager

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Applicant

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VERSUS

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Smtcadmoor Rani, w/o Sri Soloman Raj, female, aged about 56 years, occ: Health supervisor, H.No. 1 1_ 1_1513, Chandra Sekhar colony, Nizamabad _ SOO OOf .

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And

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H.No. 1 1-1-1591, Chandra Sekhar colony, Nizamabad _ 5OO OO1.

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And

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H.No.7- 141l1, Laxmipriyanagar, 3.o-1d n g. O, M.u ba rakna ga r vitia ge, nizamabad dist _ 503 002,

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And

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C/o D. Deepika, plot no.70, Nilayam, Gangaram bus sta Chandanagar, Nizamabad

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im *-50q 060l'r'^1fl71, ...Defendant \S...1 O{ -"":'"9 .<cti:t$i

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(oA.No.80/2023)

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Counsel for the^parties: For the Applicant Shri G. PrabhakarSarma For the Defendant Ex^pa rte

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ORDER

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The Applicant Bank filed the present OA against Defendant for recovery of a total sum of Rs.27,25,291/_ (Rupees Twenty Seven Lakhs Twenty five thousand Two hundred and Ninety oneonly) i.e., a) a sum of Rs.21,g5,444l_ under Home loan with interest @ 10o/o p.awith monthly rests ;

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b) A sum of Rs.25,250/- under Home loan insurance coverage with interest @ 10olo p.awith monthly rests ;

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c) A sum of Rs.5,14,597/- under Home top_up loan with interest @ 8.50o/o p.a with monthly rests from date of application till the date of rearization and in defaurt for sare 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 the defendant availed home loan of Rs.23,58,000/- and home loan insurance coveraOy\i - vide arrangement letter dated 19.10.2015. memorandum of loan agreement for ho .lpan^{dated 19.10.2} On 04.07.2016, the defendant created age of scheduteli ntioned property by e^qlq

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(oA.No.80/2023)

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deposit of originar Regd Sare deed document No.11563/2015 dated 12.11.2015. SubsequenUy the defendant availed Home top up loan of Rs.5,50,000/- vide arrangement retter dated 09.11,20lg.After avairing the roan facirities, the defendant faired to compry the terms of sanction, hence the appricant bank was constrained to crassify the account as NpA and issued legal notice dated 20.12.2022. Inspite of several requests and demands, the defendant did not clear the outstanding. Hence this OA.

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Defendant called absent and set exparte on 11.0g.2023.

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smt M. Sarara, Manager of the Appricant Bank examined herserf as AW' 1 and exhibited rerevant documents, which are marked as Ex.A.1 to A.18.

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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?

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Defendant called absent and set exparte. To substantiate the case of the Applicant Bank, AW the Applicant Bank was examined and she ts as Ex.A1 to A.18. ,i In view of the I hold that the Bank has established n " lnri their claim made .the OA against the ndant and hence the .^{</sup> ..i..}

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(oA.No.80/2023)

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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 Defendant is liable to pay to the Applicant Bank a total sum of Rs,27,25,291l- (Rupees Twenty Seven Lakhs Twenty five thousand Two hundred and Ninety oneonly) i.e.,

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a) a sum of Rs.21,85,444/- under Home loan with interest @ 10o/o p.afrom date of application till the date of realization;

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b) A sum of Rs.25,250/- under Home loan insurance coverage with interest @ 10olo p.afrom date of application till the date of realization;

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c) A sum of Rs.5,14,597/- under Home top-up loan with interest @ 8.50o/o p.a from date of applicationtill the date of realization;

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d) The Applicant Bank is entiUed to proceed against the mortgaged immovable property as described in the schedule to OA towards realization of the debt due.

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e) the Applicant Bank is also entifled to proceed against the person and properties of defendant towards realization of the debt due.

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The Applican of the OA.

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(oA.No.80/2023)

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

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h) Issue Recovery certificate accordingly.

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i) 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 5th day of )an,2024)

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sdl-

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(G. GOPTCHAND) PRESIDING OFFICER

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TRUEtrOPM L(/ 5.fu-J'.-.=,il,.i:ii;i;!it"'o''

State Bank of India v. Smt. Gadmoor Rani

Case brief

What is this about?

What did the court decide?

State Bank of India v. Smt. Gadmoor Rani

Case brief

What is this about?

What did the court decide?

What the court decided

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