Allowed

State Bank of India v. Smt Nagapuri Swathi

DRT12 Feb 2024OA/87/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the bank's application for recovery of a home loan and insurance installment totaling Rs.36.40 Lakhs with interest, holding the bank established its claim. Defendants were directed to pay jointly and severally and proceed against mortgaged property.

What did the court decide?

Defendants to pay Rs.36.40 Lakhs with interest; bank entitled to proceed against mortgaged property and personal assets for realization.

State Bank of India versus Smt Nagapuri Swathi — Insolvency and Bankruptcy | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 12TH DAY OF FEBRUARY'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFICER OA.No.87 ol 2022

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Between:

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State Bank of India, Retail Assets & Small medium Enterprises, City Credit Centre, (RASMECCC), Warangal Zonal Office, H.No.9-1-2, JpN road, Warangal - 506 002. Represented by its Chief Manager

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Applicant

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VERSUS

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SmtNaga pu riswath i,

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w/o Sri Nagapuri Ramesh, aged about 40 years, occ: business, H.No.3- 14-613/8, Vinayakanagar, Hanumkonda - 506 001.

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Hanumkonda district, TS.

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Sri Nagapuri Ramesh, s/o Sri Ramaswamy, aged 47 yrs, occ: business, H.No.3-14-613/8, vinayakanagar, Hanumkonda - 506 001. Hanumkonda district, TS.

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Defendants

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Counsel for the^pa rties :

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For the Applicant Sri Y. Rr:avind For the Defendantsthe DefendantsDefendants Ranadhir Singh

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For the Defendantsthe DefendantsDefendants

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(OA.No.87 of 2022)

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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.36,4O,671.46ps (Rupees Thirty Six Lakhs Forty thousand Six hundred Seventy One and paise Forty six only) i.e., Rs.35,70,009/- in Home loan + Rs.70,662.46ps in Suraksha Insurance with future interest @ 9.L0o/o p.a with monthly rests from L9.03.2022 till the date of realization and in defaurt for sale of mortgaged immovable 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 herein are wife and husband avaired Home roan of Rs.35.00 rakhs and premium of home roan insurance coverage of Rs.86,000/- with total of Rs.35,86,000/_ vide arrangement ,etter dated 13.12.201G. Defendant no.1 created equitable mortgage of schedule property in favour of appricant bank on 20.L2.20t6 by depositing Regd sale deed document no.5022 of 2016 dated L4.r2'2016. After avairing the roan facirities, the defendants faired to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NpA on 08.07.2021 and issuecl legal notice dated 13. 2:.:a ,01:-g?.zozz. Inspite of several requests and dema ghe defendants dtd.lnot cl ear the outstanding. Hence this OA.

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(oA.No.87 of 2022)

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Ld Counsel Shri T. Ranadhir Singh filed vakalath for defendants 1 &2 but failed to file Written Statement.

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Shri Dhanunjay Panda, City Case Officer of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.B.

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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 Defendants as prayed for?

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7, Ld Counsel for defendants filed vakalath but not filed written statement. 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 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

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OA , as under:
,
1

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(OA.No.87 of 2022)

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9' The Defendants are joinUy and severally liable to pay to the Applicant Bank a total sum of Rs.36,4O,67t.46ps (Rupees Thirty Six Lakhs Forty thousand Six hundred Seventy One and paise Forty six only) i.e., Rs.35,70,009/- in Home loan + Rs.70,662.46ps in Suraksha Insurance with future interest @ 9.10olo p.afrom 19.03.2022 till realization.

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

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

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The Applicant Bank is entifled 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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Issue Recovery certificate accordingly.

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Communicate a copy of the order to the parties concerned.

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'l {,-.

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(Dictated tdthe e.n,,. irj;iqql-;9.6 by her, corrected, signed and pronounced by me in the open cour! on thjs the t2'f day of Feb'2024)

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State Bank of India v. Smt Nagapuri Swathi

Case brief

What is this about?

What did the court decide?

State Bank of India v. Smt Nagapuri Swathi

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

Coram

Case details

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