Allowed

State Bank of India v. Sri Siripelli Sathish Kumar

DRT13 May 2025OA/14/2025

Case brief

AI extract

What is this about?

In an Order Application against four Defendants for recovery of a loan sum of Rs. 51,57,657/- with interest, the Debts Recovery Tribunal held that the Applicant Bank established its claim and allowed the application, declaring the Defendants jointly and severally liable.

What did the court decide?

Allow OA; Defendants jointly and severally liable to pay Rs. 51,57,657/- plus interest; Sale of mortgaged properties; Issue recovery certificate.

State Bank of India versus Sri Siripelli Sathish… — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THrS THE 13rH DAY OF MAY, 2025

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFICER

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OA.No.14 of 2025

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Between:

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State Bank of India, Stressed Assets Recovery Branch-II, H, No1-B-563/1, First floor, Opp Sandhya Theatre, RTC'X' roads, Hyderabad, Represented by its Chief Manager

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Applicant

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VERSUS

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Sri Siripelli Sathish Kumar, S/o Mr. Veeresham, aged 48 years, Male, H.No. 1B - l-tt0/31 LB3/ t, Rajiv nagar, Addaguntapalli, Godavarikhani, Karimnagar - 505 209.

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Mrs. Swetha Siripelli, w/o Sathish Kumar, aged 40 years, female, H. No. 1B-1- 1 1 0/3/ LB3/ t, Rajiv nagar, Addaguntapalli, Godavarikhani, Karimnagar - 505 2 (09.

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M/s. Vigneswara Timber Depot, Represented by its Proprietor: Satish kumar, H.No. 1B-1-110/3/183 Rajiv nagar, Addaguntapalli, Godavarikhani, Karimnagar - 505 2

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Sri Abboju Satyanarayana, s/o Jagannadham, aged major, male, H.No.7-5-89, G.M. Colony, Ward no.7, Godavarikhani, Karimnagar - 505 209.

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Defendants

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(OA.No.14 of 2025)

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Counsel for the Parties:

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For the Applicant For the Defendants

Sri C. Prabhakar

Expa rte

ORDER

The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.51,57,657l- (Rupees Fifty One Lakhs Fifty Seven thousand Six Hundred and Fifty Seven only)

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i.€.,

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a) A sum of Rs.4,80,823/-under loan A/c No.62111860834 from defendants No.1,2 & 4 with further interest @ 12.90o/op.a with monthly rests from date of filing of OA till the date of realization;

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b) A sum of Rs.19,19,724/- under loan A/c No.36938557584^from defendants No.1&2 with further interest @ 9.25olop.a with^monthly rests from date of filing of OA till the date of realization;

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c) A sum of Rs.15,71,319/-under loan A/c No.37570665519 from defendants No.1 & 2 with further interest @ 9.15olop.a^with monthly rests from date of filing of OA till the date of realization;

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d) A sum of Rs.10,98,158/- under loan A/c No.38336743217^from defendants No. rest @ 13.40%p.a with ffieN monthly rests 'r&i dato.lof Y filin( -*ol OA till the date of F realization; . ' -\ 11nlr$6 .) '," }tl @*rfd

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(OA.No.14 of 2025)

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e) A sum of Rs.87,633/- under loan A/c.No.40255662976 from defendants No.1 & 3 with further interest @ l2.4Oo/op.a with monthly rests from date of filing of OA till the date of realization;

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and in default for sale of mortgaged and hypothecated properties as mentioned in the schedule to OA.

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As per the averments in the application, the Applicant Bank states that defendant No.3 is a^proprietary concern represented by defendant no.1 and defendant no.2 is the wife ofdefendant no.l and defendant no.4 stood as guarantor to the loan availed by defendant no.1. Defendant No.1 and 4 availed housing loan of Rs.6.00 lakhs vide letter of arrangement dated 23.10.2009. To secure due repayment, the defendant no.1 executed memorandum of loan agreement for housing loan on 23.10.2009 and defendant no.4 executed guarantee agreement. Defendants t and 2 availed SBI home top up loan of rs.18,50,000/- to meet personal requirements on 08.06.2017. Defendant no.1 created equitable mortgage on 22.70.2009 by way of deposit of sale deed no.547g/20045 dated 37.12.2004 in respect of OA schedule property-I. On request of defendantsl&3,the licant bank sanctioned cash credit of Rs.10.00 lakhs endant no.1 created equitable mortgage on 2 schedure property-rr. rhe .2015 ff "roJ.ih\A defendants a L+lbdn""rof^p.s.iz.Zc lakhs and executed {IT

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(OA.No.14 of 2025)

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hypothecation agreement dated 04'08.2022.^{After availing the loan} facilities, the defendants failed to comply^{the terms of sanction,} hence the applicant bank classified^{the account as NPA andlegal} notice was issued on 07.12.2024.^{Insplteof several requests and} demands, the defendants did^{not clearthe outstanding.Hence this} oA.

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Defendants called^{absentand set exparteon 11.04.2025.}

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Sri S, Rama Rao,^Manager of^{the Applicant Bank examinedhimself} as AW.1 and exhibited^{relevant documents,whichare markedas} Ex.A.1 to A.30.

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Heard the Ld. Counsel^{for the Applicant Bank.}

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The^point that arise^{for consideration is whetherthe ApplicantBank is} entitled for the claim^{made in} the^{oA against the Defendantsas} prayed for?

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Defendants remained exparte'^{To substantiate the case of the} Applicant Bank, AW.1, official^{of the Applicant Bank was examined} and he exhibited^{relevant documentsas Ex.Al to A.30' In view of} the above, I hold that^{the Applicant Bank has established their claim} made in the oA against^{the Defendantsand hencethe Applicant Bank}

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n the oA with future interest

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is entitled to recover

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and costs.

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B. In the result,^the OA ls.allollpd costs, as u nder: 13 4

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(OA.No.14 of 2025)

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The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.51,57,657/- (Rupees Fifty One

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Lakhs Fifty Seven thousand Six Hundred and Fifty Seven only) i.e.,

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a) A sum of Rs.4,80,823/-under loan A/c No.62111860834 from defendants No.1,2 & 4 with further interest @ 12.90%p.a from date of filing of OA till the date oF realization;

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b) A sum of Rs.19,19,724/- under loan A/c No.36938557584 from defendants No.1&2 with further interest @ 9.25olop.a from date of filing of OA till the date of realization;

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c) A sum of Rs.15,71,319/- under loan A/c No.37570665519 from defendants No.1 & 2 with further interest @ 9.15%p.a from date of filing of OA till the date of realization;

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d) A sum of Rs.10,98,158/- under loan A/c No.383367432t7 from defendants No.1 & 3 with further interest @ 13.4Oolop.a from date of filing of OA till the date of realization;

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e) A sum of Rs.87,633/- under loan A/c.No.40255662976 from defendants No.1 & 3 with further interest @ 12.40olop.a from date of filing of OA till the date of realization;

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The Applicant bank ag ainst the mortgaged and
d'
hypothecated pr ES ntione e schedule "I to III" to
oA towards reati{ftfon oqt]eltlCot[fue; 1.
d
kg. ,u"r#)

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(OA.No.14 of 2025)

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The Applicant Bank is also entitled to proceed against the person and properties of defendant no.1 &.2,4 and properties of defendant no.3 firm towards realization of the debt due.

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

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t2. 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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(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 13th day of l'4ay, 2025)

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sd/(G. GOPTCHAND) PRESIDING OFFICER

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State Bank of India v. Sri Siripelli Sathish Kumar

Case brief

What is this about?

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State Bank of India v. Sri Siripelli Sathish Kumar

Case brief

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