Allowed

State Bank of India v. Mr. Venkateshwarlu Puppala

DRT29 Apr 2025OA/213/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's recovery claim of approximately Rs. 30.82 lakhs against the defendant for unpaid personal loans, awarding future interest from May 18, 2024.

What did the court decide?

Recovery of Rs. 30,82,768/- with future interest @ 13.30% p.a. from 18.05.2024; issue of recovery certificate; costs of the proceeding.

State Bank of India versus Mr. Venkateshwarlu Puppala — Insolvency and Bankruptcy | DRT (2025)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THIS THE 29TH DAY OF APRIL'2025

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFICER

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OA.No.213 ol 2024

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Between:

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State Bank of India, SARB-II Branch, Opp Sandhya theatre, RTC "X" roads, Chikkadpally, Hyderabad - 500 020. Represented by its Chief Manager

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Applicant

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VERSUS

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Mr. Venkateshwarlu Puppala S/o Bondaiah, aged 56 years, Occ: Govt employee, R/o H.No. 16-3-706/ 4-1, Ekashilanagar, Annapurna Forum mall, Warangal.

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And also at R/ o 6-2-909 / 1, Khairtabad, Hyderabad, Secunderabad - 500 004. Defendant

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Counsel for the Parties:

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For the Applicant Smt B. RamanaKumari
For the Defen Exparte
29 apn
1. The
resent OA against Defendant for
recovery of a tota I Rs.30,82,768/- (Rupees Thirty Lakhs
Eighty Two Thousand Seven Hundred and Sixty Eight only)

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(OA.No.z73/2024)

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(Rs.14,24,314/- + Rs.16,5g,454l-) with current and future interest @ 13.30olo p.awith monthly rests from L8.05.2024 till the date of realization.

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As per the averments in the apprication, the Appricant Bank states that defendant avaired personar roan for a sum of Rs.15.00 rakhs vide letter of arrangement dated to.ro.2022. The defendant agreed to repay the personal loan with fixed rate of interest @ 7.90olo per year and @ 20/o penar interest and the roan is to be repaid with monthly instalments of Rs.2B,B73l_. Subsequenfly the defendant availed fpress Credit Elite loan of Rs.17,44,OOO/_ on 01t2,2022 and executed personar roan agreement in favour of Appricant bank. After availing the loan facility, the defendant failed to comply the terms of sanction, hence the appricant bank was constrained to classify the account as NpA and issued regar notice on 12.04.2024. 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 02.04.2025.

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Sri Bank examined himself AS which are marked as 5. e6rd rhltolP&il?t",r[ e Applicant Bank. 2

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(oA. No.213l202a)

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A The point that arise for consideration is whether the Applicant Bank is

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entitled for the claim made in the OA against the Defendant as prayed for?

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Defendant remained 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.A1 to A.12. In view of the above, I hold that the Applicant Bank has established their claim made in the oA against the Defendant and hence the Appricant 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: The Defendant is liabre to pay to the Appricant Bank a totar sum of Rs.30,82,768/- (Rupees Thirty Lakhs Eighty Two Thousand Seven Hundred and Sixty Eight only) (Rs.l4p4,314/_ + Rs.16,58,454l-) with current and future interest @ 13.30o/o p.afrom 18.05.2024 till the date of realization

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The Applicant Bank is also entitled to proceed against the person

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and properties of defendant towards realization of the debt due.

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The the costs of the OA.

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(OA.No.21-3/2024)

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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 accordin g ly.

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13' 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 thrs the 29th day ot aprit, iOZSj

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sd/(G. GOPTCHAND) PRESIDING OFFICER

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ff;m'

State Bank of India v. Mr. Venkateshwarlu Puppala

Case brief

What is this about?

What did the court decide?

State Bank of India v. Mr. Venkateshwarlu Puppala

Case brief

What is this about?

What did the court decide?

What the court decided

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