Allowed

State Bank of India v. Mr. Kandhi Sharan

DRT28 Mar 2025OA/28/2025

Case brief

AI extract

What is this about?

DRT allowed the debtor's recovery application for loan dues with future interest and costs, enabling the bank to proceed against mortgaged properties and the defendant's other assets.

What did the court decide?

Defendant to pay Rs.89,23,300/- with future interest @ 8.50% p.a. from 27.12.2024; Applicant entitled to proceed against mortgaged property and defendant's other assets for realization.

State Bank of India versus Mr. Kandhi Sharan — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 2STHDAY OF MARCH' 2025

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PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFIcER

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OA.No.28 ol 2025

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Between:

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State Bank of India, Stressed Asset Recovery Branch (sARB-rr), 1-B-s63/1, RTC Cross roads, opp Sandhya theatre, 1'' floor, Chikkadpally, Hyderabad20. Represented by its Chief Manager

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Applicant

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VERSUS

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Mr. KandhiSharan, S/o Mr. Venkatesham, Aged 37 years, male, Occ: business, H.No.16-11-20/1/8, Moosarambagh, Malakpet, Hyderabad - 500 036.

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Defendant

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Counsel for the parties:

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For the Sri A.M. Kiran Kumar For as Expa rte !ffi *- 2E t4ffl ORDER 1. led the present OA against Defendant for of Rs.89,23,3OO/- (Rupees Eighty Nine Lakhs Twenty Three Thousand and Three Hundred only) i,e,, a) A sum of Rs.86,48,535/- with future interest @ 8.50% p.awith monthly rests from27.l2.2024 till the date of realization;

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(oA.No.28l202s)

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b) A sum of Rs.2,74,765l-with future interest @ 8.50o/o p.awith monthly rests from 27.12.2024 till the date of realization; And in default for sale of mortgaged property as mentioned in the schedule to OA.

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As per the averments in the apprication, the Applicant Bank states that defendant avaired housrng roan to the tune of Rs.82,92,700 and sBI Suraksha roan of Rs.2,55,000/- vide retter of arrangement dated 04.9.2023. The defendant created equitabre mortgage of schedure mentioned property and deposited the original Uile deed document no.11051/2023 and t5302/2022 on 04.09.2023. After availing the loan facilities, the defendant failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NpA on 09.04.2024 and issued demand notice dated 12.04.2024 and possession notice dated 1g.06.2024. 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 27.02.2025.

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Sri B.R.K. Prasad, nt Bank examined himself ',iftN aS AW.1 and exhi docu which are marked as Ex.A.1 to A 1' l :: .,! * l-'.'.. ? 8 uaX 77y6 5. Heard the Ld. ).itl

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(oA. No.28l202 s)

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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, officiar of the Appricant Bank was examined and he exhibited rerevant documents as Ex.A1 to A.12. In view of the above, I hord that the Appricant Bank has estabrished their craim made in the OA against the Defendant and hence the Applicant Bank is entitred to recover the craim 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 riabre to pay to the Appricant Bank a totar sum of Rs.89,23,3O0/- (Rupees Eighty Nine Lakhs Twenty Three Thousand and Three Hundred only) i.e.,

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a) A sum of Rs.86,48,535/- with future interest @ g.50o/o p.a from 27.I2.2024 till the date of realization;

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b) A sum of Rs.2,74,765l- with future interest @ 8.50% p.a from 27.12.2024 till the date of realization;

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The Appl to proceed against the mortgaged

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propertrl!r'j? menti edule to OA towards realization of

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the debt due. 7 0 ui.ary6

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(oA.No.28l2025)

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10' The Applicant Bank is also entitled to proceed against the person and properties of defendant towards realization of the debt due.

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The Appricant Bank is entiiled to the costs of the oA.

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12' 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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L4' communicate a copy of the order to the parties concerned.

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court (Dictated on this to the the P'A'., 2g,hday transcribed by her, corrected, signed and pronounced by of March,^'2025) me in the open

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sd/ - (G. GOPTCHAND) PRES!DING OFFICER

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State Bank of India v. Mr. Kandhi Sharan

Case brief

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State Bank of India v. Mr. Kandhi Sharan

Case brief

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