Allowed

State Bank of India v. Sri Y. Ravi Kumar

DRT21 Mar 2025OA/314/2024

Case brief

AI extract

What is this about?

This order allowed an Original Application for recovery of Rs. 1.35 Crores plus future interest and costs against a defendant who failed to comply with loan terms. The tribunal held the bank established its claim and authorized action against hypothecated property.

What did the court decide?

Defendant to pay Rs. 1,35,36,805 with future interest @ 15.25% p.a. Bank entitled to proceed against hypothecated property and costs.

State Bank of India versus Sri Y. Ravi Kumar — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 21ST DAY OF MARCH' 2025

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PRESENT: SRI GUMMADI GoPICHAND, PRESIDING oFFICER

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OA.No.314 ot 2024

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Between :

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State Bank of India, Stressed Assets Recovery Branch, 2nd floor, TSRTC commuter Amenity Center, Bus terminal complex, Koti, Hyderabad - 500 095. Represented by its Chief Manager

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Applica nt

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VERSUS

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Sri Y. Ravi Kumar, S/o Sri Y. Ramulu, aged about 14^{years, occ:business,B-5,} Thoodukurthy, Nagarkurnool, Telangana - 509 235.

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Defendant

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Counsel for the^parties: For the Applicant Ms. Sangeeta Jaiswal For the Defendant

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Expa 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.1,35,36,gO5/- (Rupees One Crore Thirty Fave LarF+ItSrtKSix Thousand Eight hundred and five onrv) -t,-ffifu%Sfur rrr.;";;; monthry rests rrom rc.Ot.zoiz+\incrusirPor r"r" A;\ interest) ti, the date of reatization '-;^{2 1 r4AR 2tr6} r-i^*, W'

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(oA. No.314/2024)

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and in default for sare of hypothecated property as described in the schedule to OA.

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As per the averments in the apprication, the Appricant Bank states that defendant availed term loan facility of Rs.1,35,00,000/_ vide letter of arrangement dated 09.11.2022 and executed agreement of loan cum hypothecation and guarantee agreement dated 10.r7.2022. The term roan facirity is primariry secured by hypothecation of buses bearing No.s TS 31T45999, TS 31T0009, TS 31TA59BB and TS 31TA0555. After avairing the roan facirity, the defendant faired to comply the terms of sanction, hence the applicant bank was constrained to crassify the account as NpA on 74.04,2024 and issued regar notice on 20.07.2024. Inspite of severar requests and demands, the defendant did not crear the outstanding. Hence this oA.

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Defendant called absent and set exparte on O6.1L.2024.

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Sri P. sandeep, Manager of the Appricant Bank examined himserf as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.13.

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Heard lica nt Bank.

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?^{1 ltrfi2$E}

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(oA. No.314/2024)

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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, official of the Applicant Bank was examined and he exhibited rerevant documents as Ex.A1 to A.13. 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 Applicant Bank is entitled 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 liable to pay to the Applicant Bank a total sum of Rs.1,35,36,805/- (Rupees One Crore Thirty Five Lakhs Thirty Six Thousand Eight hundred and five only) with future interest @ 15.25olo p.afrom 18.07.2024 till ihe date of reatization.

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The Applicant Bank is entifled to proceed against the hypothecated

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property as mentioned in the schedule to OA towards realization of

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the debt due.

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The Applica tiU ed to proceed against the person and pro tl # s realization of the debt due. {* ,\o \

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(oA.No.314 /2024)

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

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The Applicant shall file a cost memo within two weeks from the date

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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 21't day of March, 2O2S)

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sd/ - (G. GOPTCHAND) PRESIDING OFFTCER

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¶39

State Bank of India v. Sri Y. Ravi Kumar

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sri Y. Ravi Kumar

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

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