Allowed

Indian Overseas Bank v. Smt. Shiva Radhika

DRT17 Jun 2025OA/330/2024

Case brief

AI extract

What is this about?

DT-I allowed an original application by Indian Overseas Bank against Smt Shiva Radhika for recovery of Rs.40,54,992.62 with future interest and realization through the sale of mortgaged property.

What did the court decide?

Defendant liable to pay Rs.40,54,982.62 with future interest at 14.25% p.a.; bank entitled to proceed against mortgaged property and defendant's person/properties; recovery certificate issued.

Indian Overseas Bank versus Smt. Shiva Radhika — Execution and Attachment | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL.I AT HYDERABAD DATED THIS THE 17TH DAY OF JUNE'2025

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PRESENT: SRI GUMMADI GoPICHAND, PRESIDING oFFIcER

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OA.No.33O ot 2O24

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Between:

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Indian Overseas Bank, Hananmkonda Branch, 2-5-614, D-Mart Besides lane, Subedari, Hanamkonda, Warangal, TS - 506 001. Represented by its Chief Manager

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Applicant

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VERSUS

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Smt Shiva Radhika, w/o Shiva Ramesh Kumar, aged about major, R/o H.No.9-10-t57, Vishwakarma street, Opp Lane to ICICI Bank, Warangal branch, JPN road, Warangal - 506 001.

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Defendant

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Counsel for the Parties: For the Applicant Allu ri Krishnam Raju For the Defenda 6"W rte j lIJUN?lrn $f"--,*,-?.""--,+' 1. The Applicant nt OA against Defendant for recovery of a total sum of Rs.4O,54,992,62ps (Rupees Forty Lakhs Fifty Four Thousand Nine Hundred Eighty Two and

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(oA. No.330/2024)

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paise sixty twoonly) with future interest @ 14.25o/o p.a with monthly rests from 01.06.2024 till the date of realization and in default for sale of mortgaged property as mentioned in the schedure to OA.

¶13

As per the averments in the application, the Applicant Bank states that defendant availed term loan of Rs.56.00 lakhs vide sanction dated 30.12.2013 and executed demand promissory note, retter of undertaking and term roan agreement dated 30.12.2013. The defendant deposited the originar sare deed dated 30.12.2013. doc no.t0459/2013 and titfle deeds on 08.01.2014 with the Appricant bank. After avairing the roan facirity, the defendant faired to compry the terms of sanction, hence the appricant bank was constrained to classify the account as NpA on 30.0g.2022 and issued notices. 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 15.04.2025.

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Sri Sai Kumar Naik, Assistant Manager o ff the Applicant Bank examined himself as AW. ant documents, which are marked as Ex.A. 1

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1l lultm 5. Heard the Ld. Counsel '-'i1

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(oA. No.330/2024)

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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 ca[ed absent and set exparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and she exhibited relevant documents as Ex.A1 to A.5. In view of the above, I hord that the Appricant Bank has estabrished their claim 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.40,54,982.62ps (Rupees Forty Lakhs Fifty Four Thousand Nine Hundred Eighty Two and paise sixty two only) with future interest @ 14.25olo p.a from 0L.06.2024 till the date oF realization.

¶22

The Applicant Ba!! is",enli(Sd to
proceed against the mortgaged
pro perty ^ "rt{!"; -qiiiutrN the schedule to OA towards
realization dF t{1e debt ii\Jb. '- <br>J lrJrilzm I
;r ,i'
-,-!) - .^! .z
t ,/-: _::,t, l
' :i::t%
',.. -".-'--j7

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(OA.No.330/2024)

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the Applicant Bank is arso entiued to proceed against the person and properties of defendant 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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1,2. 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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14, 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 17th day of June, 2025)

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sd/(G. GOPTCHAND) PRESIDING OFFICER

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1 7 JU!,l 2m5

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¶33

Indian Overseas Bank v. Smt. Shiva Radhika

Case brief

What is this about?

What did the court decide?

Indian Overseas Bank v. Smt. Shiva Radhika

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Parties & counsel

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