Allowed

State Bank of India v. Sri. Jala Chandraiah

DRT16 May 2025OA/360/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by the State Bank of India to recover a term loan amounting to Rs. 24,55,422 with interest from the absent defendants upon proof of default and security creation.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 24,55,422 with interest @15% p.a. from 01.04.2024 along with costs and realization against properties.

State Bank of India versus Sri. Jala Chandraiah — Banking and Recovery | DRT (2025)

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IN THE DEBTS^{RECOVEP.YTRIBUNAL-IAT HYDERABAD}

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DATED THIS^{THE 16IH DAY OF MAY 2025}

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PRESENT: SRI^{GUMMADI GOPICHAND,PRESIDING OFFICER}

OA.No.36O ol 2024

Between:

State Bank of India,

R.P. Road branch, Near clock

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Tower, Hyderabad road,

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Nalgonda, Telangana state.

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Represented by its Chief Manager

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Applicant

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VERSUS

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Sri lalaChandraiah, s/o Sri Mallaiah,

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aged about 40^years,

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occ: agriculture, R/o Gurampode,

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Nalgonda district.

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SmtJalaNagamma, w/o JalaChandraiah, aged about 38 years, occ: agriculture, R/o Gurrampode, Nalgonda dist,

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Defendants

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Counsel for the Parties:

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For the Applicant

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For the Defendants

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Sri A.V.S. Rama Krishna

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Exparte

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ORDER
ffi<br>$pplicant BEnk file(r present OA against Defendants for
.24,55A22/- (Rupees Twenty Four
,tstJ ',8,J, "i
y ^g
QrW

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(oA 350 of 2024)

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Lakhs Fifty^{Five thousandFour hundred and TwentyTwo only)} with current^{and future interest @ 15o/op'a with half yearly rests} from 01.04.2024^{till the date of realization and in default for sale of} mortgaged^{propertiesas mentioned in the schedule "I & II to OA'}

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As^per the^{avermentsin the application, the Applicant Bankstates} thatdefendantsland2arehusbandandwifeavailedtermloanof Rs.6.00 lakhs on^{27.06.20Lt for purchase oftractor and} hypothecated the^{same as primary securityto the Applicantbank'} The defendants created^{mortgage of schedule mentioned properties} and deposited the title^{deeds in favour of Applicant bank'After} availing the loan^{facility, the defendantsfailed to comply the terms of} sanction, hence the applicant^{bank was constrainedto classify the} account as NPA and^{issued legal notice dated 31.1.2022, Inspite of} several requests and demands,^{the defendantsdid not clear the} outstanding, Hence this OA.

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Defendants called absent and^{set exparte on 07.03.2025.}

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Sri R. K. Gupta;.-mAnag.q of the Applicant Bank^{examined himself as} AW.1 6nd exhiblted'?t t documents, which are marked as /.

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,i '-i' ..!

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rx.n/n TJ*t6 A.10.^-5 * 16l4AY'n2s

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;

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Applicant Bank. W?ffiS 2

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(OA.360 of²⁰²⁴⁾

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

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Defendants^{called absent and set exparte'To substantiatethe case} of the^{Applicant Bank, AW'1, official of the Applicant Bank was} examined^{and he exhibited relevant documents as Ex'Al to A'14'In} view of the^{above, I hold that the Applicant Bank has established} their claim^{made in the OA against the Defendantsand hence the} Applicant^{Bank is entitledto recover the claim madein 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 Defendants are^{jointlyand severally liable to pay to the Applicant} Bank a total sum of Rs'24,55r4221-^{(Rupees Twenty FourLakhs} Fifty Five thousand Four hundred^{and Twenty Two only) with} current and future interest @^{15o/o p.a from 0L'04.2024till the date} of realization.

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The appl to proceed against the mortgaged pro ule to OA towards retaliation of the debt g 15ilAYr2s I

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(OA.360 of 2024)

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the Applicant Bank is also entitled to^proceed against the^personand properties of defendants 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 16th day of May'2025)

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sd/(G. GOPTCHAND) PRESIDING OFFICER

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State Bank of India v. Sri. Jala Chandraiah

Case brief

What is this about?

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State Bank of India v. Sri. Jala Chandraiah

Case brief

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