Allowed

Indian Overseas Bank v. Mr. Gandhe Srinivas

DRT4 Nov 2025OA/366/2024

Case brief

AI extract

What is this about?

In this OA, the Debts Recovery Tribunal allowed the bank's application for recovery of a housing loan. The court held that the defendants, who availed the loan and failed to repay, were jointly and severally liable for the dues plus interest.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 86,14,445.05 with future interest @ 13.80% p.a.; recovery certificate to be issued.

Indian Overseas Bank versus Mr. Gandhe Srinivas — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL.I AT HYDERABAD

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DATED THrS THE 4th DAy OF NOVEMBE& 2025

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.366 ot 2024

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Between:

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India n Overseas Bank, Hanamkonda branch, 2-5-L64, D-Mart Beside lane, Subedari, Hanamkonda Telangana - 506 001. Represented by its Manager

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Applicant

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VERSUS

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Mr. Gandhe Srinivas, s/o Gandhe Sankaraiah, aged about major, occ: employee, R/o H.No.8-11-60, pinna vari Street, Warangal. Duly represented by his Power of Attorney Holder Mr. Sivva Ramesh Kumar, S/o Sudarshan, aged major, occ: employee, R/o H.No.g-10-L57, Vishwakarma street, Opp lane To ICICI Bank, Warangal branch, JPN road, Wrangal - 506 001.

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R/o H.No.9-10-t57, Vishwakarma street, Opp lan,g To ICICI Bank, Warangal brairch,0 4 1;Ci; ?1125 JPN road, Wrangal - 506 001;

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(oA.No.366/2024)

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Counselfor theParties;
FortheApplicant	SriAlluriKrishnamRaju
FortheDefendantNo.1	SriB. Praveen Kumar
Defendant no.2	Exparte
Reserved on	22.t0.2025
Pronouncedon	04.LL.2025
Uploadedin websiteon	07.lL.2025

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ORDER

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The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.86,14,445.O5ps (Rupees Eighty Six Lakhs Fourteen Thousand Four Hundred Forty Five and paise five only) with future interest @ 13.80o/o p.a with monthly rests from 0L.06.2024 till the date of realization and in default for mortgaged property as mentioned in the schedule to OA.

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As per the averments in the application, the Applicant Bank states that lst defendant through his GpA holder Mr. Sivva Ramesh Kumar availed housing loan of Rs.92.OO lakhs vide sanction letter dated 10.06.2024. The 1st defendant executed demand promissory note, term loan agreement and housing loan agreement dated L0.06.2024. ,T.-bg,.,lf, .defendant created mortgage of schedule mentioned^t6.-6e*y anti geposited the title deeds in favour of "';"^'.'- Applicant bd;tk. The;2hd defe;8arfu stood as guarantor. It is submitted 't ',{bv the AppticufitLJ{0rlltiBi ilre Defendants have avaired the said roan

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(oA.No.355/2024)

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facilities and failed to keep up the repayment schedule, as such the account was classified as NpA on 01,05.2023 and issued demand notice dated 02.05.2023. Inspite of demands made by Applicant the defendants have not regularized the account, and the defendants did not come forward to repay the same. The total claim of Applicant against defendants is of Rs.86,14,445.O5ps (Rupees Eighty Six Lakhs Fourteen Thousand Four Hundred Forty Five and paise five only) with future interest @ 13.80o/o p.a with monthly rests from 0t.06.2024 till the date of realization. Hence the OA.

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2' The Defendant no.1 filed written statement and denied the averments made in OA. The 1st defendant admitted the creation of mortgage in respect of schedule property and deposit of title deeds in favour of Applicant bank. It is further submitted by the defendants that they were regular in repaying the loan amount and they contended that the classification of account as NpA is without following the RBI guidelines and contended that the oA is neither maintainable nor tenable. It is further contended that the defendant no.1 paid a substantial sum of Rs.1.20 crores towards the dues, Hence prayed for dismissal of OA,

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The Applicant Aanf.g-rlgnort of its claim, filed evidence affidavit duly sworn in byrsfi A. Sai Kiirfilqlrtaik, Assistant Manager of Bank as AW.1 l. t ,t' .- tl, ents as Ex.A.1 to A.15. As against i this, the iur"n8#tU8ldi625ot to adduce any evidence on their

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(oA.No.366/202a)

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behalf in support of their contentions and also did not choose to cross examine the AW.1 to controvert his chief Evidence. In spite of repeated adjournments, the defendants failed to file evidence Affidavit, hence the right of filing Defendant Evidence Affidavit was closed on 18.09.2025.

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I have perused the documents placed on record.

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Now, the points that arise for consideration are:

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i) Whether the Applicant Bank has proved its claim as made in OA

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against the defendants ?

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ii) To what relief ?

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Point No.i):

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As per the documents filed by the Applicant Bank and also as per the admissions made by the defendants in the Written statement, it is very clear that the defendants have availed loan from the Applicant Bank, but failed to repay the amount. All the amounts paid by the defendants are clearly mentioned in the statement of account filed by Applicant Bank. The defendants have not placed any material documents to show their bonafides for establishing that the schedule property was not of Applicant bank.

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,ii'AW. examined by the counsel for defendants. #efendants^- forward to give evidence to r 04il0y less than the amount mentioned in

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(oA.No.366120241'

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the oA Under such circumstances, the evidence of AW.1 coupled with recitals Ex.A.1 to A.15 stood unchallenged and unrebutted. The Applicant bank clearly established that the defendants are liable to pay the OA amount to the Applicant bank.

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Point No.ii)

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In the result, the present Original application is allowed with costs as under:

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The Defendants are jointly and severally liable to pay to Applicant Bank a total sum of Rs.86r14r445.O5ps (Rupees Eighty Six Lakhs Fourteen Thousand Four Hundred Forty Five and paise five only) with future interest @ 13.80o/o p.a from 0L.06.2024 till the date of realization ;

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The Applicant bank is entitled to proceed against the mortgaged schedule property as mentioned in the schedule to OA towards realization of the debt due.

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proceed against the person and realization of the debt due.

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The Applicant of the OA.

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two weeks from the date

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(oA.No.366/202a)

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t2. 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 4th day of Nov, 2025)

sdl-

(G. GOPTCHAND)

PRESIDING OFFICER

0 [ il01l t0?5

Asst.
Dpr'x. i

Indian Overseas Bank v. Mr. Gandhe Srinivas

Case brief

What is this about?

What did the court decide?

Indian Overseas Bank v. Mr. Gandhe Srinivas

Case brief

What is this about?

What did the court decide?

What the court decided

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