Allowed

State Bank of India v. Sri. Ippapula Sridhar

DRT7 May 2025OA/410/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the original application filed by the State Bank of India for recovery of dues totaling Rs. 23,96,999 along with interest and a recovery certificate in favor of the bank.

What did the court decide?

Res judicata not applicable. Defendant liable to pay Rs. 23,96,999 with interest at 11.60-11.80% p.a. and future interest; costs of OA awarded; recovery certificate issued.

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

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 7TH DAY OF MAY' 2025

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.41O of 2024

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Between:

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State Bank of India, Stressed Assets Recovery Branch-II, H.No. 1-B-563/1, first floor, Opp Sandhya theatre, RTC "X" roads, Chikkadpally, Hyderabad, /- Telangana State - 500 020. Represented by its Chief Manager

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Applicant

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VERSUS

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Sri Ippapula Sridhar, s/o Sri I. Vittal, major, male, Basanthnagar, Karimnagar, Telangana - 505 001.

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Defendant

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Counsel for the Parties:

For the Applicant

For the Defendant

Sri M.V. Janakiram

Expa rte

ORDER

The Applicant Bank filed the present OA against Defendant for recovery of a total sum of Rs. 23,96,999,/- ( Rupees Twenty three d.--^{-w ''9} sand Nine hundred and Ninety Nine v ;.e., {B su Rs.13,97,537l-under loan account

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).+026m?2fifiP z.u$n r interest @ 11.600lo p.a with monthly

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(oA.No,41ol2024)

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rests from 26.t0.2024 till the date of realization and a sum of Rs.g,99,462/- under loan A/c. No.41045421433 with further interest @ 11.80o/o^p.a with monthly rests from 26.10.2024 till the date of realisation.

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As per the averments in the application, the Applicant Bank states that defendant availed personal loan facility under Xpress Credit scheme of SBI for a sum of Rs.15,00,000/- vide letter of arrangement dated 30.06.2021. The defendant agreed to repay the loan amount with interest @11.60% p.a on daily reducing balance at monthly rests which is 4.90o/o above two years marginal cost of lending and the loan amount was repayable in 72 EMIs of Rs.29,015/-per month. After availing the loan facility, the defendant failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NpA on 01.11.2023 and issued legal notice dated 22.t0.2024. 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 24.04.2025.

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Smt M. Saral at I\4a plica nt Bank examined herself as AW.1 and exh rele nts, which are marked as Ex.A.1to A.1 3+" 2,:,'.J)' :lJ.-Nrr.,. -^-.11:.. \1r,,^.":.:i;''

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(OA. No.410/2024)

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Heard the Ld. Counsel for the Applicant Bank.

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The point that arise for consideration is whether the Applicant Bank is entitled for the claim made in the OA against the Defendant as prayed for?

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Defendant called absent and set exparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and he exhibited relevant documents as Ex.A1 to A,12. 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 claim 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:

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The Defendant is liable to pay to the Applicant Bank a totar sum of Rs,23,96,999/- (Rupees Twenty three Lakhs Ninety Six thousand Nine hundred and Ninety Nine only) i.e., a sum of Rs.13,97,537l-under loan account no.40267882966 with further interest @ 11.600lo p.a from 26.r0.2024 till the date of realization and a sum d\ nder loan A/c. No.41045421433 with IP * 0 t ilN 2025 :P ':!,6' -, .-c d 3$'

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lOA.No.4rO/2024l|

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further interest @ 11.80%^p.a from 26.10.2024 till^{the date of} realisation.

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the Applicant Bank^is also^{entitled to proceedagainst the personand} 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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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 7th day of May'2025)

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sdl(G. GOPTCHAND) PRESIDING OFFICER

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IRUE COPY
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State Bank of India v. Sri. Ippapula Sridhar

Case brief

What is this about?

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State Bank of India v. Sri. Ippapula Sridhar

Case brief

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