Allowed

State Bank of India v. Sri Devarakonda Veeraraju

DRT13 Feb 2025OA/437/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by State Bank of India against a defendant for recovery of outstanding loan amounts totaling Rs. 24,50,723 along with future interest and costs, issuing a recovery certificate.

What did the court decide?

Defendant directed to pay total sum of Rs. 24,50,723 with future interest; recovery certificate issued; costs awarded to Applicant.

State Bank of India versus Sri Devarakonda Veeraraju — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 13TH DAY OF FEBRUARY'2025

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PRESENT: sRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.437 of 2OZ4

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Between:

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State Bank of India, Stressed Assets Recovery Branch_II, Frrs^t floor, Opp Sandhya Theatre, RTC Cross Road, Chikkadpally, Hyderabad. Represented by its Chief Manager

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Applicant

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VERSUS

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Sri Devarakondaveeraju, S/o Sri Devarakonda prasad, Major, R/o 4-45/5, SC cotony, Yerrupalem (post) & Mandal, Khammam dist, TS -SO7 2Ot.

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Defendant

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Counsel for the parties:

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For the Applicant

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For the Defendant

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Sri P.V. Satyanarayana

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Ex pa 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.24,5O,723l- (Rupees Twenty Four

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Lakhs

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n Hundred and Twenty Three only) i.er-:'& g &T-Eq. ,,.i 1 3 FtB zlg * W:

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(OA.No.437 oF 2024)

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a) A sum of Rs.9,84,547/- with further interest @ 12.00o/o p.awith monthly rests fromdate of apprication ti[ the date of rearization;

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b) A sum of Rs.14,66,176l- with interest @ 12.55o/o p.a with monthly rests from date of application till the date of realization;

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As per the averments in the application, the Applicant Bank states that defendant availed personal loan under xpress credit scheme for a sum of Rs.10.00 lakhs vide letter of arrangement dated 20.03.2023. The defendant agreed to repay the roan with interest @ t2o/o p.a with roan repayabre in 72 equated monthry instarment of Rs.19,551/-. Again the defendant availed personal loan of Rs.13.00 lakhs on t9.09.2023 and agreed to repay the loan with interest @ L2.55o/o p.a with EMI of Rs.25,7g9/-. After availing the loan facilities, the defendant failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA and issued regar notice dated 26.07.2024. Inspite of severar requests and demands, the defendant did not clear the outstanding. Hence this OA.

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Defendant called absent and set exparte on 20.01.2025.

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Smt M. Sarala, Applicant Bank examined herself as ments, which are marked as

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AW.1 and "rh"6''t% ,ff";l Ex.A.1 to A.1o. 1 J FEB 2tr25

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effi#

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(OA.No.437 OF 2024|l

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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

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entitled for the claim made in the OA against the Defendant as

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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,10. In view of the above, I hold that the Applicant Bank has estabrished 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:

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The Defendant is riabre to pay to the Appricant Bank a totar sum of Rs.24,5o,723l- (Rupees Twenty Four Lakhs Fifty Thousand Seven Hundred and Twenty Three only) i.e.,

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a) A sum of Rs.9,84,547/- with further interest @ 12.00o/o p.a from date of application till the date of realization;

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b) A sum of Rs.14,66, 176/- with interest @ 12.55o/o p,afrom date of application till the date of realization;

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e n titled to proceed against the person ards realization of the debt due.

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(OA.No.437 Ot 2024\

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The Applicant Bank is entiiled to the costs of the oA.

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12' 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 13th day of Feb, 2O2S)

sd/(G. GOPTCHAND)

PRESIDING OFFICER

1 3 FEB ?TE

tr:Yf%

n#7 L''r'-; i:,t; 9. li D.

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State Bank of India v. Sri Devarakonda Veeraraju

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sri Devarakonda Veeraraju

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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Case details

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