Allowed

State Bank of India v. Mr. P. Prem Kumar

DRT27 May 2025OA/442/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Originating Application filed by State Bank of India for recovery of outstanding personal loans. The defendant was absent. The court held the bank established its claim and ordered recovery of the principal sum with specified interest rates.

What did the court decide?

Recovery of total sum of Rs. 27,27,752/- with future interest; issuance of Recovery Certificate; permission to proceed against defendant's person and property.

State Bank of India versus Mr. P. Prem Kumar — Execution and Attachment | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 27fH DAY OF MAY'2025

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PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFIcER

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OA.No.442 ot 2OZ4

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Between:

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State Bank of India, Stressed Assets Recovery Branch-II H.No. 1-8-563/1, first ftoor, Opp Sandhya theatre, RTC^..X,, roads, Hyderabad, Telangana State. Represented by its Chief Manager

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Applicant

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VERSUS

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Mr. P. Prem Kumar, S/o Mr. P. Krishna, aged 48 yrs, Occ: service, R/o 42-47BlB, Anjaiahnagar, Jagathgirigutta, Hyderabad - 500 018.

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Defendant

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Counsel for the Parties: For the Applicant For the Defendant

Sri A.M. Kiran Kumar

Exparte

ORDER

The Applicant Bank filed the present OA against Defendant for recovery of a 7,27.752/- (Rupees Twenty Seven Lakhs seven hundred and fifty two only) i

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(oA.No.442/20241

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a) A sum of Rs.8,87,132l- with future interest @ 14.10% p.a with monthly rests from date of filing of OA till the date of realization.

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b) A sum of Rs.18,40,620l- with future interest @ 15.00% p.a with monthly rests from date of filing of OA 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 facility for a sum of Rs.10.00 lakhs vide letter of arrangement dated 20.L2.202t. The defendant also availed additional personal loan of rs,15.00 lakhs vide letter of arrangement dated 03.04.2023 and executed personal loan agreement. 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 04.tL.2023 and issued legal notice dated 13.09.2024. 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 15.05.2025.

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Smt. M. Sarala, Manager of the Applicant Bank examined herself as AW.1 vant documents, which are marked as Ex.A. u

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j 2rilNtms :

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Hea plicant Bank. '- :.-"?

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loA.No.4a2/2o2a)

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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 she exhibited relevant documents as Ex.A1 to A.13. 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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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 total sum of Rs.27,27t752l- (Rupees Twenty Seven Lakhs Twenty seven thousand seven hundred and fifty two only) i.e.,

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a) A sum of Rs.8,87,132l- with future interest @ 14.10olo p.a from date of filing of OA till the date of realization.

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b) A sum of 20l- with future interest @ 15.00o/o p.a u?4*** Tn'Nthe date ", ,."r,*,"..

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(oA.No.442/20241

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9' the Applicant Bank is also entiUed to proceed against the person and properties of defendant towards realization of the debt due.

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The Applicant Bank is entifled to the costs of the OA.

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11' 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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13, 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 27th day of May, 2025)

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sd/(G. GOPTCHAND)

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PRESIDING OFFTCER

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afr--i,-iiir'naae'o'

State Bank of India v. Mr. P. Prem Kumar

Case brief

What is this about?

What did the court decide?

State Bank of India v. Mr. P. Prem Kumar

Case brief

What is this about?

What did the court decide?

What the court decided

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