Allowed

State Bank of India v. Mr. Chintal Somashekar Reddy

DRT19 Jun 2025OA/468/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Originii Application filed by State Bank of India to recover a personal loan of Rs. 24.00,493/- from Mr. Chintal Somasekhar Reddy. Holding that the bank established its claim, the order granted recovery with future interest and costs.

What did the court decide?

Issued recovery certificate; directed defendant to pay Rs.24,00,493/- with interest and costs.

State Bank of India versus Mr. Chintal Somashekar Reddy — Banking and Recovery | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

¶2

DATED THIS THE 19TH DAY OF JUNE'2025

¶3

PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFIcER

¶4

OA.No.468 ot 2024

¶5

Between:

¶6

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

¶7

Applicant

¶8

VERSUS

¶9

Mr. ChintalSomasekhar Reddy, S/o Gopal Reddy, aged major, Male, O/o Tata Consultancy Services, Deccan Plot no.1, High Tech City Software Units Layout, Madhapur, Hyderabad - 500 081.

¶10

Also at

¶11

R/o L/28, Konduru, Pedavadug urumandal, Dharmavaram, Ananthapur, A.P - 515 405.

¶12

And also at

¶13

H.No.7-1-307 / 14/F /53, Premnagar, Viswabharathi school, B K Guda, Hyderabad. Defenda nt Counsel for the Pa ffi.\ For the Applicant luri Krishnam Raju For the Defendant ;^{1s rum5} il frfu*e#

¶14

(oA. No.a68l2024)

¶15

ORDER

¶16

The Applicant Bank fired the present oA against Defendant for recovery of a total sum of RI.24,OO,493,/_ (Rupees Twenty Four Lakhs Four Hundred and Ninety Three only) with interest @ 71.75o/o p.a with monthly rests plus penal interest @ 2olo from 03.t2.2024 till the date of realization.

¶17

As per the averments in the apprication, the Appricant Bank states that defendant availed personal loan facility under xpress credit Elite scheme of SBI for a sum of Rs.25.00 rakhs vide retter of arrangement dated 04.05.2023. The defendant agreed to repay the loan amount with interest @Lr.750/o p.a and the roan amount was repayable in 72 EMIs of Rs.48,552/- per month. After availing the loan facility, the defendant failed to comply the terms of sanction, hence the appricant bank was constrained to crassify the account as NPA and issued regar notice dated 4.L2.2024. Inspite of severar requests and demands, the defendant did not clear the outstanding. Hence this OA.

¶18

nd set exparte on 07.05.2025.
6n-,.
Ir
m
Jlrs $xm I
rrl_ 5,

¶19

(oA.No.a68 /2024)

¶20

Sri J. Rama Rao, ChiefManager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.5.

¶21

Heard the Ld. Counsel for the Applicant Bank.

¶22

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?

¶23

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.5. 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.

¶24

B. In the result, the present OA is allowed with costs, as under:

¶25

The Defendant is liable to pay to the Applicant Bank a total sum of

¶26

Rs.24,OO ,493 / - (Rupees Twenty Four Lakhs Four Hundred and

¶27

Ninety Three
@ 17.75o/o p.a from 03.12.2024
aJ
:4
till the date or.r$tizajr1
j;':irit
ii ii " r{1. 1$JUtm Y
W-

¶28

(oA.No.468/2024)

¶29

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

¶30

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

¶31

The Applicant shall file a cost memo within two weeks from the date of receipt of order.

¶32

Issue Recovery certificate accordingly.

¶33

Communicate a copy of the order to the parties concerned.

¶34

(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 19th day of June'2025)

¶35

sd/(G. GOPTCHAND) PRESIDING OFFICER

¶36

i,'4<br>

¶37

U .}.I\LIEATVT \KtlErOPYsl*-2I 'v/-r
DRr.I, IiYDERAEI,9,

State Bank of India v. Mr. Chintal Somashekar Reddy

Case brief

What is this about?

What did the court decide?

State Bank of India v. Mr. Chintal Somashekar Reddy

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

All orders in this case

Similar cases

State Bank of India versus Mr. Krishna Venkatesh

M/S. Andhra Pradesh State Financial Corporation versus M/S. Jgb Enterprises

Icici Bank Limited versus Sri. Devara Suresh Rao

N Kesava Reddy versus State Bank of India

Canara Bank versus Mr. Madepalli Pratap Reddy

State Bank of India versus M/S. Precise Design and Engineering