Allowed

Bank of India v. Smt. Issi Sridevi

DRT6 May 2025OA/523/2024

Case brief

AI extract

What is this about?

In an Original Application for recovery of loan dues, the Debts Recovery Tribunal-II at Hyderabad, upon hearing the bank and rejecting ex-parte defendants, held them jointly and severally liable to pay the claimed amount with future interest. The bank was allowed to proceed against mortgaged property and defendants' assets for realization and granted recovery certificate.

What did the court decide?

Defendants directed to pay principal sum, future interest, and costs; bank entitled to proceed against mortgaged property and defendants' assets; Recovery Certificate issued.

Bank of India versus Smt. Issi Sridevi — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD

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DATED THIS THE O6TH DAY OF MAY, 2025

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PRESENT: SH. RAMESHWAR KOTHE, B.Com., L.LB. (Hons.), M.A. PRESIDING OFFICER

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ORIGINAL APPLICATION No: 523 oF 2024

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Bank of India., Balanagar Branch, 7 -4-L95/5, Ground Floor, Shiv Ganesh Complex, Balanagar, Hyderabad - 500011. Rep. by its Constituted Attorney.

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.....Applicant.

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Versus

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Smt. Issi Sridevi, Wo.Issi^Vasudev Rao, D.No.402, 2nd Block, Gayatri Apartments, APIIC Colony, IDA Jeedimetla, Hyderabad - 500055.

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Also at:H.No. 1- 10-28 12L7,^plot No. 165-B, Nagarjuna Nagar Colony, Kapra, Kushaiguda, Medchal - Malkajgiri, Hyderabad - 500062.

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Sri.Issi Vasudev Rao, D.No.402, 2nd Block, Gayatri Apartments, APIIC Colony, IDA Jeedimetla, Hyderabad - 500055.

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...Defendants

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Counsel for the Applicant : M/s.K,V.Nageswara Rao Defendants : Ex-parte

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:: ORDER::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.4L,07,044.50ps i.e., a sum of Rs.39,61,4g1.45ps ery*

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oA.NO.s23l2024

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under Home Loan A/c. No. 864075110000249 with^future interest @11.25olo p.a. and a sum of Rs.1,45,563.05ps under covid Pesonal Loan A/c. No.864060110000135 with^future interest @9.35olo^p.a. from the defendants^jointly and severally compounded with monthly rests and also 2o/o^{penal lnterest} from the date of application till the date of realization along with costs and in default for sale of OA schedule^property.

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Summons served on D1 and 2 through^{paper publication.} They were set ex-parte on 02.04.2025 as called absent and no representation.

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The Applicant Bank examined Ponna Sudha, Legal l.4anager, as AW-1 and marked 26 documents through her as Ex. A.1 to Ex. A.26.

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Heard the Ld. Counsel for the Applicant Bank. Perused the material^placed on record.

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The point that arises for consideration is:-

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Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants and OA schedule property?

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As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs.A.l to 4.26 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are jointly and severally liable to pay the OA claim to the Applicant Bank with future interest and costs. A$9,"s"t"'/ /,/^-.j" .,/

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oA.NO.523/2024

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In the result, the present Original Application No.523/2024 is allowed as under: -

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i) The Defendants are joinUy and severally liable to pay to the Applicant Bank a total sum of Rs,41,07,044.50ps i.€., the 1rt defendant is liable to pay a sum of Rs,39,61,481.45ps under Home Loan A/c, No, 864075110000249 and the defendants 1 & 2 are jointly and severally liable to pay a sum of Rs,1,45,563.05ps under Covid Pesonal Loan A/c.No.g64060110000135; with future interest @8.70olo p.a. simple from the date of application till the date of realization;

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ii) the OA claim is secured by way of mortgage of property described in the schedule annexed to the OA and the applicant bank is entitled to proceed against the same to realise its debt;

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iii) the applicant bank is also entitled to proceed against the person and properties of defendants for realization of its dues;

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iv) the applicant bank is entitled for the costs,

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B. The Applicant Bank is directed to Fire cost Memo within 2 weeks from the date of receipt of this Order.

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Issue Recovery Certificate accordingly.

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oA.NO.523/2024

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10.^{Communicatea copvor this order} I9"^t|:^.:3;ffi'"1""1!"Jolit;,,, "" lDictated^{to the steno'corrected' signedand pronoun(} inis tr'e^{oo'"DaYof MaY' 2025)}

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(RAMESHWAR^KOTHE) PRESIDING^OFFICER

Bank of India v. Smt. Issi Sridevi

Case brief

What is this about?

What did the court decide?

Bank of India v. Smt. Issi Sridevi

Case brief

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