Allowed

State Bank of India v. Sri. Chenchu Siva Prasad

DRT7 May 2025OA/56/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Original Application filed by State Bank of India for recovery of a personal loan of Rs. 25,42,457 along with interest and costs against Sri Chenchu Siva Prasad who was called absent.

What did the court decide?

Defendant to pay Rs. 25,42,457 with interest at 11.30% p.a., applicant entitled to proceed against defendant's person and properties for realization, costs awarded, and recovery certificate issued.

State Bank of India versus Sri. Chenchu Siva Prasad — Banking and Recovery | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I^{AT HYDERABAD}

¶2

DATED THrs rHE TTHDAY oF MAY' 2025

¶3

PRESENT: SRI GUMMADI^{GOPICHAND,PRESIDING OFFICER}

¶4

OA.No.56 ot 2O25

¶5

Between:

¶6

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

¶7

Applicant

¶8

VERSUS

¶9

Sri Chenchu Siva Prasad, Male, major, S/o Balaiah, Door no.6-4, UPPaPalaPadu(Post) Guntur, A.P - 522 509

¶10

And also at

¶11

Sri Chenchu Siva^Prasad, Male, major, C/o CaPegemini, Situated in building^{no.LL5/321351} IT Park, Nanarakramguda, Gachibowli, K.V.^{Ranga ReddY} District, Hyderabad -^{500 090.}

¶12

Defendant

¶13

Counsel for the Parties:
For the Applicant Sri M.V. Janaki Ram
Tqofl
For the Defendant pa rte
$,,.
r*
ffi
07 unurys

¶14

(OA.No.56 of 2025)

¶15

ORDER

¶16

The Applicant Bank filed the present OA against Defendant for recovery of a total sum of Rs.25,42,457l- (Rupees Twenty Five Lakhs Forty Two thousand Four Hundred and Fifty Seven only)

¶17

with interest @ 11.30% p.a with monthly rests from 31.01.2025 till the date of realization.

¶18

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,25.00 lakhs vide letter of arrangement dated 13.11.2023. The defendant agreed to repay the loan amount with interest @11.30% p.a and the loan amount was repayable in 72 EMIs of Rs.47,971l- 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 11.11.2024 and issued legal notice dated 21.01.2025. Inspite of several requests and demands, the defendant did not clear the outstanding. Hence this OA.

¶19

ffi\called absent and set set exparte
u o/fiAYzozs
$h,.--**8d

¶20

Defendant called absent and set set exparte on 03.04.2025.

¶21

(OA.No.56 of 2025)

¶22

Ms. M. Sarala, Manager of the Applicant Bank examined herself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.B.

¶23

Heard the Ld. Counsel for the Applicant Bank.

¶24

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?

¶25

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.B. 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.

¶26

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

¶27

The Defendant is liable to^pay to the Applicant Bank a total sum of Rs.25,42,457 / - Five Lakhs Forty Two thousand t?r-6[lfr;ffi;fi Seven only) with interest @ 11.30% p.a ate of realization.

¶28

(OA.No.56 of 202 5)

¶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 entitled 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^{partles concerned.}

¶34

(Dictated to the P.A., transcribed by her, corrected, signed and^{pronounced by me in theopen} court on this the Tthday of May'2025)

¶35

sdl_ (G. GOPTCHAND) PRESIDING OFFICER

¶36

f --&
<br>{ ormyzus :
l%t *s-sl

¶37

,TRl,lEncoPr
'o*ffi--
DPr-,r- lrynso^ RAn

¶38

State Bank of India v. Sri. Chenchu Siva Prasad

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sri. Chenchu Siva Prasad

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

Similar cases

Canara Bank versus M/S. Sree Nihar Industries

M S Dadabhai Industries versus State Bank of India

Union Bank of India versus M.S. Globe Master Robes

State Bank of India versus Sri. Ippapula Sridhar

State Bank of India versus . M/s Mega Minerals and Mines Enterprises

State Bank of India versus Sri. Maddeboina Tarakrama Rao