Allowed

Idbi Bank v. Sri. Bodakunta Vasanth

DRT9 Apr 2025OA/83/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an Originating Application filed by IDBI Bank against two defendants, a husband and wife, for recovery of an outstanding housing loan of approximately Rs. 58.15 lakhs, declaring them liable to pay the principal, interest, and costs.

What did the court decide?

Declaration that respondents are jointly and severally liable to pay Rs. 58,15,296.33 with subsequent interest from 03.02.2024 until realization along with costs; Recovery Certificate issued.

Idbi Bank versus Sri. Bodakunta Vasanth — Specific Performance | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 9TH DAY OF APRIL, 2025

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PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFIcER

OA.No.83 ol 2024

Between:

IDBI Bank Ltd,

Branch at Mancherial, H.No. 12-589/1, Mancherial Town, Adilabad, TS.

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Rep by its Asst. Gen Manager

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Applicant

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VERSUS

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Sri BodakuntaVasanth, S/o B. Nagaiah, aged 47 years,

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Occ:Govt teacher, male,

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2, SmtPoornima Dommati, w/o B. Vasanth, aged 41 years,

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occ: housewife, female,

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both are R/o 20-9t/2, Edlawada, Panchajanya Arcade, college road, Mancherial, TS - 504 2OB. Defen da nts

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Counsel for the^pa rties:

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For the Applicant : Sri K.p. Saradhi For the oerenOantl;f$ Sri K. Srinivasa ,r,.."{.rH+4 dii. I+r od f fif fi'q^'fi it ,i^{09 npprrx ,ir} 1' rne eon$tteank rilelc;le1?,resent oA asainst Defendants for recovery o\qtgtf;l ::.sgff tr' olol . Rs. 5 g, 1 5, 296. 33ps (Rupees Fifty

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(OA.No.83/2024)

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Eight Lakhs Fifteen thousand Two hundred Ninety six and

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paise Thirty three only) with subsequent interest @ 6.95olo p.a with monthly rests from 03.02.2024 till the date of realization and in default for sale of mortgaged property as mentioned in the schedule to OA.

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As per the averments in the application, the Applicant Bank states that defendants No.1 and 2 are wife and husband who availed housing loan of Rs.57.00 lakhs on 27.05.2023 and executed necessary documents in favour of Applicant bank. Defendant no.1 created equitable mortgage of schedule property and deposited original title deed in favour of applicant bank. After availing the loan facility, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to crassify the account as NpA on 08.01.2024 and issued recail notice. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Counsel for defendants filed vakalath but failed to file written statement.

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Mr. R. Rajashekha er of the Applicant Bank examined ant documents, which are

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marked as Ex.A.1 tofiA,C7.,t tpBM *

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(oA.No.83/2024)

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Heard the Ld. Counsel for the^{Applicant Bank.}

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The^point that arise for^{consideration is whetherthe ApplicantBank is} entitled for the claim made in the OA^{against the Defendantsas} prayed for?

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Counsel for defendants filed^{vakalathbut failed to file WS.To} substantiate the case of the^{Applicant Bank, AW.1, official of the} Applicant Bank was examined and^{he exhibited relevantdocuments} as Ex.A1 to A.7. In^{view of the above, I hold that the Applicant} Bank has established their claim^{made in the OA against the} Defendants and hence the^{Applicant Bank is entitled to recoverthe} claim made in the OA with future^{interestand costs.}

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B. In the result, the^present OA^{is allowed with costs, as under:} The Defendants are^jointly and severally^{liable to pay to the} Applicant Bank a total sum of Rs.58,15,296.33ps^{(Rupees Fifty} Eight Lakhs Fifteen thousand Two^{hundredNinety six and} paise Thirty three only) with subsequent interest @^6.95o/op.a from 03.02.2024 till the date of^realization.

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proceed agalnst the mortgaged ule to OA towards^{realization of}

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(OA.No.83/2024)

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10, The Applicant Bank is also entitled to proceed against the person and properties of defendants towards realization of the debt due.

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

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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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(Drctated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on thrs the^gth day of April, 2025)

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sd/(G. GOPTCHAND)

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PRESIDING OFFICER

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0I npR t0?s

Idbi Bank v. Sri. Bodakunta Vasanth

Case brief

What is this about?

What did the court decide?

Idbi Bank v. Sri. Bodakunta Vasanth

Case brief

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What did the court decide?

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