Allowed

State Bank of India v. Ancymol Vargheese

DRT11 Sept 2026OA/1179/2024

Case brief

AI extract

What is this about?

This is a final order in an Original Application (OA.No.1179/2024) filed by the State Bank of India against Mrs. Ancymol Vargheese seeking a Recovery Certificate. The defendant appeared ex parte. The Tribunal found the documentary evidence admissible and sufficient to prove credit facilities were availed and defaults were committed. The claim was within limitation. The OA was allowed in favour of the applicant with a reduced interest rate of 8% simple per annum. A Recovery Certificate was directed to be drawn and transferred for execution against the defendant's personal assets and schedule properties.

What did the court decide?

Issuance of Recovery Certificate for Rs. 2,30,64,874/- with 8% simple interest p.a. from the date of filing till realization, to be recovered against the defendant personally and schedule properties.

State Bank of India versus Ancymol Vargheese — Banking and Recovery | DRT (2026)

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IN THE DEBTS RECOVERY TRIBUNAL II, KARNATAKA AT BENGALURU

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Dated this 11^th Day of September, 2026

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Present: Sri. T. RAJESH Presiding Officer OA.No.1179/2024

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BETWEEN:

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State Bank of India Branch office at: No. 11/90, 3^rd floor, near old shivaji theater, JC road, Bengaluru – 560 002

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Rep by its Authorized officer

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Sri. Munindra Kumar K …APPLICANT

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AND:

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Mrs. Ancymol Vargheese W/o. Roby Thomas Aged about 32 years R/at: Flat No. 201, Mashroom Al-barsha, near mall of emirates, Dubai, Al-barsh – 30096 UAE

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Also, at: i). Madathi Vadakkethil kottavattom PO, Chakkuvarakkal, elampol, punalur, kollam, kerala – 691 322

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ii). Quintessentially rania business building, 106, Al-Barsha, dubai – 30021, UAE

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iii). No. 39, Samruddhi Mystic Wind Nimbekayipura Village, Bidarahalli Hobli, Bangalore east taluk, Bangalore – 560 067 ...DEFENDANT

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OA-1179/2024

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Counsel on record/appeared for:

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Applicant : Nandish Patil Defendant : Ex parte

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FINAL ORDER

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The present Original Application in short (OA) has been filed under section 19 of Recovery of Debts and Bankruptcy Act 1993 seeking for issuance of Recovery Certificate against the defendant for Rs 2,30,64,874/- (Rupees Two Crores Thirty Lakhs Sixty-Four Thousand Eight Hundred and Seventy-Four Only) with further interest thereon from the date of filing the Application till realization.

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It is the case of the applicant that, the defendant is availed the following credit facilities:

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Housing loan of Rs. 2,00,00,000/- (Rupees Two Crores Only) for purchasing the suit schedule property.

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Home Top Up loan of Rs. 20,00,000/- (Rupees Twenty Lakhs only).

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It is also the case of the, applicant that, in view of the above availed loans, the defendant executed the necessary loan documents along with deposit of title deeds & agreement of mortgage.

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It is further contended that, despite availing the credit facilities, agreeing to service the loan amount promptly and regularly, the defendant failed in complying the same, resulting in default in

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OA-1179/2024

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repayment and consequentially turning the loan accounts as NPA.

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In the above circumstances, the applicant approached this Tribunal by filing this OA seeking issuance of Recovery Certificate for the amount due in the account.

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Despite, service of summons on the defendant, she failed to appear, resulting the defendant being set ex parte on 12.12.2025.

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The applicant had let in evidence through AW-1, who filed Proof Affidavit reiterating the contentions taken in the OA and also produced Exhibits A-1 to A-15 and got the same marked in evidence.

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Heard the Ld. Counsel for the Applicant and considered the contentions as taken in the OA in the light of documentary evidence and proof affidavit.

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The following issues arise for consideration in this matter:

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i) Whether the applicant had succeeded in proving the OA

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claim as against the defendant?

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ii) What order are to be passed?

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Both these issues are gone into and decided together.

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The case put forth by the applicant in the Application remains unrebutted as defendant remained ex parte. The evidence tendered by the applicant remains uncontroverted and undisputed.

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The evidences put forth by the applicant were found admissible

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and are sufficient to prove availment of credit facilities as stated in

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OA-1179/2024

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the OA, and the defaults committed in the accounts. The liability of

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the defendant and the claim of the amount due is also proved by the

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above documents. The claim of the applicant is well within the limitation.

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Hence in view of the finding arrived herein above, the Tribunal

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finds that both these issues are in favour of applicant and hence, this

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Tribunal is of the view that OA is to be allowed.

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Taking into consideration the facts that the credit facilities is

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availed for Housing purpose and also that the OA claim is arrived at by calculating interest at the agreed rate, this Tribunal is of the view

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that the OA can be allowed with a reduced interest of 8.00% (simple).

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In the result, OA.No.1179/2024, stands allowed,

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i) The applicant is allowed to recover an aggregate sum of

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Rs. 2,30,64,874/- (Rupees Two Crores Thirty Lakhs Sixty-Four Thousand Eight Hundred and Seventy-Four Only) with further interest @8.00% p.a.(simple) from the date of filing OA till the realization, from the defendant personally, after giving credit to all the amount recovered and received during the pendency of the OA and allowed

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the same to be recovered by proceeding against the schedule properties. Properties schedule to the OA be the schedule to the recovery certificate.

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OA-1179/2024

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ii) If the sale proceeds are not found sufficient to cover the

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amount due and payable to the applicant bank, the defendant

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personally and her assets are liable for all such amounts due under

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the loan accounts.

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iii) The applicant bank is allowed cost of the proceedings

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which applicant to file cost memo within 7 days from the date of receipt of the order.

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iv) The Recovery Certificate to be drawn in terms of this order

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and transferred to Recovery for execution.

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v) Interim application pending, if any, are disposed of with this

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Final Order.

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Communicate a copy of the order to the parties concerned in

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terms of Section 19(21)(i) of the RDB Act, read with Rule 16 of DRT

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(Procedure) Rules, 1993.

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[Dictated to the Stenographer (HS), transcribed by her, corrected and signed and pronounced by me in the Open Court, this the 11^th Day of September, 2026].

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Sd/-

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(T. RAJESH) PRESIDING OFFICER

OA-1179/2024

ANNEXURES

WITNESSES EXAMINED FOR THE APPLICANT BANK:

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AW-1: Vivek Raina, Authorized Officer, of Applicant Bank.

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Exhibits on the part of the Applicant:

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Exhibit Nos.	Particulars of Documents
A1	The application dated 26.12.2021
A2	the sanction letter dated 31.01.2022
A3	The arrangement letter dated 31.01.2022
A4	The agreement to mortgage dated 31.01.2022
A5	The memorandum of loan agreement dated 31.01.2022
A6	The deed of undertaking dated 31.01.2022
A7	The annexure-A with an affidavit (annexure -b) dated 31.01.2022
A8	The annexure 1 dated 18.02.2022
A9	The sanction letter dated 09.02.2022
A10	The arrangement letter dated 18.02.2022
A11	The loan agreement dated 18.02.2022
A12	Memorandum relating to deposit of title deeds dated 07.02.2022
A13	The demand notice dated 02.05.2023
A14	The statement of accounts certified under section 2-A of the amended banker book evidence act, 1891 as prescribed in the schedule III of the information technology act, 2000 by the officer in charge at the computer system of the bank with regard to loan A/c. no. 40749757052 & 40794724974 are herewith produced as
A15	The certified under section 2-A (b) and 2-A(c) of the banker’s book evidence act, 1891
Witnes	s Examined for the Defendant: -Nil -
List of	Documents Exhibited for the Defendant: -Nil -

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Sd/-

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(T. RAJESH) PRESIDING OFFICER

State Bank of India v. Ancymol Vargheese

Case brief

What is this about?

What did the court decide?

State Bank of India v. Ancymol Vargheese

Case brief

What is this about?

What did the court decide?

What the court decided

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Statutes considered

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