STATE BANK OF INDIA vs Basappa Talwar on 26 February 2021

FINAL ORDER

1. The present TA has been filed by the Applicant Bank under Section 19 ofthe Recovery ofDebs And BankruptcyAct, 1993, seeking recovery of money of Rs.34,28,180 Thirty Four Lakh Twenty Eight Thousand On only) together with cosB, interest, etc.

2. The case of the Applicant Bank is that the Defendant has approached the Applicant Bank for sanction ofAgricultural Mortgage Loan vide his application dated 26-1'0-2005' The Applicant Bank considered the said han application and sanctioned the Agricultural Mortgage Loan amounting to Rs.6,50,000/- to the Defendant in terms of the loan agreements' In order to secure the above loan, the Defendant executed documents, viz., Demand Promissory Note, Undertaking' Hypothecation Agreement, morefully described in Schedub A' Mortgage Deed dated 20-10-2005, morefully described in Schedule 'B', Letters of Revival etc'

3. Furthe4 Defendant has agreed to repay the above ban with variable rate of interest, as applicable from time to time' as per the directions of the Head Office / Central Office of the Applicant Bank and penal interest in case of default and keep the accounB regular by paying installmenB as and when due to the satisfaction of the Applicant Banh as detaihd in the TA by the ApPlicant Bank. On the request th

AS of Applicant Bank rePhased the loan L7-02-2008. account vide Iette

TA.No.4512020

4. The Defendant after utilising the said ban and rephased ban has failed and neglected to make the repayment ofthe ban dues as agreed and Defendant has not serviced the interest thereon as per the terms and condition agreed by the Defendant. In view of the continued default, the Loan Account was classified as Non-Performing Asset on 25-Il-2016. The Applicant Bank issued Legal Notice dated 23-03-2020 to the Defendant to repay the ou8tanding balance for which the Defendant has not taken any steps to repay the ouBtanding hence the recovery process is initiated to recover the dues.

5. In the light of these factors, it is contended by the Applicant Bank that Defendant is liable to pay a total sum of Rs.34,28,180/- (Rupees Thirty Four Lakh Twenty Eight Thousand One Hundred Eighty onlyl.

6. After filing this TA, summons was sent an to the Defendant through RPAD. When Defen t was out, Defendant remained absent and placed as parte.

7. To prove the case of the Applicant Bank iE Chief Manager Sri S.N. Murthy has filed his affidavit by way of evidence and same was considered as evidence of AW.1 and marked at Ex.A1 and List of DocumenB came to be marked at Ex.A2 and 13 documenb came to be marked at Ex.A3 to 15.

8. No evidence on behalfofthe Defendant.

9. ArgumenE of Learned Counsel for the Plaintiff / Applicant Bank heard and perused the records of the case.

10. Following poinE arise for my consideration:

1) Whether Plaintiff / Applicant Bank proves iB as contended in the plaint / application?

2) What Order?

LL. For the following reasons, I answer poinb in the following manner:

TA. No.45/2020

REASONS

72. The Chief Manager of the Applicant Bank came to be examined as AW.1. His affidavit by way of evidence reiterated the facts pleaded in the plaint and his affidavit is also corroborated by the above-referred Ex.A3 to A15 which clearly establish the case of the Applicant Bank to allow the present TA. Added to this, the Defendant has remained absen! hence it is to be construed that Defendant has admitted the entire case pleaded by the Applicant Bank in the present OA.

13. Therefore, for these reasons, present OA is to be allowed with costs as sought by the Applicant Bank.

ORDER

Present TA stands allowed as prayed for with interest and costs. In the event offailure ofthe Defendant to pay the said OA amount, the Applicant Bank is at liberty to sell edule properties in accordance with law as sought the App Bank in the OA.

TA.No.4512020 In spite of sale of the Schedule properties, if the TA amount is not fully realised, then the Applicant Bank is at liberty to proceed against the person and other properties of the Defendant as required under law and also as advised. Applicant Bank shall file latest Memo of Calculation of TA amount together with interest, costs etc., to be paid by Defendant duly taking into account the amount/s, if any, paid by the Defendant and/or amount realised by sale ofassets, etc., during the intervening period after filing the TA, to enable the office to prepare Recovery Certificate for the amount to be paid by the Defendant to the Applicant Bank. Office is directed to issue Recovery Certificate as sought by the Applicant Bank in the TA and do the needful as required under the law forthwith. (Dictated to the Stenographer, after its transcription and necessary pronounced by me in the open Court on this the 26tr1 day of F [K. RAVTND Presiding Officer DRT-I, Bengaluru

: Affidavit of AW-1 : List of Documents

(K. RAVINDRAN NAIR) Presiding Officer DRT-I, Bengaluru ANNEXURES Witness Examined for the Applicant Bank: AW-1. : Sri S.N. Murthy, Chief Manager of Applicant Bank List of Documents Exhibited for the Anolicant Bank: Ex.A-3 to A-15 : 13 documents Witness Examined for the Defendant:

- Nil- List of Documents Exhibited for the Defendant:

- Nit- Ex.A-1 Ex.A-2 Unni