P. NAVEEN RAO, NAGESH BHEEMAPAKA
Bank of India, Adikmet Branch, Rep. by its Authorized Officer – Appellant
Versus
Debts Recovery Tribunal-I, Rep. by its Registrar – Respondent
ORDER :
P. Naveen Rao, J.
Petitioner-Bank extended credit facilities to a tune of Rs. 90.00 lakhs to respondents 3 and 4 for obtaining housing loan. Holding that respondents 3 and 4 defaulted in repayment of the loan, the loan account was classified as Non-Performing Asset (NPA) and the Bank has taken recourse to the provisions of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, ‘Act, 2002’) and DRT Act to recover the money. According to the Notice issued on 11.02.2019 under Section 13(2) of the Act, 2002, the outstanding dues quantified was Rs. 85,71,031.90 ps. Respondent no.2 claimed that he has entered into an Agreement of Sale with respondents 3 and 4 on 18.07.2018 concerning the property which was subsequently mortgaged and which is treated as secured asset by the petitioner-Bank. Respondent no.2 claimed that he paid Rs. 30.00 lakhs towards advance/part sale consideration, out of total sale consideration of Rs. 1.20 lakhs. He was required to pay balance Rs. 90.00 lakhs at the time of registration within six months from the date of Agreement of Sale. At the time of Agreement of Sale, respondents 3 and 4 have categori
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