Allowed

Bank of Baroda v. vadim infrastructure private limited

DRT26 Jun 2025OA/188/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed interim injunctions seeking attachment of immovable properties belonging to the 2nd and 4th defendants to prevent their alienation during the pendency of a recovery petition filed by the Bank of Baroda against a corporate borrower and its guarantors.

What did the court decide?

Conditional order of attachment granted restraining 2nd and 4th defendants from creating third-party rights, alienating, transferring, or encumbering the specified properties.

Bank of Baroda versus vadim infrastructure private limited — Company and Corporate | DRT (2025)

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IAs 917/25 & 918/25 in OA 188/2025

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26.06.2025

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 26^th day of June, 2025

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Present: SMT. S.V. GOWRAMMA Presiding Officer

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I.A. Nos.917 of 2025 & 918 of 2025

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O.A. No. 188 of 2025

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Bank of Baroda International Business Branch (IBB) 4^th Floor, JBAS Building No.45, Moore Street

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Chennai – 600 001

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Rep. by its Chief Manager

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….Applicant

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-Vs-

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M/s Vadim Infrastructure Private Limited

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(Formerly M/s Voltech Infrastructure Pvt. Ltd.)

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Represented by its Directors

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No.18 & 19, TV Nagar

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Near DFL IT Park

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Poonamalle Road

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Mugaliakkam, Chennai – 600 089

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Mr. S. Rajamanickam

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No.17/19, Andal Nilayam

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Pillayar Koil Street, Maduvinkarai

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Guindy, Chennai – 600 032

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Mr. T. Karikalan

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No.158, Phase – 2 Anna Nagar, Tiruvermpur Trichirapalli – 620 026

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Mr. Selvamanickam Plot No.-B, 1^st Floor Iniya Illam Avenue Bakkiyam Nagar

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4^th Street, Sembakkam Chennai – 600 073 …..Defendants Counsels on record / appeared:

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IAs 917/25 & 918/25 in OA 188/2025

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26.06.2025

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Counsel for Applicant

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: M/s Ramasubramaniam Raja

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: - ORDER ON IA No.917 of 2025 & IA No.918 of 2025- :

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The Original Application is filed by the Applicant Bank against the Defendants, seeking for recovery of a sum of Rs.87,61,273.86p (Rupees Eighty Seven Lakhs Sixty One Thousand Two Hundred and Seventy

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Three and Eighty Six Paise only) together with further interest and costs.

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The Applicant Bank has filed the present petitions i.e., I.A.Nos.917/2025 & 918/2025 with affidavit of the Chief Manager of the applicant bank, International Business Branch, Chennai, Sh. Vivek R. Kulkarni, seeking for an order of attachment of the property belonging to 2^nd defendant and 4^th defendant respectively, pending disposal of the above TA.

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It is the case of Applicant that the 1^st Defendant represented by its Directors have availed various credit facilities in the form of Cash Credit Facility, Inland Bill Purchase, Bank Guarantee and Letter of Credit, which was enhanced from time to time upto Rs.65 lakhs, Demand Loan of Rs.6 lakhs, Funded Interest Term Loan of Rs.3,51,000/- for their business purpose and executed loan and security documents in favour of the applicant bank. Loan is primarily secured by hypothecation of stocks, book debts and movable plant and machinery and equipment of 1^st Defendant and collaterally secured by mortgage by deposit of title deeds of the

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IAs 917/25 & 918/25 in OA 188/2025

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26.06.2025

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immovable property morefully detailed in the schedule to OA, belonging to 2^nd defendant.

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It is submitted by Applicant that during the year 2014, the 1^st defendant company changed its name from M/s Voltech Instrumentation and Engineers Private Limited to M/s Voltech Infrastructure Private Limited. Pursuant to change in the name of the 1^st defendant company, the erstwhile Directors, Mr. Umapathi and Mrs. Kalaivani resigned from the 1^st defendant company. Subsequently, two new Directors joined the 1^st defendant company (defendants 3 and 4 herein). Previously the credit facilities were secured by personal guarantees of the present Director Mr. Rajamanickam, 2^nd defendant herein and the erstwhile Directors Mr. Umapathi and Mrs. Kalaivani and corporate guarantee of M/s Voltech Instrumentation and Engineers Private Limited. Based on the request of 1^st defendant, applicant bank had to release the properties mortgaged by the erstwhile Directors Mr. Umapathi and Mrs. Kalaivani and corporate guarantee of M/s Voltech Instrumentation and Engineers Private Limited was also released. The personal guarantee of 2^nd defendant was not release and is still continuing. Further, as per the request of 1^st defendant, the credit facility was secured by the personal guarantees of the new Directors, the defendants 3 and 4 herein.

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It is further submitted by applicant that due to default in operating the loan accounts, it was classified as NPA on 15.09.2021. Inspite of repeated requests and demands made by the applicant bank, defendants

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IAs 917/25 & 918/25 in OA 188/2025

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26.06.2025

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failed to repay the loan amount. Hence the present OA is filed for recovery of sum of Rs.87,61,273.86p. It is submitted by applicant bank that the applicant bank had invoked the provisions of SARFAESI Act and issued Demand Notice under Section 13(2) of the Act, on 16.09.2021 followed by Possession Notice dated 25.01.2022, which was challenged by defendants in SA No.92 of 2022 before DRT-II, Chennai and subsequently transferred to this Tribunal and re-numbered as TSA No.177 of 2023, which is since dismissed vide order dated 26.04.2024.

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It is submitted by applicant that 1^st defendant as borrower and defendants 2 to 4 as its Directors and guarantors of the various loan facilities are liable to repay the applicant bank. The available security with the applicant bank is only for the value of Rs.26,25,000/-. In the event of OA being allowed, there is no sufficient security to satisfy the claim amount. The applicant bank had presently identified the schedule properties owned by 2^nd defendant and 4^th defendant, who are liable for repayment of outstanding dues. It is apprehended by applicant bank that the defendants will alienate / encumber the IA schedule properties in order to defeat the lawful recovery of the legitimate dues of the applicant bank. Hence, applicant bank prayed for attachment of properties morefully detailed in the IA belonging to 2^nd and 4^th defendants respectively, pending disposal of the OA.

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Heard the counsel for applicant bank and perused the records of produced along with the IAs.

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IAs 917/25 & 918/25 in OA 188/2025

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26.06.2025

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It appears that the Applicant Bank has filed the above IA’s on the premise that defendants are attempting to create an encumbrance on the secured properties in order to defeat the lawful recovery of the applicant bank.

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As per Section 19 (15) of RDB Act, “The Tribunal may also in the order direct the conditional attachment of the whole or any portion of the property specified under [sub-section (13)] [Substituted by Act No. 44 of 2016].”

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It is a matter of record that the OA was filed for recovery of sum of Rs.87,61,273.86p, which is a colossal sum of money. Considering the amount of claim involved in this case and the balance of convenience, the present IAs are to be allowed by keeping open the merits of the case and without prejudice to the rights of both the parties. By doing so, no prejudice, no harm and loss will be caused to the Defendants.

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As the Applicant Bank has prima facie established the essential ingredients for granting an order of injunction restraining the defendants in respect of the schedule mentioned in the schedule to the petition, this Tribunal proceeds to pass the following order:

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:ORDER:

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In the circumstances pleaded, IA Nos.917 of 2025 and 918 of 2025 stands allowed and conditional order of attachment is granted restraining the 2^nd and 4^th defendants respectively from creating any right of a third

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IAs 917/25 & 918/25 in OA 188/2025

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26.06.2025

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party on the property, alienating or transferring or creating any encumbrance on the schedule mentioned properties till disposal of the OA, however in IA No.917/25, subject to second charge of Erstwhile M/s Oriental Bank of Commerce in respect of property belonging to 2^nd defendant (morefully detailed in IA No.917/25), as the Encumbrance Certificate produced by the applicant bank reflects the charge of Erstwhile M/s Oriental Bank of Commerce dated 22.08.2016.

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The Registry is directed to communicate this Order to the Concerned Sub Registrar Office/ Village Officer for necessary action and for records.

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Schedule properties in the IAs 917/25 and 918/25 shall form part of this order.

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Sd/-

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(S.V. GOWRAMMA) PRESIDING OFFICER, DRT-III, CHENNAI

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(Dictated to PS, transcribed by her, corrected, signed and pronounced by me on this the

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26^th day of June, 2025)

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SCHEDULE OF PROPERTY – IA No.917 of 2024

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Property in the name of the 2^nd Defendant (Mr. S. Rajamanickam)

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All that piece and parcel of property in 632 Sq. ft. out of 2572 Sq. ft. on the undivided land share with Flat No.B in the ground floor measuring 800 sq. ft. out of total 2575 sq. ft. comprised in Old S.Nos.72/1 and 72/2, New T.S. No.13, bearing Plot No.’B’, Door No.9, New No.17, Pillayar Koil

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IAs 917/25 & 918/25 in OA 188/2025

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26.06.2025

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Street, Maduvankarai, Guindy, Chennai – 600 032 situated at No.137, Vellachery Village, bounded on the

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North By : Mr. S. Munusamy Naicker Vagaira’s House & Plot No.A South By : Mr. R. Subramania Naicker Vagaira’s House East By : Mr. R. Govindaraji Naicker’s Machine West By : Plot No. ‘A’ & Pillaiyar Koil Street

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Situated within the Sub – Registration District of Velachery and Registration District of Chennai South

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SCHEDULE OF PROPERTY – IA No.918 of 2024

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Property in the name of the 4^th Defendant (Mr. Selvamanickam)

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All that piece and parcel of the property in 585 Sq. ft. out of 2490 Sq. ft. on the undivided share with Plot No.B1 comprised in Survey number 38/7A situated at Sembakkam Village, Iniya Illam Avenue, Tambaram Taluk, Kanchipuram District bounded on the

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North By : 16 Feet Road

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South By : Land in Survey No.71

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East By : Plot No.A1 Part Northern Side & Plot No.A1 Part Southern Side

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West By : Land Survey No.38/7A Part

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Situated within the Registration District of Chennai South and Sub Registration District of Tambaram.

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Sd/(S.V. GOWRAMMA) PRESIDING OFFICER, DRT-III, CHENNAI

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IAs 917/25 & 918/25 8 26.06.2025 in OA 188/2025

Bank of Baroda v. vadim infrastructure private limited

Case brief

What is this about?

What did the court decide?

Bank of Baroda v. vadim infrastructure private limited

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Statutes considered

Parties & counsel

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Case details

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