Allowed

Indian Bank v. M s Brt Analytica Rep by its Sole Propertrix Ms Florida Tilton

DRT13 Jun 2025OA/336/2022

Case brief

AI extract

What is this about?

This judgment of the DRT-III, Chennai allowed the bank's original application for recovery of outstanding dues aggregating over Rs. 1 crore from various loan accounts, including SME loans, cash credit, and emergency loans, against the proprietary concern and its proprietor.

What did the court decide?

Allowed recovery of Rs. 103,86,345/- including interest and penal interest; liberty to sell personal assets of the 2nd Defendant; issuance of Recovery Certificate.

Indian Bank versus M s Brt Analytica Rep by its Sole… — Company and Corporate | DRT (2025)

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O.A. No. 336 of 2022

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13.06.2025

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 13^th day of June, 2025

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Present: SMT. S.V. GOWRAMMA Presiding Officer

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ORIGINAL APPLICATION No. 336 of 2022

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Indian Bank, Anakaputhur Branch No.72, Kamarajar Salai, Anakaputhur, Chennai – 600 070. ….Applicant

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-Vs-

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M/s. BRT Analytica, Rep by its Sole Proprietrix, Ms. Florida Tilton,

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W/o. Mr. Antony Joe Tilton,

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No.7, Leo Muthu Street, Kalaimagal Nagar, Ekkatuthangal, Guindy,

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Chennai – 600 032.

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And

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No. 62, 4^th Cross Street, Mohanapuri, New NGGO Colony, Adambakkam, Chennai – 600 088.

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Mrs. Florida Tilton, W/o. Mr. Antony Joe Tilton, No.7, Leo Muthu Street, Kalaimagal Nagar, Ekkatuthangal, Guindy, Chennai – 600 032. ….Defendants

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Counsels on record / appeared:

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Counsel for Applicant : M/s. Hemalatha Suresh

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Defendants 1 & 2 were set ex-parte on 13.04.2023

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: - FINAL ORDER - :

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This Original Application is filed on 23.09.2022 by the Applicant Bank

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O.A. No. 336 of 2022

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13.06.2025

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under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 (formerly Recovery of Debts Due to Banks and Financial Institutions Act, 1993) against the Defendants 1 & 2, jointly and severally for recovery of a total sum of Rs.1,03,86,345/- (Rupees One Crore Three Lakhs Eighty Six

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Thousand Three Hundred and Forty Five only) as follows:

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(i) A sum of Rs.21,18,160/- due in respect of SME Loan-I (A/c No. 6322309373) repayable together with interest @ 14.20% p.a. with monthly rests plus penal interest @ 2% p.a. from the date of application till the date of realisation in full;

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(ii) A sum of Rs. 51,76,916/- due in respect of SME Loan-II (A/c No. 6618878391) repayable together with interest @ 11.05% p.a. with monthly rests plus penal interest @ 2% p.a. from the date of application till the date of realisation in full;

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(iii) A sum of Rs.22,78,193/- due in respect of Open Cash Credit (A/c. No. 6313249982) repayable together with interest @14.90% p.a. with monthly rests plus penal interest @ 2% p.a. from the date of application till the date of realisation in full;

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(iv) A sum of Rs.2,24,160/- due in respect of Working Capital Loan-I (A/c. No. 6786615836) repayable together with interest @8.30% p.a. with monthly rests plus penal interest @ 2% p.a. from the date of application till the date of realisation in full;

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O.A. No. 336 of 2022

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13.06.2025

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(v) A sum of Rs.3,97,959/- due in respect of Working Capital Loan-II (A/c. No. 6835683722) repayable together with interest @ 8.05% p.a. with monthly rests plus penal interest @ 2% p.a. from the date of application till the date of realisation in full;

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(vi) A sum of Rs.1,90,957/- due in respect of Covid Emergency Loan (A/c. No.6894712267) repayable together with interest @ 8.75% p.a. with monthly rests plus penal interest @ 2% p.a. from the date of Application till the date of realization in full and for costs of this OA.

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Brief Facts of the case:

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The Applicant submits that the application is filed within the period of limitation as prescribed under Section 24 of the Recovery of Debts and Bankruptcy Act, 1993, and the subject recovery claim falls within the jurisdiction of this Tribunal.

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It is the case of the applicant bank that the 1^st defendant is Proprietary concern, represented by its Proprietrix, 2^nd defendant herein. The 1^st defendant represented by 2^nd defendant had applied for SME Loan-I of Rs.22,00,000/- and sanctioned by the Applicant vide Sanction Letter dated 13.03.2015. The Defendant availed the said loan on 13.03.2015 and had executed the following documents on 13.03.2015 as security for the loan

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O.A. No. 336 of 2022

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13.06.2025

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availed and the same are described hereunder:

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(i) Demand Promissory Note;

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(ii) Agreement of Hypothecation of Movables

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(iii) Medium Term Loan Agreement

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(iv) Declaration by the Borrower

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The Applicant submits that the 1^st defendant represented by 2^nd

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defendant had availed SME Loan-II of Rs. 34,86,000/- on 26.03.2018 and

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had executed the following Documents as security thereof:

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(i) Demand Promissory Note;

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(ii) Agreement of Hypothecation of Movables

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(iii) Declaration by the Borrower

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(iv) Declaration by Sole Proprietor

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(v) Letter of Authority from the borrower

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The Applicant submits that the 1^st defendant represented by 2^nd defendant had availed OCC Limit of Rs.20,00,000/- on 26.03.2018 and had executed the following Documents as security thereof:

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(i) Demand Promissory Note

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(ii) Letter of Continuity

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(iii) Agreement for Open Cash Credit

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(iv) Details of family members

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O.A. No. 336 of 2022

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13.06.2025

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The Applicant submits that the 1^st defendant represented by 2^nd defendant had availed Working Capital Term Loan-I of Rs.5,37,740/- on 31.07.2019 and on the same day executed the following documents as security thereof:

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(i) Demand Promissory Note

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(ii) Agreement of Hypothecation of Movables (iii) Declaration by the borrower

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(iv) Details of family members

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The Applicant submits that the 1^st Defendant represented by 2^nd defendant had also availed Working Capital Term Loan-II of Rs.5,93,000/on 30.11.2019 and on the same day executed the following Documents as security thereof:

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(i) Demand Promissory Note

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(ii) Agreement of Hypothecation of Movables (iii) Declaration by the borrower

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(iv) Details of family members

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The Applicant submits that the 1^st Defendant represented by 2^nd defendant had also availed Covid Emergency Loan of Rs.2,00,000/- on 30.06.2020 and on the same day executed the following Documents as security thereof:

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(i) Demand Promissory Note

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O.A. No. 336 of 2022

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13.06.2025

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(ii) Agreement of Hypothecation of Movables

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(iii) Declaration by the borrower

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It is submitted by the Applicant Bank that subsequent to the disbursement of above said loan facility, the defendants were not operating the loan account as per the terms and conditions and the defendants never had any intention to repay the availed loan facility. Further, the repeated demands and persistent follow up made by the Applicant Bank towards the defendants to repay the outstanding dues of its loan accounts was of no avail and the defendants continued with its default indefinitely. The Applicant further submits that however the Defendants made the last payment of Rs.21000/- on 09.12.2020 to SME Loan-I, Rs.837/- on 26.08.2021 to SME Loan-II, Rs.80000/- on 28.02.2022 to OCC account, Rs.1000/- on 27.08.2021 to Working Capital Term Loan-I, Rs.371/- on 23.08.2021 to Working Capital Term Loan-II, RS.16000/- on 17.08.2021 to Covid Loan. It is on account of the delay/default committed by the Defendants in repayment the Applicant bank was constrained to declare the loan account as Non-Performing Asset (NPA) on 28.08.2021.

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It is further submitted that applicant bank issued Legal Notice dated 18.07.2022, which the Defendants successfully evaded to receive and the cover was returned with an endorsement "Left" on 22.07.2022. Despite repeated reminders, as defendants did not come forward to repay the dues,

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O.A. No. 336 of 2022

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13.06.2025

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the present Original Application (OA) has been filed for recovery of amount due from defendants.

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After the filing of the OA, summons were sent to the Defendants 1 and 2 through Registered Post with Acknowledgment Due, which returned unserved with postal endorsement as ‘left’. The Applicant Bank had caused paper publication of the notice and filed proof thereof. When OA was taken up on 13.04.2023 even after giving sufficient time, there was no appearance or representation from the defendants. Hence, Defendants 1 and 2 were placed ex-parte on 13.04.2023 .

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Heard the submissions of Applicant Bank and perused the

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records.

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To prove the case of the Applicant Bank, Mrs. M. Sowndari, Chief Manager of the Applicant Bank, has filed her Affidavit by way of evidence and same was considered as evidence of AW-1 and list of documents came to be marked as Ex A-1 to A-35 . As the Defendants remained ex-parte, the OA claim remains unchallenged. There is no contra evidence available on record to repudiate the claim of the Applicant Bank.

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With regard to the amount advanced, the interest applied the conduct and operations in the account and the default committed, this Tribunal comes to the conclusion that the applicant bank is entitled for a final order

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O.A. No. 336 of 2022

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13.06.2025

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on the following terms:

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: O R D E R :

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The OA is allowed with costs,

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(a) The applicant bank is allowed to recover from the Defendants for recovery of a total sum of Rs.1,03,86,345/- (Rupees One Crore Three Lakhs Eighty Six Thousand Three Hundred and

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Forty Five only) as follows:

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(i) A sum of Rs.21,18,160/- due in respect of SME LoanI (A/c No. 6322309373) repayable together with interest @ 14.20% p.a. with monthly rests plus penal interest @ 2% p.a. from the date of application till the date of realisation in full;

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(ii) A sum of Rs. 51,76,916/- due in respect of SME LoanII (A/c No. 6618878391) repayable together with interest @ 11.05% p.a. with monthly rests plus penal interest @ 2% p.a. from the date of application till the date of realisation in full;

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O.A. No. 336 of 2022

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13.06.2025

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(iv) A sum of Rs.2,24,160/- due in respect of Working Capital Loan-I (A/c. No. 6786615836) repayable together with interest @8.30% p.a. with monthly rests plus penal interest @ 2% p.a. from the date of application till the date of realisation in full;

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(v) A sum of Rs.3,97,959/- due in respect of Working Capital Loan-II (A/c. No. 6835683722) repayable together with interest @ 8.05% p.a. with monthly rests plus penal interest @ 2% p.a. from the date of application till the date of realisation in full;

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(vi) A sum of Rs.1,90,957/- due in respect of Covid Emergency Loan (A/c. No.6894712267) repayable together with interest @ 8.75% p.a. with monthly rests plus penal interest @ 2% p.a. from the date of Application till the date of realization in full along with costs of this application.

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(b) The applicant bank is at liberty to sell the personal assets of the

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2^nd Defendant (both movable and immovable) to recover the balance dues as required under law for which the 2^nd Defendant to disclose to the Tribunal particulars of other properties or assets owned by the 2^nd Defendant.

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O.A. No. 336 of 2022

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OA amount together with interest, costs etc., to be paid by the Defendants duly considering the amounts, if any, paid by the Defendant and/or amount realized by sale of assets etc., during the intervening period after the filing of the OA, enabling the Registry to prepare Recovery Certificate for the amount to be paid by Defendants to the applicant bank.

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(d) The applicant bank shall file memo of costs within ten days from

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the date of receipt of this final order.

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(e) Recovery Certificate shall be drawn up and issued to the

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Recovery Officer in terms of the final order.

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A copy of this order be communicated to the parties concerned.

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

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(Dictated to Steno (Ponmalar), transcribed by her, corrected, signed and pronounced by me on this the 13^th day of June, 2025)

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ANNEXURES

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WITNESSES EXAMINED FOR THE APPLICANT BANK :

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AW-1: Mrs. M. Sowndari, Chief Manager of the Applicant Bank

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Exhibits on the part of the Applicant:

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Sl.	Date	Description of Documents	Exhibit
No.			No.

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O.A. No. 336 of 2022

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13.06.2025

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1.	13.03.2015	Sanction Ticket		A-1
2.	13.03.2015	Demand Promissory Note		A-2
3.	13.03.2015	Agreement of Hypothecation Movables	of	A-3
4.	13.03.2015	Term Loan Agreement		A-4
5.	13.03.2015	Declaration by the Borrower		A-5
6.	26.03.2018	Sanction ticket		A-6
7.	26.03.2018	Demand Promissory Note		A-7
8.	26.03.2018	Agreement of Hypothecation Movables	of	A-8
9.	26.03.2018	Declaration by the Borrower		A-9
10.	26.03.2018	Declaration by Sole Proprietor		A-10
11.	26.03.2018	Letter of Authority from borrower	the	A-11
12.	26.03.2018	Demand Promissory Note		A-12
13.	26.03.2018	Letter of Continuity		A-13
14.	26.03.2018	Agreement for Open Cash Credit		A-14
15.	26.03.2018	Details of Family Members		A-15
16.	31.07.2019	Demand Promissory Note		A-16
17.	31.07.2019	Agreement of Hypothecation Movables	of	A-17
18.	31.07.2019	Declaration by the Borrower		A-18
19.	31.07.2019	Details of Family Members		A-19
20.	30.11.2019	Sanction Letter		A-20
21.	30.11.2019	Demand Promissory Note		A-21
22.	30.11.2019	Agreement of Hypothecation Movables	of	A-22
23.	30.11.2019	Declaration by the Borrower		A-23
24.	30.11.2019	Details of Family Members		A-24
25.	30.06.2020	Demand Promissory Note		A-25

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O.A. No. 336 of 2022

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13.06.2025

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26.	30.06.2020	Agreement of Hypothecation of Movables	A-26
27.	30.06.2020	Declaration by the Borrower	A-27
28.	18.07.2022	Notice issued by the Applicant’s Counsel	A-28
29.	22.07.2022	Returned Cover	A-29
30.	20.09.2022	Certified Statement of Account No. 6322309373	A-30
31.	20.09.2022	Certified Statement of Account No. 6618878391	A-31
32.	20.09.2022	Certified Statement of Account No. 6313249982	A-32
33.	20.09.2022	Certified Statement of Account No. 6786615836	A-33
34.	20.09.2022	Certified Statement of Account No. 6835683722	A-34
35.	20.09.2022	Certified Statement of Account No. 6894712267	A-35

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Witness Examined for the Defendants: - Nil -

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List of Documents Exhibited for the Defendants: - Nil –

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SCHEDULE

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NIL

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

Indian Bank v. M s Brt Analytica Rep by its Sole Propertrix Ms Florida Tilton

Case brief

What is this about?

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Indian Bank v. M s Brt Analytica Rep by its Sole Propertrix Ms Florida Tilton

Case brief

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