Allowed

Tamilnad Mercantile Bank Limited v. R Muthusamy Prop. Sri Rajaganapathi Hardwares

DRT23 Jul 2025OA/509/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal adjudicated an Original Application filed by Tamilnad Mercantile Bank Ltd. to recover unreceived loan amounts from two defendants who defaulted on a Term Loan and Cash Credit limit. After hearing arguments and reviewing documents, the Tribunal found the claim proved and allowed relief.

What did the court decide?

Defendants directed to jointly and severally pay Rs.1,09,27,397.36 plus interest; liberty to sell mortgaged properties; Recovery Certificate to be issued.

Tamilnad Mercantile Bank Limited versus R Muthusamy Prop. Sri… — Specific Performance | DRT (2025)

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OA No. 509/2024 Fair Order

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IN THE DEBTS RECOVERY TRIBUNAL AT MADURAI DATED THIS 23^RD DAY OF JULY, 2025 PRESENT: SEEMA SINHA,

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[PR. DISTRICT & SESSIONS JUDGE – Retd]

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PRESIDING OFFICER

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OA No.509/2024

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Between

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Tamilnad Mercantile Bank Ltd., Pavithramputhur Branch, S.No.2/128, Rajaveethi, Pavithram, Namakkal District- 637 021. Rep. By its Branch Manager. ---Applicant Bank

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And

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R. Muthusamy, S/o Raju Naidu,

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Prop. M/s Sri RajaganapathiHardwares & Timbers, D.No.84, Vadugur Street, Pillaturai,Thathiengarpet, Musiri, Trichy District – 621 214

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M. Manikandan,

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S/o Muthusamy,

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No.27D, Vadugar Street,

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Thathiengarpet, Musiri,

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Trichi District – 621 214 ---Defendants

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Counsel for the Applicant Bank : M/s T. Thevan

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This Original Application was heard and fixed for passing final order before me in the presence of the above said Advocate for Applicant Bank and the Defendants having been set ex-parte and upon hearing the arguments of Counsel for Applicant Bank and upon perusing the material available on the

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OA No. 509/2024

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records and having stood over for consideration till this day, this Tribunal delivered the following:

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JUDGEMENT

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1 . This Application has been filed under Sec.19 (1) of the "The Recovery of Debts due to Banks and Financial Institutions Act, 1993" now amended as The Recovery of Debts and Bankruptcy Act, 1993 by the Applicant Bank on 29.11.2024 to recover from the Defendants a total sum of Rs.1,09,27,397.36p i.e., (i) Rs.98,65,495/- together with interest at the rate of 16.10% p.a. with monthly rests plus penal interest at the rate of 2%p.a. in respect of Cash Credit Loan (ii) Rs.10,61,902.36p together with interest at the rate of 9.25% p.a. with monthly rests plus penal interest at the rate of 2%p.a. in respect of Term Loan from the date of Application till the date of realization with cost and by sale of mortgaged/hypothecated properties, more fully described in Schedules of the application.

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2 . The brief averments of the application filed by the Applicant Bank are as follows:-

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The 1^st defendant a proprietorship concern running business in the name and style of M/s Rajaganapathi Hardwares & Timbers. The defendant have been availing various credit facilities from the applicant bank for long, on the strength of execution of loan and security documents. The loan accounts have been subject to renewal/enhancement from time to time. The loans availed in the name of the defendant’s sister concern in the name and style of M/s Sakthi Saravana Traders & M/s Sri Sakthi Saravana Timbers from the applicant bank and most of the mortgage properties happen to be common for securing liabilities under both heads of loan accounts. However this suit is confined to the loan account of M/s Sri Rajaganapathi Hardwares & Timbers. On the other hand the bank files separate Original application for M/s Sakthi Saravana Traders & M/s Sri Sakthi Saravana Timbers before this Hon’ble Tribunal.

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Term Loan for a sum of Rs.21,00,000/-

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The 1^st defendant has approached the applicant bank and sought to sanction Term Loan for a sum of Rs.21,00,000/- for the purpose of his business working capital. After considering the request of the defendant the applicant bank sanctioned the Term Loan for a sum of Rs.21,00,000/- on 26.06.2020. The 1^st defendant had executed necessary security loan documents in favour of the applicant bank on 26.06.2020 and also hypothecated his stocks in trader of all kinds of Timber logs and hardwares etc., with the bank as a primary security of the loan amounts in relation to “B” Schedule Properties towards. The 2^nd defendant stood as Guarantor for

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OA No. 509/2024

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discharge of the loan account and he had executed guarantee agreement in favour of the applicant bank on 26.06.2020. The defendants has executed revival letter dated 16.05.2023 in favour of the applicant bank and admitting and acknowledging his liabilities.

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Cash Credit Loan to a limit of Rs.90,00,000/-

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The 1^st defendant approached the applicant bank and requested to sanction cash credit loan to a limit of Rs.25,00,000/- for the purpose to meet out his business working capital. After considering the request of the defendant the applicant bank sanctioned the Cash Credit Loan to a limit of Rs.25,00,000/- on 21.04.2014. The 1^st defendant had executed necessary security loan documents in favour of the applicant bank. After that the 1^st defendant again approached the applicant bank and requested to enhance the cash credit limit from Rs.25,00,000/- to Rs.90,00,000/-for the development of his business. The applicant bank sanctioned the enhancement of Cash Credit limit to Rs.90,00,000/- on 15.07.2023. The defendant had executed necessary security loan documents in favour of the applicant bank on 07.08.2023 for the enhancement limit and also hypothecated his stocks in trader of machineries, components, spares & WIP, Semi finished goods of Timbers & wooden logs with the bank as a primary security of the loan amounts in relation to “B” Schedule Properties towards. The 2^nd defendant stood as Guarantor for discharge of the loan account and he had executed single guarantee agreement deed in favour of the applicant bank on 07.08.2023.

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Details of Mortgage

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The 1^st defendant who had earlier deposited his Title deeds on 30.01.2015 in relation to “A” Schedule properties towards equitable Mortgage has subsequently extended the coverage of the Equitable mortgage to Successive renewal/reduction/enhancements/restructuring. The 1^st defendant had executed Memorandum of Deposit of Title deed dated 30.01.2015 vide Doc.No.147/2015 including respective loan amount availed by the 1^st defendant and its sister concern namely M/s Sakthi Saravana Traders, M/s Sri Sakthi Saravana Timbers & M/s Samuthira Traders including the Cash Credit loan amount to a limit of Rs.25,00,000/-. The 1^st defendant had extended his earlier Mortgage for the enhanced Cash Credit facility of Rs.65,00,000/- (Rs.25,00,000/- to Rs.90,00,000/- ) in favour of the Applicant bank and the 1^st defendant had executed supplementary memorandum of deposit of Title deeds dated 18.08.2017 vide Doc.No.1194/2017 and also he extended his earlier mortgage for the additional Term Loan amount for a sum of Rs.21,00,000/- in favour of the Applicant bank and he has executed supplementary memorandum of

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OA No. 509/2024

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deposit of Title deeds 23.08.2021.vide Doc.No.1444/2021 in favour of the applicant bank.

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After availing the loan, defendants were not regular in the matter of repayment. The defendants made several promises, but they failed to keep up their promises. Despite repeated demands and reminders, made by the Applicant Bank, the Defendants have failed and neglected to repay and adjust their liability. Thus the loan account was declared as Non Performing Asset (NPA) on 02.06.2024. Hence, the Applicant Bank has filed the OA for recovery of a total sum of Rs.1,09,27,397.36p i.e., (i) Rs.98,65,495/together with interest at the rate of 16.10% p.a. with monthly rests plus penal interest at the rate of 2%p.a. in respect of Cash Credit Loan (ii) Rs.10,61,902.36p together with interest at the rate of 9.25% p.a. with monthly rests plus penal interest at the rate of 2%p.a. in respect of Term Loan from the date of Application till the date of realization with cost.

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The Applicant Bank has submitted the following documents in support its claim in the OA, which are as follows:

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S. No.	Date	Description of document	Exhibits
1.	26.06.2020	Sanction Letter	Ex.No.A-01
2.	26.06.2020	Demand PromissoryNote	Ex.No.A-02
3.	26.06.2020	Letter of waivepresentment	Ex.No.A-03
4.	26.06.2020	Agreement of demand cash credit on the hypothecation of movableproperties	Ex.No.A-04
5.	26.06.2020	Article of Agreement	Ex.No.A-05
6.	26.06.2020	Mortgage extension letter	Ex.No.A-06
7.	26.06.2020	Consent letter	Ex.No.A-07
8.	26.06.2020	Letter agreed for extension of earlier Mortgageforthe additionalcreditfacilities	Ex.No.A-08
9.	16.05.2023	Revival Letter	Ex.No.A-09
10.	02.08.2023	Requisition to avail the loan	Ex.No.A-10
11.	07.08.2023	Sanction intimation letter	Ex.No.A-11
12.	07.08.2023	Demand PromissoryNote	Ex.No.A-12
13.	07.08.2023	Agreement for demand cash credit on the hypothecation of movableproperties	Ex.No.A-13
14.	07.08.2023	Single Guarantee Agreement	Ex.No.A-14
15.	07.08.2023	Mortgage extension letter	Ex.No.A-15
16.	07.08.2023	Mortgage extension letter	Ex.No.A-16
17.	07.08.2023	Mortgage extension letter	Ex.No.A-17
18.	07.08.2023	Guarantee coveringletter	Ex.No.A-18
19.	07.08.2023	Consent letter	Ex.No.A-19
20.	07.08.2023	Undertakingletter to keepthe securityin	Ex.No.A-20

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OA No. 509/2024

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21.	07.08.2023	tact Guarantee coveringletter	Ex.No.A-21
22.	07.08.2023	Consent letter	Ex.No.A-22
23.	07.08.2023	Undertaking letter to keep the security in tact	Ex.No.A-23
24.	07.08.2023	Guarantee coveringletter	Ex.No.A-24
25.	07.08.2023	Consent letter	Ex.No.A-25
26.	07.08.2023	Undertaking letter to keep the security in tact	Ex.No.A-26
27.	30.01.2015	True copy of Memorandum of deposit of Title deeds No.147/2015	Ex.No.A-27
28.	18.08.2017	Original Supplemental Memorandum of deposit of TitleDeedsNo.1194/2017	Ex.No.A-28
29.	23.08.2021	True copy of registered supplemental Memorandum of deposit of Title deeds No.1444/2021	Ex.No.A-29
30.	19.03.1985	Sale deed No.382/1985	Ex.No.A-30
31.	15.12.2014	Sale deed No.2116/2014	Ex.No.A-31
32.	04.12.1974	Gift deed executed by Alamelu Ammal in favour of Muthusamyvide Doc.No.39/1974	Ex.No.A-32
33.	02.03.1992	Patta No.90	Ex.No.A-33
34.	11.12.1980	Sale deed executed by Angammal in favour of Muthusamyvide Doc.No.1618/1980	Ex.No.A-34
35.	05.07.1980	Sale deed executed by Sellakannu in favour of Muthusamyvide Doc.No.831/1980	Ex.No.A-35
36.	12.04.2013	Sale deed executed by V. Sanjeevi Naidu in favour of Muthusamyvide Doc.No.600/2013	Ex.No.A-36
37.	13.03.2008	Sale deed executed by Meenakshi Ammal in favour of Muthusamyvide Doc.No.404/2008	Ex.No.A-37
38.		True copy of Cash Credit Loan Account No.080700150950017	Ex.No.A-38
39.		True copy of Term Loan Account No.080700480100213	Ex.No.A-39

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SCHEDULE-A

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Item No.1

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All that part and parcel of vacant land to the extent of 84.45 cents at S.F.No.216/2 & 217/2, Mettupalayam bye pass Road, Pilladurai Village, Musiri Taluk, Thathiyangarpettai, Trichy District, Property stands in the name Muthusamy.

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OA No. 509/2024

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Boundaries: Survey No.217/2

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North of : Lands in S.Nos.216 & Item No.2 South of : East West Road East of : Lands of Thangaraju West of : Lands of Thalamali

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Boundaries: Survey No. 216/2

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East of : Lands of Krishnamurthi South of : Item No.1 West of : Lands of Thalamalai & Sathyamurthi North of : Lands of Subramaniam chettiar

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Item No.2

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All the part and parcel of vacant land to the extent of 12000 Sq.ft and building with petrol bunk constructed thereat S.No.217/2, Sakthi Saravana Tower, Bye pass Road, Pilladurai Village, Musiri Taluk, Thathiyangarpettai, Trichy District, property stands in the name Muthusamy.

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Boundaries:

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North of : Muthusamy property South of : Road East of : Land in S.F.No.217/1 West of : Muthusamy property

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Note: S.No.217/2 to an extent of 55 cents & 216/2 to an extent of 57 cents, totally 112 cents. (Item.No.1: 84.45 cents + Item No.2: 27.54 cents)

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Item No.3

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Trichirappalli Registration District, Thathaiyangarpettai Sub- RD, Musiri Taluk, Pillathurai Village Old Natham S.No.221/7 New Natham S.No.221/7B Old ward No.13, Present ward No.15, Sarayakara Street the extent Northem side 88 feet Southern Side 111 feet, South - North Eastern side 33 feet, Upper side 46½ feet totally extent of 3955 1/8 Sq.ft equivalent 367.92 as per patta/measurement - 3466 sq.ft

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Boundaries:

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East of : South - North Road West of : S.No.227 Kejji Naicker Punja

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OA No. 509/2024

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South of : S.No.227 North of : Church in S.No.221/8, Balu House in S.No.221/8C & Shanmugam House in S.No.221/8D

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Item No.4

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Land to the extent of 2400 Sq.ft and RCC roof Building constructed therein situated at S.F No.50/2, bearing D.No.27 D/14, New D.No.14/66, Anna Nagar, Pillathurai Village, Thathiyangarpettai, Musiri Taluk, Trichy District, property stands in the name of Muthusamy.

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Boundaries:

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North : East West Road South : East West Road East : Balance land of vendor Alamelu Ammal West : Plot of Nallu Naidu.

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Item No.5

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a) All the piece and parcel of the following lands situated in Pilladurai Village, Musiri Taluk, Within the Jurisdiction of Thathiyangarpettai, Trichy District, Thathiyangarpettai Sub Registrar Office.

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North of : Item No.2 South of : Lands of Veerappa Pillai East of : Lands of Kamalam West of : North South Road

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The land measuring 74 links East to West on the South 98 Links, on the North 42 links, North to South on the west, 46 links on East, totaling 3784 Sq. links or 0.03784 Acres in Old S.No.221/4C -0.10 acres

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b) All the piece and parcel of the following lands situated in Pilladurai Village, Musiri Taluk, Within the Jurisdiction of Thathiyangarpettai, Trichy District, Thathiyangarpettai Sub Registrar Office.

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North of : East West Road South of : Item No.1 East of : Lands of Pichamuthu West of : North South Road

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OA No. 509/2024

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The land measuring 74 links East to West on the North, 60 Links on the South, 17 links North to South on the West, 26 links on the East, totaling 1440^1/2 Sq.links or 0.01440½ Acres

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Item No. A & B- total square Links 5224 ½ i.e 2775.79 Square feet

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Item No.6

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All that part and parcel of vacant land to the extent of 2398 Sq.ft (as per documents) 2400 Sq.ft (actual) i.e 5½ cents, Old S.No.50/2 New Survey No.50/27, Anna Nagar, Pillathurai Village, Thathiyangarpettai, Musiri Taluk, Trihcy District, within the four boundaries.

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South of : East west Pathway West of : Angammal Property North of : East West Pathway East of : Angammal Land purchased from Palaniyandi Chettiyar

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Item No.7

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Land to the extent of vacant land to an extent of 2310 Sq.ft in Survey No.223/2E, New Survey No.223/2E2, North Kurumbar Street, No.1 Opp to Murugan Theatre, Pillathurai Village, Thathiyangarpettai, Musiri Taluk, Trihcy District, Thathiyangarpettai Sub Registrar office.

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Boundaries:

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East of : North South Road South of : G. Kamala Property West of : Samivel and others property North : Kalaivani property

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Item No.8

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All that part and parcel of vacant land to the extent of 3506^1/4 Sq.Ft, Old Natham S.No.221/7, New Natham Survey No.221/7A, Sarayakara Street, Pillathurai Village, Thathiyangarpettai, Musiri Taluk, Trichy District

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Boundaries:

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East of	: North South Panchayath Road
West of	: Kechi Otta Naicker House and Millitaykarar property
North of	: Andimuthu & Others property
South of	: Gnanam Property

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OA No. 509/2024

SCHEDULE-B

On hypothecation of stocks in Trade of wooden log, cutting machinery components, spares & WIP, Semi Finished Goods of Timber & Wood Logs & hardwares and genuine receivables in trade.

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3 . On the other hand, Notices were issued to Defendants and since from the beginning of the case, there was no representation on behalf of the Defendants. Hence, Defendants were set ex-parte.

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4. Now the main point for consideration before me is as to whether the Applicant has been able to prove his case on his own leg?

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Having gone through the affidavit of the applicant and the documents filed by them and also considering the submission of the counsel for the Applicant, I find that the Applicant Bank, in order to prove its claim, has filed Proof Affidavit executed by one Mr. A. Chandan Ramkumar, who is the Manager of the Applicant Bank.

¶96

He has stated in his affidavit that the defendants has availed Term Loan and Cash credit Limit from the Applicant Bank, but they failed to pay the outstanding loan amount, hence he has filed the case. The applicant bank has also filed the documents given by the defendants at the time of sanctioning the loan amount, which have been marked as exhibits No.A-01 to A-39 in support of its claim in the OA.

¶97

The Sanction Letter has been marked as Ex.No.A-01, Demand Promissory Note has been marked as Ex.No.A-02, Letter of waive presentment has been marked as Ex.No.A-03, Agreement of demand cash credit on the hypothecation of movable properties has been marked as Ex.No.A-04, Article of Agreement has been marked as Ex.No.A-05, Mortgage extension letter has been marked as Ex.No.A-06, Consent letter has been marked as Ex.No.A-07, Letter agreed for extension of earlier Mortgage for the additional credit facilities has been marked as Ex.No.A-08, Revival Letter has been marked as Ex.No.A-09, Requisition to avail the loan has been marked as Ex.No.A-10.

¶98

The Sanction intimation letter has been marked as Ex.No.A-11, Demand Promissory Note has been marked as Ex.No.A-12, Agreement for demand cash credit on the hypothecation of movable properties has been marked as Ex.No.A-13, Single Guarantee Agreement has been marked as Ex.No.A-14, Mortgage extension letter has been marked as Ex.No.A-15, Mortgage extension letter has been marked as Ex.No.A-16, Mortgage extension letter has been marked as Ex.No.A-17, Guarantee covering letter has been marked as Ex.No.A-18, Consent letter has been marked as

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OA No. 509/2024

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Ex.No.A-19, Undertaking letter to keep the security in tact has been marked as Ex.No.A-20.

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Guarantee covering letter has been marked as Ex.No.A-21, Consent letter has been marked as Ex.No.A-22, Undertaking letter to keep the security in tact has been marked as Ex.No.A-23, Guarantee covering letter has been marked as Ex.No.A-24, Consent letter has been marked as Ex.No.A-25, Undertaking letter to keep the security in tact has been marked as Ex.No.A-26, True copy of Memorandum of deposit of Title deeds No.147/2015 has been marked as Ex.No.A-27, Original Supplemental Memorandum of deposit of Title Deeds No.1194/2017 has been marked as Ex.No.A-28, True copy of registered supplemental Memorandum of deposit of Title deeds No.1444/2021 has been marked as Ex.No.A-29, Sale deed No.382/1985 has been marked as Ex.No.A-30.

¶103

Sale deed No.2116/2014 has been marked as Ex.No.A-31, Gift deed executed by Alamelu Ammal in favour of Muthusamy vide Doc.No.39/1974 has been marked as Ex.No.A-32, Patta No.90 has been marked as Ex.No.A33, Sale deed executed by Angammal in favour of Muthusamy vide Doc.No.1618/1980 has been marked as Ex.No.A-34, Sale deed executed by Sellakannu in favour of Muthusamy vide Doc.No.831/1980 has been marked as Ex.No.A-35, Sale deed executed by V. Sanjeevi Naidu in favour of Muthusamy vide Doc.No.600/2013 has been marked as Ex.No.A-36, Sale deed executed by Meenakshi Ammal in favour of Muthusamy vide Doc.No.404/2008 has been marked as Ex.No.A-37, True copy of Cash Credit Loan Account No.080700150950017 has been marked as Ex.No.A-38, True copy of Term Loan Account No.080700480100213 has been marked as Ex.No.A-39. So the averments of the applicant as well as the statement of the pleading have been corroborated by the above mentioned documents.

¶104

As the Defendants remained ex-parte, the claim of the Applicant Bank is neither disproved nor dislodged and goes on record as proved. Accordingly a cumulative analysis of both the Proof Affidavit and documents marked by the Applicant Bank would prove the claim of the Applicant Bank in the OA.

¶105

So far the claim of interest is concerned, it is a well settled Law that the Tribunal has got powers to award pendente lite interest in view of the Judgment of the Hon’ble Supreme Court in N.M. Veerapa Vs Canara Bank (reported in AIR 98(1), 1101 & in Central bank of India Vs Ravindra and OS (AIR, 2001(1), 3095).

¶106

So far the penal interest is concerned Hon'ble supreme court stated in the said judgement as followed " Though interest can be capitalised on the anology that the interest falling due on the accrued date and remaining

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OA No. 509/2024

¶109

unpaid, partakes the character of amount advanced on that date, yet penal interest, which is charged by way of penalty for non payment, cannot be capitalized. Further interest, i.e interest on interest, whether simple, compound or penal, cannot be claimed on the amount of penal interest. Penal interest cannot be capitalized. It will be opposed to public policy ".

¶110

Therefore, this Original Application is allowed. The Applicant Bank is entitled for a final order on the following lines:-

¶111

The Applicant Bank is entitled to recover from the Defendants a total sum of Rs.1,09,27,397.36p i.e., (i) Rs.98,65,495/- together with interest at the rate of 16.10% p.a. with half yearly rests in respect of Cash Credit Loan (ii) Rs.10,61,902.36p together with interest at the rate of 9.25% p.a. with half yearly rests in respect of Term Loan from the date of Application till the date of realization with cost. Accordingly, it is hereby

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ORDERED

¶113

(a) That the Defendants are directed to pay jointly/severally a total sum of Rs.1,09,27,397.36p i.e., (i) Rs.98,65,495/- together with interest at the rate of 16.10% p.a. with half yearly rests in respect of Cash Credit Loan (ii) Rs.10,61,902.36p together with interest at the rate of 9.25% p.a. with half yearly rests in respect of Term Loan from the date of Application till the date of realization with cost within one month from the date of receipt of this order.

¶114

(b) In case of default of payment by the above mentioned Defendants, the Applicant Bank is at liberty to sell the movable / immovable properties more fully described in Schedule of the original application for appropriation of sale proceeds towards the satisfaction of amount due to the Applicant Bank.

¶115

(c) If the sale proceeds are not sufficient, after defraying the expenses of such sale, for the payment of all such amounts, the defendants are jointly/severally liable to pay the amount of such deficiency with interest mentioned above until realization.

¶116

(d) Any amount remitted during the course of this proceedings shall be given due credit, to the loan accounts of the defendants.

¶117

(e) Recovery Certificate be prepared, as per the directions given above, and issue accordingly. A copy of the order is to be communicated to the parties concerned, immediately.

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OA No. 509/2024

¶120

(f) It is further ordered that the Applicant Bank shall file cost memo within a period of one month from the date of receipt of this order, so as to prepare the recovery certificate with cost for the Cash Credit Loan and Term loan and the Recovery Officer is also directed to proceed with the matter in accordance with law. In case, cost memo is not filed before said period of one month, Recovery Certificate will be prepared with available records.

¶121

Dictated to T.P, taken down, transcribed, typed by her, corrected and pronounced by me in the Open Court in this the 23^rd July, 2025.

¶122

Sd/- (SEEMA SINHA) PRESIDING OFFICER

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Tamilnad Mercantile Bank Limited v. R Muthusamy Prop. Sri Rajaganapathi Hardwares

Case brief

What is this about?

What did the court decide?

Tamilnad Mercantile Bank Limited v. R Muthusamy Prop. Sri Rajaganapathi Hardwares

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Cases cited

Statutes considered

Parties & counsel

Coram

Case details

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