Allowed

Canara Bank v. Ms Moonlight Cashews

DRT21 Mar 2025OA/628/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the bank's original application filed under Section 19(1) of the RDBA, 1993. The tribunal directed recovery of the principal sum excluding capitalized penal interest, along with specific rates of pending and post-decree interest, via sale of mortgaged properties.

What did the court decide?

Recovery of principal amounts (excluding penal interest) on various loan accounts with pendente lite and post-decree interest at rates ranging from 6% to 13% per annum.

Canara Bank versus Ms Moonlight Cashews — Specific Performance | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-2, KERALA AT ERNAKULAM

¶2

PRESENT: SRI.SOVAN KUMAR DASH PRESIDING OFFICER

¶3

Dated this the 21^st day of March, 2025

¶4

ORIGINAL APPLICATION No.628/2023

¶5

Between

¶6

Canara Bank, Kottarakkara Branch, Sri Vighneswara Building, Oyoor Road, Kottarakkara, Kollam District – 691 506. …Applicant And

¶7

M/s.Moonlight Cashews, Vakkanad P.O., Nedumancavu, Kottarakkara, Kollam District – 691 509, represented by its Proprietor, Ibrahim Kutty.

¶8

Ibrahim Kutty, Proprietor, M/s.Moonlight Cashews Vakkanad P.O., Nedumancavu, Kottarakkara, Kollam District – 691 509.

¶9

Saleela, W/o.Ibrahim Kutty,

¶10

Vakkanad P.O., Nedumancavu, Kottarakkara, Kollam District – 691 509.

¶11

Sabu, S/o.Ibrahim Kutty, Moonlight, Vakkanad P.O., Nedumancavu, Kottarakkara, Kollam District – 691 509. …Defendants

¶12

This Original Application having been heard on 13.03.2025 In the presence of Advocate Sri.M.R.Gopalakrishnan Nair for the applicant bank and the defendants being absent and stood over to this day for consideration, the Tribunal delivered the following:

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OA 628/2023

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¶15

F I N A L O R D E R

¶16

This Original Application has been filed under S.19(1) of the Recovery of Debts and Bankruptcy Act, 1993 for recovery of an aggregate sum of Rs.5,56,05,013.39 due under various loan accounts together with interest and costs from the defendants jointly and severally and by sale of ‘A’ to ‘D’ schedule properties.

¶17

Facts of the case:

¶18

The applicant is a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its registered office at 112, J.C.Road, Bangalore and one of its branches at Kottarakkara, Kollam District.

¶19

The 1^st defendant is a proprietary concern of the 2^nd defendant. At the request of the defendants, applicant bank sanctioned various credit facilities to the defendants and they availed the same after executing necessary security documents and creating equitable mortgage over ‘A’ to ‘D’ schedule properties. The defendants 2 and 3 executed letters confirming the creation of mortgage and the extension thereof to secure the outstanding loan amount. After availing the facilities, the defendants did not adhere to the terms and conditions governing the grant of loans and committed default in repayment. According to the applicant bank, the following amounts are due under the loan accounts:-

¶20

A/c No.	Amount claimed in the OA	Penal interest charged	Interest claimed (including penal interest @2%)
2681261010142	Rs.3,54,07,801.31	Rs.1,19,558/-	17.70% per annum with monthly rests + 2% per annum
2681768000273	Rs.17,23,720.62	Rs.22,203/-	10.15% per annum with monthly rests + 2% per annum

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OA 628/2023

¶22

¶23

2681755000082	Rs.56,43,392.67	Rs.41,148/-	9.25% per with monthly 2% per annu	annum rests + m
2681710000068	Rs.15,36,846.31	Rs.45,373/-	11.15% per with monthly 2% per annu	annum rests + m
2681757000009	Rs.2,32,711.93	Rs.421/-	14.80% per with monthly 2% per annu	annum rests + m
173000208424	Rs.6,31,068.31	Rs.10,148/-	16.04% per with monthly 2% per annu	annum rests + m
170004454134	Rs.57,56,392.31	Rs.7,823/-	9.25% per with monthly 2% per annu	annum rests + m
2681840036318 (agricultural loan)	Rs.1,21,837/-	Rs.2,974/-	9.90% per with monthly 2% per annu	annum rests + m
2681839000004 (agricultural loan)	Rs.1,89,284.97	Rs.1,739/-	10.15% per with monthly 2% per annu	annum rests + m
2681619035417 (housing loan)	Rs.40,73,629.46	Rs.73,843/-	8.85% per with monthly 2% per annu	annum rests + m
2681629000043	Rs.2,88,328.50	Rs.3,809/-	11.20% per with monthly 2% per annu	annum rests + m

¶24

In spite of repeated requests and follow-ups including initiation of the proceedings under the SARFAESI Act, the defendants did not evince any interest in liquidating the liability. In such premises, applicant bank was constrained to file the OA claiming the following reliefs:

¶25

(i) To recover an aggregate sum of Rs.5,56,05,013.39 together with pendente lite and post decree interest thereon from the defendants jointly and severally and by sale of ‘A’ to ‘D’ schedule properties;

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(ii) To recover the costs, charges and expenses from the defendants;

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(iii) To issue Recovery Certificate to the Recovery Officer with a direction to recover the amount and pay it to the applicant bank.

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OA 628/2023

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¶30

The defendants were duly served with summons. Though they entered appearance and sought adjournment for filing written statement, they did not file written statement despite sufficient time granted. Subsequently, they remained absent from the proceeding.

¶31

Proof Affidavit :

¶32

In order to establish the claim on behalf of the applicant bank, one Mr.Ashok Kumar K.V., Chief Manager has filed proof affidavit and produced the loan documents marked as Exhibits A1 to A114. The proof affidavit filed by AW1 and the documents produced in this case are not challenged by the defendants. The availing of the credit facilities is well established from the documents placed by the applicant bank. An aggregate sum of Rs.5,56,05,013.39 is outstanding in the loan accounts, which is clearly established from the accounts statements marked as Exts.A103 and A113.

¶33

Further, it could be seen from paragraph 5.Q of the OA and paragraph 17 of the proof affidavit filed by AW1 that the applicant bank has charged a sum of Rs.1,19,558/-, Rs.22,203/-, Rs.41,148/-, Rs.45,373/-, Rs.421/-, Rs.10,148/-, Rs.7,823/-, Rs.2,974/-, Rs.1,739/-, Rs.73,843/- and Rs.3,809/- by way of penal interest respectively in loan account Nos.2681261010142, 2681768000273, 2681755000082, 2681710000068, 2681757000009, 173000208424, 170004454134, 2681840036318, 2681839000004, 2681619035417 and 2681629000043. It is well settled that penal interest cannot be capitalized and no interest can be charged on penal interest and hence the applicant bank is not entitled to get any pendente lite and post-decree interest on the aforesaid penal interest charged in the loan accounts.

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OA 628/2023

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¶36

Considering the amounts advanced, interest and penal interest applied, repayments effected and the default committed, I am of the view that applicant bank is entitled to get pendente lite and post decree interest @13% per annum, @10% per annum, @9% per annum, @10% per annum, @12% per annum, @12% per annum, @9% per annum, @6% per annum (agricultural loan), @6% per annum (agricultural loan), @8% per annum and @10% per annum on the sum of Rs.3,52,88,243.31, Rs.17,01,517.62, Rs.56,02,244.67, Rs.14,91,473.31, Rs.2,32,290.93, Rs.6,20,920.31, Rs.57,48,569.31, Rs.1,18,863/-, Rs.1,87,545.97, Rs.39,99,786.46 and Rs.2,84,519.50 (i.e., after excluding the penal interest from the OA claim amounts) respectively in loan account Nos.2681261010142, 2681768000273, 2681755000082, 2681710000068, 2681757000009, 173000208424, 170004454134, 2681840036318, 2681839000004, 2681619035417 and 2681629000043, which is reasonable in the facts and circumstances of the case.

¶37

The applicant bank, therefore, is entitled to get a final order on the following lines:

¶38

In the result, the applicant bank is given a final order allowing it to recover:

¶39

A/c No.2681261010142

Rs.3,54,07,801.31 (Rupees three crores fifty
four lakhs seven thousand eight hundred and
one and Paise thirty one only) together with
_pendente lite_and post decree interest @13%
per annum on the sum of Rs.3,52,88,243.31
(Rupees three crores fifty two lakhs eighty
eight thousand two hundred and forty three
and Paise thirty one only) from 13.11.2023 till
realisation from defendants 1 to 3 jointly and
severally and by sale of ‘A’ to ‘D’ schedule
properties.

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OA 628/2023

¶41

¶42

A/c No.2681768000273	Rs.17,23,720.62 (Rupees seventeen lakhs twenty three thousand seven hundred and twenty and Paise sixty two only) together with _pendente lite_and post decree interest @10% per annum on the sum of Rs.17,01,517.62 (Rupees seventeen lakhs one thousand five hundred and seventeen and Paise sixty two only) from 13.11.2023 till realisation from defendants 1 to 3 jointly and severally and by sale of ‘A’ to ‘D’ schedule properties.
A/c No.2681755000082	Rs.56,43,392.67 (Rupees fifty six lakhs forty three thousand three hundred and ninety two and Paise sixty seven only) together with _pendente lite_and post decree interest @9% per annum on the sum of Rs.56,02,244.67 (Rupees fifty six lakhs two thousand two hundred and forty four and Paise sixty seven only) from 13.11.2023 till realisation from defendants 1 to 3 jointly and severally and by sale of ‘A’ to ‘D’ schedule properties.
A/c No.2681710000068	Rs.15,36,846.31 (Rupees fifteen lakhs thirty six thousand eight hundred and forty six and Paise thirty one only) together with_pendente_ _lite_and post decree interest @10% per annum on the sum of Rs.14,91,473.31 (Rupees fourteen lakhs ninety one thousand four hundred and seventy three and Paise thirty one only) from 13.11.2023 till realisation from defendants 1 to 3 jointly and severally and by sale of ‘A’ to ‘D’ schedule properties.
A/c No.2681757000009	Rs.2,32,711.93 (Rupees two lakhs thirty two thousand seven hundred and eleven and Paise ninety three only) together with_pendente lite_ and post decree interest @12% per annum on the sum of Rs.2,32,290.93 (Rupees two lakhs thirty two thousand two hundred and ninety and Paise ninety three only) from 13.11.2023 till realisation from defendants 1 to 3 jointly and severally and by sale of ‘A’ to ‘D’ schedule properties.
A/c No.173000208424	Rs.6,31,068.31 (Rupees six lakhs thirty one thousand sixty eight and Paise thirty one only) together with_pendente lite_and post decree interest @12% per annum on the sum of Rs.6,20,920.31 (Rupees six lakhs twenty thousand nine hundred and twenty and Paise thirty one only) from 13.11.2023 till realisation from defendants 1 to 3 jointly and severally and by sale of ‘A’ to ‘D’ schedule properties.
A/c No.170004454134	Rs.57,56,392.31 (Rupees fifty seven lakhs fifty six thousand three hundred and ninety two and Paise thirty one only) together with_pendente_ _lite_and post decree interest @9% per annum on the sum of Rs.57,48,569.31 (Rupees fifty seven lakhs forty eight thousand five hundred and sixty nine and Paise thirty one only) from 13.11.2023 till realisation from defendants 1 to

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OA 628/2023

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¶45

	3 jointly and severally and by sale of ‘A’ to ‘D’ schedule properties.
A/c No.2681840036318	Rs.1,21,837/- (Rupees one lakh twenty one thousand eight hundred and thirty seven only) together with_pendente lite_and post decree interest @6% per annum on the sum of Rs.1,18,863/- (Rupees one lakh eighteen thousand eight hundred and sixty three only) from 13.11.2023 till realisation from defendants 2 and 3 jointly and severally and by sale of ‘A’ to ‘D’ schedule properties.
A/c No.2681839000004	Rs.1,89,284.97 (Rupees one lakh eighty nine thousand two hundred and eighty four and Paise ninety seven only) interest @6% per annum on the sum of Rs.1,87,545.97 (Rupees one lakh eighty seven thousand five hundred and forty five and Paise ninety seven only) from 13.11.2023 till realisation from defendants 2 and 3 jointly and severally and by sale of ‘A’ to ‘D’ schedule properties.
A/c No.2681619035417	Rs.40,73,629.46 (Rupees forty lakhs seventy three thousand six hundred and twenty nine and Paise forty six only) together with _pendente lite_and post decree interest @8% per annum on the sum of Rs.39,99,786.46 (Rupees thirty nine lakhs ninety nine thousand seven hundred and eighty six and Paise forty six only) from 13.11.2023 till realisation from defendants 2 to 4 jointly and severally and by sale of ‘A’ to ‘D’ schedule properties.
A/c No.2681629000043	Rs.2,88,328.50 (Rupees two lakhs eighty eight thousand three hundred twenty eight and Paise fifty only) together with_pendente lite_and post decree interest @10% per annum on the sum of Rs.2,84,519.50 (Rupees two lakhs eighty four thousand five hundred nineteen and Paise fifty only) from 13.11.2023 till realisation from defendants 2 to 4 jointly and severally and by sale of ‘A’ to ‘D’ schedule properties.

¶46

Also costs and expenses borne by it for realization of the loans from defendants 1 to 4, in proportion to the amounts ordered to be recovered from them.

¶47

‘A’ to ‘D’ schedules to the OA shall be appended to this final order.

¶48

The applicant bank shall file memo of costs within ten days from the date of this final order.

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OA 628/2023

¶50

¶51

Recovery Certificate shall be drawn up and issued to the Recovery Officer in terms of the final order.

¶52

Communicate copy of this order to both parties as provided in R.16 r/w R.2(c) of the Debts Recovery Tribunal (Procedure) Rules, 1993.

¶53

(Dictated to my PA, corrected and pronounced by me in the open Tribunal on this the 21^st day of March, 2025)

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[SOVAN KUMAR DASH] PRESIDING OFFICER

OA 628/2023

A P P E N D I X

Witness for Applicant: AW1: Sri.Ashok Kumar K.V., Chief Manager of the applicant bank. Witness for Defendant(s): Nil

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Applicant’s Exhibits

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Ext.No	Date	Particulars of documents
A1	02.12.2015	Request for overdraft facilities for sanction of overdraft facilities upto a limit of Rs.1,35,00,000/- made by the 1^stdefendant through 2^nddefendant.
A2	02.12.2015	Pronote for Rs.1,35,00,000/- executed by the 1^st defendant through 2^nddefendant in favour of the applicant bank.
A3	02.12.2015	Common hypothecation agreement for Rs.1,71,00,000/- executed by the 1^stdefendant through 2^nddefendant in favour of the applicant bank.
A4	02.12.2015	Guarantee agreement along with guarantee covering letter for Rs.1,71,00,000/-executed by the 3^rddefendant.
A5	02.12.2015	Link letter extending mortgage upto a limit of Rs.3,50,00,000/- executed by the 2^nddefendant.
A6	02.12.2015	Link letter extending mortgage upto a limit of Rs.3,50,00,000/- executed by the 2^nddefendant.
A7	02.12.2015	Link letter extending mortgage upto a limit of Rs.3,50,00,000/- executed by the 3^rddefendant.
A8	02.01.2017	Application requesting to renew the overdraft facilities with enhancement from the existing limit of Rs.1,35,00,000/- to Rs.2,00,00,000/- submitted by the 1^stdefendant through 2^nd defendant.
A9	11.01.2017	Pronote for Rs.65,00,000/- executed by the 1^st defendant through 2^nddefendant in favour of the applicant bank.
A10	11.01.2017	Letter of renewal for Rs.2,00,00,000/- executed ^t ^d
		by the 1^sdefendant through 2ⁿdefendant.
A11	11.01.2017	Supplemental agreement for Rs.2,00,00,000/- executed by the 1^stdefendant through 2^nd defendant in favour of the applicant bank.
A12	11.01.2017	Guarantee agreement along with guarantee covering letter for Rs.2,00,00,000/- executed by the 3^rddefendant.
A13	11.01.2017	Link letter in respect of enhancement of credit facilities from Rs.1,35,00,000/- to Rs.2,00,00,000/- executed by the 1^stdefendant through 2^nddefendant.
A14	11.01.2017	Link letter extending mortgage upto a limit of Rs.3,50,00,000/- executed by the 2^nddefendant.
A15	11.01.201	Link letter extending mortgage upto a limit of Rs.3,50,00,000/- executed by the 2^nddefendant
A16	11.01.2017	Link letter extending mortgage upto a limit of Rs.3,50,00,000/- executed by the 3^rddefendant

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OA 628/2023

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A17	11.01.2017	Acknowledgment of debt and security in respect of overdraft facilities executed by the 1^st defendant through 2^nddefendant.
A18	22.03.2018	Application requesting to renew the overdraft facilities with enhancement from the existing limit
		of Rs.2,00,00,000/- to Rs.2,50,00,000/- submitted by the 1^stdefendant through 2^nd defendant.
A19	16.05.2018	Pronote for Rs.50,00,000/- executed by the 1^st defendant through 2^nddefendant in favour of the applicant bank.
A20	16.05.2018	Letter of renewal for Rs.2,50,00,000/- executed by the 1^stdefendant through 2^nddefendant.
A21	16.05.2018	Supplemental agreement for Rs.2,50,00,000/- executed by the 1^stdefendant through 2^nd defendant in favour of the applicant bank.
A22	16.05.2018	Guarantee agreement along with guarantee covering letter for Rs.2,50,00,000/- executed by the 3^rddefendant.
A23	16.05.2018	Link letter in respect of enhancement of credit facilities from Rs.2,00,00,000/- to
		Rs.2,50,00,000/- executed by the 1^stdefendant through 2^nddefendant.
A24	16.05.2018	Link letter extending mortgage upto a limit of Rs.3,50,00,000/- executed by the 2^nddefendant.
A25	16.05.2018	Link letter extending mortgage upto a limit of Rs.3,50,00,000/- executed by the 2^nddefendant.
A26	16.05.2018	Link letter extending mortgage upto a limit of Rs.3,50,00,000/- executed by the 3^rddefendant.
A27	16.05.2018	Acknowledgment of debt and security in respect of overdraft facilities executed by the 1^st defendant through 2^nddefendant.
A28	20.06.2018	Deed of hypothecation agreement for Rs.19,00,000/- executed by the 1^stdefendant through 2^nddefendant in favour of the applicant bank.
A29	20.06.2018	Letter of undertaking for loans /advances executed by the 1^stdefendant through 2^nd defendant.
A30	20.06.2018	Guarantee agreement along with guarantee covering letter for Rs.19,00,000/-executed by the 3^rddefendant.
A31	20.6.2018	Link letter extending mortgage upto a limit of Rs45000000/- executed by the 2^nddefendant
A32	20.06.2018	.,,,. Link letter extending mortgage upto a limit of Rs.4,50,00,000/- executed by the 2^nddefendant.
A33	20.06.2018	Link letter extending mortgage upto a limit of Rs.4,50,00,000/- executed by the 3^rddefendant.
A34	13.06.2019	Application requesting to renew the overdraft facilities with enhancement from the existing limit of Rs.2,50,00,000/- to Rs.3,00,00,000/-
		submitted by the 1^stdefendant through 2^nd defendant
A35	19.09.2019	. Pronote for Rs.50,00,000/- executed by the 1^st defendant through 2^nddefendant in favour of the applicant bank.

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OA 628/2023

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A36 A37	18.09.2019 18.09.2019	Letter of renewal for Rs.3,00,00,000/- executed by the 1^stdefendant through 2^nddefendant. Supplemental common hypothecation agreement for Rs.3,00,00,000/- executed by the 1^st defendant through 2^nddefendant in favour of the applicant bank.
A38	18.09.2019	Guarantee agreement along with guarantee covering letter for Rs.3.00,00,000/- executed by the 3^rddefendant.
A39	18.09.2019	Link letter in respect of enhancement of credit facilities from Rs.2,50,00,000/- to
		Rs.3,00,00,000/- executed by the 1^stdefendant through 2^nddefendant.
A40	18.09.2019	Link letter extending mortgage upto a limit of Rs.5,50,00,000/- executed by the 2^nddefendant.
A41	18.09.2019	Link letter extending mortgage upto a limit of Rs.5,50,00,000/- executed by the 2^nddefendant.
A42	18.09.2019	Link letter extending mortgage upto a limit of Rs.5,50,00,000/- executed by the 2^nddefendant.
A43	18.09.2019	Link letter extending mortgage upto a limit of Rs.5,50,00,000/- executed by the 3^rddefendant.
A44	18.09.2019	Acknowledgment of debt and security in respect of overdraft facilities executed by the 1^st defendant through 2^nddefendant.
A45	16.02.2019	Application requesting to sanction agricultural loan amounting to Rs.1,00,000/- submitted by 3^rd defendant.
A46	16.02.2019	Agreement of hypothecation for agricultural loans for Rs.1,00,000/- executed by the 3^rddefendant in favour of the applicant bank.
A47	16.02.2019	Application requesting to sanction agricultural loan amounting to Rs.2,00,000/- submitted by the 3^rddefendant.
A48	16.02.2019	Memorandum of agreement for agricultural loans for Rs.2,00,000/- executed by the 3^rddefendant in favour of the applicant bank.
A49	16.02.2019	Letter of extending mortgage to agricultural loans executed by the 3^rddefendant.
A50	21.01.2022	Acknowledgment of debt and security in respect of agricultural loan amounting to Rs.1,00,000/- executed by the 3rd defendant.
A51	21.01.2022	Acknowledgment of debt and security in respect of agricultural loan amounting to Rs.2,00,000/- executed by the 3rd defendant.
A52	09.01.2019	Application for sanction of housing loan of Rs.36,00,000/- submitted by the 2^ndand 3^rd defendants.
A53	12.02.2019	Application for sanction of housing loan of Rs.36,00,000/- submitted by the 4th defendant.
A54	17.06.2019	Housing loan agreement for Rs.36,00,000/- executed by the defendant nos. 2 to 4 in favour of the applicant bank.
A55	29.11.2021	Acknowledgment of debt and security executed by the 2^nddefendant.

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OA 628/2023

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A56	28.06.2021	Application requesting to extend financial assistance to the tune of Rs.3,60,000/- during Covid-19 pandemic period submitted by the 2^nd and 3^rddefendants.
A57	30.06.2021	Application requesting to extend financial assistance to the tune of Rs.3,60,000/- during Covid-19 pandemic period submitted by the 4th defendant.
A58	30.06.2021	Take delivery letter to DPN and Pronote for Rs.3,60,000/- executed by the defendant nos. 2 to 4 in favour of the applicant bank.
A59	30.09.2020	Pronote for Rs.50,00,000/- executed by the 1^st defendant through 2^nddefendant in favour of the applicant bank.
A60	30.09.2020	Agreement cum deed of hypothecation for Rs.50,00,000/- executed by the 1^stdefendant through 2^nddefendant in favour of the applicant bank.
A61	30.09.2020	Supplemental common hypothecation agreement executed by the 1^stdefendant through 2^nd
A62	30.09.2020	defendant in favour of the applicant bank. Letter extending mortgage to the overdraft facilities upto a limit of Rs.5,50,00,000/- executed by the 2^nddefendant .
A63	30.09.2020	Letter extending mortgage to the overdraft facilities upto a limit of Rs.5,50,00,000/- executed by the 2^nddefendant .
A64	30.09.2020	Letter extending mortgage to the overdraft facilities upto a limit of Rs.5,50,00,000/- executed by the 2^nddefendant .
A65	30.09.2020	Letter extending mortgage to the overdraft facilities upto a limit of Rs.5,50,00,000/- executed by the 3^rddefendant.
A66	28.06.2021	Application for restructuring under resolution frame work 2.0 as per RBI guidelines submitted by the 1^stdefendant through 2^nddefendant
A67	28.06.2021	. Pronote for Rs.3,07,814/- executed by the 1^st defendant through 2^nddefendant in favour of the applicant bank.
A68	28.06.2021	Draft letter undertaking from borrower/guarantor for relief under resolution framework 2.0
		executed by the 1^stdefendant through 2^nd defendant.
A69	28.06.2021	Debt restructuring agreement executed by the 1^st defendant through 2^nddefendant in favour of the applicant bank
A70	28.06.2021	. Debtor creditor agreement executed by the 1^st defendant through 2^nddefendant in favour of the applicant bank.
A71	28.06.2021	Letter extending mortgage to the overdraft facilities upto a limit of Rs.5,50,00,000/- executed by the 2^nddefendant.
A72	28.06.2021	Letter extending mortgage to the overdraft facilities upto a limit of Rs.5,50,00,000/- executed by the 2^nddefendant.

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OA 628/2023

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¶72

A73	28.06.2021	Letter extending mortgage to the overdraft facilities upto a limit of Rs.5,50,00,000/- executed by the 2^nddefendant.
A74	28.06.2021	Letter extending mortgage to the overdraft facilities upto a limit of Rs.5,50,00,000/- executed by the 3^rddefendant .
A75	29.11.2021	Pronote for Rs.6,22,000/- executed by the 1^st defendant through 2^nddefendant in favour of the applicant bank.
A76	29.11.2021	Draft letter undertaking from borrower/guarantor for relief under resolution framework 2.0
		executed by the 1^stdefendant through 2^nd defendant.
A77	29.11.2021	Debt restructuring agreement executed by the 1^st defendant through 2^nddefendant in favour of the applicant bank
A78	29.11.2021	. Debtor creditor agreement executed by the 1^st defendant through 2^nddefendant in favour of the applicant bank
A79	29.11.2021	. Letter executed by the 2^nddefendant extending mortgage to the overdraft facilities upto a limit of Rs.5,50,00,000/-
A80	29.11.2021	Letter extending mortgage to the overdraft facilities upto a limit of Rs.5,50,00,000/- executed by the 2^nddefendant.
A81	29.11.2021	Letter extending mortgage to the overdraft facilities upto a limit of Rs.5,50,00,000/- executed by the 2^nddefendant.
A82	29.11.2021	Letter extending mortgage to the overdraft facilities upto a limit of Rs.5,50,00,000/- executed by the 3^rddefendant
A83	30.09.2021	Letter of renewal for Rs.3,00,00,000/- executed by the 1^stdefendant through 2^nddefendant.
A84	30.09.2021	Letter extending mortgage to the overdraft facilities upto a limit of Rs.3,00,00,000/- executed by the 3^rddefendant
A85	29.11.2021	Acknowledgement of debt and security in respect of overdraft facilities executed by the 1^st defendant through 2^nddefendant.
A86	31.03.2022	Acknowledgement of debt and security in respect of overdraft facilities executed by the 1^st defendant through 2^nddefendant.
A87	31.03.2022	Acknowledgement of debt and security in respect of overdraft facilities executed by the 1^st defendant through 2^nddefendant.
A88	10.02.2022	Application for sanction of working capital demand loan amounting to Rs.52,00,000/- under the Guaranteed Emergency Credit Line submitted by the 1^stdefendant through 2^nddefendant.
A89	31.03.2022	Take delivery letter to DPN and Pronote for Rs.52,00,000/- executed by the 1^stdefendant through 2^nddefendant in favour of the applicant bank.
A90	31.03.2022	Letter of the agreement cum deed of hypothecation for Rs.52,00,000/- executed by the 1^stdefendant through 2^nddefendant in favour of the applicant bank.

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OA 628/2023

¶74

¶75

A91	31.03.2022	Letter extending mortgage to the overdraft facilities upto a limit of Rs.5,50,00,000/- executed by the 2^nddefendant.
A92	31.03.2022	Letter extending mortgage to the overdraft facilities upto a limit of Rs.5,50,00,000/- executed by the 2^nddefendant.
A93	31.03.2022	Letter extending mortgage to the overdraft facilities upto a limit of Rs.5,50,00,000/- ^nd
		executed by the 2defendant.
A94	31.03.2022	Letter extending mortgage to the overdraft facilities upto a limit of Rs.5,50,00,000/- executed by the 3^rddefendant.
A95	10.10.2014	Letter evidencing deposit of title deeds executed by the 2^nddefendant in favour of the applicant bank in respect to schedule A.
A96	21.02.1989	Sale Deed No.520/1983 of Ezhukone SRO.
A97	10.10.2014	Letter evidencing deposit of title deeds executed by the 2^nddefendant in favour of the applicant bank in respect to schedule B.
A98	13.05.2013	Sale Deed No.913/2013 of Ezhukone SRO.
A99	10.10.2014	Letter evidencing deposit of title deeds executed by the 3^rddefendant in favour of the applicant bank in respect to schedule C.
A100	31.10.1991	Sale Deed No.2268/1991 of Ezhukone SRO.
A101	17.06.2019	Letter evidencing deposit of title deeds executed by the 2^nddefendant in favour of the applicant bank in respect to schedule D.
A102	17.04.2015	Sale Deed No.724/2015 of Ezhukone SRO.
A103	06.11.2023	Extracts of loan account No.2681261010142 with certificate.
A104	06.11.2023	Extracts of loan account No.2681768000273 with certificate.
A105	06.11.2023	Extracts of loan account No.2681755000082 with certificate.
A106	06.11.2023	Extracts of loan account No.2681710000068 with certificate.
A107	06.11.2023	Extracts of loan account No.2681757000009 with certificate.
A108	06.11.2023	Extracts of loan account No.173000208424 with certificate.
A109	06.11.2023	Extracts of loan account No.170004454134 with certificate.
A110	06.11.2023	Extracts of loan account No.2681840036318 with certificate.
A111	06.11.2023	Extracts of loan account No.2681839000004 with certificate.
A112	06.11.2023	Extracts of loan account No.2681619035417 with certificate.
A113	06.11.2023	Extracts of loan account No.2681629000043 with certificate.

¶76

OA 628/2023

¶77

¶78

A114 .. Statement showing interest charged in the Exhibits A103 to A113 accounts.

¶79

Defendants’ Exhibits – Nil

¶80

PRESIDING OFFICER

OA 628/2023 16

OA 628/2023

OA 628/2023

PRESIDING OFFICER

¶87

IN THE DEBTS RECOVERY TRIBUNAL-2, KERALA AT ERNAKULAM

¶88

PRESENT: SRI.SOVAN KUMAR DASH PRESIDING OFFICER

¶89

Dated the 21^st March, 2025

¶90

OA NO.628/2023

¶91

Between

¶92

Canara Bank, Kottarakkara Branch, Sri Vighneswara Building, Oyoor Road, Kottarakkara, Kollam District.

¶93

…Applicant

¶94

And

¶95

M/s.Moonlight Cashews, Vakkanad P.O., Nedumancavu, Kottarakkara, Kollam District – 691 509, represented by its Proprietor, Ibrahim Kutty & 3 others.

¶96

...Defendants

¶97

F I N A L O R D E R

Canara Bank v. Ms Moonlight Cashews

Case brief

What is this about?

What did the court decide?

Canara Bank v. Ms Moonlight Cashews

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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