Allowed

Idbi Bank v. M/S Pranav Foundations Private Limited

DRT18 Dec 2025TA/1425/2023

Case brief

AI extract

What is this about?

In this transferred application filed by IDBI Bank Limited under Section 19 of the RDB Act, 1993, the Tribunal considered the unchallenged claim for recovery of loan dues of approximately Rs. 24.48 crores from a company and its guarantors/mortgagors, allowing the application and permitting the issuance of a recovery certificate.

What did the court decide?

Recovery of Rs. 24,48,05,194.88 along with further interest, penal interest, and costs; issuance of Recovery Certificate.

Idbi Bank versus M/S Pranav Foundations Private Limited — Banking and Recovery | DRT (2025)

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T.A. No. 1425 of 2023

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18.12.2025

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 18^th day of December, 2025

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Present: SMT. S.V. GOWRAMMA Presiding Officer

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TRANSFERRED APPLICATION No. 1425 of 2023

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(Originally filed before DRT- II, Chennai as OA 867/2019 and thereafter transferred to this Tribunal and renumbered as TA No 1425 of 2023)

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IDBI BANK LIMITED Retail Asset Center “Sai Ashirwad”, 51B, II Floor Velachery Main Road Vijaya Nagar, Velachery Chennai – 600 042.

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Now account transferred to RBG – Regional Office – TN I No.37, P.M.Towers Greams Road Chennai – 600 006 Rep. by its Deputy General Manager

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….Applicant

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-Vs-

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M/s. Pranav Foundations Private Limited, Rep. By its Managing Director,

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Srilakshmi Ranganathan,

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No.72A, ‘C’ Block, 21^st Street,

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Anna Nagar East,

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Chennai – 600 082.

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Smt. Srilakshmi Ranganathan W/o. A. Ranganathan No.7/4, Rangamannar Street

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Agaram, Chennai – 600 082.

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Ms. A. Aswini D/o. A. Ranganathan No.7/4, Rangamannar Street Agaram,

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Chennai – 600 082.

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T.A. No. 1425 of 2023

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Ms. Aarthi D/o. A. Ranganathan No.7/4, Rangamannar Street Agaram, Chennai – 600 082.

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Shri. C. Jaichander S/o. Mr. Chenna Kesavalu B1, Alfathas Hadi Residency Old No.50, New No.60 Halls Road, Kilpauk Chennai – 600 010.

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Shri T. Veeraraghavan S/o. T. Ethirajulu No.14A/53B, Varadarajan Street Vetri Nagar, Chennai – 600 082.

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Shri A. Satyanarayana S/o. Mr. A. Krishnamoorthy No.4, AP Arasu, 3rd Street Nehru Nagar, Erukkulam Chennai – 600 118.

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Ms. Cavala Jayashree D/o. C. Jaichander Rep. By her Power Agent Mr. C. Jaichander B1, Alfathas Hadi Residency Old No.50, New No.60 Halls Road, Kilpauk Chennai – 600 010.

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Ms. C. Rajarajeshwari D/o. C. Jaichander Rep. By her Power Agent Mrs. C.Bhama B1, Alfathas Hadi Residency Old No.50, New No.60 Halls Road, Kilpauk Chennai – 600 010.

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Mr. Lakshminarayana S/o. C. Jaichander Rep. By his Power Agent Mrs. C.Bhama B1, Alfathas Hadi Residency Old No.50, New No.60 Halls Road, Kilpauk, Chennai – 600 010.

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… Defendants

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T.A. No. 1425 of 2023

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18.12.2025

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Counsels on record / appeared:

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Counsel for Applicant : M/s. N.V. Srinivasan

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Counsel for 1^st Defendant : Sh. Sanjeevi

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Defendants 2 to 10 were set ex-parte on 26.08.2022

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: - FINAL ORDER - :

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This Original Application is filed on 13.09.2019 by the Applicant Bank 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, jointly and severally for recovery of a total sum of Rs.24,48,05,194.88 (Rupees Twenty Four Crores Forty

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Eight Lakhs Five Thousand One Hundred and Ninety Four & Eighty

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Eight Paise only) as follows:

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(i) A sum of Rs.8,46,09,309.90p due in respect of LAP 1 - Mortgage Loan(1) (Account No.1178675100000462, 1178675100000532 & 0736675100008600) repayable together with further interest @ 11.30% p.a., with monthly rests plus penal interest @2% p.a. from the date of Application till the date of realization in full;

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(ii) A sum of Rs.3,64,05,492.69p due in respect of LAP 2 - Mortgage Loan(2) (Account No.1178675100000532) repayable together with further interest @ 11.30% p.a., with monthly rests plus penal interest @2% p.a. from the date of Application till the date of realization in full;

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(iii) A sum of Rs.12,37,90,392.29p due in respect of Mortgage

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Loan(3) (Account No.0736675100008600) repayable together with further interest @ 12.05% p.a., with monthly rests plus penal interest @2% p.a. from the date of Application till the date of realization in full;

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for sale of schedule mentioned immovable property and for costs of this Original Application.

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Originally, this Application was filed before DRT-II, Chennai, assigned OA No. 867 of 2019, and thereafter in pursuance to the notification from Ministry of Finance, DFS dated 04.10.2022, OA No.867 of 2019 stood transferred to this Tribunal and renumbered as TA No.1425 of 2023.

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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 Pranav Foundations Private Limited is a company incorporated under the provisions of the Companies Act, 1956 and an existing company under the provisions of Companies Act, 2013.

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It is submitted that the 1^st Defendant M/s. Pranav Foundations Private Limited is a closely held Private Limited Company established in

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the year 1997 as per the Certificate of Registration issued by the Registrar of Companies. It is engaged in the business of Developing/ Promoting Residential/Commercial Complexes by entering into Joint Development Agreement with various parties. The 1^st Defendant required financial assistance in the nature of Home Loan and Mortgage Loan to complete the ongoing project at Purasawalkam, Chennai and thus approached the Applicant Bank.

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The Applicant submits that the Defendants 2 to 7 are the co-obligants / Guarantors for all the three loans sanctioned by the Applicant to the 1^st Defendant and therefore, they are jointly and severally liable to repay the loan along with the 1^st Defendant. The Defendants 8 to 10 were the co-owners of the mortgaged property morefully described in Schedule ‘A’ to the O.A. Therefore, they being the comortgagors of the property, are added as necessary party to the O.A.

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It is submitted that the defendants, thus submitted a proposal seeking Mortgage Loan of Rs.13,10,00,000/- (Rupees Thirteen Crores and Ten Lakhs only) in respect of the 1^st mortgage loan. Considering the proposal, the Applicant sanctioned the amount in two stages. As per the 1^st Sanction Letter dated 08.09.2014, the Applicant sanctioned a sum of Rs.9,17,00,000/- (Rupees Nine Crores and Seventeen Lakhs only). The loan is repayable in 180 equated monthly instalments. The rate of interest is 14% per annum with monthly rest. However, it is subject to variation as per Bank’s base rate which can be reviewed by the Applicant from time

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to time. The 1st Defendant was required to pay Rs.12,21,207/- per month as Equated Monthly Instalment.

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It is the further case of the applicant bank that at the request of the 1^st Defendant, the amount of Rs. 3,93,00,000/- (Rupees Three Crores and Ninety Three Lakhs only) was sanctioned through Sanction Letter dated 08.09.2014, wherein the rate of interest payable for the loan is 14% per annum with monthly rest. The interest is subject to change as per the bank’s base rate which can be reviewed by the Applicant time to time. The loan is repayable in 180 Equated Monthly Instalments at the rate of Rs.5,23,374/- each. The loan is repayable in 180 equated monthly instalments. The rate of interest is 14% per annum with monthly rest. However, it is subject to variation as per Bank’s base rate which can be reviewed by the Applicant from time to time.

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The Applicant submits that the prime security is by way of mortgage consisting of land and building at Door No.58, 59 & 60, Jermaiah Road and Hunters Road and the Complex is known as JBK Commercial, Purasawalkam, Chennai and the property mortgaged is more fully described in the Schedule to the OA.

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Further, the Defendants 1 to 7 have signed the copy of the Sanction letters as evidence of having accepted the terms and conditions of the sanction. The 1^st Defendant Company was represented by its Managing Director, 2^nd Defendant, who executed the loan documents in favour of

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applicant bank.

The Applicant submits that in consideration of having availed the loan for Rs. 9,17,00,000/-, the Defendant Nos.1 to 7 executed the Loan Agreement and Power of Attorney dated 15.09.2014, containing the terms and conditions of the loan.

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It is further submitted by the applicant bank that The Applicant submits that in consideration of having availed the loan for Rs. 3,93,00,000/-, the Defendant Nos.1 to 7 executed the Loan Agreement and Power of Attorney dated 28.11.2014, containing the terms and conditions of the loan.

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The Applicant submits that as per the terms of Sanction, the immovable property consisting of land and building was to be mortgaged as security for the loans availed. The Defendants also executed the Memorandum of Deposit of Title Deeds dated 24.09.2014 registered and numbered as Doc.No.4596 of 2014 with the Sub-Registrar Office, Purasawalkam, whereby the property described in OA Schedule, was mortgaged.

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It is the further case of the applicant bank that subsequently again when the 1^st Defendant required further financial assistance from the Bank, the Defendants approached the Applicant for a 3^rd Mortgage Loan of Rs.15,00,00,000/- (Rupees Fifteen Crores only). Considering the said request, the applicant bank had sanctioned the loan on 29.04.2016 on the

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terms and conditions contained in the Sanction Letter.

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The Applicant submits that this loan was sanctioned as against the rent receivables in the form of rental payments. The rate of interest was fixed at MCLR (Marginal Cost of fund based lending rate of the Bank) + 3.05% i.e., 12.50% p.a. with monthly rests and it is a floating rate of interest linked to MCLR rate, which is subject to review from time to time, as per the directives of Reserve Bank of India. The Applicant submits that the loan is repayable in 95 equated monthly instalments at the rate of Rs. 25,00,000/- (Rupees Twenty Five Lakhs only) per instalment.

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The Applicant further submits the Defendants 1 to 7 have signed a copy of the Sanction letter for having accepted the terms and conditions of the Sanction. As per the terms of Sanction, the property consisting of land and building and structures thereon at Door No.58, 59 & 60, Jermaiah Road and Hunters Road and the Complex is known as JBK Commercial, Purasawalkam, Chennai, will continue to be the Security.

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The Applicant submits that in consideration of having availed the loan, the 1^st defendant through its Authorised Signatory and along with other Defendants (2) to (7) executed a Demand Promissory Note dated 30.04.2016 for a sum of Rs.15,00,00,000/- (Rupees Fifteen Crores only), Agreement of Loan dated 30.04.2016 which contains the terms and conditions of loan.

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The Applicant further submits that as per the terms of Sanction, the

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loan was sanctioned against rent receivables, the 1^st Defendant informed the Applicant herein that M/s. JSK Business Services Pvt. Ltd., has accepted the property as per the Lease Deed dated 09.10.2014 and the Lessee is authorized to remit the rent to an Escrow Account to be opened for this purpose by the Applicant.

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It is submitted that the Lessee namely M/s. JSK Business Services Pvt. Ltd also by their letter dated 30.04.2016 agreed to directly credit the lease rental to the Escrow Account No. 0777102000007580 opened by the Applicant for this purpose as per the request of the 1^st Defendant.

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The Applicant further submits that the Defendants also executed an irrevocable Power of Attorney dated 30.04.2016 authorizing the Applicant Bank to appropriate the receivable and also to take appropriate action for receiving the lease rentals, etc. The Applicant further submits that in addition to the above, the Defendants also executed the Deed of Assignment of Rent Receivables.

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The Applicant further submits that as per the terms of Sanction, the Defendants put through the mortgage of Schedule mentioned property on 2^nd May 2016 and the Memorandum of Deposit of Title Deeds is registered as Document No.2162 of 2016 with SRO, Purasawalkam.

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It is submitted that before approaching the Applicant for Home Loan as well as the Mortgage Loan, the 1^st Defendant entered into an OwnerBuilder Joint Development Agreement dated 28th January 2012 with

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Defendant No.5 M/s. C. Jaichander, Defendant No.8 Ms. Cavala Jaishree, Defendant No.9 Ms. C. Raja Rajeswari and Defendant No.10 Master Lakshminarayana, represented by his father and guardian. As per this Agreement, the 1st Defendant was allotted 50% of the built-up area in the property at Door No.58, 59 & 60, Jermaiah Road, Purasawalkam, Chennai, together with proportionate undivided share of land in the property.

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The Applicant further submits that the loan was sought for, mainly for the development of the aforesaid property. The Applicant further submits that subsequently, the Vendors (the owners of the property) executed the Sale Deed dated 9th March, 2017, in favour of M/s. Pranav Foundations Private Limited, the 1^st Defendant herein, and the Sale Deed is registered and numbered as Document No.1901 of 2017 with SubRegistrar Office, Purasawalkam.

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It is submitted that in the Sale Deed, the Vendors who are coobligants in the O.A. and the 1st Defendant have clearly acknowledged that for development of the property, they approached the Applicant Bank for availing the facility, and further confirmed having put through the mortgage of the property on 24.09.2014 and 02.05.2016. It is further confirmed that the sale took place with the issuance of No Objection Certificate of the Applicant and further confirmed that the sale is subject to the prior mortgage in favour of IDBI Bank.

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The Applicant further submits that though the sale had taken place as stated above and 50% of the Schedule Property is conveyed by the Vendor to the 1st Defendant, still it is subject to the prior mortgage in favour of the Applicant and as Mortgagee, the Applicant is entitled to bring the property for sale, either under SARFAESI Act, 2002, or through the Debts Recovery Certificate after obtaining the appropriate Order from this Hon’ble Tribunal.

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The Applicant further submits that the 1st Defendant through its Authorized Signatory executed another Memorandum of Deposit of Title Deeds dated 30.08.2019 and registered as Document No.5111 of 2019, with SRO, Purasawalkam to confirm that the 1st Defendant’s 50% share is mortgaged for the entire loan amount of Rs.28,10,00,000/- (Rupees Twenty Eight Crores and Ten Lakhs only) whereas they have already deposited the original title deeds registered in their favour with the Applicant.

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The Applicant further submits that though initially the 1^st Defendant was making the certain payments, but subsequently, due to various reasons, failed to maintain the financial discipline.

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The Applicant further submits that though the Lessee JSK Business Services Private Limited gave an Undertaking dated 30.04.2016 to credit the rent in the Escrow Account opened for the said purpose, they did not remit the rent, in the said account and therefore, the loan became

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irregular and was classified as Non-Performing Asset (NPA) on 11.05.2019 in accordance with RBI guidelines. The Applicant was constrained to recall the loan by issuance of a Recall Notice dated 02.07.2019. The Applicant submits while serving the notice dated 02.07.2019 on all the Defendants, the amount due was Rs.23,70,24,662/42 (Rupees Twenty Three Crores Seventy Lakhs Twenty Four Thousand Six Hundred and Sixty Two and Paise Forty Two only). This amount was inclusive of the interest calculated upto 10.06.2019. Further, the interest is due from 11.06.2019. The Applicant further submits that though the Defendants

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have acknowledged the receipt of notice, they have not come forward to make any further payment. The Cheque No.148012 dated 22.07.2019 drawn on IDBI Bank issued by the 1st Defendant for a sum of Rs.23,70,24,662.42p (Rupees Twenty Three Crores Seventy Lakhs Twenty Four Thousand Six Hundred and Sixty Two and Paise Forty Two only) towards part satisfaction of the debt was returned dishonoured for the reason that there was no sufficient balance available in the account of the 1st Defendant to honour the cheque upon presentation for payment. The Applicant reserve their right to proceed against the 1^st Defendant and others under Section 138 of Negotiable Instruments Act, 1881. The present Original Application (OA) has been filed by the applicant bank for recovery of its dues from the defendants.

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After the filing of the OA, summons were sent to the defendants 1

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to 10 through Registered Post with Acknowledgment Due, which was duly

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served to the defendants 1 to 4, 6 and 7, while summons to Defendants 5, 8, 9 and 10 returned with remarks ‘left’. Applicant Bank had caused paper publication of the notice and filed proof thereof. D-1 entered appearance through counsel and filed vakalat. Despite availing sufficient time, D-1 did not choose to file written statement. Hence opportunity to file written statement by D-1 was closed on 26.08.2022. When OA was taken up on 26.08.2022 even after giving sufficient time, there was no appearance or representation from the defendants. Hence, the defendants 2 to 10 were placed ex-parte on 26.08.2022.

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Heard the submissions of Applicant Bank and perused the records.

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To prove the case of the Applicant Bank, Smt. R. Aparna, Deputy General 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 .

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Although D-1 entered appearance through his counsel and filed vakalat, did not choose to file any written statement despite availing substantial number of adjournments. Hence, opportunity to file written statement was closed on 26.08.2022. Subsequently, D-1 did not take steps to file any petition to set aside the order. As there is no contest from 1^st defendant and the Defendants 2 to 10 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 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, jointly and severally for recovery of a total sum of Rs.24,48,05,194.88p (Rupees Twenty Four Crores Forty Eight Lakhs Five Thousand One Hundred and Ninety Four & Eighty Eight Paise only) as follows:

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(i) A sum of Rs.8,46,09,309.90p due in respect of LAP 1

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- Mortgage Loan(1) (Account No.1178675100000462, 1178675100000532 & 0736675100008600) repayable together with further interest @ 11.30% p.a., with monthly rests plus penal interest @2% p.a. from the date of Application till the date of realization in full;

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(ii) A sum of Rs.3,64,05,492.69p due in respect of LAP 2

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- Mortgage Loan(2) (Account No.1178675100000532) repayable together with further interest @ 11.30% p.a., with monthly rests plus penal interest @2% p.a. from the date of Application till the date of realization in full;

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(iii) A sum of Rs.12,37,90,392.29p due in respect of

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Mortgage Loan(3) (Account No.0736675100008600)

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repayable together with further interest @ 12.05% 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) Schedule A and B mentioned immovable properties shall be appended to this final order.

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(c) The applicant bank shall file the latest memo of calculation of 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 the date of receipt of this final order.

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(e) Recovery Certificate shall be drawn up and issued to the 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 PS, transcribed by her, corrected, signed and pronounced by me on this the 18^th day of December, 2025)

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ANNEXURES

WITNESSES EXAMINED FOR THE APPLICANT BANK :

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AW-1: Smt. R. Aparna, Deputy General Manager of the Applicant Bank

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Exhibits on the part of the Applicant:

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Sl. No.	Date	Description of Documents	Exhibit No.
1.	12.06.1997	Certificate of Incorporation	A-1
2.	29.05.1997	Memorandum of Articles of Association	A-2
3.	21.03.2014	Board Resolution	A-3
		Sanction Letter of the Applicant Bank addressed to the defendants 1 to 7 with
4.	08.09.2014	reference to Application No. HL00093608 – Facility – Mortgage Loan for Rs. 13,10,00,000/-	A-4
		Sanction Letter of the Applicant Bank addressed to the defendants 1 to 7 with
5.	08.09.2014	reference to Application No. HL00093608 – Facility – Mortgage Loan for Rs. 9,17,00,000/-	A-5
6.	15.09.2014	Home Loan Documentation comprising of Home Loan Agreement executed by the defendants 1 to 4	A-6
7.	15.09.2014	^{Power of Attorney executed by the} defendants 1 to 4	A-7
8.	15.09.2014	Home Loan Documentation comprising of Home Loan Agreement executed by the defendants 5 to 7	A-8
9.	15.09.2014	^{Power of Attorney executed by the} defendants 5 to 7	A-9
		Sanction Letter of the Applicant Bank addressed to the defendants 1 to 7 with
10.	08.09.2014	reference to Application No. HL00093608 – Facility – Mortgage Loan for Rs. 3,93,00,000/-	A-10
11.	28.11.2014	Home Loan Documentation comprising of Home Loan Agreement executed by the defendants 1 to 4	A-11
12.	28.11.2014	^{Power of Attorney executed by the} defendants 1 to 4	A-12
13.	28.11.2014	Home Loan Documentation comprising of Home Loan Agreement executed by the defendants 5 to 7	A-13
14.	28.11.2014	Power of Attorney executed by the	A-14

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		defendants 5 to 7
15.	24.09.2014	Memorandum of Deposit of Title Deeds registered as Doc. No. 4596 of 2014 in favour of the Applicant Bank, executed by defendant 1 & 5, Power Agent of Defendant No. 9 & Defendant No. 10, in respect of Mortgage Loan of Rs. 13,10,00,000/-	A-15
16.	15.09.2014	BT Affidavit sworn by the defendants	A-16
		Sanction Letter of the Applicant Bank addressed to defendants 1 to 7 with
17.	29.04.2016	reference to application No. HL00188209 – Facility – Loan against Rent receivables for Rs. 15,00,00,000/-	A-17
18.	30.04.2016	Demand Promissory Note for Rs. 15,00,00,000/- executed by the 1^st defendant through its authorized signatory along with other defendants 2 to 7	A-18
19.	30.04.2016	Documentation for loan against rent receivables comprising of Loan Agreement executed by the defendant No. 1 through its Authorized Signatory and defendants 2 to 7	A-19
20.	30.04.2016	Power of Attorney executed by defendant No. 1 through its authorized signatory and defendants 2 to 7	A-20
		Agreement for Assignment of rent
21.	30.04.2016	receivables executed by defendant 1 through its authorized signatory and defendants 2 to 7	A-21
22.	30.04.2016	Deed of Indemnity executed by the defendant 1 through its authorized signatory and the defendants 2 to 7	A-22
23.	30.04.2016	Letter by way of irrevocable instruction for deduction of EMI issued by the 1^st defendant through its authorized signatory addressed to M/s. JSK Business Services Pvt. Ltd.	A-23
		Undertaking from JSK Business Services Pvt. Ltd., to pay rent / license
24.	30.04.2016	cum service charges to the Loan account of the borrowers addressed to the applicant bank	A-24

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25.	02.05.2016	Memorandum of Deposit of Title Deeds registered as Doc. No. 2162 of 2016 in favour of the applicant bank, executed by the defendants 1 & 5 and the defendants 9 & 10 in respect of Mortgage Loan of Rs. 15,00,00,000/-	A-25
26.	30.08.2019	Memorandum of Deposit of Title Deeds registered as Doc. No. 5111 of 2019 in favour of the applicant bank, executed by the defendants 1, in respect of Mortgage Loan of Rs. 28,10,00,000/-	A-26
27.	09.03.2017	Sale Deed registered as Doc. No. 1951 of 2017 in favour of the defendant 1, executed by defendant 5 and defendant No. 8 represented by defendant 5 and Power Agent of defendant 10.	A-27
28.	17.10.1996	^Extract from the permanent land register in the name of defendant 5	A-28
29.	02.09.2011	General Power of Attorney registered as Doc. No. 608 of 2011, Sub-Registrar Office, Purasawalkam, executed by defendant 5 in favour of defendant 1	A-29
		Owners-Builder Joint Development Agreement entered into between
30.	28.01.2012	defendant 5, defendant 8, defendant 9 and defendant 5 as legal guardian representing defendant 10 and defendant 1.	A-30
31.	09.10.2014	Rental Agreement entered into between defendant 1 and M/s. JSK Business Services Private Limited	A-31
32.	02.07.2019	^{Loan Recall Notice issued by applicant} bank on defendants 1 to 7	A-32
33.	05.08.2019	^{Legal Notice under Section 138 of the} Negotiable Instruments Act, 1881	A-33
34.	02.01.2016	Valuation Report	A-34
35.	--	Statement of Accounts	A-35

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Witness Examined for the Defendants

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List of Documents Exhibited for the Defendants : -Nil –

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: -Nil-

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:- SCHEDULE – A -:

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(Description of the property)

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All that piece and parcel of property bearing Door No.58, 59 and 60 (Old No.13/5, 13/6 & 13/7 in Jermaiah Road, Vepery, Chennai – 600 007 (Formerly No.10, Church Road, comprised in O.S.No.1475, R.S.No.897, in Block No.17 of Purasawalkam Village, Purasawalkam, Perambur Taluk, Chennai District, within the limits of Corporation of Chennai, bounded on the:

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North by : Land in R.S.No.992 South by : Vepery Division East by : Property comprised in R.S.No.898 West by : Property comprised in R.S.No.895 & 896 I

¶171

In all admeasuring 11361 sq.ft. of land and building consisting of stilt floor measuring 6500 sq.ft., first floor measuring 6500 sq.ft., second floor measuring 6500 sq.ft., third floor measuring 6500 sq.ft., fourth floor measuring 6500 sq.ft. and fifth floor temporary shed measuring 6500 sq.ft. and one temple in the Ground Floor thereon with all amenities like E.B. connection, water and sewerage connections, within the Registration District of Central Chennai and the Sub-Registration District of Purasawalkam.

¶172

SCHEDULE - B (Description of the immovable property)

¶173

All that half (½) undivided share, rights interest in the land mentioned in Schedule – A property and half (½) share in the building

¶174

T.A. No. 1425 of 2023

¶175

¶176

18.12.2025

¶177

constructed in Stilt Floor, First Floor, Second Floor, Third Floor, Fourth Floor, Fifth Floor along with right over EB Connection, Lifts, Generator, Temple and Head room, Machine Room over the Schedule-A mentioned property within the registration district of Central Chennai and the Sub Registration District of Purasawalkam.

¶178

Sd/-

¶179

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

Idbi Bank v. M/S Pranav Foundations Private Limited

Case brief

What is this about?

What did the court decide?

Idbi Bank v. M/S Pranav Foundations Private Limited

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

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