Allowed

City Union Bank Limited v. M/S Sri Aasila Paper Boards

DRT3 Mar 2025TA/1527/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the applicant bank's application under Section 19 of the RD&BA, 1993, directing recovery of the outstanding dues of Rs.2.69 crores against three respondents for defaulted OLCC and term loans. The Court noted partial realization of Rs.70 lakhs through SARFAESI asset sales.

What did the court decide?

Recovery of remaining dues of Rs.2.69 crores with interest at 13% p.a. and penal interest, after crediting Rs.70 lakhs realized from asset sales, along with issuance of Recovery Certificate.

City Union Bank Limited versus M/S Sri Aasila Paper Boards — Banking and Recovery | DRT (2025)

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T.A. No. 1527 of 2023

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03.03.2025

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 03^rd day of March, 2025

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Present: SMT. S.V. GOWRAMMA Presiding Officer

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TRANSFERRED APPLICATION No. 1527 of 2023

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(Originally filed before DRT- II, Chennai as OA 83/2021 and thereafter transferred to this Tribunal and renumbered as TA No 1527 of 2023)

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M/s. City Union Bank Ltd., Chennai Mount Road Branch, 706, Mount Road, Thousand Lights, Chennai – 600 006. Rep by its Senior Manager.

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….Applicant

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-Vs-

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M/s. Sri Aasila Paper Boards, Rep by its partner M.S.A. Sankaralingham,

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1D, 18, Adyar Foliage, Gandhi Nagar, 2^nd Main Road,

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Chennai – 600 020.

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Mr. M.S.A. Sankaralingham

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S/o. M.S. Arumugam is presently 1D, 18, Adyar Foliage, Gandhi Nagar, 2^nd Mani Road,

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Chennai – 600 020.

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Ms. A.S. Jyothi W/o. Sankaralingham 1D, 18, Adyar Foliage, Gandhi Nagar, 2^nd Main Road, Chennai – 600 020. …..Defendants

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Counsels on record / appeared:

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Counsel for Applicant : M/s. N. Somasundaar

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Defendants 1 & 2 were set ex-parte on 29.09.2022

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3^rd Defendant was set ex-parte on 22.01.2025

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T.A. No. 1527 of 2023

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03.03.2025

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: - FINAL ORDER - :

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This original application is filed on 05.01.2021 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.2,69,91,178/- (Rupees Two Crore Sixty Nine Lakhs Ninety One Thousand One Hundred & Seventy Eight Only) as follows:

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(i) A sum of Rs.2,62,82,856/- due in respect of OLCC Account No.51202001000057 together with further interest thereon @ 13% p.a., with monthly rests and a penal interest @ 2% p.a., from the date of application till the date of realization in full;

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(j) A sum of Rs.7,08,322 due in respect of OSL A/c No.501812080044371 together with further interest thereon @ 13% p.a., with monthly rests and a 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 morefully detailed in Schedule A and movable assets detailed in Schedule B to OA and for costs of this application.

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Originally, this application was filed before DRT-II, Chennai, assigned OA No.83 of 2021, and thereafter in pursuance to the notification from Ministry of Finance, DFS dated 04.10.2022, OA No.83 of 2021 stood transferred to this Tribunal and renumbered as TA No.1527/2023.

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T.A. No. 1527 of 2023

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03.03.2025

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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 Hon’ble Tribunal.

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The case of the applicant bank is that the Defendants 2 and 3 in their capacity as the partners of 1^st Defendant firm engaged in the business of manufacture and sale of paper boards, approached the Applicant Bank during the year 2017 seeking to grant credit facility for promotion of said business pursuant to their offering as collateral security the OA Schedule-A immovable property that came to be acquired by the 1^st Defendant vide Sale Deed dated 11.02.2015 registered as Doc. No.519/2015 at S.R.O. Karivalamvanthanallur.

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It is submitted by applicant bank that at the request of the Defendants, the Applicant bank sanctioned an OLCC limit of Rs.1,25,00,000/- to the 1^st Defendant firm vide its sanction letter dated 16.08.2017. The copy of which is countersigned by Defendants 1 to 3 in token of their acceptance of the terms and conditions set out therein.

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The Applicant Bank submits that the 1^st Defendant firm rep. by its partners Defendants 2 and 3 had on 16.08.2017 deposited the original sale deed dated 11.02.2015 pertaining to their immovable property (which is more fully described as the Schedule ‘A’ Property hereunder) with the Applicant’s Chennai Mount Road Branch at Chennai and had created a valid equitable mortgage in favour of the Bank,

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securing repayment of the amounts outstanding in respect of the above referred OLCC of Rs.1,25,00,000/-. The equitable mortgage thus created had been confirmed by the Defendants pursuant to their execution of the memorandum of deposit of title deeds dated 17.08.2017 which is registered as Doc. No.1472/2017 at SRO, Karivalamvanthanallur.

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The Applicant had accommodated the 1^st Defendant firm with OLCC facility of Rs.1,25,00,000/- consequent to execution of necessary loan documents by Defendants 2 and 3 in their capacity as the partners of 1^st Defendant firm. The Defendants 1 to 3 had on 23.08.2017 executed loaning / security documents viz.,

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(a) Demand Promissory note wherein it has been agreed to repay the loan on demand together with interest at 13% p.a., with monthly rests;

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(b) Letter of continuity wherein the defendants 1 to 3 besides waiving notice of any change in the rate of interest did confirm that the pronote executed in favour of the bank shall operate as continuing security for the cash credit / overdraft arrangement accommodated by the bank;

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(c) Overdraft Rules Agreement wherein the Defendants 1 to 3 besides agreeing to abide by overdraft rules would specifically agree to the Bank’s charging of penal interest at the rate of 2% p.a., in addition to prescribed rate of interest in default of their submission of stock statement every succeeding month.

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(d) Agreement of loan cum hypothecation wherein the 1^st defendant firm caused hypothecation of movable assets morefully setout in the

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Schedule ‘B’ hereunder as security for due repayment of the amounts advanced and had appointed the applicant as its power of attorney to collect all monies due to it from all the sundry debtors in respect of the goods sold;

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(e) Consent letter for charging of the ‘MCLR’ based interest rates for the loans notwithstanding the mentioning of term ‘Base Rate’ in the loan document;

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(f) Partnership letter wherein either of the partners is authorized to act on behalf of the 1^st defendant firm and bind the other.

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(g) Letter of consent authorizing the bank to disclose their information and date in case of default;

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(h) End use certificate declaring therein that the funds disbursed by the bank have been utilized for the specific purpose for which it was availed and not for any other purposes.

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The defendants on 11.01.2018 extended the EM charge already created by them on 17.08.2017 to secure the then overall limits of Rs.1,25,00,000/- as a cover to the additional credit facilities / enhanced credit limits to the extent of Rs.25,00,000/as also for the 1^st Defendant firm’s all other liabilities and indebtedness. The mortgage by deposit of Title Deeds which came to be extended as aforesaid by way of constructive delivery was duly confirmed by the 1^st Defendant firm rep. by its partners Defendants 2 and 3 pursuant to their execution of a Memorandum of Deposit of Title Deeds dated 12.01.2018 which is Registered as Doc. No.110/2018 at SRO, Karivalamvanthanallur.

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It is submitted by applicant bank that at the request of the defendants, the applicant had sanctioned to the 1^st Defendant firm an other Secured Loan (OSL-Term Loan) of Rs.5,00,000/- for purchase of machineries and enhanced OLCC limit of Rs.1,85,00,000/- (which is an enhancement from the then subsisting OLCC limit of Rs.1,25,00,000/-) vide sanction letter dated 12.09.2018 – The copy of which is countersigned by the defendants 1 to 3 in token of their acceptance of the terms and conditions set out therein.

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The defendants on 20.09.2018 confirmed that the benefits of equitable mortgage already created in respect of the OA schedule A immovable property on 16.08.2017 to secure the then overall limit of Rs.1,25,00,000 and the constructive delivery of title deeds confirmed on 12.01.2018 to secure additional credit facilities in the nature of ad hoc limit to the tune of Rs.25,00,000/- shall stand extended to and cover the OSL of Rs.5,00,000/- and the enhanced OLCC portion of Rs.60,00,000/accommodated by the applicant to the 1^st defendant firm. The extension of equitable mortgage had been confirmed by the 1^st defendant firm rep. by its partners defendants 2 and 3 pursuant to their execution of a memorandum of extension of equitable mortgage dated 25.09.2018 which is registered as Doc. No.1926/2018 at SRO, Karivalamvanthanallur.

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The Applicant had on 28.09.2018 sanctioned the 1^st defendant firm with the enhanced OLCC limit of Rs.1,85,00,000/- consequent to execution of necessary loan documents by defendants 2 & 3 in their individual capacity as also in their capacity as partners of the borrower firm. The defendants 1 to 3 had executed on the same day the loan and security documents in favour of applicant bank:

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i. Demand promissory note wherein it has been agreed to repay the loan on demand together with interest at 13% p.a., with monthly rests;

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ii. Letter of continuity wherein the defendants 1 to 3 besides waiving notice of any change in the rate of interest did confirm that the pronote executed in favour of the bank shall operate as continuing security for the cash credit / overdraft arrangement accommodated by the bank;

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iii. Overdraft Rules Agreement wherein the Defendants 1 to 3 besides agreeing to abide by overdraft rules would specifically agree to the bank’s charging of penal interest at the rate of 2% p.a., in addition to prescribed rate of interest in default of their submission of stock statement every succeeding month.

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iv. Agreement of loan cum hypothecation wherein the 1^st defendant firm caused hypothecation of movable assets morefully set out in the Schedule ’B’ hereunder as security for due repayment of the amounts advanced and had appointed the applicant as its power of attorney to collect all monies due to it from all the sundry debtors in respect of the goods sold;

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v. Consent letter for charging of the ‘MCLR’ based interest rates for the loans notwithstanding the mentioning of terms ‘Base rate’ in the loan document;

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vi. Partnership letter wherein either of the partners is authorized to act on behalf of the 1^st defendant firm and bin the other.

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vii. Letter of authority acknowledging the bank’s unqualified right to discloser or publish the names of the firm or partners as defaulters;

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viii. Letter of consent authorizing the bank to disclose their information and data in case of default;

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ix. End use certificate declaring therein that the funds disbursed by the bank have been utilized for the specific purpose for which it was availed and not for any other purposes.

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The 1^st defendant firm availed the Other Secured Loan (OSL-Term Loan) of Rs.5,00,000/- on 01.10.2018 for purchase of machineries consequent upon the execution of loan documents by defendants 1 to 3 as set out hereunder:

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i. Application cum Undertaking for loan wherein it has been agreed to repay the loan in 36 equated monthly installments of Rs.16,846/. The defendants have further agreed therein to pay penal interest @ 2% p.a., in case of default in repayment of any installment, interest or other charges;

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ii. Demand promissory note wherein the defendants 1 to 3 agreed to repay the loan on demand together with interest at 13% p.a., with monthly rests.

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Iii Stage letter confirming availment of 1^st stage loan of Rs.78,500/towards the sanctioned OSL of Rs.5,00,000/-;

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iv. Consent letter undertaking to repay the OSL in 36 equated monthly installments wherein the defendants 1 to 3 had consented for revision of interest and charging of additional interest for delayed payments.

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v. Supplemental Agreement of loan cum hypothecation wherein the 1^st defendant firm besides agreeing to repay the loan in 36 equated

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monthly installments caused hypothecation of movable assets morefully

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set out in the Schedule ‘B’ hereunder as security for due repayment of the amounts advanced;

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vi. Letter of authority to debit OLCC account towards repayment of EMIs in OSL account;

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vii. Consent letter for charging of the ‘MCLR’ based interest rates for the loan notwithstanding the mentioning of term ‘Base rate’ in the loan document;

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viii. Consent letter for additional clauses;

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ix. Partnership letter wherein either of the partners is authorized to act on behalf of the 1^st defendant firm and bind the other;

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x. Letter of consent authorizing the bank to disclose their information and data in case of default;

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xi. Letter of authority acknowledging the bank unqualified right to discloser or publish the names of the firm or partners as defaulters; xii. End use certificate declaring therein that the funds disbursed by the bank have been utilized for the specific purpose for which it was availed and not for any other purposes;

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Consequent upon the availment of the last stage loan of Rs.4,21,500/- on 10.10.2018 the defendants 1 to 3 had executed a letter of even date reiterating therein that the demand promissory note dated 01.10.2018 executed by them for Rs.5,00,000/- is subsisting and shall stand as cover for the said arrangement.

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It is the case of applicant bank that pursuant to the request of the defendants,

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the applicant had sanctioned an Ad hoc limit of Rs.20,00,000/- and the 1^st defendant firm availed the said facility on 30.03.2019 consequent upon the execution of loan documents by defendants 1 to 3 as setout hereunder;

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i. Demand promissory note wherein it has been agreed to repay the loan on demand together with interest at 15% p.a., with monthly rests; ii. Letter of continuity wherein the defendants 1 to 3 besides waiving notice of any change in the rate of interest did confirm that the pronote executed in favour of the bank shall operate as continuing security for the cash credit / overdraft arrangement accommodated by the bank; iii. Overdraft Rules Agreement wherein the defendants 1 to 3 besides agreeing to abide by overdraft rules would specifically agree to the bank’s charging of penal interest at the rate of 2% p.a., in addition to prescribed rate of interest in default of their submission of stock statement every succeeding month.

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iv. Supplemental agreement of loan cum hypothecation wherein the 1^st Defendant firm caused hypothecation of movable assets morefully set out in the Schedule ‘B’ hereunder as security for due repayment of the amounts advanced;

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v. Consent letter for charging of the ‘MCLR’ based interest rates for the loans notwithstanding the mentioning of term ‘Base rate’ in the loan document;

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vi. Consent letter for additional clauses;

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vii. Partnership letter wherein either of the partners is authorized to act

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on behalf of the 1^st defendant firm and bind the other.

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viii. Letter of authority acknowledging the bank’s unqualified right to disclose or publish the names of the firm or partners as defaulters;

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ix. Letter of consent authorizing the bank to disclose their information and data in case of default;

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x. Link letter for short term increase in OD/CC limits.

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The Applicant Bank submits that the Defendants, after availing the said facilities, failed to repay the loan amount despite several reminders and thus committed default. The loan account was classified as NPA in accordance with RBI guidelines culminating in issuance of a demand notice dated 07.11.2019 by the Authorized Officer of the Applicant Bank to Defendants 1 to 3 in terms of Section 13(2) of SARFAESI Act, which came to be served on them personally, followed by possession notice dated 17.03.2020 and Tender cum auction sale notice dated 04.09.2020. The default in repayment continued and there was no positive response from the defendants. Hence, this Original Application (OA) has been filed to recover the dues from the defendants.

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After the filing of the OA, Summons to the Defendants 1 to 3 were served. Applicant bank had caused paper publication of the notice and filed proof thereof. Defendants entered appearance through their counsel. Despite receipt of OA copy, defendants did not choose to file written statement. Hence opportunity to file Written statement was closed on 10.08.2022. Thereafter, applicant bank filed PA and OD. When OA was taken up on 29.09.2022, even after giving sufficient time, there was no appearance or representation from the defendants. Hence, defendants 1 & 2 were

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placed ex-parte on 29.09.2022 and 3^rd defendant was placed ex-parte on 22.01.2025.

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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, Shri. G.V. Sivakumar, Chief Manager of the Applicant Bank, has filed his 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-51. As the defendants remained ex-parte, the OA claim remains unchallenged. There is no contra evidence available on record to repudiate the claim of the Applicant Bank.

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During the pendency of OA, applicant bank had reported part satisfaction of OA claim in a sum of Rs.60,00,000/- and Rs.10,00,000/- by way of sale of ScheduleA immovable property and Schedule B movable assets respectively under SARFAESI Act on 31.07.2023. Accordingly, part satisfaction of sum of Rs.70 lakhs is duly recorded vide proceedings dated 22.01.2025.

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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 a sum of total sum of Rs.2,69,91,178/- (Rupees Two Crore Sixty Nine Lakhs Ninety One Thousand One Hundred & Seventy Eight Only) as

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follows:

(i) A sum of Rs.2,62,82,856/- due in respect of OLCC Account No.51202001000057 together with further interest thereon @ 13% p.a., with monthly rests and a 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.7,08,322 due in respect of OSL A/c No.501812080044371 together with further interest thereon @ 13% p.a., with monthly rests and a penal interest @ 2% p.a., from the date of application till the date of realization in full along with costs.;

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(b) The sum of Rs.70,00,000/- realized by way of SARFAESI sale is directed to be given credit to the borrower’s loan account as on the date of realization.

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(c) The applicant bank is at liberty to sell the personal assets / hypothecated assets of the defendants (both movable and immovable) to recover the balance dues as required under law;

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(d) 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 defendants 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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(e) The applicant bank shall file memo of costs within ten days from the date of this final order.

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

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Officer in terms of the final order.

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

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

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(Dictated to Steno (Sudhakar), transcribed by him, corrected, signed and pronounced by me on this the 03^rd day of March, 2025)

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ANNEXURES

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WITNESSES EXAMINED FOR THE APPLICANT BANK :

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AW-1: Shri. G.V. Sivakumar, Chief Manager of the Applicant Bank

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Exhibits on the part of the Applicant:

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Sl. No.	Description of Documents	Exhibit No.
1.	Sanction communication relating to OLCC of Rs. 1,25,00,000/- issued in favour of 1^stdefendant dated 16.08.2017	A-1
2.	Sale deed standing in favour of 1^stdefendant firm registered as Doc. No. 519/2015 at S.R.O Karivalamvanthanallurdated11.02.2015	A-2
3.	Memorandum of deposit of title deed executed by 1^st defendant firm confirming their creation of equitable mortgage on 16.08.2017 in favour of applicant towards the sanctioned OLCC Limit of Rs. 1,25,00,000/- registered asDocNo. 1472/2017dated17.08.2017	A-3
4.	Demand Promissory note in respect of OLCC Limit of Rs. 1,25,00,000/- executed by defendants 1 to 3 dated 23.08.2017	A-4
5.	Letter of continuity executed by defendants 1 to 3 dated 23.08.2017	A-5
6.	Overdraft Rules Agreement executed by defendants 1 to 3 dated23.08.2017	A-6
7.	Agreement of loan cum hypothecation executed by 1^st defendantfirmdated23.08.2017	A-7
8.	Consentletterexecuted by defendants1to 3for	A-8

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	charging of the MCLR based interest rates for the loans notwithstanding the mentioning of term ‘Base rate’ in the loaning documents dated23.08.2017
9.	Partnership letter executed by defendants 2 & 3 dated 23.08.2017	A-9
10.	Letter of consent executed by defendants 1 to 3 authorising the bank to disclose information and date relating to theirdefault dated23.08.2017	A-10
11.	End use certificate issued by defendants 1 to 3 dated 23.08.2017	A-11
12.	Memorandum of deposit of title deed executed by 1^st defendant firm confirming their extension of E.M. on 11.01.2018 in favour of applicant towards the additional credit facility of Rs. 25,00,000/- registered as Doc No. 110/2018 dated12.01.2018	A-12
13.	Sanction letter in respect of OSL – Term loan of Rs. 5,00,000/- and enhanced OLCC Limit of Rs. 1,85,00,000/- countersigned by defendants 1 to 3 in token of their acceptance of its terms and conditions dated 12.09.2018	A-13
14.	Memorandum of extension of E.M. by constructive delivery of title deed executed by 1^stdefendant firm in favour of applicant towards the sanctioned OSL of Rs. 5,00,000/- and enhanced OLCC Limit of Rs. 1,85,00,000/- in addition to Ad Hoc Limit of Rs. 25,00,000, registered as Doc No. 1926/2018 dated 25.09.2018	A-14
15.	Demand promissory note in respect of OLCC Limit of Rs. 1,85,00,000/- executed by defendants 1 to 3 dated 28.09.2018	A-15
16.	Letter of continuity executed by defendants 1 to 3 dated 28.09.2018	A-16
17.	Overdraft Rules Agreement executed by defendants 1 to 3 dated28.09.2018	A-17
18.	Agreement of loan cum hypothecation executed by 1^st defendantfirmdated28.09.2018	A-18
19.	Consent letter executed by defendants 1 to 3 for charging of the MCLR based interest rates for the loans notwithstanding the mentioning of term ‘Base rate’ in the loaning documents dated28.09.2018	A-19
20.	Partnership letter executed by defendants 2 & 3 dated 28.09.2018	A-20
21.	Letter of authority executed by defendants 1 to 3 acknowledging the bank’s unqualified right to disclose or publish the names of the firm or partners as defaulter dated28.09.2018	A-21

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22.	Letter of consent executed by defendants 1 to 3 authorising the bank to disclose information and date relating to theirdefault dated28.09.2018	A-22
23.	End use certificate issued by defendants 1 to 3 dated 28.09.2018	A-23
24.	Application cum undertaking for loan executed by defendants 1 to 3 in relation to OSL of Rs. 5,00,000/- dated 01.10.2018	A-24
25.	Demand promissory note in respect of OSl of Rs. 5,00,000/- executed by defendants 1 to 3 dated 01.10.2018	A-25
26.	Stage letter confirming availment of first stage loan in OSL of Rs. 5,00,000/- executed by defendant 1 to 3 dated10.10.2018	A-26
27.	Consent letter undertaking to repay OSL of Rs. 5,00,000/- in 36 equated monthly instalments executed by defendants1to 3 dated 01.10.2018	A-27
28.	Letter of consent executed by defendants 1 to 3 authorising the bank to disclose information and data relating to theirdefault dated 01.10.2018	A-28
29.	Supplemental Agreement of loan cum hypothecation executed by defendant firm dated 01.10.2018	A-29
30.	Letter of authority to debit OLCC account towards repayment of EMIs in OSL account executed by 1^st defendant firm dated 01.10.2018	A-30
31.	Consent letter executed by defendants 1 to 3 for charging of the MCLR based interest rates for the loans notwithstanding the mentioning of term ‘Base rate’ in the loaning documents dated 01.10.2018	A-31
32.	Consent letter for additional clauses executed by defendants1to 3 dated 01.10.2018	A-32
33.	Partnership letter executed by defendants 2 & 3 dated 01.10.2018	A-33
34.	Letter of authority executed by defendants 1 to 3 acknowledging the bank’s unqualified right to disclose or publish the names of the firm or partners as defaulter dated 01.10.2018	A-34
35.	End use certificate issued by defendants 1 to 3 dated 01.10.2018	A-35
36.	Letter confirming availment of last stage loan in OSL of Rs. 5,00,000/- executed by defendant 1 to 3 dated 10.10.2018	A-36
37.	Demand Promissory Note in respect of Adhoc limit of Rs. 20,00,000/- executed by defendant 1 to 3 dated 30.03.2019	A-37
38.	Letterofcontinuity executed by defendants1to 3 dated	A-38

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	30.03.2019
39.	Overdraft Rules Agreement executed by defendants 1 to 3 dated 30.03.2019	A-39
40.	Supplemental Agreement of loan cum hypothecation executed by1^st defendantfirmdated 30.03.2019	A-40
41.	Consent letter executed by defendants 1 to 3 for charging of the MCLR based interest rates for the loans notwithstanding the mentioning of term ‘Base rate’ in the loaning documents	A-41
42.	Consent letter for additional clauses executed by defendants1to 3	A-42
43.	Partnership letter executed by defendants 2 & 3 dated 30.03.2019	A-43
44.	Letter of authority executed by defendants 1 to 3 acknowledging the bank’s unqualified right to disclose or publish the names of the firm or partners as defaulter dated 30.03.2019	A-44
45.	Letter of consent executed by defendants 1 to 3 authorising the bank to disclose information and data relating to theirdefault dated 30.03.2019	A-45
46.	Link letter for short term increase in OD/CC Limits executed by defendants1to 3 dated 30.03.2019	A-46
47.	Demand notice under Sec 13(2) of SARFAESI Act issued by authorized officer of the applicant bank bearing the signatures of defendants 1 to 3 in acknowledgement of their receipt of said notice dated 07.11.2019	A-47
48.	Possession Notice issued by Authorized Officer of the applicant bank dated 17.03.2020	A-48
49.	Tender cum auction sale notice issued by Authorized Officerofapplicant bankdated 04.09.2020	A-49
50.	Statement of account in respect of 1^stdefendant’s AccountNo.512020010020057	A-50
51.	Statement of account in respect of 1^stdefendant’s OSL AccountNo.501812080044371	A-51

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Witness Examined for the Defendants: -Nil-

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List of Documents Exhibited for the Defendants: -Nil –

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

City Union Bank Limited v. M/S Sri Aasila Paper Boards

Case brief

What is this about?

What did the court decide?

City Union Bank Limited v. M/S Sri Aasila Paper Boards

Case brief

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What did the court decide?

What the court decided

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V Chitra and others versus M S Edelweiss Asset Reconstruction Company