The Tribunal allowed the applicant bank's request for recovery of loan dues totaling Rs. 36,55,948/- comprising a home loan and insurance loan with interest at 8.90% p.a., in the absence of the defaulting respondents.
Recovery of Rs. 36,55,948/- including principal, interest at 8.90% p.a., and costs.
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T.A. No. 462 of 2023
17.09.2025
1
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 17th day of September, 2025
Present: SMT. S.V. GOWRAMMA Presiding Officer
TRANSFERRED APPLICATION No. 462 of 2023
(Originally filed before DRT- II, Chennai as OA 294/2022 and thereafter transferred to this Tribunal and renumbered as TA No 462 of 2023)
State Bank of India, Retail Assets Central Processing Centre, MRC Nagar, No.4, Santhome High Road, Mylapore, Chennai -600 004 Represented by its Chief Manager ….Applicant
-Vs-
Also at, Mrs. S. Parvathy, W/o. M. Swaminathan, “Sankar Flats”, Flat No.D, Plot No.3, 1st Floor, R.S. No.27, Kalaimagal Nagar 1st Main Road, Ekkatuthangal, Chennai -600 032.
Also at, Mr. S. Shanmugasundaram, S/o. M. Swaminathan, “Sankar Flats”, Flat No.D, Plot No.3, 1st Floor, R.S. No.27, Kalaimagal Nagar 1st Main Road, Ekkatuthangal, Chennai – 600 032.
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Also at, Mr. S. Shanmugasundaram, S/o. M. Swaminathan, Branch Manager, IndusInd Bank Ltd., KSV Tower, New No.30, Old No.144, Kaliamman Koil Street, Ayyappa Nagar, Chinmaya Nagar, Chennai -600 092.
Also at, Mr. S. Shanmugasundaram, S/o. M. Swaminathan, “Sankar Flats”, Flat No.D, Plot No.3, 1st Floor, R.S. No.27, Kalaimagal Nagar 1st Main Road, Ekkatuthangal, Chennai – 600 032. …..Defendants
Counsels on record / appeared:
Counsel for Applicant : M/s. S. Ambalvannan Defendants 1 and 2 were set ex-parte on 15.11.2023
: - FINAL ORDER - :
Fifty Five Thousand Nine Hundred and Forty Eight Only) as follows:
(i) A sum of Rs.35,85,309/- due in respect of Home Loan
bearing (A/c No.39658992500) repayable together with
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further interest @ 8.90%, p.a., with monthly rests from the date of filing the OA, till date of realization in full;
(ii) A sum of Rs.70,639/- due in respect of Suraksha Loan regarding insurance bearing (A/c No.39665734878), repayable together with further interest @ 8.90%, p.a., with monthly rests from the date of filing the OA till date of realization in full;
for sale of immovable property morefully detailed in the schedule to the OA and costs of this application.
Brief Facts of the case:
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17.09.2025
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documents, the applicant bank in terms of the Arrangement Letter, on 07.09.2020, sanctioned a sum of Rs.32,95,000/- (Rupees Thirty Two Lakhs and Ninety Five Thousand Only) vide Account No.39658992500 to the Defendants. The defendants had further availed Home Loan Insurance Cover for a sum of Rs.66,604/- (Rupees Sixty Six Thousand Six Hundred and Four Only) vide Account No.39665734878.
the Said Agreement, in the event of default committed by the defendants, they have agreed and undertaken to pay a penal/additional interest on the balance amount that is due and payable by them. It is submitted that presently the rate of interest is @8.90% p.a. for both loan bearing Account No.39658992500 and for Suraksha loan for Insurance Cover bearing Account No.39665734878.
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17.09.2025
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Sq.ft., Comprised in T.S.No.48 (Part) Block No.1, situated at Plot No.3, Kalaimagal Nagar 1st Main Road, Ekkattuthangal Village, Chennai – 600 032, within the Registration District of South Chennai, and Registration Sub District of Joint I Saidapet under a Registered Memorandum Relating to Deposit of Title Deeds, registered as Document No.5816 of 2020, on the file of Sub Registrar office of Joint I Saidapet. It is further submitted that the defendants have deposited the following original documents with the applicant bank:
Sale Deed dated 22.01.1996, registered as Document No.200 of 1996, on the file of Sub Registrar Office of Joint I Saidapet.
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17.09.2025
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(Rupees Thirty Four Lakhs Twenty Two Thousand Seven Hundred and Ninety Five Only).
Heard the submissions of Applicant Bank and perused the records.
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17.09.2025
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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-7 . 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.
: O R D E R :
14. The OA is allowed with costs,
(a) The applicant bank is allowed to recover from the Defendants a total sum of Rs.36,55,948/- (Rupees Thirty Six
Lakhs Fifty Five Thousand Nine Hundred and Forty Eight
Only) as follows:
(i) A sum of Rs.35,85,309/- due in respect of Home Loan bearing (A/c No.39658992500) repayable together with further interest @ 8.90%, p.a., with monthly rests from the date of filing the OA, till date of realization in full;
(ii) A sum of Rs.70,639/- due in respect of Suraksha
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Loan regarding insurance bearing (A/c
No.39665734878), repayable together with further interest @ 8.90%, p.a., with monthly rests from the date of filing the OA till date of realization in full; along with costs.
(b) The sum of Rs.37,75,000/- realised by way of SARFAESI sale is directed to be given credit to the borrower’s loan account as on the date of realisation.
(c) If the sale proceeds of the immovable property is not sufficient to satisfy the dues as ordered above, the applicant bank is at liberty to sell the personal assets of the Defendants (both movable and immovable) to recover the balance dues as required under law for which the Defendants to disclose to the Tribunal particulars of other properties or assets owned by the Defendants.
(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.
(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 Officer in terms of the final order.
Sd/-
(S.V. GOWRAMMA)
PRESIDING OFFICER, DRT-III, CHENNAI
(Dictated to Steno (Suriya), transcribed by him, corrected, signed and pronounced by me on this the 17th day of September, 2025)
ANNEXURES
WITNESSES EXAMINED FOR THE APPLICANT BANK :
AW-1: Sh. K. Ranjeethkumar, City Case Officer of State Bank of India, SARB –II Branch representing the Applicant Bank.
Exhibits on the part of the Applicant:
| Sl. No. |
Description of Documents | Exhibit No. |
|---|---|---|
| 1. | Application form for Housing Loan dated 18.02.2020. |
A-1 |
| 2. | Sanction Letter dated 07.09.2020. | A-2 |
| 3. | Arrangement Letter dated 14.09.2020. | A-3 |
| 4. | Loan Agreement. | A-4 |
| 5. | Memorandum Relating to Deposit of Title Deeds dated 10.09.2020. |
A-5 |
| 6. | 13(2) notice issued by the applicant bank and retuned covers dated 14.09.2021. |
A-6 |
| 7. | Statement of Account dated 11.04.2022. | A-7 |
| 8. | Certificate under Banker’s Books Evidence Act, 1891 dated 12.04.2022. |
A-8 |
| 9. | The State Bank of India General Regulations 1955 and Gazette notification. |
A-9 |
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Witness Examined for the Defendants: -Nil-
List of Documents Exhibited for the Defendants: -Nil –
Sd/(S.V. GOWRAMMA) PRESIDING OFFICER, DRT-III, CHENNAI
2 issues framed by the court
Whether the Original Application filed for recovery of loan dues is maintainable and supported by sufficient evidence.
Whether the defendants are liable to pay the principal sum along with interest and costs.
3 provisions across 2 enactments
State Bank of India, Retail Assets Central Processing Centre
Mrs. S. Parvathy, W/o. M. Swaminathan
Mr. S. Shanmugasundaram, S/o. M. Swaminathan
S.V. GOWRAMMA
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
