Indian Overseas Bank v. Prince
Case brief
What is this about?
The DRT allowed the bank's application for recovery of Rs.45.66 Lakhs from a defaulted housing loan borrower on ex-parte proceedings, authorizing sale of secured immovable and personal assets.
What did the court decide?
Recovery of Rs. 45,66,987/- with interest; liberty to sell secured immovable property and personal assets for balance dues.
What the court decided
T.A. No. 580 of 2023
21.10.2025
1
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 21st day of October, 2025
Present: SMT. S.V. GOWRAMMA Presiding Officer
TRANSFERRED APPLICATION No. 580 of 2023
(Originally filed before DRT- II, Chennai as OA 395/2021 and thereafter transferred to this Tribunal and renumbered as TA No 580 of 2023)
Indian Overseas Bank, K. K. Nagar Branch Rep. by its Authorized Signatory No.267, Lakshmanasamy Salai, K K Nagar, Chennai 600 078 ….Applicant
-Vs-
Mr. A. Prince, S/o Aruldass, No.5/3, 11th Cross Street, 2nd Floor, Mandevelipakkam, Chennai – 600 028
Issues for consideration
2 issues framed by the court
Whether the applicant bank is entitled to recover dues after proving default and establishing jurisdiction.
Whether the claim under Section 19(1) of RDB Act is maintainable and limit under Section 24 is satisfied.
Parties & counsel
- applicant
Indian Overseas Bank, K. K. Nagar Branch
- respondent
Mr. A. Prince
Coram
S.V. Gowramma
Case details
As recorded by the court registry
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