Allowed

Indian Overseas Bank v. M s Sakthi Engineering

DRT10 Feb 2026OA/5/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the applicant bank's original application for recovery of dues. The court directed the defendants to pay the principal amount along with interest and authorized the sale of hypothecated assets to recover the balance, confirming the bank's claim due to the lack of defense from the respondents.

What did the court decide?

Recovery of Rs. 93,10,514/− with interest; sale of hypothecated and personal assets permitted to recover the balance.

Indian Overseas Bank versus M s Sakthi Engineering — Contract and Commercial Disputes | DRT (2026)

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O.A. No. 05 of 2023

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1 10.02.2026

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 10^th day of February, 2026

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Present: SMT. S.V. GOWRAMMA Presiding Officer

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ORIGINAL APPLICATION No. 05 of 2023

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M/s. Indian Overseas Bank, Mount Road Branch, No. 807, Anna Salai, Chennai – 600002.

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Rep. by its Assistant General Manager ….Applicant

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-Vs-

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1. M/s. Sakthi Engineering,

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rep. by its Partners Mr. J. Karunakaran& Mrs. K. Gunasundari, No. 47A, North Phase, SIDCO Industrial Estate, Chennai – 600 098.

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1. Mr. J. Karunakaran, No. 151/287 Triplicane, Chennai – 600 005.

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1. Mrs. K. Gunasundari, W/o J. Karunakaran,

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No. 151/287 Triplicane, Chennai – 600 005. …..Defendants Counsels on record / appeared:

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Counsel for Applicant : M/s. K. Radhakrishnamurthy

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Defendants were set ex-parte on 26.10.2023

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: - FINAL ORDER - :

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This Original Application is filed on 14.11.2022 by the Applicant

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Bank under Section 19 (1) of Recovery of Debts and Bankruptcy Act,

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1993 (formerly Recovery of Debts Due to Banks and Financial Institutions

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Act, 1993) against the Defendants jointly and severally for recovery of a total sum of Rs.93,10,514/- (Rupees Ninety three lakh ten thousand five hundred fourteen Only) as follows:

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(i) To direct the Defendants 1 to 3 jointly and severally to pay the Applicant a sum of Rs.84,91,414/- due in respect of OCC Facility (A/c No.005802000002172), repayable together with further interest @ 12.80%, p.a. with monthly rests from the date of filing the OA, till date of realization in full;

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(ii) To direct the Defendants 1 to 3 jointly and severally to pay the Applicant a sum of Rs.4,57,081/- due in respect of FITL-1 (A/c No. 0058023304000001), together with further interest @ 10.90%, p.a. with monthly rests from the date of filing the OA, till date of realization in full;

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(iii) To direct the Defendants 1 to 3 jointly and severally to pay the Applicant a sum of Rs.3,62,019/- due in respect of FITL-2 (A/c No.0058023304000002), together with further interest @ 10.90%, p.a. with monthly rests from the date of filing the OA, till date of realization in full;

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for sale of hypothecated movables morefully detailed in Schedule to the OA, and for costs of this application.

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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

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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 First Defendant is a Partnership firm, wherein 2^nd & 3^rd defendants are its Partners and Guarantors. Originally the Partnership constituted in the year 2005 and periodically the partners are changed from time to time. Finally by a Deed of Reconstitution of Partnership entered on 01.04.2011. Mr J. Karunakaran and Smt. Gunasundari, both of them were executed loan and security documents periodically.

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The Applicant further submits that the First defendant is a manufacturing of Pressed Components, Tools and Home Appliances etc., At the request of the First Defendant, the applicant by its sanction letter dt.31.01.2005 has sanctioned an Open Cash Credit against Hypothecation of Stocks and Book debts facility of Rs. 7,50,000/-to the first defendant for their business purpose. The First Defendant has availed the above Loan of Rs.7.5 lakhs on 31.01.2005 and the Second& Third Defendants have Jointly executed the following documents on behalf of the First Defendant as Partners on 31.01.2005:

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a) Demand Promissory Note dated 31.01.2005 for Rs.7.5 lakhs promising to repay the amount together with interest thereon at 11.50% per annum with monthly rests subject to Reserve Bank of India/Bank rates may be revised from time to time.

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b) Letter of continuity

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c) Letter of Hypothecation (in case of open advances)

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d) Letter of Hypothecation (for securing machineries/ vehicles / book debts)

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e) Hypothecation of book debts

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f) Letter of Hypothecation

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g) Letter of Consent for disclosure of information to CIBIL

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h) Partnership Letter of Authority

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i) No Lien cum Access letter

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The Applicant submits that in order to secure the above facility

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availed by the 1^st defendant, one Mr. J. Srinivasan and Mrs. Aravazhi have separately executed Guarantee Agreements dated 31.01.2005 by which they stood as personal guarantee for the due repayment of the advances made to the 1^st defendant together with all interest and costs.

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The Applicant further submits that at the request of the First

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Defendant, the applicant by its sanction letter dt.19.10.2006 has sanctioned an Additional Open Cash Credit against Hypothecation of Stocks and Book debts facility of Rs. 7,50,000/-to the first defendant for their business purpose (Enhanced from Rs.7.5 lakhs to Rs.15 lakhs). The First Defendant has availed the above Loan of Rs.7.5 lakhs on 23.10.2006 and the Second & Third Defendants have Jointly executed the following documents on behalf of the First Defendant as Partners on 23.10.2006.

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a) Demand Promissory Note dated 23.10.2006 for Rs.7.5 lakhs promising to repay the amount together with interest thereon at 1% per annum below the BPLR from this

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date until payment in full with monthly rests or such rates

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as may be revised by the Bank subject to Reserve Bank of India/Bank rates may be

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revised from time to time.

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b) Letter of continuity

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c) Supplemental Deed of Hypothecation/Pledge

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d) Letter of Hypothecation (for securing machineries/ vehicles / book debts)

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e) Hypothecation of book debts

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f) Partnership Letter cum Letter of Authority dt.01.04.2006

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g) Partnership Letter of Authority from all the Partners

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dt.1.4.2006

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h) Partnership Letter cum Letter of Authority dt.03.04.2006

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i) Letter of Undertaking

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j) Intimation letter.

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The Applicant submits that to secure the above facility availed by the 1^st defendant, the 3rddefendant and one Mr J. Srinivasan have separately executed Guarantee Agreements dated 23.10.2006and 25.10.2006 by which they stood as personal guarantee for the due repayment of the advances made to the 1^st defendant together with all interest and costs. 8. The Applicant further submits that at the request of the First Defendant, the applicant by its sanction letter dt.18.12.2007 has sanctioned an Additional Open Cash Credit against Hypothecation of Stocks and Book debts facility of Rs. 23,00,000/-to the first defendant for their

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business purpose (Enhanced from Rs.15 lakhs to Rs.38 lakhs). The First Defendant has availed the above Loan of Rs.23 lakhs on 26.12.2007 and the Second & Third Defendants have Jointly executed the following documents on behalf of the First Defendant as Partners on 26.12.2007

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a) Demand Promissory Note dated 26.12.2007 for Rs.23 lakhs promising to repay the amount together with

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interest thereon at 1% per annum below the BPLR from this

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date until payment in full with monthly rests subject to

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Reserve Bank of India/Bank rates may be

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revised from time to time.

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b) Letter of continuity

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c) Supplemental Deed of Hypothecation/Pledge

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d) Letter of Hypothecation (in case of open advances)

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e) Letter of Hypothecation (for securing machineries/ vehicles / book debts)

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f) Hypothecation of book debts

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g) Partnership Letter from all the Partners dt.1.4.2006

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h) Partnership Letter cum Letter of Authority dt.03.04.2006

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i) Letter of Undertaking

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j) Intimation letter.

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The Applicant submits that to secure the above facility availed by the

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1^st defendant, the 3^rd defendant and One J. Srinivasan have separately and Jointly executed Guarantee Agreements dated 26.12.2007 by which they

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stood as personal guarantee for the due repayment of the advances made to the 1^st defendant together with all interest and costs.

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The Applicant further submits that at the request of the First Defendant, the applicant has sanctioned an Additional Open Cash Credit against Hypothecation of Stocks and Book debts facility of Rs.7,00,000/-to the first defendant for their business purpose (Enhanced from Rs.38 lakhs to Rs.45 lakhs). The First Defendant has availed the above Loan of Rs.7 lakhs on 27.01.2009 and the Second & Third Defendants have Jointly executed the following documents on behalf of the First Defendant as Partners on 27.01.2009

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a) Demand Promissory Note dated 27.01.2009 for Rs.7 lakhs promising to repay the amount together with interest thereon of BPLR of the Bank-1.50% per annum with a minimum of 11% p.a. from this date until payment in full with monthly rests subject to Reserve Bank

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of India/Bank rates may be revised from time to time.

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b) Letter of continuity

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c) Supplemental Deed of Hypothecation/Pledge

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d) Letter of Hypothecation (in case of open advances)

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e) Letter of Hypothecation (for securing machineries/ vehicles / book debts)

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f) Hypothecation of book debts

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g) Letter of Undertaking

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h) Intimation letter.

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The Applicant submit that to secure the above facility availed by the 1^st defendant, the 3^rd defendant and one Mr J. Srinivasan have separately and Jointly executed Guarantee Agreements dated 27.01.2009 by which they stood as personal guarantee for the due repayment of the advances made to the 1^st defendant together with all interest and costs.

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The Applicant further submits that at the request of the First Defendant, the applicant has sanctioned an Additional Open Cash Credit against Hypothecation of Stocks and Book debts and receivable facility of Rs. 3,50,000/-to the first defendant for their business purpose (Enhanced from Rs.45 lakhs to Rs.48.50 lakhs). The First Defendant has availed the above Loan of Rs.3.50 lakhs on 02.06.2010 and the Second & Third Defendants have Jointly executed the following documents on behalf of the First Defendant as Partners on 02.06.2010.

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a) Demand Promissory Note dated 02.06.2010 for Rs.3.50 lakhs

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promising to repay the amount together with interest thereon at the rate of 10.50% with monthly rests below the BPLR of the Bank subject to Reserve Bank of India/Bank rates may be revised from time to time.

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b) Letter of continuity

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c) Letter of Hypothecation (in case of open advances) d) Letter of Hypothecation (for securing machineries/ vehicles / book debts)

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e) Hypothecation of book debts

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The Applicant further submits that at the request of the First Defendant, the applicant has sanctioned an Additional Open Cash Credit against Hypothecation of Stocks and Book debts facility of Rs. 6,50,000/to the first defendant for their business purpose (Enhanced from Rs.48.50 lakhs to Rs.55 lakhs). The First Defendant has availed the above Loan of Rs.6.50 lakhs on 06.07.2011 and the Second & Third Defendants have Jointly executed the following documents on behalf of the First Defendant as Partners on 06.07.2011.

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a) Demand Promissory Note dated 06.07.2011 for

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Rs.6.50 lakhs promising to repay the amount together with interest thereon at Base rate of the Bank 10.25% +2.25% per annum from this date with a minimum of 12.50% with monthly rests subject

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to Reserve Bank of India/Bank rates may be

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revised from time to time.

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b) Letter of continuity

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c) Letter of Hypothecation (in case of open advances)

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d) Letter of Hypothecation (for securing machineries/ vehicles / book debts)

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e) Hypothecation of book debts

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The Applicant submit that to secure the above facility availed by the 1^st defendant, the 2^nd and 3^rd defendants and one Mr J. Srinivasan have Jointly executed Guarantee Agreement dated 06.07.2011 by which they stood as personal guarantee for the due repayment of the advances made to the 1^st defendant together with all interest and costs.

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The Applicant further submits that at the request of the First Defendant, the applicant has sanctioned an Additional Open Cash Credit against Hypothecation of Stocks and Book debts facility of Rs. 5,00,000/on 21.01.2013 to the first defendant for their business purpose (Enhanced from Rs.55 lakhs to Rs.60 lakhs). The First Defendant has availed the above Loan of Rs.5 lakhs on 21.01.2013 and the Second & Third Defendants have Jointly executed the following documents on behalf of the First Defendant as Partners on 21.01.2013.

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a) Demand Promissory Note dated 21.01.2013 for

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Rs.5 lakhs promising to repay the amount together with interest thereon at Base rate of the Bank 10.50% +2.25% per annum from this date with a minimum of 12.75% with monthly rests subject

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to Reserve Bank of India/Bank rates may be

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revised from time to time.

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b) Letter of continuity

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c) Letter of Hypothecation (for securing machineries/ vehicles / book debts)

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The Applicant submit that to secure the above facility availed by the 1^st defendant, the 2^nd & 3^rd defendants have separately executed Guarantee Agreements dated 21.01.2013 by which they stood as personal guarantee for the due repayment of the advances made to the 1^st defendant together with all interest and costs.

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The Applicant further submits that at the request of the First Defendant, the applicant has sanctioned an Additional Open Cash Credit

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against Hypothecation of Stocks and Book debts facility of Rs. 15,00,000/on 10.03.2014 to the first defendant for their business purpose (Enhanced from Rs.60 lakhs to Rs.75 lakhs). The First Defendant has availed the above Loan of Rs.15 lakhs on 10.03.2014 and the Second & Third Defendants have Jointly executed the following documents on behalf of the First Defendant as Partners on 10.03.2014.

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a) Demand Promissory Note dated 10.03.2014 for

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Rs.15 lakhs promising to repay the amount together with interest thereon at Base rate of the Bank 10.25% +2.25%

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per annum from this date with a minimum of 12.50% with monthly rests subject to Reserve Bank of India/Bank rates may be revised from time to time.

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b) Letter of continuity

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c) Letter of Hypothecation (for securing machineries/ vehicles / book debts)

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The Applicant submit that to secure the above facility availed by the 1^st defendant, the 2^nd & 3^rd defendants have Jointly executed Guarantee Agreements dated 10.03.2014 by which they stood as personal guarantee for the due repayment of the advances made to the 1^st defendant together with all interest and costs.

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The applicant further submits that at the request of the first defendant, requesting the applicant bank for Restructuring of the loan under Covid Scheme for restructuring under the Resolution frame 2.0, the applicant has restructuring the Loan under One Time Restructuring scheme

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under MSME Sector for all Loans on 29.06.2021 by its sanction letter and sanctioned FITL -1 Facility of Rs.4,20,728/- to be repayable after moratorium period of 6 months in 24 monthly instalments of Rs.17,531/p.m. commencing from 31.12.2021. Interest to be serviced as and when debited.

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Further, FITL-2 Facility of Rs.3,33,750/- to be repayable after moratorium period of 6 months in 24 monthly instalments of Rs.13,906/p.m. commencing from 31.12.2021. Interest to be serviced as and when debited. The first defendant has availed the same on 29.06.2021 and had executed the following documents on 29.06.2021.

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FITL Facility – 1:

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a) Demand Promissory Note dated 29.06.2021 for Rs.4,20,728/promising to repay the amount together with Floating interest thereon at RLLR or any other applicable Bench Mark rate of the Bank now being 6.85% + 2.05% per annum 8.90% p.a. from this date with monthly rests or at such other rates as ay be revised by the Bank from time to time, compounded monthly for the value received.

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b) DPN Delivery letter

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c) Letter of Undertaking in repayment of instalments.

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d) Undertaking letter from the new borrowers.

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FITL Facility – 2:

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a) Demand Promissory Note dated 29.06.2021 for Rs.3,33,750/promising to repay the amount together with Floating interest thereon at RLLR or any other applicable Bench Mark rate of the Bank

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now being 6.85% + 2.05% per annum 8.90% p.a. from this date with monthly rests or at such other rates as ay be revised by the Bank from time to time, compounded monthly for the value received.

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b) DPN Delivery letter c) Letter of Undertaking in repayment of instalments. d) Undertaking letter from the new borrowers.

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e) Deed of Reconstitution dated 01.04.2011 between K. Gunasundari, J. Srinivasan and J. Karunakaran (Incoming partner)

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The Applicant submits that the operation of the accounts by the defendants was very irregular and in spite of several requests the Defendants have not regularized the account. Till date the Defendants has not cleared the outstanding. The accounts became NPA on 31.03.2022. The Applicant also made demands to the defendants but there is no response. 22. The applicant further submits that the first defendant has executed Revival letters dated 26.12.2007, 02.06.2010, 21.01.2013, 13.01.2016, 04.01.2019 & 30.06.2021 wherein they had acknowledged their liabilities. The First defendant has also executed Debit Confirmation letter dated 03.04.2006. But there is no response and no repayment. The applicant also sent recall notices dated 05.08.2022& 02.09.2022 to the defendants, but there is no response. The applicant’s counsel has also sent a legal notice dated 29.10.2022 to the defendants, the defendants have received the legal notice. But there is no reply and no repayment. Hence, 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 to 3 through Registered Post with Acknowledgment Due, which were duly served to D-1 to D3. Although defendants entered appearance and filed vakalat through their counsel, did not choose to file written statement for four adjournments despite filing vakalat on 10.07.2023 instance. When OA was taken up on 26.10.2023 even after giving sufficient time, there was no appearance or representation from the defendants. Hence, defendants 1 to 3 were placed ex-parte on 26.10.2023.

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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, Mr. Ritesh Kumar Sahu, Asst. General 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-92 .

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A careful examination of the pleadings in the Proof Affidavit and documents Exhibits A-1 to A-92 evidence that the borrowal of credit facilities and execution of loan and security documents are true, in terms of averments made in Original Application as well as Proof Affidavit filed by applicant bank establishing its claim. Applicant bank filed Statement of Accounts duly certified under Bankers’ Book Evidence Act, evidencing the amount claimed against defendants.

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The defendants were set ex-parte on 26.10.2023, but till this day they did not take any action to set aside the ex-parte order and did not choose

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to contest the claim. Further, a careful scrutiny of records makes it clear that present application is filed well within limitation and this Tribunal possesses necessary and proper jurisdiction to entertain and adjudicate the claim. No oral or documentary evidence on the side of defendants are produced or filed to dispute the claim of applicant bank. Hence, it can be concluded that applicant bank has proved its claim against defendants.

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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, a total sum of Rs.93,10,514/- (Rupees

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Ninety three lakh ten thousand five hundred fourteen Only) as follows:

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(i) A sum of Rs.84,91,414/- due in respect of OCC facility (A/c No.005802000002172), repayable by the Defendants 1 to 3 jointly and severally, together with further interest @ 12.80%, p.a. with monthly rests from the date of filing the OA, till date of realization in full;

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(ii) A sum of Rs.4,57,081/- due in respect of FITL-1 facility (A/c No. 0058023304000001), repayable by

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Defendants 1 to 3 jointly and severally together with further interest @ 10.90%, p.a. with monthly rests from the date of filing the OA, till date of realization in full;

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(iii) A sum of Rs.3,62,019/- due in respect of FITL-2 facility (A/c No.0058023304000002), repayable by Defendants 1 to 3 jointly and severally together with further interest @ 10.90%, p.a. with monthly rests from the date of filing the OA, till date of realization in full along with costs.

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(b) In the event of failure of the Defendants to pay the aforesaid amount, the bank is at liberty to recover the amount by sale of the schedule mentioned hypothecated assets.

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(d) If the sale proceeds of the hypothecated assets are not sufficient to satisfy the dues as ordered above, the applicant bank is at liberty to sell the personal assets of the Defendants (both

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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;

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(e) 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

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to prepare Recovery Certificate for the amount to be paid by Defendant to the applicant bank.

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(f) The applicant bank shall file memo of costs within ten days

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from the date of receipt of this final order.

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(g) 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 Steno (Suriya), transcribed by him, corrected, signed and pronounced by me on this the 10^th day of February, 2026)

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ANNEXURES

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WITNESSES EXAMINED FOR THE APPLICANT BANK :

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AW-1: Mr. Ritesh Kumar Sahu, Asst. General Manager representing the Applicant Bank.

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Exhibits on the part of the Applicant:

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Sl. No.	Dated	Description of Documents	Exhibit No.
1.	31.1.2005	Sanction letter by applicant	A-1.
2.	31.1.2005	DPN for 7.5 lakh by 1^stdefdt	A-2.
3.	31.1.2005	Letter of Continuity	A-3.
4.	31.1.2005	Letter of Hypothecation (open Advances)	A-4.
5.	31.1.2005	Letter of Hypothecation (securing machineries)	A-5.
6.	31.1.2005	Hypothecation of Book debts	A-6.
7.	31.1.2005	Letter of Hypothecation	A-7.

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8.	31.1.2005	Letter of Consent	A-8.
9.	31.1.2005	Partnership letter of Authority	A-9.
10.	3.6.2005	No Lien cum Access letter	A-10
11.	31.01.2005	Guarantee Agreements	A-11
12.	31.01.2005	Guarantee Agreements	A-12
13.	19.10.2006	Sanction letter	A-13
14.	23.10.2006	DPN for 7.5 lakh by 1^stdefdt.	A-14
15.	23.10.2006	Letter of Continuity	A-15
16.	23.10.2006	Supplemental deed of Hypothecation	A-16
17.	23.10.2006	Letter of Hypothecation	A-17
18.	23.10.2006	Hypothecation of Book debts	A-18
19.	01.04.2006	Partnership letter of Authority from all partners	A-19
20.	01.04.2006	Partnership Letter cum Letter of Authority	A-20
21.	03.11.2006	Partnership Letter cum Letter of Authority	A-21
22.	23.10.2006	Letter of Undertaking	A-22
23.	29.05.2006	Intimation Letter	A-23
24.	23.10.2006	Guarantee Agreement by 3^rddef.	A-24
25.	25.10.2006	Guarantee Agreement	A-25
26.	18.12.2007	Sanction letter	A-26
27.	26.12.2007	DPN for Rs.23 lakhs	A-27
28.	26.12.2007	Letter of Continuity	A-28
29.	26.12.2007	Supplemental deed of Hypothecation	A-29
30.	26.12.2007	Letter of Hypothecation	A-30
31.	26.12.2007	Letter of Hypothecation for machineries	A-31
32.	26.12.2007	Hypothecation of Book debts	A-32
33.	26.12.2007	Partnership letter of Authority from all partners.	A-33
34.	26.12.2007	Partnership Letter cum Letter of Authority	A-34
35.	26.12.2007	Letter of Undertaking	A-35
36.	26.12.2007	Intimation Letter	A-36
37.	26.12.2007	Guarantee Agreement by 3^rddef.	A-37
38.	26.12.2007	Guarantee Agreement	A-38
39.	26.12.2007	Guarantee Agreement	A-39
40.	24.01.2009	Sanction letter	A-40
41.	27.01.2009	DPN letter for Rs.7 lakhs	A-41
42.	27.01.2009	Letter of Continuity	A-42
43.	27.01.2009	Supplemental deed of Hypothecation	A-43
44.	27.01.2009	Letter of Hypothecation	A-44
45.	27.01.2009	Letter of Hypothecation for machineries	A-45
46.	27.01.2009	Hypothecation of Book debts	A-46
47.	27.01.2009	Letter of Undertaking	A-47

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48.	27.01.2009	Intimation Letter	A-48
49.	27.01.2009	Guarantee Agreement	A-49
50.	27.01.2009	Guarantee Agreement	A-50
51.	27.01.2009	Guarantee Agreement	A-51
52.	02.06.2010	DPN for Rs.3.5 lakhs	A-52
53.	02.06.2010	Letter of Continuity	A-53
54.	02.06.2010	Letter of Hypothecation	A-54
55.	02.06.2010	Letter of Hypothecation for machineries	A-55
56.	02.06.2010	Hypothecation of Book debts	A-56
57.	06.07.2011	DPN letter for Rs.6.5 lakhs	A-57
58.	06.07.2011	Letter of Continuity	A-58
59.	06.07.2011	Letter of Hypothecation	A-59
60.	06.07.2011	Letter of Hypothecation for machineries	A-60
61.	06.07.2011	Hypothecation of Book debts	A-61
62.	06.07.2011	Guarantee Agreement	A-62
63.	21.01.2013	DPN letter for Rs.5 lakhs	A-63
64.	21.01.2013	Letter of Continuity	A-64
65.	21.01.2013	Letter of Hypothecation for machineries	A-65
66.	21.01.2013	Guarantee Agreement	A-66
67.	21.01.2013	Guarantee Agreement	A-67
68.	10.03.2014	DPN letter for Rs.15 lakhs	A-68
69.	10.03.2014	Letter of Continuity	A-69
70.	10.03.2014	Letter of Hypothecation for machineries	A-70
71.	10.03.2014	Guarantee Agreements	A-71
72.	29.06.2021	Sanction letter for FITLFacility-1& 2 for Rs.4,20,728/-&Rs.3,33,750/-	A-72
73.	29.06.2021	DPN letter for Rs.4,20,728/-	A-73
74.	29.06.2021	DPN Delivery letter	A-74
75.	29.06.2021	Letter of Undertaking for repayment	A-75
76.	29.06.2021	Undertaking letter from new Borrowers	A-76
77.	29.06.2021	DPN letter Rs.3,33,750/-	A-77
78.	29.06.2021	DPN Delivery letter	A-78
79.	29.06.2021	Letter of Undertaking for repayment	A-79
80.	29.06.2021	Undertaking letter from new Borrowers	A-80
81.	26.12.2007	Revival letter by 1^stdefdt.	A-81
82.	02.06.2010	Revival letter by 1^stdefdt.	A-82
83.	21.01.2013	Revival letter by 1^stdefdt.	A-83
84.	13.01.2016	Revival letter by 1^stdefdt.	A-84
85.	04.01.2019	Revival letter by 1^stdefdt.	A-85
86.	30.06.2021	Revival letter by 1^stdefdt.	A-86
87.	03.04.2006	Debit confirmation letter by 1^stdefdt.	A-87
88.	05.08.2022	Recall notice issued by Applicant Bank	A-88
89.	02.09.2022	Recall notice issued by Applicant Bank	A-89
90.	01.04.2011	Deed of Reconstitution of Partnership	A-90
91.	29.10.2022	Legal notice by applicant’s counsel	A-91
92.		Certified Statement of Accounts	A-92

¶222

O.A. No. 05 of 2023

¶223

¶224

10.02.2026

¶225

Witness Examined for the Defendants: -Nil-

¶226

List of Documents Exhibited for the Defendants: -Nil –

¶227

:- SCHEDULE -:

¶228

All the Hypothecated stocks & other current assets are lying at the First defendant premises i.e., No. 47A, North Phase, SIDCO Industrial Estate, Chennai – 600098 or stored or in transit or wherever found.

¶229

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

Indian Overseas Bank v. M s Sakthi Engineering

Case brief

What is this about?

What did the court decide?

Indian Overseas Bank v. M s Sakthi Engineering

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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