Allowed

Tamilnad Mercantile Bank Limited v. M Kathiravan - Prop M/s. Mkm Traders

DRT3 Jul 2026OA/326/2022

Case brief

AI extract

What is this about?

Debt Recovery Tribunal allowed an application filed by State Bank of India to recover Rs. 50,00,052.01 plus interest from three respondents who defaulted on cash credit, term loan, and overdraft facilities secured by personal guarantees and hypothecated assets.

What did the court decide?

Directed the respondents to pay jointly/severally Rs. 50,00,052.01 plus subsequent simple interest at 11.45% p.a. with cost within one month, authorizing sale of mortgaged properties in case of defaul

Tamilnad Mercantile Bank Limited versus M Kathiravan - Prop… — Banking and Recovery | DRT (2026)

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OA No. 326/2022

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Fair Order

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IN THE DEBTS RECOVERY TRIBUNAL AT MADURAI DATED THIS 03^rd DAY OF JULY, 2026 PRESENT: SEEMA SINHA,

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[PR. DISTRICT & SESSIONS JUDGE – Retd]

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PRESIDING OFFICER

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OA No. 326/2022

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Between

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State Bank of India, Woraiyur Branch, No. 107 A, Salai Road Woraiyur, Trichy District Rep. By its Branch Manager. --- Applicant Bank

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And

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Mr. M. Kathiravan, S/o Mookan,

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Prop. M/s MKM Traders,

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No. 96, Post Office Street,

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Thalavaipuram – 628 205.

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Mrs. K. Chithirakala, W/o Kathiravan,

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Prop. M/s MKM Traders,

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No. 96, Post Office Street,

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Thalavaipuram – 628 205.

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Mr. A. Anantharaj, S/o Ayyagan, No. 92/73, Amman Kovil Street, Thalavaipuram, Mela Tiruchendur, Thoothukudi – 628 204. --- Defendants

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Counsel for the Applicant Bank : Mr. T. Govindasamy

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This Original Application was heard and fixed for passing final order before me in the presence of the above said Advocate for Applicant Bank and the Defendants having been set ex-parte and upon hearing the arguments of Counsel for Applicant Bank and upon perusing the material available on the records and having stood over for consideration till this day, this Tribunal delivered the following:

Page 1 of 11

OA No. 326/2022

JUDGEMENT

1 . This Application has been filed under Sec.19 (1) of the "The Recovery of Debts due to Banks and Financial Institutions Act, 1993" now amended as The Recovery of Debts and Bankruptcy Act, 1993 by the Applicant Bank on 21.02.2022 to recover from the Defendants a sum of Rs. 50,00,052.01 ps with subsequent interest as under :-

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(i) Rs. 26,38,873.51 towards Cash Credit Facility as on 19.02.2022 with subsequent interest at the rate of 11.45 % p.a. with 2 % penal interest,

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(ii) Rs. 13,13,206.70 ps towards Term Loan Facility of D-2, as on 19.02.2022 with subsequent interest at the rate of 11.45 % p.a. with 2 % penal interest and

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(iii) Rs. 10,47,971.80 ps towards Overdraft Facility of D-2 as on 19.02.2022 with subsequent interest at the rate of 11.45 % p.a. with 2 % penal interest

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from the date of filing of Application till the date of realization with cost and by sale of mortgaged/hypothecated properties, more fully described in Schedules of the application.

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2 . The brief averments of the application filed by the Applicant Bank are as follows:-

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M/s. MKM Traders - CASH CREDIT FACILITY

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(i) The Applicant bank submitted that 1^st Defendant is the proprietor of M/s. MKM Traders involves in business of engaged in the business activity trading and distributing major branded groceries at Thoothukudi District. He approached the applicant bank for seeking Cash Credit Facility as working capital for their business needs for a sum of Rs. 25,00,000/- (Rupees Twenty Five Lakhs Only). The same was sanctioned and all necessary loan documents was executed on 22.02.2019. In consideration of Cash Credit facility the 1^st defendant executed a Demand Promissory Note on 22.02.2019 for a sum of Rs. 25,00,000/- (Rupees Twenty Five Lakhs Only) in favour of the Applicant Bank as a continuing security promising to repay the loan amount on demand with interest at the rate of 11.45% per annum from the said date and at the bank's ruling rate prevailing from time to time with monthly rests. On 22.02.2019, the 1^st defendant had executed letter of undertaking for the operation of and he had accepted all the loan account and conditions of the bank.

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Page 2 of 11

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OA No. 326/2022

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(ii) The Applicant Bank submitted that in consideration of the said Cash Credit Lean facility the defendant on 22.02.2019 executed agreement for hypothecation of stock in favour of the applicant bank which is mentioned in "A" Schedule herein. On 22.02.2019, the 1^st defendant had executed power of attorney in favour of the applicant bank and there by he had authorized the bank to act on behalf of him in case of default to recover the debts and claims owes to him. 2nd and 3rd defendant had executed personal guarantee agreement on 22.02.2019 in faovur of the applicant bank.

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(iii) The Applicant bank further submitted that 3^rd defendant had deposited the title deeds with the applicant bank on 07.03.2019 in Doc No. 511 of 2019 which are mentioned in the "B" Schedule herein and also on 22.02.2019 the 3rd defendant had executed consent letter, Guarantee covering Letter, Mortgage extension letter and undertaking letter to keep the security intact letter with regard to the property motioned in B schedule.

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M/S. MEM SPICES TERM LOAN FACILITY:

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(i) Applicant bank submitted that 2^nd Defendant is the proprietor of M/B: MKM Spices involves business of packing and selling groceries Thoothukudi District. He had approached the applicant bank seeking purchase Term Loan Rs. 12,00,000/- (Rupees Twelve Lakhs Only) packing machine. The applicant bank also sanctioned the said loan and credit sanction advice made 09.05.2019. 2^nd defendant executed a Demand Promissory Note repay 09.05.2019 for a sum of Rs. 12,00,000/- (Rupees Twelve Lakhs Only) in favour of the Applicant Bank as a continuing security promising the loan amount on demand with interest at the rate of 11.45% per annum from this date and at the bank's ruling rate prevailing from time to time with monthly rests.

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(ii) The Applicant Bank submits that on 09.05.2019, 2nd defendant had executed a letter of undertaking for repayment of the amount due in promissory note and also executed a letter of undertaking for the operation of the loan account and he had accepted all the terms and conditions of the bank to repay the term loan of Rs. in 60 Equal Monthly 12,00,000/- (Rupees Twelve Lakhs Only) installments of Rs.26,211/ plus interest each, the first of such installment payment to commence from 09.05.2005. It is further submitted that the defendant had agreed that in default of any one of the above said installments, the Applicant Bank is at liberty to demand and collect the entire outstanding balance. The defendants also agreed to pay penal interest at 2% over and above the contractual rate of interest in the event of default in payment of installment amounts.

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Page 3 of 11

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OA No. 326/2022

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(iii) The Applicant Bank submitted that 2^nd defendant on 09.05.2019 executed agreement for hypothecation of the machineries in favour of the applicant bank which are mentioned in the "A" Schedule herein. 1^st and 3^rd defendant had executed personal guarantee agreement on 09.05.2019 in faovur of the applicant bank. It is also submitted that 3^rd defendant had deposited the title deeds with the applicant bank on 07.03.2019 in Doc No. 511 of 2019 which are mentioned in the "B" Schedule herein. 3^rd defendant had executed consent letter, Mortgage extension letter and undertaking letter to keep the security intact letter with regard to the property motioned in B schedule. It is further submitted that the 1^st and 3^rd defendant had executed consent letter, guarantee covering letter and letter of guarantee on 09.05.2019.

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M/s. MKM SPICES - OVER DRAFT FACILITY

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(i) The Applicant bank submitted that 2^nd Defendant is the proprietor of M/s. MKM Spices involves in business of packing and selling groceries at Thoothukudi District. He had approached the applicant bank seeking Overdraft Facility working capital for their business needs and executed a Demand Promissory Note on 04.06.2019 for sum of Rs. 10,00,000/- (Rupees Ten Lakhs Only) in favour of the Applicant Bank as a continuing security promising to repay the loan amount on demand with interest at the rate of 11.45% per annum from the said date and at the bank's ruling rate prevailing from time to time with monthly rests. On 04.06.2019 executed a letter of undertaking for repayment of the amount due in promissory note and accepted all the terms and conditions of the bank. For Cash Credit Loan facility the 2^nd defendant executed agreement for hypothecation of stock on 04.06.19 in favour of the applicant bank which is mentioned in the "A" Schedule. 1^st and 3^rd defendant had executed personal guarantee agreement on 04.06.2019 in faovur of the applicant bank.

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(ii) The Applicant bank further submitted that 3^rd defendant had deposited the title deeds with the applicant bank on 07.03.2019 in Doc No. 511 of 2019 which are mentioned in the "B" Schedule and also executed consent letter, Mortgage extension letter and undertaking letter to keep the security intact letter. The Applicant bank submitted that on 04.06.2019 the 1^st and 3^rd defendant had executed consent letter, guarantee covering letter and letter of guarantee and thereby they stood as the guarantor's for the credit facility.

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The applicant bank further submitted that the defendants had not operated the Cash Credit facility as agreed and promised. Thus they had committed default in repaying the loan amount with interest & costs. The loan account was classified as Non Performing Assets on 31-03-2021

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OA No. 326/2022

HYPOTHECATION

The Applicant bank submitted that defendants had entered into hypothecation agreements 22.02.2019, 09.05.2019 and on 04.06.2019 in favour of Applicant Bank by hypothecating particulars mentioned in Schedule-A.

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EQUITABLE MORTGAGE:

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The Applicant Bank submitted that 3^rd defendant had deposited their title deeds as common security for the credit facility availed by 1^st and 2^nd defendant and Memorandum of deposit of title deeds made on 07.03.2019 in Doc No. 511 of 2019.

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Despite repeated demands and reminders, made by the Applicant Bank, the Defendants have failed and neglected to repay and adjust their liability. Hence, the Applicant Bank has filed the OA for recovery of a sum of

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(i) Rs. 26,38,873.51 towards Cash Credit Facility as on 19.02.2022 with subsequent interest at the rate of 11.45 % p.a. with 2 % penal interest,

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(ii) Rs. 13,13,206.70ps towards Term Loan Facility of D-2, as on 19.02.2022 with subsequent interest at the rate of 11.45 % p.a. with 2 % penal interest and

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(iii) Rs. 10,47,971.80ps towards Overdraft Facility of D-2 as on 19.02.2022 with subsequent interest at the rate of 11.45 % p.a. with 2 % penal interest

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from the date of filing of Application till the date of realization with cost

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The Applicant Bank has submitted the following documents in support its claim in the OA, which are as follows:

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S. No.	Date	Description of document	Exhi	bits
1.	22.02.2019	Sanction advice	Ex. No.	A-1
2.	22.02.2019	DemandpromissoryNote	Ex. No.	A-2
3.	22.02.2019	Take deliveryletter	Ex. No.	A-3
4.	22.02.2019	Undertakingletter	Ex. No.	A-4
5.	22.02.2019	Undertakingletter	Ex. No.	A-5
6.	22.02.2019	Undertakingletter	Ex. No.	A-6
7.	22.02.2019	Undertakingto letter repayinstallments	Ex. No.	A-7
8.	22.02.2019	Undertakingletter	Ex. No.	A-8
9.	22.02.2019	Hypothecation agreement	Ex. No.	A-9
10.	22.02.2019	Godown free access letter	Ex. No.	A-10
11.	22.02.2019	Letter of hypothecation of book debts	Ex. No.	A-11

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Page 5 of 11

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OA No. 326/2022

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12.	22.02.2019	Power of attorney	Ex. No. A-12
13.	22.02.2019	Consent letter of borrower	Ex. No. A-13
14.	22.02.2019	Consent letter executed by guarantor	Ex. No. A-14
15.	22.02.2019	Guarantee agreement	Ex. No. A-15
16.	22.02.2019	Consent letter executed bythe mortgagor	Ex. No. A-16
17.	22.02.2019	Mortgage extension letter	Ex. No. A-17
18.	22.02.2019	Undertakingletter to keepthe security	Ex. No. A-18
19.	09.05.2019	Sanction advice	Ex. No. A-19
20.	09.05.2019	Proprietarydeclaration	Ex. No. A-20
21.	09.05.2019	DemandpromissoryNote	Ex. No. A-21
22.	09.05.2019	Demand promissory Note presentment thereof	Ex. No. A-22
23.	09.05.2019	Take deliveryletter	Ex. No. A-23
24.	09.05.2019	Undertakingletter	Ex. No. A-24
25.	09.05.2019	Undertakingletter	Ex. No. A-25
26.	09.05.2019	Letter of undertaking for payment of installments	Ex. No. A-26
27.	09.05.2019	Term Loan agreement	Ex. No. A-27
28.	09.05.2019	Hypothecation agreement	Ex. No. A-28
29.	09.05.2019	Godown letter access	Ex. No. A-29
30.	09.05.2019	Undertakingletter of borrower	Ex. No. A-30
31.	09.05.2019	Consent clause executed bythe borrower	Ex. No. A-31
32.	09.05.2019	Consent letter executed by guarantor	Ex. No. A-32
33.	09.05.2019	Guarantee agreement	Ex. No. A-33
34.	09.05.2019	Authorization letter executed by the defendants	Ex. No. A-34
35.	09.05.2019	Consent letter executed bymortgagor	Ex. No. A-35
36.	09.05.2019	Mortgage extension letter	Ex. No. A-36
37.	09.05.2019	Undertakingletter to keepthe security	Ex. No. A-37
38.	04.06.2019	Sanction advice	Ex. No. A-38
39.	04.06.2019	Proprietarydeclaration form	Ex. No. A-39
40.	04.06.2019	DemandpromissoryNote	Ex. No. A-40
41.	04.06.2019	Take deliveryletter	Ex. No. A-41
42.	04.06.2019	Undertakingletter	Ex. No. A-42
43.	04.06.2019	Undertakingletter	Ex. No. A-43
44.	04.06.2019	Undertakingletter	Ex. No. A-44
45.	04.06.2019	Letter of undertaking for payment of installments	Ex. No. A-45
46.	04.06.2019	Hypothecation agreement	Ex. No. A-46
47.	04.06.2019	Godown free access letter	Ex. No. A-47
48.	04.06.2019	Consent letter of borrower	Ex. No. A-48
49.	04.06.2019	Consent letter of executed by gurantor	Ex. No. A-49
50.	04.06.2019	Guarantee agreement	Ex. No. A-50

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OA No. 326/2022

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51.	04.06.2019	Consent letter executed by the letter mortgagor	Ex. No. A-51
52.	04.06.2019	Mortgage extension letter	Ex. No. A-52
53.	04.06.2019	Undertakingletter to keepthe security	Ex. No. A-53
54.	07.03.2019	Memorandum of Deposit of title deeds	Ex. No. A-54
55.	17.09.2007	Sale Deed in Doc No. 1902 of 2007	Ex. No. A-55
56.	08.01.1935	Sale deed in Doc No. 72 of 1935	Ex. No. A-56
57.	04.12.2007	Patta	Ex. No. A-57
58.	13.09.2007	Legal Heir Certificate	Ex. No. A-58
59.	08.01.2018	Suit register extract in O.S No. 154 of 1985	Ex. No. A-59
60.		Encumbrance certificate	Ex. No. A-60
61.		Loan account statement	Ex. No. A-61

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"A" SCHEDULE

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HYPOTHECATED GOODS

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All the stocks, trade and all goods stored at the premises of defendant and the godowns and warehouse of the defendants.

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HYPOTHECATED MACHINES

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Automatic filling and sealing machines installed in the premises of the defendants,

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HYPOTHICATED STOCKS AND BOOK DEBTS

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All the hypothecated stocks, book detbs, outstanding, money receivables, claims and bills due and owing to the defendants.

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"B" SCHEDULE

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DESCRIPTION OF THE IMMOVABLE PROPERTY

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Thoothukudi Registration District, Tiruchendur Sub Registration office Mela Tiruchendur Village Thalavaipuram, Mela Tiruchendur Total Sq Ft 11343.71 Sqmt. 1040.52 cents 26, S.No.545/1, Patta No. 1853

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Boundaries:

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North : Athi Jeyaguru Land

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South : Ranjani Ammal Land

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East : North South Road

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West : Ranjani Ammal Land

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Page 7 of 11

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OA No. 326/2022

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3 . On the other hand, Notices were issued to Defendants and since from the beginning of the case, there was no representation on behalf of the Defendants. Hence, Defendants were set ex-parte.

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4. Now the main point for consideration before me is as to whether the Applicant has been able to prove his case on his own leg?

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Having gone through the affidavit of the applicant and the documents filed by them and also considering the submission of the counsel for the Applicant, I find that the Applicant Bank, in order to prove its claim, has filed Proof Affidavit executed by one Mr. J. Ramkumar, who is the Manager of the Applicant Bank.

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He has stated in his affidavit that the defendants have availed Cash Credit Facility, Term Loan Facility and Overdraft Facility from the Applicant Bank, but they failed to pay the outstanding loan amount, hence the applicant has filed the case. The applicant bank has also filed the documents given by the defendants at the time of sanctioning the loan amount, which have been marked as Exhibits No. A-01 to A-61 in support of its claim in the OA.

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The first defendant has availed the Cash Credit facility to the tune of Rs. 25,00,000/- from the applicant bank on 22.02.2019. The sanction advice for Cash Credit Facility has been marked as Ex. No. A-01. For the above said Loan, D-1 has executed Demand Promissory Note, Take Delivery Letter, Undertaking Letters and the Undertaking Letter to repay installments on 22.02.2019 in favour of the Applicant Bank, which have been marked as Ex. No. A-02 to A-08. Further, D-1 has executed the Hypothecation Agreement, Godown free access Letter, Letter of Hypothecation of Book Debts, Power of Attorney and Consent Letter on 22.02.2019 in favour of the Applicant bank, which have been marked as Ex. No. A-09 to A-13. For the above said Loan, D-2 & D-3 had executed the Consent Letter and Guarantee Agreement on 22.02.19 in favour of the Applicant Bank, which have been marked as Ex. No. A-14 & A-15. Consent Letter executed by the Mortgagor has been marked as Ex. No. A-16. Mortgage extension Letter and undertaking letter to keep the security had been marked as Ex. No. A-17 & A-18.

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The Second defendant has availed the Term Loan facility to the tune of Rs. 12,00,000/- from the applicant bank on 09.05.2019 for purchase of Packing Machine. The sanction advice for Term Loan Facility has been marked as Ex. No. A-19. For the above said Loan, D-2 has executed Proprietary Declaration, Demand Promissory Note, Demand Promissory Note Presentment, Take Delivery Letter, Undertaking Letters and the Undertaking

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Page 8 of 11

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OA No. 326/2022

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Letter to repay installments on 09.05.2019 in favour of the Applicant Bank, which have been marked as Ex. No. A-20 to A-26. Further, D-2 has executed the Hypothecation Agreement, Godown free access Letter, Letter of Hypothecation of Book Debts, Undertaking Letter and Consent clause Letter on 09.05.2019 in favour of the Applicant bank, which have been marked as Ex. No. A-27 to A-31. For the above said Loan, D-1 & D-3 had executed the Guarantee Agreement on 09.05.19 in favour of the Applicant Bank, which have been marked as Ex. No. A-33. Authorization Letter, Consent Letter executed by the Mortgagor, Mortgage Extension Letter and undertaking Letter to keep the security have been marked as Ex. No. A-34 to A-37.

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The Second defendant has availed the Overdraft facility to the tune of Rs. 10,00,000/- from the applicant bank on 04.06.2019. The sanction advice for Overdraft Facility has been marked as Ex. No. A-38. For the above said Loan, D-2 has executed Proprietary Declaration, Demand Promissory Note, Take Delivery Letter, Undertaking Letters and the Undertaking Letter to repay installments on 04.06.2019 in favour of the Applicant Bank, which have been marked as Ex. No. A-39 to A-45. Further, D-2 has executed the Hypothecation Agreement, Godown free access Letter and Consent Letters by the borrower and guarantor on 04.06.2019 in favour of the Applicant bank, which have been marked as Ex. No. A-46 to A-48. For the above said Loan, D-1 & D-3 had executed the Guarantee Agreement on 04.06.19 in favour of the Applicant Bank, which has been marked as Ex. No. A-50. Consent Letter executed by the Mortgagor, Mortgage Extension Letter and undertaking Letter to keep the security have been marked as Ex. No. A-51 to A-53. D-3 had deposited the titled deeds with the applicant and executed the Memorandum of Deposit of Title Deeds on 07.03.2019 vide Document No. 511/19. The same has been marked as Ex. No. A-54. Mortgage Documents have been marked as Ex. Nos. A-55 to A-60. Statement of Accounts for all loan has been marked as Ex. No. 61.

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So the averments of the applicant as well as the statement of the pleading have been corroborated by the above mentioned documents.

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As the Defendants remained ex-parte, the claim of the Applicant Bank is neither disproved nor dislodged and goes on record as proved. Accordingly a cumulative analysis of both the Proof Affidavit and documents marked by the Applicant Bank would prove the claim of the Applicant Bank in the OA.

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So far the claim of interest is concerned, it is a well settled Law that the Tribunal has got powers to award pendente lite interest in view of the Judgment of the Hon’ble Supreme Court in N.M. Veerapa Vs Canara Bank (reported in AIR 98(1), 1101 & in Central bank of India Vs Ravindra and OS (AIR, 2001(1), 3095).

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Page 9 of 11

¶96

OA No. 326/2022

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So far the penal interest is concerned Hon'ble supreme court stated in the said judgement as followed " Though interest can be capitalised on the anology that the interest falling due on the accrued date and remaining unpaid, partakes the character of amount advanced on that date, yet penal interest, which is charged by way of penalty for non payment, cannot be capitalized. Further interest, i.e interest on interest, whether simple, compound or penal, cannot be claimed on the amount of penal interest. Penal interest cannot be capitalized. It will be opposed to public policy ".

¶98

Therefore, this Original Application is allowed. The Applicant Bank is entitled for a final order on the following lines:-

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The Applicant Bank is entitled to recover from the Defendants, a sum of Rs. 50,00,052.01ps (i.e) (i) Rs. 26,38,873.51ps towards Cash Credit Facility with subsequent interest at the rate of 11.45 % p.a., (ii) Rs. 13,13,206.70ps towards Term Loan Facility with subsequent interest at the rate of 11.45 % p.a. and (iii) Rs. 10,47,971.80ps towards Overdraft Facility with subsequent interest at the rate of 11.45 % p.a. from the date of filing of Application till the date of realization with cost. Accordingly, it is hereby

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ORDERED

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(a) That the Defendants are directed to pay jointly/severally for a sum of Rs. 50,00,052.01ps (i.e) (i) Rs. 26,38,873.51ps towards Cash Credit Facility with subsequent interest at the rate of 11.45 % p.a., (ii) Rs. 13,13,206.70ps towards Term Loan Facility with subsequent interest at the rate of 11.45 % p.a. and (iii) Rs. 10,47,971.80ps towards Overdraft Facility with subsequent interest at the rate of 11.45 % p.a. from the date of filing of Application till the date of realization with cost within one month from the date of receipt of this order.

¶102

(b) In case of default of payment by the above mentioned Defendants, the Applicant Bank is at liberty to sell the movable / immovable properties more fully described in Schedule of the original application for appropriation of sale proceeds towards the satisfaction of amount due to the Applicant Bank.

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(c) If the sale proceeds are not sufficient, after defraying the expenses of such sale, for the payment of all such amounts, the defendants are jointly/severally liable to pay the amount of such deficiency with interest mentioned above until realization.

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Page 10 of 11

¶105

OA No. 326/2022

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(d) Any amount remitted during the course of this proceedings shall

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be given due credit, to the loan account of the defendants.

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(e) Recovery Certificate be prepared, as per the directions given above, and issue accordingly. A copy of the order is to be communicated to the parties concerned, immediately.

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(f) It is further ordered that the Applicant Bank shall file cost memo within a period of one month from the date of receipt of this order, so as to prepare the recovery certificate with cost for the Cash Credit Facility, Term Loan Facility and Overdraft Facility and the Recovery Officer is also directed to proceed with the matter in accordance with law. In case, cost memo is not filed before said period of one month, Recovery Certificate will be prepared with available records.

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Dictated to SKP (Typist), taken down, transcribed, typed by her, corrected and pronounced by me in the Open Court in this the 03^rd July, 2026.

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Sd/- (SEEMA SINHA) PRESIDING OFFICER

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Uploaded on 16.07.2026

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Tamilnad Mercantile Bank Limited v. M Kathiravan - Prop M/s. Mkm Traders

Case brief

What is this about?

What did the court decide?

Tamilnad Mercantile Bank Limited v. M Kathiravan - Prop M/s. Mkm Traders

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Cases cited

Statutes considered

Parties & counsel

Coram

Case details

All orders in this case

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