Allowed

Canara Bank v. Thoorigai Engineers and Developers

DRT6 Jul 2026OA/770/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an application filed by Canara Bank to recover outstanding dues from M/s. Thoorigai Engineers & Developers and aRespondent (Mrs. S Sutha) ex-parte. The Court verified the bank's documentation, recognized prior property sale under SARFAESI, and directed recovery of the principal amount plus interest at adjusted rates.

What did the court decide?

Direct payment of RS.2,59,04,060/- with interest; leave to sell properties if proceeds are insufficient; preparation of Recovery Certificate within one month.

Canara Bank versus Thoorigai Engineers and Developers — Banking and Recovery | DRT (2026)

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OA No. 770/2022

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Fair Order

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IN THE DEBTS RECOVERY TRIBUNAL AT MADURAI DATED THIS 06^th DAY OF JULY, 2026 PRESENT: SEEMA SINHA, [PR. DISTRICT & SESSIONS JUDGE – Retd] PRESIDING OFFICER

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OA No.770/2022

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Between

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Canara Bank, Tallakulam Branch, Madurai Rep. by its Chief Manager.

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---Applicant Bank

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And

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M/s. Thoorigai Engineers & Developers Represented by its proprietor Mr P Saravana Kumar, Thoorigai Illam, Plot No.58, 1^st Floor, Alamelu Nagar, Kalai Nagar Extension, Kosakulam Main Road, Madurai-625 017

¶10

Mrs S Sutha W/o.Mr. Saravana Kumar, Thoorigai Illam, Plot No.58, 1^st Floor, Alamelu Nagar, Kalai Nagar Extension, Kosakulam Main Road, Madurai-625 017 .....Defendants

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Counsel for the Applicant Bank : M/s P Madhan Alexandar, P Priyadharshini & S Dhanapandian

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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

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Page 1 of 12

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OA No. 770/2022

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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:

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JUDGEMENT

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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 19.10.2022 to recover from the Defendants a sum of Rs.2,59,04,060/- i.e., i) Rs.1,76,35,778/- together with interest at the rate of 16.75% p.a. with monthly rests plus penal interest at the rate of 2 % p.a. in respect of Cash Credit Facility from D-1 & D-2 ii) Rs.7,44,212/- together with interest at the rate of 9.50 % p.a. with monthly rests plus penal interest at the rate of 2 % p.a. in respect of Term loan-I from D-1 iii) Rs.50,91,794/- together with interest at the rate of 8.70 % p.a. with monthly rests plus penal interest at the rate of 2 % p.a. in respect of Term loan-II from D-1 & iv) Rs.24,32,276/together with interest at the rate of 11.35 % p.a. with monthly rests plus penal interest at the rate of 2 % p.a. in respect of FITL from D-1 & D-2 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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The Applicant Bank submits that the defendants approached the Applicant Bank for availing Cash Credit Facility & Term Loan for their business purpose. The Applicant Bank has also sanctioned the said Cash Credit Facility initially to the limit of Rs.68,00,000/- which was subsequently enhanced to the limit of Rs. 1,50,00,000/- and Term Loan-I for a sum of Rs.10,00,000/- and Term Loan-II for a sum of Rs.52,00,000/- and FITL for a sum of Rs.26,42,000/-.

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CASH CREDIT FACILITY

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In consideration of the above said Cash Credit Facility, the 1st defendant has executed a Demand Promissory Note on 12.03.18 for a sum of Rs.68,00,000/- in favour of the Applicant Bank by promising to repay the loan amount on demand. For the said Cash Credit Facility, the 1^st defendant has executed a Cash Credit Agreement on 12.03.18 by hypothecating the goods & book debts which are fully described in the 'A' Schedule hereunder.

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Page 2 of 12

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OA No. 770/2022

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Further the 1^st defendant promised to repay the loan amount with compound interest at the rate of 9.45% Per annum with monthly rest or at such other rates as may be revised by the applicant bank from time to time with penal interest at the rate of 2% per annum in case of default. The 2^nd defendant agreed to stand as Continuing Guarantors for the repayment of the said loan with interest & costs thereon and executed separate guarantee covering letters along with deeds of continuing guarantee dt.12.03.18 in favour of the Applicant Bank.

¶25

At the request of the defendants the applicant bank has enhanced the limit of Cash Credit Facility for further sum of Rs.82,00,000/- and thereby the limit was enhanced from Rs.68,00,000/- to Rs.1,50,00,000/-.The Applicant Bank submits that in consideration of the above said enhanced Cash Credit Facility, the 1 defendant has executed a Demand Promissory Note on 20.12.18 for an enhanced sum of Rs.1,50,00,000/- in favour of the Applicant Bank by promising to repay the loan amount on demand with Compound interest at the rate of 10.35% Per annum with monthly rest or at such other rate as may be revised by the applicant bank from time to time. The Applicant Bank submits that in consideration of the above said enhanced Cash Credit Facility, the 1st defendant has executed a Supplemental Agreement & Common hypothecation agreement on 20.12.18 in favour of the Applicant Bank by hypothecating the goods & book debts mentioned in the 'A' Schedule hereunder, as security for repayment of the Loan by promising to repay the loan amount with compound interest at the rate of 10.35% Per Annum with monthly rest or at such other rates as may be revised by the Applicant Bank from time to time. In consideration of the said enhanced Cash Credit Facility, the 2^nd defendant agreed to stand as Continuing Guarantors for the repayment of the said loan with interest & costs thereon and executed separate guarantee covering letters along with deeds of continuing guarantee dt.20.12.18 in favour of the Applicant Bank.

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At the request of the defendants, the applicant bank has renewed the said Cash Credit facility. To that effect the 1^st defendant has executed letter of renewal dt.06.03.19, 09.10.20 & 30.06.21

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TERM LOAN-I

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The Applicant Bank submits that in consideration of the said Term Loan-I, the 1st defendant has executed an Agreement cum Deed of Hypothecation & Deed of Hypothecation dt.02.05.18 for a sum of Rs.10,00,000/- in favour of the Applicant Bank containing various terms & conditions by hypothecating goods which are fully described in the Schedule hereunder and by agreeing to repay the loan amount in 84 monthly installments of Rs.16,890/- each with interest & cost in favour of the

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Page 3 of 12

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OA No. 770/2022

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applicant Bank. Further the 1st Defendant promised to repay the loan amount with compound interest at the rate of 10.55% per annum with monthly rest or at such rates as may be revised by the bank from time to time with penal interest at the rate of 2% per annum in case of default.

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TERM LOAN-II

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The Applicant Bank submits that in consideration of the above said Term Loan-II, the 1^st defendant has executed a Demand Promissory Note on 16.04.20 for a sum of Rs.52,00,000/- in favour of the Applicant Bank by promising to repay the loan amount on demand with compound interest at the rate of 7.30% Per annum with monthly rest or at such other rate as may be revised by the applicant bank from time to time. The 1^st defendant has executed a Supplemental Common Hypothecation Agreement dt. 16.04.20 for a sum of Rs.52,00,000/- in favour of the Applicant Bank containing various terms & conditions by hypothecating goods which are fully described in the Schedule hereunder and by agreeing to repay the loan amount in 24 monthly installments; in which 23 installment of Rs.2,16,667 & last installment of Rs.2,16,659/- each with interest & cost in favour of the applicant Bank. Further the 1st Defendant promised to repay the loan amount with compound interest at the rate of 7.30% per annum with monthly rest or at such other rates as may be revised by the bank from time to time with penal interest at the rate of 2% per annum in case of default. The 1^st defendant agreed to stand as Personal Guarantor for the repayment of the said loan with interest & costs thereon and executed separate guarantee covering letters along with deeds of continuing guarantee dt.16.04.20 in favour of the Applicant Bank.

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FUNDED INTEREST TERM LOAN (FITL)

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The Applicant Bank submits that in consideration of the above said FITL, the 1^st defendant has executed a Demand Promissory Note on 31.03.21 for a sum of Rs.26,42,000/- in favour of the Applicant Bank by promising to repay the loan amount on demand with compound interest at the rate of 9.95% Per annum with monthly rest or at such other rate as may be revised by the applicant bank from time to time. The Applicant Bank submits that in consideration of the said FITL, the 1^st defendant had executed a Supplemental Common Hypothecation Agreement dt.31.03.21 for a sum of Rs.26,42,000/in favour of the Applicant Bank containing various terms & conditions by hypothecating goods which are fully described in the Schedule hereunder and by agreeing to repay the loan amount in 30 monthly installments; in which 29 installment of Rs.88,067/- & last installment of Rs.88,057/- each with interest & cost in favour of the applicant Bank. Further the 1st Defendant promised to repay the loan amount with compound interest at the rate of 9.95% per annum with monthly rest or at such other rates as may be revised

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Page 4 of 12

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OA No. 770/2022

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by the bank from time to time with penal interest at the rate of 2% per annum in case of default. The 2^nd defendant agreed to stand as Continuing Guarantors for the repayment of the said loan with interest & costs thereon and executed separate guarantee covering letters along with deeds of continuing guarantee dt.31.03.21 in favour of the Applicant Bank.

¶39

The Applicant Bank submits that in consideration of the above said loans & facility, the 1^st defendant offered his properties which are fully mentioned in the 'B' Schedule hereunder as security and thereby the 1^st defendant deposited/re-deposited their Title Deeds on 09.03.18, 20.12.18 & 17.06.20 with the applicant bank pertaining to said properties, with an intention to create an Equitable Mortgage over the said properties and by confirming the same the 1st defendant executed three registered Memorandum of Deposit of Title Deeds on 09.03.18, 20.12.18 & 22.06.20 in favour of the Applicant Bank.

¶40

The defendants have not repaid the said facility as agreed and promised by them. Thus they have committed default in repaying the loan amount. Despite repeated demands made by the applicant bank the defendants did not take sincere steps to discharge the loan.

¶41

Hence, the Applicant Bank has filed the OA for recovery of a sum of Rs.2,59,04,060/- i.e., i) Rs.1,76,35,778/- together with interest at the rate of 16.75% p.a. with monthly rests plus penal interest at the rate of 2 % p.a. in respect of Cash Credit Facility from D-1 & D-2 ii) Rs.7,44,212/- together with interest at the rate of 9.50 % p.a. with monthly rests plus penal interest at the rate of 2 % p.a. in respect of Term loan-I from D-1 iii) Rs.50,91,794/together with interest at the rate of 8.70 % p.a. with monthly rests plus penal interest at the rate of 2 % p.a. in respect of Term loan-II from D-1 & iv) Rs.24,32,276/- together with interest at the rate of 11.35 % p.a. with monthly rests plus penal interest at the rate of 2 % p.a. in respect of FITL from D-1 & D-2 from the date of filing of Application till the date of realization with cost.

¶42

During the pendency of the OA, the applicant bank has sold the property for a sum of Rs.97,10,000/- under SARFAESI auction to one Mr R Senthil Kumar and Mrs S Sangeetha and handed over the title deeds to the auction purchaser.

¶43

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

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Page 5 of 12

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OA No. 770/2022

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List of Documents

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Sl. N	Date	Particulars	Exhibit No.
o.		Cash Credit Facility
1.	12.03.2018	Demand Promissory Note executed by the 1st defendant in favour of the applicant bank	Ex. No. A-01
2.	12.03.2018	Cash Credit Agreement executed by the 1st defendant in favour of the applicant bank	Ex. No. A-02
3.	12.03.2018	Guarantee Deed along with Covering Letter executed by the 2nd defendant in favour of the applicant bank	Ex. No. A-03
4.	12.03.2018	Demand Promissory Note executed by the 1st defendant in favour of the applicant bank	Ex. No. A-04
5.	20.12.2018	Supplemental Agreement executed by the 1st defendant in favour of the applicant bank	Ex. No. A-05
6.	20.12.2018	Common Hypothecation Agreement executed by the 1st defendant in favour of the applicant bank	Ex. No. A-06
7.	20.12.2018	Guarantee Deed along with Covering Letter executed by the 2nd defendant in favour of the applicant bank	Ex. No. A-07
8.	06.03.2019	Letter of Renewal executed by the 1st defendant in favour of the applicant bank	Ex. No. A-08
9.	09.10.2020	Letter of Renewal executed by the 1st defendant in favour of the applicant bank	Ex. No. A-09
10.	30.06.2021	Letter of Renewal executed by the 1st defendant in favour of the applicant bank	Ex. No. A-10
11.	–	Statement of Accounts maintained by the applicant bank in regular course and conduct of	Ex. No. A-11
		the business Term Loan –I
12.	02.05.2018	Agreement-cum-Hypothecation executed by the 1st defendant in favour of the applicant bank	Ex. No. A-12
13.	02.05.2018	Deed of Hypothecation executed by the 1st defendant in favour of the applicant bank	Ex. No. A-13
14.	–	Statement of Accounts maintained by the applicant bank in regular course and conduct of	Ex. No. A-14
		the business
		Term Loan –II
15.	16.04.2020	Demand Promissory Note executed by the 1st defendant in favour of the applicant bank	Ex. No. A-15
16.	16.04.2020	Supplemental Common Agreement executed by the 1st defendant in favour of the applicant bank	Ex. No. A-16
17.	16.04.2020	Guarantee Deed along with Covering Letter executed by the 1^stdefendant in favour of the applicant bank	Ex. No. A-17

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Page 6 of 12

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OA No. 770/2022

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18.	–	Statement of Accounts maintained by the applicant bank in the regular course and conduct of business	Ex. No. A-18
		Funded Interest Term Loan(FITL)
19.	31.03.2021	Demand Promissory Note executed by the 1st defendant in favour of the applicant bank	Ex. No. A-19
20.	31.03.2021	Supplemental Common Hypothecation Agreement executed by the 1st defendant in favour of the applicant bank	Ex. No. A-20
21.	31.03.2021	Guarantee Deed along with Covering Letter executed by the 2nd defendant in favour of the applicant bank	Ex. No. A-21
22.	–	Statement of Accounts maintained by the applicant bank in the regular course of business	Ex. No. A-22
		Common to all loans & facility
23.	09.03.2018	Xerox Copy of Registered Memorandum of Deposit of Title Deeds executed by the 1st defendant in favour of Canara Bank	Ex. No. A-23
24.	20.12.2018	Xerox Copy of Registered Memorandum of Deposit of Title Deeds executed by the 1st defendant in favour of Canara Bank	Ex. No. A-24
		Xerox Copy of Registered Memorandum of
25.	22.06.2020	Deposit of Title Deeds executed by the 1st defendant in favour of Canara Bank	Ex. No. A-25
26.	01.04.2024	True Copy of Sale Certificate	Ex. No. A-26

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SCHEDULE OF PROPERTIES

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'A' SCHEDULE - HYPOTHECATED GOODS

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Item No.1

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Stocks of bricks, sand, cement & other building materials & others accessories kept at Door No.59, Alagar Kovil Main Road, Tallakulam, Madurai District- 625 002 and also kept wherever the defendants undertaking the construction works.

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Item No.2

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All Book Debts, Outstandings, Money Receivables, Claims and Bills due and owing to the 1^st defendant

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"B" SCHEDULE - MORTGAGE PROPERTY (Property belonging to 1^st defendant)

Page 7 of 12

OA No. 770/2022

Item No.I

Madurai District, Madurai South Registration District, Joint No.IV Sub Registry, Madurai North Taluk, Anaiyur 1^st Bit Village, a land measuring 70 Cents in RS.No.73/2 corresponding to new RS.No.73/2B along with adjacent lands; which divided into various house plots under the name & style of 'Alamelu Nagar'; Out of which Plot No.58 measuring East-West 31 feet both on Northern & Southern sides and North-South 61 ¼ feet on the Eastern side & 52 ¼ feet on the Western side totaling 1,759 Sq.ft and building constructed thereon within the following boundaries

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On the North : Plot No.46 On the East : Plot No.57 belonging to Balasubramanian On the South :East West Kosakulam Road On the West : Plot No.59

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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. Sujatha G, who is the Chief Manager of the Applicant Bank.

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He has stated in his affidavit that the defendants has availed cash credit loan, Term Loans and FITL from the Applicant Bank, but they failed to pay the outstanding loan amount, hence he has filed the case. The applicant bank has also filed the documents signed by the defendants at the time of sanctioning the loan amount, which have been marked as exhibits No.A-01 to A-26 in support of its claim in the OA.

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I scrutinized the document filed by the applicant bank and I find that the Demand Promissory Note dated 12.03.2018 executed by the 1st defendant in favour of the applicant bank is marked as Ex. A-01. The Cash Credit Agreement dated 12.03.2018 executed by the 1st defendant in favour of the applicant bank is marked as Ex. A-02. The Guarantee Deed along with

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Page 8 of 12

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OA No. 770/2022

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Covering Letter dated 12.03.2018 executed by the 2nd defendant in favour of the applicant bank is marked as Ex. A-03. The Demand Promissory Note dated 12.03.2018 executed by the 1st defendant in favour of the applicant bank is marked as Ex. A-04. The Supplemental Agreement dated 20.12.2018 executed by the 1st defendant in favour of the applicant bank is marked as Ex. A-05. The Common Hypothecation Agreement dated 20.12.2018 executed by the 1st defendant in favour of the applicant bank is marked as Ex. A-06. The Guarantee Deed along with Covering Letter dated 20.12.2018 executed by the 2nd defendant in favour of the applicant bank is marked as Ex. A-07. The Letter of Renewal dated 06.03.2019 executed by the 1st defendant in favour of the applicant bank is marked as Ex. A-08. The Letter of Renewal dated 09.10.2020 executed by the 1st defendant in favour of the applicant bank is marked as Ex. A-09. The Letter of Renewal dated 30.06.2021 executed by the 1st defendant in favour of the applicant bank is marked as Ex. A-10. The Statement of Accounts maintained by the applicant bank in the regular course and conduct of business is marked as Ex. A-11. The Agreement-cumHypothecation dated 02.05.2018 executed by the 1st defendant in favour of the applicant bank is marked as Ex. A-12. The Deed of Hypothecation dated 02.05.2018 executed by the 1st defendant in favour of the applicant bank is marked as Ex. A-13. The Statement of Accounts maintained by the applicant bank in the regular course and conduct of business is marked as Ex. A-14. The Demand Promissory Note dated 16.04.2020 executed by the 1st defendant in favour of the applicant bank is marked as Ex. A-15. The Supplemental Common Agreement dated 16.04.2020 executed by the 1st defendant in favour of the applicant bank is marked as Ex. A-16.

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Further I find that the Guarantee Deed along with Covering Letter dated 16.04.2020 is marked as Ex. A-17. The Statement of Accounts maintained by the applicant bank in the regular course and conduct of business is marked as Ex. A-18. The Demand Promissory Note dated 31.03.2021 executed by the 1st defendant in favour of the applicant bank is marked as Ex. A-19. The Supplemental Common Hypothecation Agreement dated 31.03.2021 executed by the 1st defendant in favour of the applicant bank is marked as Ex. A-20. The Guarantee Deed along with Covering Letter dated 31.03.2021 executed by the 2nd defendant in favour of the applicant bank is marked as Ex. A-21. The Statement of Accounts maintained by the applicant bank in the regular course of business is marked as Ex. A-22. The Xerox Copy of the Registered Memorandum of Deposit of Title Deeds dated 09.03.2018 executed by the 1st defendant in favour of Canara Bank is marked as Ex. A-23. The Xerox Copy of the Registered Memorandum of Deposit of Title Deeds dated 20.12.2018 executed by the 1st defendant in favour of Canara Bank is marked as Ex. A- 24. The Xerox Copy of the Registered Memorandum of Deposit of Title Deeds dated 22.06.2020 executed by the 1st defendant in favour of Canara Bank is marked as Ex. A-25. The True Copy of the Sale Certificate dated 01.04.2024

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OA No. 770/2022

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is marked as Ex. A-26. So the averments of the applicant as well as the statement of the pleading have been corroborated by the above mentioned documents.

¶75

And also I find that during the pendency of the OA, the applicant bank has sold property mentioned in Item No.II of “B” schedule for the amount of Rs.97,10,000/- under SARFAESI act and the sale certificate was issued on 01.04.2024 which is marked as exhibit Ex.No.A-26.

¶76

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.

¶77

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).

¶78

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 ".

¶79

Therefore, this Original Application is allowed . The Applicant Bank

¶80

is entitled for a final order on the following lines:-

¶81

The Applicant Bank is entitled to recover from the Defendants, a sum of Rs.2,59,04,060/- i.e., i) Rs.1,76,35,778/- together with interest at the rate of 10.35 % p.a. in respect of Cash Credit Facility from D-1 & D-2 ii) Rs.7,44,212/- together with interest at the rate of 9.50 % p.a. in respect of Term loan-I from D-1 iii) Rs.50,91,794/- together with interest at the rate of 8.70 % p.a. in respect of Term loan-II from D-1 & iv) Rs.24,32,276/- together with interest at the rate of 11.35 % p.a. in respect of FITL from D-1 & D-2 from the date of filing of Application till the date of appropriation of sale proceeds.

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Page 10 of 12

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OA No. 770/2022

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And after deducting Rs.97,10,000/- from the outstanding amount realized on sale appropriation date by selling the schedule mentioned property, the applicant is entitled to recover remaining amount together with interest at the rate of i) 10.35 % p.a. in respect of Cash Credit Facility from D-1 & D-2 ii) 9.50 % p.a. in respect of Term loan-I from D-1 iii) 8.70 % p.a. in respect of Term loan-II from D-1 and iv) 11.35 % p.a. in respect of FITL from D-1 & D-2 from the date of appropriation of sale proceeds 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 a sum of Rs.2,59,04,060/- i.e., i) Rs.1,76,35,778/- together with interest at the rate of 10.35 % p.a. in respect of Cash Credit Facility from D-1 & D-2 ii) Rs.7,44,212/- together with interest at the rate of 9.50 % p.a. in respect of Term loan-I from D-1 iii) Rs.50,91,794/- together with interest at the rate of 8.70 % p.a. in respect of Term loan-II from D-1 & iv) Rs.24,32,276/- together with interest at the rate of 11.35 % p.a. in respect of FITL from D-1 & D-2 from the date of filing of Application till the date of appropriation of sale proceeds.

¶87

¶88

(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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Page 11 of 12

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OA No. 770/2022

¶91

(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.

¶92

(d) Any amount remitted during the course of this proceedings shall be given due credit, to the loan account of the defendants.

¶93

(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.

¶94

(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 Open Cash Credit and Term loan 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.

¶95

Dictated to P N, taken down, transcribed, typed by him, corrected and pronounced by me in the Open Court in this the 06^th July, 2026.

¶96

Sd/-

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(SEEMA SINHA) PRESIDING OFFICER

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Uploaded on 21.07.26

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Canara Bank v. Thoorigai Engineers and Developers

Case brief

What is this about?

What did the court decide?

Canara Bank v. Thoorigai Engineers and Developers

Case brief

What is this about?

What did the court decide?

What the court decided

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Cases cited

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