Allowed

Bank of Baroda v. Srinivasan

DRT8 Jul 2026TA/1057/2023

Case brief

AI extract

What is this about?

In this debt recovery matter, the Chennai Debt Recovery Tribunal examined an application filed by Bank of Baroda against a defendant for recovery of a housing loan defaulting. The court verified the claim through bank records and the defendant's absence. The Tribunal allowed the application, permitting recovery of the principal, interest, and costs.

What did the court decide?

Recovery of Rs. 53,02,720/- with interest and costs; liberty to sell mortgage property if payment fails.

Bank of Baroda versus Srinivasan — Banking and Recovery | DRT (2026)

¶1

T.A. No.1057 of 2023

¶2

08.07.2026

¶3

¶4

IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

¶5

Dated this the 08^th day of July, 2026

¶6

Present: SMT. S.V. GOWRAMMA Presiding Officer

¶7

TRANSFERRED APPLICATION No.1057 of 2023

¶8

(Originally filed before DRT- II, Chennai as OA No.846 of 2019 and thereafter transferred to this Tribunal and renumbered as TA No.1057 of 2023)

¶9

Bank of Baroda, Rep by its Chief Manager, Regional Stressed Asset Recovery Branch, Alwarpet, Chennai …Applicant

¶10

-Vs-

¶11

Mr. R. Srinivasan S/o Thiru. Rajan 7/3, Avai Street, Subramani Nagar, Perambur, Chennai- 600 011

¶12

….Defendant

¶13

Counsels on record / appeared:

¶14

Counsel for Applicant : M/s. S. Manikandan, N.G.Durairajan

¶15

Defendant was set ex-parte on 13.07.2021

¶16

: - FINAL ORDER- :

¶17

This Original Application is filed on 16.08.2019 by the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 (formerly Recovery of Debts Due to Banks and Financial Institutions Act, 1993) against the defendant, for recovery of a total sum of Rs.53,02,720/- (Rupees Fifty Three Lakhs Two Thousand Seven Hundred and Twenty only) due in respect of Housing Loan (A/c No.53030600000109) repayable together with further interest @9.30% p.a. with monthly rests plus overdue interest of 2% from the date of

¶18

Uploaded on 08.07.2026 at 15:00 hours

¶19

T.A. No.1057 of 2023

¶20

¶21

08.07.2026

¶22

Application till the date of realization in full, for sale of schedule mentioned immovable property and for costs of this OA.

¶23

Originally, this Application was filed before DRT-II, Chennai, assigned OA No.846 of 2019, and thereafter in pursuance to the notification from Ministry of Finance, DFS dated 04.10.2022, OA No.846 of 2019 stood transferred to this Tribunal and renumbered as TA No.1057 of 2023.

¶24

Brief Facts of the case:

¶25

The Applicant submits that the application is filed within the period of limitation as prescribed under Section 24 of the Recovery of Debts and Bankruptcy Act, 1993, and the subject recovery claim falls within the jurisdiction of this Tribunal.

¶26

It is the case of the applicant bank that the defendant had approached the applicant bank seeking for Housing Loan for purchase of schedule mentioned property. Considering the said request applicant had sanctioned Housing Loan of Rs.34,04,000/- on 19.11.2014 towards purchase of flat, which is morefully described in the schedule to the OA. Loan is repayable together with interest @ 10.25% floating in 240 Equated Monthly Installment of Rs.33,415/- commencing one month after completion of house/taking possession of flat/house.

¶27

It is submitted by the applicant bank that the defendant had executed the Housing Loan agreement on 22.12.2014 for Rs.34,04,000/in favour of applicant bank, agreeing to pay floating rate of interest with

¶28

Uploaded on 08.07.2026 at 15:00 hours

¶29

T.A. No.1057 of 2023

¶30

¶31

08.07.2026

¶32

monthly rests. The applicant bank is also entitled to charge an additional interest at 2% p.a. over and above agreed rate of interest at such rests in the event of non payment of any installment of principal, interest, costs and other charges due or in the event of any irregularity during the period the amount due remains unpaid or the irregularity continues for the defaulted amount or an overdue outstanding as on that date. However, the right in addition to and not in derogation of the bank’s other right to immediately call upon the defendants to repay the entire amount outstanding or to enforce the security as stipulated in the housing loan agreement dated 22.12.2014.

¶33

The applicant bank submits that in order to secure the advance, the defendant had created equitable mortgage of the immovable property by depositing the title deeds of the schedule mentioned property on 22.12.2014 and by executing Memorandum of Deposit of Title Deeds on 23.12.2014, which was purchased by availing the Housing Loan under the registered Construction Agreement Document No.17280/2014 and Sale Deed document no. 17281/2014 dated 22.12.2014 held in the name of the defendants.

¶34

The applicant further submits that subsequent to availing of loan, the defendant had defaulted in repayment of installment/interest and consequently the Housing Loan account of the defendant turned as NonPerforming Asset (NPA) on 31.03.2016. The applicant bank, through its Authorised Officer, had initiated proceedings under SARFAESI Act and issued Demand Notice dated 11.04.2016. The defendant upon receipt of

¶35

Uploaded on 08.07.2026 at 15:00 hours

¶36

T.A. No.1057 of 2023

¶37

08.07.2026

¶38

¶39

the said notice failed to repay the housing loan dues towards the loan Account no. 530306000000109. The defendant is liable to pay a sum of Rs.53,02,720/- as on 13.08.2019 at the rate of 9.30% the present rate of interest per annum with monthly rests plus 2% penal interest for the default period till the date of realization along with costs and other charges to the applicant bank. Hence, the present Original Application (OA) has been filed by the applicant bank for recovery of its dues from the defendant.

¶40

After the filing of the OA, summons was sent to the Sole Defendant through Registered Post with Acknowledgment Due, which was returned with postal endorsement as ‘No such name’. Applicant Bank had caused paper publication of the notice and filed proof thereof. When OA was taken up on 13.07.2021 even after giving sufficient time, there was no appearance or representation from the defendants. Hence, Defendant was placed ex-parte on 13.07.2021.

¶41

Heard the submissions of Applicant Bank and perused the

¶42

records.

¶43

To prove the case of the Applicant Bank, Sh. J.P. Anbusivam, Chief 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-10.

¶44

Uploaded on 08.07.2026 at 15:00 hours

¶45

T.A. No.1057 of 2023

¶46

08.07.2026

¶47

¶48

A careful examination of the pleadings in the Proof Affidavit and documents Exhibits A-1 to A-10 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 the defendant.

¶49

The defendant was set ex-parte on 13.07.2021, but till this day they did not take any action to set aside the ex-parte order and did not choose 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 defendant are produced or filed to dispute the claim of applicant bank. Hence, it can be concluded that applicant bank has proved its claim against the defendant.

¶50

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:

¶51

: O R D E R :

¶52

The OA is allowed with costs,

¶53

(a) The applicant bank is allowed to recover from the Defendant, severally for recovery of a total sum of Rs.53,02,720/- (Rupees

¶54

Uploaded on 08.07.2026 at 15:00 hours

¶55

T.A. No.1057 of 2023

¶56

08.07.2026

¶57

¶58

Fifty Three Lakhs Two Thousand Seven Hundred and Twenty

¶59

only) due in respect of Housing Loan (A/c

¶60

No.53030600000109) repayable together with further interest @9.30% p.a. with monthly rests plus overdue interest of 2% from the date of Application till the date of realization in full along with costs of this application.

¶61

(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 OA schedule mentioned immovable property morefully detailed in the OA schedule.

¶62

¶63

(d) The applicant bank shall file the latest memo of calculation of OA amount together with interest, costs etc., to be paid by the Defendants duly considering the amounts, if any, paid by the Defendant and/or amount realized by sale of assets etc., during the intervening period after the filing of the OA, enabling the Registry to prepare Recovery Certificate for the amount to be paid by Defendants to the applicant bank.

¶64

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

¶65

from the date of receipt of this final order.

¶66

(f) Recovery Certificate shall be drawn up and issued to the

¶67

Recovery Officer in terms of the final order.

¶68

Uploaded on 08.07.2026 at 15:00 hours

¶69

T.A. No.1057 of 2023

¶70

08.07.2026

¶71

¶72

A copy of this order be communicated to the parties concerned.

¶73

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

¶74

(Dictated to Roshnee, transcribed by her, corrected, signed and pronounced by me on this the 08^th day of July, 2026)

¶75

ANNEXURES

¶76

WITNESSES EXAMINED FOR THE APPLICANT BANK :

¶77

AW-1: Sh. J.P. Anbusivam, Chief Manager of the Applicant Bank

¶78

Exhibits on the part of the Applicant:

¶79

Sl.	Date	Description of Documents	Exhibit No.
No.
1.	19.11.2014	Sanction letter	A-1
2.	23.12.2014	Loan agreement for Individual (Housingloan)	A-2
3.	23.12.2014	Letter of installment with acceleration clause	A-3
4.	23.12.2014	Letter of undertaking to create equitable mortgage	A-4
5.	23.12.2014	Declaration in the matter of mortgage by deposit of title deeds in respect of immovables	A-5
6.	23.12.2014	Memorandum of deposit of title deeds- Doc.No.17282/2014	A-6
7.	22.12.2014	Construction agreement –Doc No.17280/2014	A-7
8.	22.12.2014	Sale deed in favour of the defendant- Doc.No. 17281/2014	A-8
9.	11.04.2016	Demand notice issued under SARFAESI Act	A-9
10.		Statement of account	A-10

¶80

Uploaded on 08.07.2026 at 15:00 hours

¶81

T.A. No.1057 of 2023

¶82

¶83

08.07.2026

¶84

Witness Examined for the Defendant: -Nil-

¶85

List of Documents Exhibited for the Defendant: -Nil –

¶86

SCHEDULE OF PROPERTIES

¶87

SCHEDULE- A

¶88

All that piece and parcel of vacant land Plot no.18 in Sri Mahalakshmi Nagar Extension II approved layout C.S.A.R/D.T.C.P.M, 88-94/ l.p.65, comprised in survey no.295/2-A part, Old Patta No.2530 and new no.6952 as per Patta new survey no. 295/20 measuring an extent of 2407 sq.ft situated at no.6, Nandhivaram Village, Chengalpet Taluk, Kancheepuram District

¶89

Bounded on the

¶90

North by: Survey no. 295/1

¶91

South by: Plot no.19

¶92

East by: 23 feet road

¶93

West by: Plot No.17 and 12

¶94

Within the Registration District of Chennai South and Sub Registration District of Guduvancherry.

¶95

SCHEDULE-B

¶96

1434sq.ft of undivided share of land out of the schedule-A property

¶97

SCHEDULE-C

¶98

487 sq.ft of undivided share of land out of the Schedule-B property together with Apartment No.F-2 in the First Floor, 2BHK flat having a Super Built up area of 924sq.ft which is inclusive of the share in the

¶99

Uploaded on 08.07.2026 at 15:00 hours

¶100

T.A. No.1057 of 2023

¶101

¶102

08.07.2026

¶103

common built up area of the concerned block of residential apartment with

¶104

one covered car park in the stilt floor.

¶105

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

¶106

Uploaded on 08.07.2026 at 15:00 hours

Bank of Baroda v. Srinivasan

Case brief

What is this about?

What did the court decide?

Bank of Baroda v. Srinivasan

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

Similar cases

Idbi Bank versus Godwin

Dr.PrakashKarrun and Dr.Veena Singh versus Idbi Bank

Bothiramakrishnan versus Indian Overseas Bank

State Bank of India versus M/S Artcrafts

Indian Overseas Bank versus M/S Cozee Box Out

Karur Vysya Bank versus M/S R P S Logistics