Allowed

Prudent Asset Reconstruction Company Ltd. v. M/s Appollo Distilleries Pvt. Ltd.

DRT1 Jan 2026TA/1188/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application filed under Section 19(1) of the RD&BA for recovery of dues amounting to approximately 49.92 crores from a distillery company and its directors. The court permitted recovery from the joint and several obligors and authorized sale of mortgaged properties upon failure to pay.

What did the court decide?

Recovery of total sum of Rs.49,92,06,369.08p including interest and costs; liberty to recover via sale of mortgaged properties upon default; issuance of Recovery Certificate.

Prudent Asset Reconstruction Company Ltd. versus… — Contract and Commercial Disputes | DRT (2026)

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T.A. No. 1188 of 2023

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01.01.2026

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 01^st day of January, 2026

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Present: SMT. S.V. GOWRAMMA Presiding Officer

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TRANSFERRED APPLICATION No. 1188 of 2023

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(Originally filed before DRT- II, Chennai as OA 244/2019 and thereafter transferred to this Tribunal and renumbered as TA No 1188 of 2023)

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Punjab National Bank Zonal Sastra Centre, No.46-49, 4^th Floor, PNB Towers, Royapettah Chennai 600014, Rep. by its Manager

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Now Assigned to M/s Prudent ARC Limited, (Prudent Trust-76/22) Rep. by its Sr. Executive Vice President (Legal), Having office at No.611, D-Mall, Plot No.A-1, Netaji Subhash Place, Pitampura, New Delhi-110 034

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….Applicant

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(Impleaded as per order in IA 1191/2023 dated 20.10.2023 in view of Assignment)

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-Vs-

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M/s. Appollo Distilleries Pvt. Ltd. Rep. by its Director Ms. Nisha Purushothaman Regd. Office; Empee Tower, No.59 Harris Road, Pudupet, Chennai – 600 002

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Now Represented by Official Liquidator High Court of Karnataka As per order passed by the Hon’ble High Court of Karnataka, In CP No.120/2015

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(Impleaded as per order of Hon’ble High Court of Karnataka in CP No.120/2015 dated 19.08.2019)

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T.A. No. 1188 of 2023

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01.01.2026

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Mr. M.P. Purushothaman, S/o. Mr. Kumaran, No.346, A, Pantheon Road, Egmore, Chennai – 600 008

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Ms. Nisha Purushothaman, D/o. Mr. M.P. Purushothaman, No.346, A, Pantheon Road,

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Egmore, Chennai – 600 008

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Mrs. Sheena Adarsh, W/o. Mr. Adarsh, No.346, A, Pantheon Road,

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Egmore, Chennai – 600 008 …Defendants

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Counsels on record / appeared:

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Counsel for Applicant : M/s. V. Rajeswari

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Defendants 1 to 4 were set ex-parte on 22.11.2021

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: - FINAL ORDER - :

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This Original Application is filed on 08.02.2019 by the applicant bank under Section 19 (1) of Recovery of Debts and Bankruptcy Act, 1993 (formerly Recovery of Debts Due to Banks and Financial Institutions Act, 1993) against the defendants jointly and severally for

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recovery of a total sum of Rs.49,92,06,369.08p (Rupees Forty Nine

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Crores Ninety Two Lakhs Six Thousand Three Hundred and Sixty Nine and Zero Eight Paisa Only) as follows:

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(i) A sum of Rs.33,97,98,656.55p due in respect of Term Loan

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facility (A/c No.030500IC00270896) repayable together with further interest @ 13.70%, p.a. with monthly rests together with penal interest @ 2%, from the date of filing the OA, till date of realization in full;

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(ii) A sum of Rs.15,94,07,709.53p due in respect of Cash Credit Facility (A/c No.0305008700096479) repayable

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together with further interest @ 13.40% p.a. with monthly rests with penal interest @ 2%, from the date of filing the OA till date of realization in full;

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for sale of schedule mentioned immovable properties morefully detailed in Schedule to the OA and for costs of this application.

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Originally, this Application was filed before DRT-II, Chennai, assigned OA No.244 of 2019, and thereafter in pursuance to the notification from Ministry of Finance, DFS dated 04.10.2022, OA No.244 of 2019 stood transferred to this Tribunal and renumbered as TA No.1188 of 2023.

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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 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 1^st Defendant is a Private Limited Company represented by its Board of Directors, the defendants 2 to 4 herein, carrying on breweries and distilleries business. The defendants had approached the applicant bank seeking financial assistance for part funding the greed field brewery project established as Gummidipoondi, Tiruvallur District with the capacity of 5 Lakh KL P.A at a total cost of Rs.116.60 crores.

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It is submitted by the applicant bank that pursuant to the

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requisition for Term Loan facility, the applicant bank had sanctioned the same to the tune of Rs.75 Crores on 27.08.2010 subject to the following terms and conditions:

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a) 1^st exclusive charge on the entire immovable and movable project assets including mortgage/charge on land and building, plant and machinery

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b) 1^st exclusive charge on the LC/escrow account, trust and retention account, DSRA and other reserves and any other bank accounts of the project including without limitation, the project revenue account.

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c) 1^st exclusive charge/assignment/security interest on the company’s rights under the project documents including contracts and all licenses, permits, approvals, consents and insurance policies in respect of the project and upon the guarantee of defendants 2 to 4.

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The Applicant Bank further submits that the 1^st Defendant is running a distillery business after getting necessary approval/licence from the Government and without the same, it cannot run the factory. It is needless to mention that the 1^st Defendant had offered primary security of 1^st exclusive charge/assignment/security interest on the company's rights under the project documents including contracts and all licenses, permits, approvals, consents and insurance policies in respect of the project. Hence it is relevant to mention that the Applicant Bank has got prerogative rights to transfer the licence in favour of

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intending purchaser(s) in order to run the factory.

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The Applicant submits that the 1^st Defendant had passed a Board resolution on 27.08.2010 whereby empowered its Directors, Ms. Nisha Purushothaman and Mrs. Sheena Adarsh jointly or severally to execute the loan security documents and create EM over the schedule mentioned property in favour of the Bank to secure the repayment of aforesaid loan amount.

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It is submitted by the applicant bank that in consideration of the grant of aforesaid credit facilities, the Defendants had executed the following loan security documents in favour of the Bank:

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a) Term Loan agreement executed on 27.08.2010 by the 1^st Defendant

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b) Hypothecation cum term loan agreement executed on 27.08.2010 by the 1^st Defendant

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c) Deed of hypothecation to secure ILC/FLC on DA/DP basis executed on 27.08.2010 by the 1^st Defendant

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d) Agreement of guarantee executed on 27.08.2010 by the 2^nd Defendant

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e) Agreement of guarantee executed on 27.08.2010 by the 3^rd Defendant

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f) Agreement of guarantee executed on 27.08.2010 by the 4^th Defendant

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The Applicant Bank submits that the 1^st Defendant as owner of the schedule mentioned property had executed the Memorandum of

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Deposit of Title Deeds on 29.10.2010, registered as Doc.No.4358/2010, SRO, Gummidipoondi whereby mortgaged the schedule mentioned property to cover the loan liability of Term Loan and ILC/FLC facilities.

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The Applicant Bank further submits that in order to tide over the business operations, the 1^st Defendant had sought for further financial assistance for its working capital and accordingly the Applicant Bank had sanctioned the Cash Credit facility to the tune of Rs.15 Crore on 30.05.2012 subject to the terms and conditions as envisaged thereon.

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It is submitted that the 1^st Defendant had also passed a board resolution on 01.06.2012 whereby empowered its Directors, Mr. M.P. Purushothaman and Ms. Nisha Purushothaman jointly or severally to execute the loan security documents in favour of the Applicant Bank. In consideration of the grant of aforesaid Cash Credit facility, the Defendants had executed the following loan and security documents in favour of the Applicant Bank:

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a) Hypothecation of movable assets forming part of fixed/blocked assets executed on 07.06.2012 by the 1^st Defendant

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b) Deed of Hypothecation of goods and book debts to secure cash credit facility executed on 07.06.2012 by the 1^st Defendant

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c) Letter of acceptance executed on 07.06.2012 by the Defendants 2 to 4

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d) Agreement of guarantee executed on 07.06.2012 by the Defendants 2 to 4

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e) Deed of Personal guarantee executed on 30.12.2013 by the

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Defendants 2 to 4

The applicant bank submits that the 1^st Defendant as owner of the schedule mentioned property had extended the EM by executing Supplemental MOD on 21.08.2012, registered as Doc.No.4490/2012, SRO, Gummidipoondi whereby mortgaged the schedule mentioned property to cover the loan liability of Cash Credit facility.

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The applicant further submits that the 1^st Defendant had again sought for restructuring of existing Term Loan and the same was sanctioned on 29.03.2014 subject to the terms and conditions as envisaged thereon. The 1^st Defendant had passed a board resolution on 29.03.2014 whereby empowered its Directors, Mr. M.P. Purushothaman and Ms. Nisha Purushotham jointly or severally to execute the loan security documents in favour of Applicant Bank. In consideration of the grant of aforesaid restructuring facility, the 1^st Defendant had executed the following loan and security documents:

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a) Supplemental and Amendatory agreement executed on 29.03.2014 by the 1^st Defendant

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It is submitted by the applicant bank that at the request of the 1^st Defendant, the Applicant Bank had again renewed the credit facilities at an existing level on 04.01.2016 subject to the terms and conditions an

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envisaged thereon. The Applicant Bank had also reviewed the credit facilities and renewed the same on 28.08.2018 subject to the terms and conditions as envisaged thereon.

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The Applicant further submits that the 1^st Defendant had duly registered the charge before ROC, Karnataka as evident from Certificate of Registration of charge dated 15.12.2010, 07.06.2012, 05.07.2013 whereby confirmed the Term Loan and Cash Credit facilities availed from the Applicant Bank. It is relevant to mention that the 1^st Defendant was originally registered as M/s. Appollo Distilleries Pvt. Ltd. which was subsequently changed to M/s. Appollo Distilleries and Breweries Pvt. Ltd as evident from fresh Certificate of Incorporation consequent upon change of name dated 16.10.2012.

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It is submitted by the Applicant Bank that the Defendants 2 to 4 had executed Guarantee Agreement to secure the repayment of loan amount of the 1^st Defendant and their guarantee shall be continuing one in terms of Section 128 and 129 of Indian Contract Act.

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The Applicant submits that the 1^st Defendant had created and extended EM to secure the repayment of loan amount by executing MOD and supplemental MOD and the said EM is enforceable in terms of Section 58(f) of Transfer of Property Act. Despite restructuring/renewal of existing credit facilities, the 1^st Defendant could not revamp the business operations and achieve the projected results at an optimum level for obvious reasons.

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It is submitted by the applicant bank that the 1^st Defendant had executed the Balance and Security Confirmation letters on 29.08.2011, 07.06.2012, 06.05.2013, 18.08.2014, 09.06.2015, 10.05.2016, 11.05.2017 and 22.05.2018, whereby acknowledged the outstanding

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loan amount due under the Term Loan and Cash Credit facilities for the purpose of Section 18 of Limitation Act.

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The Applicant submits that since the 1^st Defendant had failed to achieve the projected results at an optimum level and adding fuel to the fire, failed to service the principal and interest in terms of loan security documents, the loan accounts of the 1^st Defendant were classified as Non-Performing Asset (NPA) on 30.09.2018 in the books of the Applicant Bank as per RBI guidelines.

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It is further submitted that the 1^st Defendant had manufactured and delivered IMFL products from and out of Bank funds and the Applicant Bank has got charge over the book debts, receivables from any 3^rd parties. The 1^st Defendant had delivered IMFL products to TASMAC who fails to pay the sale price amount to the Applicant Bank vide letter dated 26.11.2018 by citing that they will make the payment only after obtaining order from the Court. The Applicant further submits

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that they have caused a demand notice on 24.10.2018 to the Defendants 1 to 4 herein but evoked no response. The Applicant further submits that the Defendants 2 to 4 being the Directors/guarantors of the 1^st Defendant are actively involved in the day to day affairs of the business operation and jointly and severally liable to repay the loan amount. Despite several requests and demands, as defendants did not come forward to repay the dues, 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 Defendants 1 to 4 through Registered Post with Acknowledgment Due, summons to defendants were duly served. Although defendants entered appearance through their counsel, did not choose to file written statement despite availing sufficient opportunities. D-1 is represented by Official Liquidator pursuant to order in Company Petition No.120/15 dated 07.06.2019. It was subsequently represented by counsel representing D-1 (under liquidation) on 10.12.2019 that the case is settled before Hon’ble Karnataka High Court. When OA was taken up on 22.11.2021 even after giving sufficient time, there was no appearance or representation from the defendants. Hence, Defendants were placed ex-parte on 22.11.2021.

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Heard the submissions of Applicant Bank and perused the

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record s.

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To prove the case of the Applicant Bank, Sh. C. Rangarajan, Senior Executive Vice President of the Applicant, 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-89 . As the Defendants remained ex-parte, the OA claim remains unchallenged. There is no contra evidence available on record to repudiate the claim of the Applicant Bank.

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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

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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, for recovery of a total sum of Rs.49,92,06,369.08p (Rupees Forty Nine Crores Ninety Two Lakhs Six Thousand Three Hundred and Sixty Nine and Zero Eight Paisa Only) as follows:

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(i) A sum of Rs.33,97,98,656.55p due in respect of Term Loan facility (A/c No.030500IC00270896) repayable together with further interest @ 13.70%, p.a. with monthly rests together with penal interest @ 2%, from the date of filing the OA, till date of realization in full

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(ii) A sum of Rs.15,94,07,709.53p due in respect of Cash Credit Facility (A/c No.0305008700096479) repayable together with further interest @ 13.40% p.a. with monthly rests with penal interest @ 2%, from the date of filing the OA till date of realization in full along with costs of this application.

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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 A and B mentioned hypotheca and immovable properties respectively more fully detailed in the OA.

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(d) The applicant bank shall file the latest memo of calculation

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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.

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(e) The applicant bank shall file memo of costs within ten days from the date of receipt of this final order.

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(f) 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 (Deepika), transcribed by her, corrected, signed and pronounced by me on this the 01^st day of January, 2026)

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ANNEXURES

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WITNESSES EXAMINED FOR THE APPLICANT BANK :

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AW-1: Sh. C. Rangarajan, Senior Executive Vice President of the Applicant

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Exhibits on the part of the Applicant:

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Sl. No.	Description of Documents	Exhibit No.
1.	Sanction letter given by the Applicant dated 27.08.2010.	A-1
2.	Board resolution of the 1^stDefendant dated 27.08.2010.	A-2
3.	Term Loan agreement executed by the 1^st Defendant dated 27.08.2010.	A-3
4.	Hypothecation cum term loan agreement executed by the 1^stDefendant dated 27.08.2010.	A-4
5.	Deed of Hypothecation to secure ILC/FLC on DA/DP basis executed by the 1^stDefendant dated 27.08.2010.	A-5
6.	Agreement of guarantee executed by the 2^nd Defendant dated 27.08.2010.	A-6
7.	Agreement of guarantee executed by the 3^rd Defendant dated 27.08.2010.	A-7
8.	Agreement of guarantee executed by the 4^th Defendant dated 27.08.2010.	A-8
9.	MOD, registered as Doc. No.4358/2010, SRO, Gummidipoondi executed by the 1^stdefendant dated 29.10.2010.	A-9
10.	Sanction letter given by the Applicant dated 30.05.2012.	A-10
11.	Board resolution of the 1^stDefendant dated 01.06.2012.	A-11
12.	Hypothecation of movable assets forming part of fixed/blocked assets executed by the 1^st Defendant dated 07.06.2012.	A-12
13.	Deed of Hypothecation of goods and book debts to secure cash credit facility executed by the 1^st defendant dated 07.06.2012.	A-13
14.	Letter of acceptance executed by the Defendants 2 to 4 dated 07.06.2012.	A-14
15.	Deed of personal guarantee executed by the Defendants 2 to 4 dated 07.06.2012.	A-15
16.	Deed of personal guarantee executed by the Defendants 2 to 4 dated 30.12.2013.	A-16
17.	Supplemental MOD, registered as Doc.No.4490/2012, SRO, Gummidipoondi executed by the 1^stDefendant dated 21.08.2012.	A-17
18.	Sanction letter given by the Applicant dated 29.03.2014.	A-18
19.	Board resolution of the 1^stdefendant dated 29.03.2014.	A-19

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20.	Supplemental and amendatory agreement	A-20
	executed by the 1^stdefendant dated 29.03.2014.
21.	Sanction letter given by the Applicant dated 04.01.2016.	A-21
22.	Certificate of registration, ROC, Karnataka dated 15.12.2010.	A-22
23.	Certificate of registration, ROC, Karnataka dated 07.06.2012.	A-23
24.	Certificate of registration, ROC, Karnataka dated 05.07.2013.	A-24
25.	Certificate of Incorporation dated 16.10.2012.	A-25
26.	Balance and security confirmation letter executed by the 1^stdefendant dated 29.08.2011.	A-26
27.	Balance and security confirmation letter executed by the 2^nddefendant dated 29.08.2011.	A-27
28.	Balance and security confirmation letter executed by the 3^rddefendant dated 29.08.2011.	A-28
29.	Balance and security confirmation letter executed by the 4^thdefendant dated 29.08.2011.	A-29
30.	Balance and security confirmation letter executed by the 1^stdefendant dated 07.06.2012.	A-30
31.	Balance and security confirmation letter executed by the 2^nddefendant dated 07.06.2012.	A-31
32.	Balance and security confirmation letter executed by the 3^rddefendant dated 07.06.2012.	A-32
33.	Balance and security confirmation letter executed by the 4^thdefendant dated 07.06.2012.	A-33
34.	Balance and security confirmation letter executed by the 1^stdefendant dated 06.05.2013.	A-34
35.	Balance and security confirmation letter executed by the 2^nddefendant dated 06.05.2013.	A-35
36.	Balance and security confirmation letter executed by the 3^rddefendant dated 06.05.2013.	A-36
37.	Balance and security confirmation letter executed by the 4^thdefendant dated 06.05.2013.	A-37
38.	Balance and security confirmation letter executed by the 1^stdefendant dated 18.08.2014.	A-38
39.	Balance and security confirmation letter executed by the 2^nddefendant dated 18.08.2014.	A-39
40.	Balance and security confirmation letter executed by the 3^rddefendant dated 18.08.2014.	A-40
41.	Balance and security confirmation letter executed by the 4^thdefendant dated 18.08.2014.	A-41
42.	Balance and security confirmation letter executed by the 1^stdefendant dated 09.06.2015.	A-42
43.	Balance and security confirmation letter executed	A-43

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	by the 2^nddefendant dated 09.06.2015.
44.	Balance and security confirmation letter executed by the 3^rddefendant dated 09.06.2015.	A-44
45.	Balance and security confirmation letter executed by the 4^thdefendant dated 09.06.2015.	A-45
46.	Balance and security confirmation letter executed by the 1^stdefendant dated 10.05.2016.	A-46
47.	Balance and security confirmation letter executed by the defendant 2 to 4 dated 10.05.2016.	A-47
48.	Balance and security confirmation letter executed by the 1^stdefendant dated 11.05.2017.	A-48
49.	Balance and security confirmation letter executed by the defendant 2 to 4 dated 11.05.2017.	A-49
50.	Balance and security confirmation letter executed by the 1^stdefendant dated 22.05.2018.	A-50
51.	Balance and security confirmation letter executed by the defendant 2 to 4 dated 22.05.2018.	A-51
52.	Demand Notice dated 24.10.2018.	A-52
53.	Letter sent by TASMAC dated 26.11.2018.	A-53
54.	Deed of Sale, registered as Doc.No.242/2009, SRO, Gummidipoondi executed by Mr. Kishtamaraja and others in favour of the 1^st defendant dated 04.02.2009.	A-54
55.	Deed of Sale, registered as Doc.No.243/2009, SRO, Gummidipoondi executed by Mrs. Subbulakshmiyammal and others in favour of the 1^stdefendant dated 04.02.2009.	A-55
56.	Deed of Sale, registered as Doc.No.244/2009, SRO, Gummidipoondi executed by Mr. Sengalraja and others in favour of the 1^stdefendant dated 04.02.2009.	A-56
57.	Deed of Sale, registered as Doc.No.247/2009, SRO, Gummidipoondi executed by Mr. Kaattammal and others in favour of the 1^stdefendant dated 04.02.2009.	A-57
58.	Deed of Sale, registered as Doc.No.251/2009, SRO, Gummidipoondi executed by Mr. Sengalraja and others in favour of the 1^stdefendant dated 04.02.2009.	A-58
59.	Deed of Sale, registered as Doc.No.257/2009, SRO, Gummidipoondi executed by Mr. Venkatraja and others in favour of the 1^stdefendant dated 04.02.2009.	A-59
60.	Deed of Sale, registered as Doc.No.278/2009, SRO, Gummidipoondi executed by Mr. Venkatachalamaraja and another in favour of the 1^stdefendant dated 05.02.2009.	A-60

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61.	Deed of Sale, registered as Doc.No.280/2009, SRO, Gummidipoondi executed by Mr. Ragavaraja and another in favour of the 1^stdefendant dated 05.02.2009.	A-61
62.	Deed of Sale, registered as Doc.No.422/2009, SRO, Gummidipoondi executed by Mrs. Sengammal and others in favour of the 1^st defendant dated 19.02.2009.	A-62
63.	Deed of Sale, registered as Doc.No.423/2009, SRO, Gummidipoondi executed by Mrs. Jayamma and others in favour of the 1^stdefendant dated 19.02.2009.	A-63
64.	Deed of Sale, registered as Doc.No.424/2009, SRO, Gummidipoondi executed by Mrs. Angamma and others in favour of the 1^stdefendant dated 19.02.2009.	A-64
65.	Deed of Sale, registered as Doc.No.425/2009, SRO, Gummidipoondi executed by Mrs. Kamalammal and others in favour of the 1^st defendant dated 19.02.2009.	A-65
66.	Deed of Sale, registered as Doc.No.438/2009, SRO, Gummidipoondi executed by Mrs. Narayanamma and others in favour of the 1^st defendant dated 19.02.2009.	A-66
67.	Deed of Sale, registered as Doc.No.442/2009, SRO, Gummidipoondi executed by Mr. Ramagovindaraja and others in favour of the 1^st defendant dated 19.02.2009.	A-67
68.	Deed of Sale, registered as Doc.No.444/2009, SRO, Gummidipoondi executed by Mr. Venkatesan and others in favour of the 1^stdefendant dated 19.02.2009.	A-68
69.	Deed of Sale, registered as Doc.No.445/2009, SRO, Gummidipoondi executed by Mr. Venkatakrishnaraja and others in favour of the 1^st defendant dated 19.02.2009.	A-69
70.	Deed of Sale, registered as Doc.No.519/2009, SRO, Gummidipoondi executed by Mr. Chinnaragavaraja and others in favour of the 1^st defendant dated 19.02.2009.	A-70
71.	Deed of Sale, registered as Doc.No.522/2009, SRO, Gummidipoondi executed by Mr. S. Mani in favour of the 1^stdefendant dated 25.02.2009.	A-71
72.	Deed of Sale, registered as Doc.No.527/2009, SRO, Gummidipoondi executed by Mr. Venkataramaraja and others in favour of the 1^st defendant dated 25.02.2009.	A-72

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73.	Deed of Sale, registered as Doc.No.528/2009, SRO, Gummidipoondi executed by Mr. Venkataramaraja and others in favour of the 1^st defendant dated 25.02.2009.	A-73
74.	Deed of Sale, registered as Doc.No.529/2009, SRO, Gummidipoondi executed by Mr. Ragavaraja and others in favour of the 1^stdefendant dated 25.02.2009.	A-74
75.	Deed of Sale, registered as Doc.No.672/2009, SRO, Gummidipoondi executed by Mrs. Subbamma and others in favour of the 1^st defendant dated 09.03.2009.	A-75
76.	Deed of Sale, registered as Doc.No.674/2009, SRO, Gummidipoondi executed by Mr. Subramaniam and others in favour of the 1^st defendant dated 09.03.2009.	A-76
77.	Deed of Sale, registered as Doc.No.675/2009, SRO, Gummidipoondi executed by Mrs. Sengamma and others in favour of the 1^st defendant dated 09.03.2009.	A-77
78.	Deed of Sale, registered as Doc.No.676/2009, SRO, Gummidipoondi executed by Mrs. Padmamma and another in favour of the 1^st defendant dated 09.03.2009.	A-78
79.	Deed of Sale, registered as Doc.No.687/2009, SRO, Gummidipoondi executed by Mr. Ramaraja and another in favour of the 1^stdefendant dated 09.03.2009.	A-79
80.	Deed of Sale, registered as Doc.No.724/2009, SRO, Gummidipoondi executed by Mr. Venkatramaraja and others in favour of the 1^st defendant dated 09.03.2009.	A-80
81.	Deed of Sale, registered as Doc.No.825/2009, SRO, Gummidipoondi executed by Mrs. Rajeswari and others in favour of the 1^stdefendant dated 16.03.2009.	A-81
82.	Deed of Sale, registered as Doc.No.832/2009, SRO, Gummidipoondi executed by Mr. Subramaniam and others in favour of the 1^st defendant dated 16.03.2009.	A-82
83.	Deed of Sale, registered as Doc.No.836/2009, SRO, Gummidipoondi executed by Mr. Subramaniyaraja and another in favour of the 1^st defendant dated 16.03.2009.	A-83
84.	Deed of Sale, registered as Doc.No.837/2009, SRO, Gummidipoondi executed by Mr. Sengalraja and another in favour of the 1^stdefendant dated	A-84

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T.A. No. 1188 of 2023

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01.01.2026

¶156

	16.03.2009.
85.	Deed of Sale, registered as Doc.No.929/2009, SRO, Gummidipoondi executed by Mrs. Subbammal @ Nagammal and others in favour of the 1^stdefendant dated 23.03.2009.	A-85
86.	Deed of Sale, registered as Doc.No.914/2009, SRO, Gummidipoondi executed by Mr. Sengalraja and others in favour of the 1^stdefendant dated 23.03.2009.	A-86
87.	Deed of Sale, registered as Doc.No.1432/2009, SRO, Gummidipoondi executed by Mr. Sengalraja and another through their power agent Mr. Krishna and Mr. Subramaniyaraja in favour of the 1^stdefendant dated 07.05.2009.	A-87
88.	Statement of Accounts for the period from 28.08.2010 to 31.01.2019 for Term Loan A/c. No.030500IC00270896 dated 06.02.2019.	A-88
89.	Statement of Accounts for the period from 28.08.2010 to 31.01.2019 for Cash Credit A/c. No.0305008700096479	A-89

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Witness Examined for the Defendants: -Nil-

¶158

List of Documents Exhibited for the Defendants: -Nil –

¶159

SCHEDULE ‘A’

¶160

Item No.1:

¶161

First charge by way of hypothecation of entire current assets of the company such as raw materials including packing materials, work in progress, finished goods and stores & spares kept in the factory and godowns, advances to suppliers, receivables etc lying at SirupuzhalpetII, S.R. Gandigai Post, Madura Billakuppam Village, Gummidipoondi Taluk, Thiruvallur District.

¶162

Item No.2:

¶163

First exclusive charge on all the fixed assets (movables and immovable) and assignment of rights under documents, permits, licences, approvals, insurance policies etc lying at Sirupuzhalpet-II, S.R. Gandigai Post, Madura Billakuppam Village, Gummidipoondi Taluk, Thiruvallur District.

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SCHEDULE ‘B’

(Property mortgaged vide MOD, registered as Doc.

¶169

No.4358/2010 and Supplemental MOD, registered as Doc.

¶170

4490/2012, SRO, Gummidipoondi)

¶171

All that piece and parcel of land and all the buildings, super

¶172

structures ad constructions thereon, measuring an extent of 33.08

¶173

acres situated at No.46, Sirupuzhal Pettai, part II, Guruvaraja kandigai

¶174

village, Gummidipoondi Taluk, Thiruvallur District comprised in the

¶175

following S. Nos;

¶176

S. Nos.	Extent	S. Nos.	Extent
781/11B	0.32	776/36	0.11
776/11	0.11	776/33	0.05
777/12	0.14	776/34	0.05
836/1A	0.38	777/32B	0.11
836/1C	0.70	776/1A	0.41
836/2A	0.21	704/7	0.27
776/2C	0.24	776/35	0.06
776/2D	0.28	776/4A	0.22
776/2H	0.20	777/35	0.07
836/3	1.03	776/7	0.19
836/1B	0.61	776/19	0.19
836/1D	0.13	777/32A	0.14
836/2B	0.42	777/27B	0.06
776/17	0.09	780/1B	0.12
776/48	0.19	776/14B	0.17
781/2	0.07	776/1F	0.20
781/11A	0.12	776/24	0.19
781/11C	0.29	776/27C	0.23

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01.01.2026

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781/12	0.07	776/38E	0.15
776/14A	0.17	776/20	0.15
776/18	0.61	776/23	0.20
776/27D	0.17	776/37	0.12
776/45	0.17	776/42	0.67
776/14E	0.35	776/47B	0.26
777/1A5	0.01	776/14D	0.20
777/7	0.32	778/1C1	0.23
777/28	0.17	776/25	0.21
777/13	0.07	776/29	0.32
777/34	0.07	776/41A	0.12
777/9	0.29	776/44	0.19
781/4	0.07	776/47A	0.40
781/7	0.21	777/1A6	0.19
781/14	0.35	777/6	0.02
776/12	0.14	777/8B	0.07
776/40	0.37	777/10	0.07
776/43	0.12	777/11	0.09
777/18B	0.29	781/15	0.17
777/20	0.10	779/6	0.14
776/5	0.11	779/8	0.11
776/26	0.19	779/9	0.33
776/1D	0.53	779/10	0.28
776/28	0.29	777/1A1C	0.09
776/3	0.27	777/30	0.15
776/41B	0.17	777/21A	016
777/31	0.23	776/2-I	0.26
781/13	0.19	776/22A	0.12
776/15	0.09	776/30	0.40
776/8	0.26	776/21	0.12
776/27A	0.09	776/26	0.52

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01.01.2026

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776/38B	0.07	777/1A7	0.27
776/50	0.07	777/17	0.02
777/3	0.14	777/19	0.16
777/18A	0.26	777/23	0.15
779/1A	0.16	781/1	0.05
779/4C	0.16	781/16	0.21
779/7	0.14	776/14C	0.20
776/1C	0.26	778/2	0.22
777/25	0.12	779/1C2	0.20
777/4	0.07	781/6	0.05
776/38C	0.12	781/9	0.33
777/29	0.12	781/3	0.09
779/4A	0.37	781/5	0.06
780/3A	0.10	781/8	0.22
777/22	0.23	776/4B	0.22
775	1.88	776/8A	0.42
776/27B	0.09	776/1B	0.20
776/38D	0.10	776/2B1	0.12
776/38A	0.19	774/1A4	0.09
779/4B	0.15	777/2	0.09
776/6	0.06	776/9	0.17
776/10	0.17	781/10	0.17
777/1A1F	0.35	776/1B	0.20
777/21B	0.12	777/24	0.33
777/33	0.07	778/1	0.04
776/22B	0.15	777/27A	0.09
776/2B2	0.16	780/1A	0.11
776/2F	0.19	776/1E	0.07
776/13	0.07	776/2A	0.06
776/16	0.17	776/2E	0.44
776/31	0.10	776/2G	0.20

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776/39	0.25	776/49	0.11
776/46	0.16	777/14	0.07

¶189

Sd/-

¶190

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

Prudent Asset Reconstruction Company Ltd. v. M/s Appollo Distilleries Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Prudent Asset Reconstruction Company Ltd. v. M/s Appollo Distilleries Pvt. Ltd.

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

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