Allowed

Bank of India v. Rajeswara Rao

DRT22 Jan 2026TA/586/2023

Case brief

AI extract

What is this about?

The DRT allowed the bank's recovery application filed under Section 19(1) RDBA 1993. After the defendants failed to appear, the Tribunal decreed recovery of over Rs. 65 lakhs for various loan facilities along with future interest, costs, and the power to sell the mortgaged property to satisfy the debt.

What did the court decide?

Recovery of total sum of Rs.65,87,931.51p with future interest; liberty to auction mortgaged and other properties to recover dues.

Bank of India versus Rajeswara Rao — Banking and Recovery | DRT (2026)

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T.A. No. 586 of 2023

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22.01.2026

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 22^nd day of January, 2026

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Present: SMT. S.V. GOWRAMMA Presiding Officer

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TRANSFERRED APPLICATION No. 586 of 2023

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(Originally filed before DRT- II, Chennai as OA 239/2020 and thereafter transferred to this Tribunal and renumbered as TA No 586 of 2023)

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Bank of India Mylapore Branch 120/174, Luz Church Road, Chennai – 600 004 Rep. by its Constituted Attorney ….Applicant

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-Vs-

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Mr. V. Rajeswara Rao, S/o. Mr. Ramanadham Residing at B1/10, Green Acres, Kamraj Nagar, 2^nd Main Road, Perungudi, Chennai – 600 096

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Mrs. Sada Annapoorna W/o. Mr. V. Rajeswara Rao, Residing at B1/10, Green Acres, Kamraj Nagar, 2^nd Main Road, Perungudi, Chennai – 600 096

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M/s. Water and Chemical Technologies, Rep. by its Proprietor Mr. V. Rajeswar Rao, W-97, 3^rd Floor, Third Main Road, Anna Nagar, Chennai – 600 040 …Defendants

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Counsels on record / appeared:

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Counsel for Applicant : M/s. S.R. Sudhanraj

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Defendants 1 to 3 were set ex-parte on 26.05.2022

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: - FINAL ORDER - :

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This Original Application is filed on 19.12.2019 by the applicant bank

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under Section 19 (1) of Recovery of Debts and Bankruptcy Act, 1993

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T.A. No. 586 of 2023

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(formerly Recovery of Debts Due to Banks and Financial Institutions Act, 1993) against the defendants jointly and severally for recovery of a total sum of Rs.65,87,931.51p (Rupees Sixty Five Lakhs Eighty Seven Thousand Nine Hundred and Thirty One and Fifty One Paisa Only) as follows:

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(i) A sum of Rs.6,59,160.42p due in respect of Housing Loan facility (A/c No.800275110000071) repayable together with further interest @10.15% p.a. compounded with monthly rests from the date of filing the OA, till date of realization in full;

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(ii) A sum of Rs.32,56,973.58p due in respect of Cash Credit Facility (A/c No.800230110000013) repayable together with further interest @12.65% p.a. compounded with monthly rests from the date of filing the OA till date of realization in full;

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(iii) A sum of Rs.1,99,324.40p due in respect of Demand Loan Facility (A/c No.800270410000036) repayable together with further interest @9.40% p.a. compounded with monthly rests from the date of filing the OA till date of realization in full;

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(iv) A sum of Rs.2,64,496.56p due in respect of Term Loan I Facility (A/c No.800270310000011) repayable together with further interest @10.65% p.a. compounded with monthly rests from the date of filing the OA till date of realization in full;

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(v) A sum of Rs.22,07,976.55p due in respect of Term Loan II Facility (A/c No.800270410000044) repayable together with

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further interest @10.65% p.a. compounded with monthly rests from the date of filing the OA till date of realization in full;

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for sale of schedule mentioned property 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.239 of 2020, and thereafter in pursuance to the notification from Ministry of Finance, DFS dated 04.10.2022, OA No.239 of 2020 stood transferred to this Tribunal and renumbered as TA No.586 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 Hon’ble Tribunal.

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It is the case of the Applicant Bank that the 1^st Defendant had approached the Applicant bank requesting for Housing Loan in the year 2006. After carefully considering the request of the 1^st defendant and the representation made by him, the Applicant sanctioned Housing Loan for sum of Rs.10,00,000/- to the 1^st Defendant.

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It is submitted that to secure the due repayment of the aforesaid Housing Loan, the 1^st Defendant executed the following security documents in favour of the Applicant Bank on 30.11.2006 and availed the Housing Loan:

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a) Demand Promissory Note

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b) Bearer Letter

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c) Instalment Letter

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d) Agreement for Home Loan

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e) Deed of Continuing security cum declaration

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f) Deed of Guarantee executed by the 2^nd Defendant.

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The applicant bank submits that the 1^st defendant has mortgaged the schedule property in favour of the Applicant by Deposit of Title deeds dated 30.11.2006.

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It is submitted that the 3^rd Defendant represented by its proprietor the 1^st defendant herein approached the applicant for Cash credit facility. After carefully considering the request and upon verification of the representations made by the defendant the applicant sanctioned cash credit facility of Rs.5,00,000/-

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To secure the due repayment of the aforesaid Loan on 18.05.2007, the 3^rd defendant represented by its proprietor, 1^st defendant, executed the following loan security documents for cash credit facility of Rs.5,00,000/-:

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a) Demand Promissory Note

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b) Deed of Continuing security cum declaration

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c) Hypothecation cum loan agreement

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The applicant submits that the 3^rd defendant represented by the Proprietor, the 1^st Defendant herein, had once again approached the applicant for additional Cash Credit facility on 12.09.2009. Considering the

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said request, the applicant bank had sanctioned the facility. The 3^rd defendant represented by its proprietor the 1^st defendant herein availed additional Cash Credit facility for sum of Rs.20,00,000/- from applicant bank.

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To secure the due repayment of the aforesaid loan on 23.09.2009, the 3^rd defendant represented by its proprietor the 1^st defendant herein, executed the following loan and security documents at Mylapore branch of the applicant for additional cash credit facility of Rs.20,00,000/- in favour of applicant bank:

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a) Demand Promissory Note

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b) Bearer letter

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c) Deed of Continuing security cum declaration

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d) Hypothecation cum loan agreement

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e) Supplemental Agreement

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It is further submitted that in order to secure the said facility, the 1^st defendant executed Memorandum of deposit of Title deeds registered as Doc.No.3205/2009 SRO Neelangarai dated 07.10.2009 in favour for the Applicant Bank.

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It is the further case of the applicant bank that the 3^rd defendant represented by its proprietor the 1^st defendant herein, approached the applicant for additional Cash Credit facility and upon careful consideration and verification of the representation made by the defendants, the applicant sanctioned the additional Cash Credit facility on 27.07.2012. The

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3^rd defendant represented by its proprietor, the 1^st defendant herein availed additional Cash Credit facility for sum of Rs.10,00,000/- from applicant bank.

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To secure the due repayment of the aforesaid loan on 10.08.2012, the 3^rd defendant represented by its proprietor, the 1^st defendant herein, executed the following loan and security documents at Mylapore branch of the applicant for additional Cash Credit facility of Rs.10,00,000/-.

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a) Demand Promissory Note

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b) Bearer Letter

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c) Letter of Undertaking

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d) Letter of Undertaking

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e) Stamped Undertaking

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f) Deed of Continuing security cum declaration

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g) Supplemental Deed of Hypothecation

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The applicant bank submits that on 21.08.2012, the 1^st defendant executed Supplemental Memorandum of deposit of Title deeds registered as Doc. No.4755/2012 before SRO, Neelangarai in favour of the Applicant Bank.

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The applicant bank further submits that the 3^rd defendant represented by its proprietor the 1^st defendant, approached the applicant for additional Cash Credit facility and upon careful consideration and verification of the representation made by the defendants the applicant sanctioned the additional cash credit facility. On 20.12.2014, the 3^rd defendant represented by its proprietor, the 1^st defendant herein availed

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additional cash credit facility for sum of Rs.10,00,000/- from applicant bank.

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To secure the due repayment of the aforesaid loan on 20.12.2014, the 3^rd defendant represented by its proprietor, the 1^st defendant herein executed the following loan and security documents at Mylapore branch of the applicant for additional cash credit facility of Rs.10,00,000/-

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a) Demand Promissory Note

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b) Bearer Letter

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c) Deed of Continuing security cum declaration

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d) Supplement Agreement

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e) Supplemental Hypothecation cum loan agreement

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f) Hypothecation cum loan agreement

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g) Deed of Guarantee executed by the 2^nd defendant

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The applicant bank submits that on 22.12.2014, the 1^st defendant executed Supplemental Memorandum of deposit of Title deeds registered as Doc. No.9232/2014 SRO, Neelangarai in favour of the Applicant bank

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It is submitted that the 3^rd defendant represented by its Proprietor, the 1^st defendant herein, approached the applicant for Demand Loan facility and upon careful consideration and verification of the representation made by the defendants the applicant sanctioned the Demand Loan.

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To secure the due repayment of the aforesaid loan on 11.09.2015, the 3^rd defendant represented by its proprietor the 1^st defendant herein has executed loan security documents at Mylapore branch of the applicant for Demand Loan facility for sum of Rs.4,75,000/-:

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a) Demand Promissory Note

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b) Bearer letter

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c) Instalment letter

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d) Deed of Continuing security cum declaration

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e) Hypothecation cum loan agreement

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The Applicant further states that the 3^rd defendant represented by its proprietor, the 1^st defendant herein approached the applicant for Term Loan facility and on 14.03.2016, the 3^rd defendant represented by its Proprietor the 1^st defendant herein availed Term Loan facility for sum of Rs.3,00,000/from applicant bank.

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To secure the due repayment of the aforesaid loan on 14.03.2016, the defendants executed the following loan security documents at Mylapore branch of the applicant for Term Loan facility for sum of Rs.3,00,000/- in favour of applicant bank:

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a) Demand Promissory Note

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b) Bearer Letter

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c) Instalment letter

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d) Deed of Continuing security cum declaration

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e) Hypothecation cum loan agreement

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f) Term loan agreement

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It is submitted that the 3^rd defendant represented by its proprietor the 1^st defendant herein approached the applicant for Term Loan facility and upon careful consideration and verification of the representation made

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by the defendants the applicant sanctioned the Term facility

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To secure the due repayment of the aforesaid loan on 27.09.2016, the 3^rd defendant represented by its proprietor the 1^st defendant herein executed the following loan security documents at Mylapore branch of the applicant for Term Loan facility of sum of Rs.20,00,000/-:

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a) Demand Promissory Note

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b) Bearer Letter

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c) Instalment letter

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d) Deed of Continuing security cum declaration

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e) Hypothecation cum loan agreement

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f) Hypothecation cum loan agreement

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g) Deed of Guarantee executed by the 2^nd Defendant

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The applicant further submits that the 3^rd defendant represented by

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its Proprietor, the 1^st defendant herein approached the applicant for additional Cash Credit facility for Rs.25,00,000/- and upon careful consideration and verification the applicant sanctioned the additional cash credit facility.

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To secure the due repayment of the aforesaid loan, , the 3^rd defendant represented by its proprietor the 1^st defendant herein executed the following loan and security documents on 27.09.2016 at Mylapore branch of the applicant for additional cash credit facility for sum of Rs.25,00,000/-

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a) Demand Promissory Note

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b) Bearer Letter

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c) Deed of Continuing security cum declaration

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d) Hypothecation cum loan agreement

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e) Hypothecation cum loan agreement

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f) Deed of Guarantee executed by the 2^nd Defendant

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It is submitted that the defendants executed the following letter acknowledging debts and securities in favour of the Applicant Bank on various dates i.e.,

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a) on 23.07.2009, 30.06.2012, 14.11.2014, 23.12.2016 for Housing Loan;

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b) On 11.02.2010, 10.08.2012, 20.12.2014, 06.03.2015, 18.01.2016 for Cash Credit facility and

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c) On 28.03.2018 for both Cash Credit and Term Loan facilities.

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The Applicant submits that the defendants availed the aforesaid loans and generated income from their business activities. However, subsequent to availing of loan, the defendants did not repay the loan as undertaken and committed wilful default. Despite several demands made by the Applicant the defendants failed and neglected to repay the loans. As the defendants failed to regularize the loan, the loan accounts of the defendants were classified as Non-Performing Asset (NPA) by the applicant on 31.12.2017 as per the guidelines issued by the RBI. Despite repeated requests and demands, as defendants did not come forward to repay the

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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 the defendants 1 to 3 through Registered Post with Acknowledgment Due, which returned with endorsement “Unclaimed”. Applicant Bank had caused paper publication of the notice and filed proof thereof. When OA was taken up on 26.05.2022 even after giving sufficient time, there was no appearance or representation from the defendants. Hence, Defendants 1 to 3 were placed ex-parte on 26.05.2022.

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Heard the submissions of Applicant Bank and perused the records.

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To prove the case of the Applicant Bank, Mr. I. Thaveethuvel, Constituted Attorney 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-81 . 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 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.65,87,931.51p (Rupees Sixty Five Lakhs Eighty Seven Thousand Nine Hundred and Thirty One and Fifty One Paisa Only) as follows:

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(iii) A sum of Rs.1,99,324.40p due in respect of Demand

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Loan Facility (A/c No.800270410000036) repayable together with further interest @9.40% p.a. compounded with monthly rests from the date of filing the OA till date of realization in full;

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(iv) A sum of Rs.2,64,496.56p due in respect of Term Loan I Facility (A/c No.800270310000011) repayable together with further interest @10.65% p.a. compounded with monthly

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rests from the date of filing the OA till date of realization in full;

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(v) A sum of Rs.22,07,976.55p due in respect of Term Loan II Facility (A/c No.800270410000044) repayable together with further interest @10.65% p.a. compounded with monthly rests 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 mentioned immovable property more fully detailed in the OA schedule.

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(d) If the sale proceeds of the immovable property is not sufficient to satisfy the dues as ordered above, the applicant bank is at liberty to sell the personal assets of the Defendants (both movable and immovable) to recover the balance dues as required under law for which the Defendants to disclose to the Tribunal particulars of other properties or assets owned by the Defendants.

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(e) The applicant bank shall file the latest memo of calculation of OA amount together with interest, costs etc., to be paid by the Defendants duly considering the amounts, if any, paid by the Defendant and/or amount realized by sale of assets etc., during the

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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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(f) 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 22^nd 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. I. Theveethuvel, Constituted Attorney of the Applicant Bank

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Exhibits on the part of the Applicant:

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Sl. No.	Description of Documents	Exhibit No.
1.	Loan application form for Housing Loan dated 31.10.2006.	A-1
2.	Sanction letter dated 27.11.2006.	A-2
3.	Demand Promissory Note dated 30.11.2006.	A-3
4.	Bearer Letter dated 30.11.2006.	A-4
5.	Instalment Letter dated 30.11.2006.	A-5
6.	Agreement for Home Loan dated 30.11.2006.	A-6
7.	Deed of continuing Security cum declaration dated 30.11.2006.	A-7
8.	Deed of Guarantee executed by 2^nddefendant dated 30.11.2006.	A-8

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9.	Memorandum of Oral Assent for Equitable Mortgage dated 30.11.2006.	A-9
Cash C	redit Facility of Rs.5,00,000/-
10.	Demand Promissory Note dated 18.05.2007.	A-10
11.	Deed of continuing Security cum declaration dated 18.05.2007.	A-11
12.	Hypothecation cum loan agreement dated	A-12
	18.05.2007.
Cash C	redit Facility of Rs.20,00,000/-
13.	Sanction letter dated 12.09.2009.	A-13
14.	Demand Promissory Note dated 23.09.2009.	A-14
15.	Bearer Letter dated 23.09.2009.	A-15
16.	Deed of continuing Security cum declaration dated 23.09.2009.	A-16
17.	Hypothecation cum loan agreement dated 23.09.2009.	A-17
18.	Supplemental Agreement dated 23.09.2009.	A-18
19.	Memorandum of deposit of Title deeds registered as	A-19
	DocNo3205/2009 SRO Neelangarai dated
	.. 07.10.2009.
Cash C	redit Facility of Rs.10,00,000/-
20.	Sanction letter dated 27.07.2012.	A-20
21.	Demand Promissory Note dated 10.08.2012.	A-21
22.	Bearer Letter dated 10.08.2012.	A-22
23.	Letter of Undertaking dated 10.08.2012.	A-23
24.	Letter of Undertaking dated 10.08.2012.	A-24
25.	Stamped Undertaking dated 10.08.2012.	A-25
26.	Deed of continuing Security cum declaration dated 10.08.2012.	A-26
27.	Supplemental Deed of Hypothecation dated 10.08.2012.	A-27
28.	Supplemental Memorandum of deposit of Title deeds registered as Doc.No.4755/2012 SRO Neelangarai in favour of the Applicant Bank dated 21.08.2012.	A-28
Cash C	redit Facility of Rs.10,00,000/-
29.	Sanction letter dated 20.12.2014.	A-29
30.	Demand Promissory Note dated 20.12.2014.	A-30
31.	Bearer Letter dated 20.12.2014.	A-31
32.	Deed of continuing Security cum declaration dated 20.12.2014.	A-32
33.	Supplemental Agreement dated 20.12.2014.	A-33
34.	Supplemental Hypothecation cum loan agreement dated 20.12.2014.	A-34
35.	Hypothecation cum loan agreement dated 20.12.2014.	A-35

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36.	Deed of Guarant 20.12.2014.	ee exe	cuted by 2^nddefendant	dated	A-36
37.	Supplemental M registered as Do favour of the Ap	emoran c.No.47 plicant	dum of deposit of Title 55/2012 SRO Neelang Bank dated 22.12.201	deeds arai in 4.	A-37
Dema	nd Loan Facility	of Rs.4	,75,000/-
38.	Loan application	form d	ated 09.09.2015.		A-38
39.	Sanction letter d	ated 1	1.09.2015.		A-39
40.	Demand Promis	sory No	te dated 11.09.2015.		A-40
41.	Bearer Letter da	ted 11.	09.2015.		A-41
42.	Instalment Lette	r dated	11.09.2015.		A-42
43.	Deed of continu 11.09.2015.	ing Sec	urity cum declaration	dated	A-43
44.	Hypothecation 11.09.2015.	cum	loan agreement	dated	A-44
Term L	oan Facility of R	s.3,00	,000/-
45.	Demand Promis	sory No	te dated 14.03.2016.		A-45
46.	Bearer Letter da	ted 14.	03.2016.		A-46
47.	Instalment Lette	r dated	14.03.2016.		A-47
48.	Deed of continu 14.03.2016.	ing Sec	urity cum declaration	dated	A-48
49.	Hypothecation 14.03.2016.	cum	loan agreement	dated	A-49
50.	Term Loan agre	ement d	ated 14.03.2016.		A-50
Term L	oan Facility of R	s.20,0	0,000/-
51.	Demand Promis	sory No	te dated 27.09.2016.		A-51
52.	Bearer Letter da	ted 27.	09.2016.		A-52
53.	Instalment Lette	r dated	27.09.2016.		A-53
54.	Deed of continu 27.09.2016.	ing Sec	urity cum declaration	dated	A-54
55.	Hypothecation 27.09.2016.	cum	loan agreement	dated	A-55
56.	Hypothecation 27.09.2016.	cum	loan agreement	dated	A-56
57.	Deed of Guarant 27.09.2016.	ee exe	cuted by 2^nddefendant	dated	A-57
Cash C	redit Facility of	Rs.25,	00,000/-
58.	Demand Promis	sory No	te dated 27.09.2016.		A-58
59.	Bearer Letter da	ted 27.	09.2016.		A-59
60.	Instalment Lette	r dated	27.09.2016.		A-60
61.	Deed of continu 27.09.2016.	ing Sec	urity cum declaration	dated	A-61
62.	Hypothecation 27.09.2016.	cum	loan agreement	dated	A-62
63.	Hypothecation 27.09.2016.	cum	loan agreement	dated	A-63

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64.	Deed of Guarantee executed by 2^nddefendant dated 27.09.2016.	A-64
65.	Letter of acknowledging debts and securities in favour of the Applicant Bank for Housing Loan dated 23.07.2009.	A-65
66.	Letter of acknowledging debts and securities in favour of the Applicant Bank for Housing Loan dated 30.06.2012.	A-66
67.	Letter of acknowledging debts and securities in favour of the Applicant Bank for Housing Loan dated 14.11.2014.	A-67
68.	Letter of acknowledging debts and securities in favour of the Applicant Bank for Housing Loan dated 23.12.2016.	A-68
69.	Letter of acknowledging debts and securities in favour of the Applicant Bank for Cash Credit facility dated 11.02.2010.	A-69
70.	Letter of acknowledging debts and securities in favour of the Applicant Bank for Cash Credit facility dated 10.08.2012.	A-70
71.	Letter of acknowledging debts and securities in favour of the Applicant Bank for Cash Credit facility dated 20.12.2014.	A-71
72.	Letter of acknowledging debts and securities in favour of the Applicant Bank for Cash Credit facility dated 06.03.2015.	A-72
73.	Letter of acknowledging debts and securities in favour of the Applicant Bank for Cash Credit facility dated 18.01.2016.	A-73
74.	Letter of acknowledging debts and securities in favour of the Applicant Bank for both cash credit and term loan facilities dated 28.03.2018.	A-74
75.	Development Agreement dated 05.11.2005.	A-75
76.	Sale Deed, Doc.No.1341/2006, SRO Neelankarai in favour of Mr. V. Rajeswar Rao, the 1^stdefendant herein dated 05.03.2006.	A-76
77.	Statement of Account No.800275110000071	A-77
78.	Statement of Account No.800230110000013	A-78
79.	Statement of Account No.800270410000036	A-79

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80.	Statement of Account No.800270310000011	A-80
81.	Statement of Account No.800270410000044	A-81

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Witness Examined for the Defendants: -Nil-

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List of Documents Exhibited for the Defendants: -Nil –

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:-SCHEDULE-:

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All that piece and parcel of property situated at Apartment No.10, Third Floor of Block B-1, of an extent of 1048 sq.ft in the complex known as Green Acres, Veerasamy Road, Perungudi Village, Tambaram Taluk, Kancheepuram District, Chennai – 600096, together with 852 sq.ft of undivided share of land in the total extent of 9.87 acres (sub division 3) comprised in S.No. 173/3, 173/4, 173/5, 173/7A, 173/7B, 173/7C, 173/7D, 180/1A1A1 and 180/1 to 180/11

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Bounded on the

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North by : House plots in Kamaraj Nagar comprised in S.No.181 and 184 South by : Vacant agricultural lands

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East by : Panchayat Road & land in S.No.176 belonging to Thomas Vergheese

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West by : Land in S.No.173/2 and 186 belonging to Simpson and Co and Dharmavats and others

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Situated within the Registration District of Chennai South and Sub Registration District of Neelangarai.

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

Bank of India v. Rajeswara Rao

Case brief

What is this about?

What did the court decide?

Bank of India v. Rajeswara Rao

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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