Allowed

Punjab and Sind Bank v. Hariharasudhan Catering Services

DRT15 Apr 2026TA/599/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an application filed by Punjab and Sind Bank for recovery of dues amounting to Rs.1.16 crore from borrowers and guarantors. The bank claimed principal and interest on cash credit, housing loans, and FITL accounts due to default.

What did the court decide?

Recovery of Rs.1,16,31,910/- along with interest and costs from respondents jointly and severally, with liberty to sell mortgaged and other properties.

Punjab and Sind Bank versus Hariharasudhan… — Contract and Commercial Disputes | DRT (2026)

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T.A. No.599 of 2023

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15.04.2026

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 15^th day of April, 2026

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Present: SMT. S.V. GOWRAMMA Presiding Officer

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TRANSFERRED APPLICATION No.599 of 2023

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(Originally filed before DRT- II, Chennai as OA 41 of /2022 and thereafter transferred to this Tribunal and renumbered as TA No.599 of 2023)

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Punjab and Sind bank International Banking Division No.770-A, Deva towers, Anna Salai, Chennai-600 002

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Represented by its Assistant General Manager …Applicant

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-Vs-

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M/s Hariharasudhan Catering services

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A Proprietorship concern

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Prop: T.Kathiravan

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No.512, 11^st street, Thaimookambigai Nagar, Madambakkam, Guduvanchery 603 202

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T.Kathiravan

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S/o of Thiruganasambantham No.512, 11^th street, Thaimookambigai Nagar Madambakkam, Guduvanchery 603 202

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Smt.Vimala

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W/o Shri. T.Kathiravan

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No.512, 11^th street, Thaimookambigai Nagar Madambakkam, Guduvanchery 603 202 ...Defendants

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Counsels on record / appeared:

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Counsel for Applicant : M/s K.Subramanian

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Defendants 1 to 3 were set ex-parte on 01.11.2023

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: - FINAL ORDER- :

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This Original Application is filed on 15.11.2021 by the applicant

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bank under Section 19 of Recovery of Debts and Bankruptcy Act, 1993

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T.A. No.599 of 2023

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(formerly Recovery of Debts Due to Banks and Financial Institutions Act, 1993) against the defendants 1 to 3, jointly and severally for recovery of a total sum of Rs.1,16,31,910/- (Rupees One Crore Sixteen Lakhs Thirty One Thousand Nine Hundred and Ten only) as follows:

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(i) A sum of Rs.60,63,387/- due in respect of Cash credit account (A/c No.02001300002276) repayable together with further interest @ 1 MCLRY+1.60% p.a. i.e. 10% effective rate with monthly rests PLUS Penal interest at 2% p.a. from the date of Application till the date of realization in full;

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(ii) A sum of Rs.40,69,047/- due in respect of Housing Loan (A/c No.02001300001078) repayable together with further interest @ MCLRY+1.60% p.a. i.e. 10.40% effective rate with monthly rests PLUS Penal interest at 2% p.a., from the date of Application till the date of realization in full;

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(iii) A sum of Rs.11,72,147/- due in respect of Housing

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Loan (A/c No.02001200001117) repayable together with further interest @MCLRY i.e. 8.5% p.a. effective rate with monthly rests together with Penal interest at 2% p.a. from the date of Application till the date of realization in full;

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(iv) A sum of Rs.3,24,329/- due in respect of FITL account (A/c No.02001200001309) repayable together with further interest @ MCLRY+1.60% p.a. i.e. 10% effective rate with

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monthly rests together with Penal interest at 2% p.a. from the date of Application till the date of realization in full;

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for sale of schedule mentioned immovable property and for costs of this OA.

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Originally, this Application was filed before DRT-II, Chennai, assigned OA No. 41 of 2022, and thereafter in pursuance to the notification from Ministry of Finance, DFS dated 04.10.2022, OA No.41 of 2022 stood transferred to this Tribunal and renumbered as TA No.599 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 first defendant borrower is sole Proprietorship concern and the 2^nd defendant is the proprietor is one of leading businesses caterers around Madambakkam, Tambaram areas and having their registered address is No.512, 11^th street, Thai Mookambiga Nagar, Madambakkam, Guduvancherry, Chennai 603 202, Tamilnadu. The 3^rd defendant is the guarantor to the facility sanctioned to the first defendant. The 2^nd and 3^rd defendants are the mortgagors by way of depositing of title deeds relating to their immovable property by way of security of the due repayment of all advances and credit facilities

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sanctioned and availed by the defendants and are having their residence in the cause title of present application.

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It is submitted that the first defendant firm, represented by its proprietor the 2^nd defendant had on 23.01.2018 approached the applicant bank for sanction of MSE loan limit of Rs.60 lakhs for making improvements in their business activities. The applicant bank duly considered the loan proposed of the defendants and sanctioned a credit limits of RS.54,00,000/- (Rupees Fifty four lakhs only) to the defendants at MCLRY +1.60% effective rate of the date of sanction 10% per annum vide sanction letter 13/2276 dated 27.02.2018. the defendant had acknowledged and accepted the said sanction letter.

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It is submitted that the 2^nd and 3^rd defendants had submitted an application on 23.01.2018 to the applicant bank to take over their existing Housing loan form Axis bank Ltd and requested the applicant bank to sanction a limit of Rs.35,00,000/- and the applicant bank had also considered the proposal and sanctioned a Housing Term Loan of Rs.35 lakhs to the 3^rd defendant on 31.01.2018. The loan sanctioned carries an interest of MCLR of the applicant bank i.e.10.40% at the time of sanction. In the event of default in payment of any instalments or irregularity in the conduct of loan account, a penal interest @2% over the stipulated interest rate with monthly rests will be charged for the irregular amount and overdue period. The loan is repayable in 240 equated monthly instalments of Rs.31,000/- from Feb, 2018 and no moratorium was allowed from date of availment.

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The 2^nd and 3^rd defendants had requested the applicant bank on 18.05.2018 to sanction another Housing Loan limit of Rs.10,00,000/-. The applicant bank sanctioned another joint Housing Term Loan of Rs.10 lakhs to the 2^nd and 3^rd defendants on 23.05.2018. The loan sanctioned carries an interest of MCLR of applicant bank i.e., 8.5% at the time of sanction. In the event of default in payment of any instalments or irregularity in the conduct of loan account, a penal interest @2% over the stipulated interest rate with monthly rests will be charged for the irregular amount and overdue period. The loan is repayable in 180 equated monthly instalments of Rs.10,000/- form June 2018 and no moratorium was allowed from the date of availment.

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It is submitted that in view of the extension of nationwide lockdown and continuing disruption on account of COVID_19, a package was introduced by RBI-COVID-19 Regulatory package vide Circular RBI/201920/186 DOR.NO.BP.BC 71/21.04.048/2019-20 dated May 23, 2020 which permitted the banks to defer the recovery of interest applied in respect of all such working capital facilities sanctioned in the form of cash/ credit/overdraft (CC/OD) during the period from March 1,2020 upto may 31,2020. The accumulated accrued interest shall be recovered immediately after the completion of this period. However the lock down was extended and the moratorium from June 1, 2020 to august 31, 2020. In respect of working capital facilities sanctioned in the form of cash credit/ overdraft (CC/OD) leading institutions were permitted to allow a deferment from June 1, 2020 to august 31, 2020 on recovery of interest

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applied in respect of all such facilities. Lending institutions were permitted at their discretion to convert the accumulated interest for the deferment period upto august 31, 2020 into a Funded Interest Term Loan (FITL) to be repaid not later than March 31, 2021. Accordingly interest accumulated on Working Capital account was converted to FITL account. All the terms and conditions of existing CC/OD accounts shall mutandis apply to FITL. The loan &security documents executed in respect of CC/OD account and the securities created to secure the existing CC/OD accounts shall continue to be valid and binding for FITL as well, without any further creation or modification. The FITL is repayable in six EMIs by March 31, 2021. The rate of interest of FITL will be same as that of your existing CC/OD account. Interest on FITL shall be paid monthly as and when debited/ due.

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It is submitted that the applicant bank due to non service of loan due to nationwide pandemic COVID-19 transferred the un serviced interest applied to the working capital account amounting to Rs.2,94,610.00 to funded interest term loan. The loan sanctioned carries an interest of MCLRY +1.60% effective rate on the date of sanction 10% per annum. The amount transferred to FITL is repayable in six EMIs by March 31, 2021 and interest applied on FITL shall be paid monthly as when debited/due.

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It is submitted that the applicant bank had issued the sanction letter along with additional terms and conditions governing the loan facility, to the said defendants. That the defendants were required to

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comply with terms and conditions in the sanction letter and the additional terms and conditions annexed with sanction letter if they intended and agreed to avail the home loan offered vide sanction letter.

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It is submitted that the defendants of their own free consent agreed to avail the above said credit facilities from applicant bank subject to terms and conditions as contained in sanction/ offer letters dated 27.02.2018, 31.01.2018, 23.05.2015 that the defendants had acknowledged and accepted the sanction letter and the terms and conditions mentioned therein and the additional terms and conditions annexed with sanction letter and had voluntarily agreed to strictly abide by the same that the defendants also signed the sanction letter as token of acceptance of the terms and conditions governing the loan facility. The sanction letter also clearly stipulated that defendants shall also pay the processing charges with service tax as applicable to the applicant bank.

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It is the further case of the applicant bank that pursuant to acceptance of Sanction Letter to first defendant firm, represented by its proprietor 2^nd defendant, 3^rd defendant as guarantor / mortgagor had signed and executed the following loan documents towards working capital facility of Rs.54,00,000/- (MSE loan) during 27.02.2018 and executed the following documents:

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(i) First defendant firm by its proprietor 2^nd defendant executed a DPN dated 27.02.2018 on a form no.14 (R) for Rs.54,00,000/- (Rupees fifty four lakhs only)

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(ii) The 2^nd defendant as proprietor of the first defendant concern had on 27.02.2018 executed a letter on form No.106

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(iii) The 2^nd defendant as proprietor of the first defendant concern had on 27.02.2018 executed a letter on form No.122.

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(iv) The 2^nd defendant as proprietor of the first defendant concern had on 27.02.2018 executed a letter on form No.126 confirming the right of the bank to recall the loan.

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(v) The 2^nd defendant as proprietor of the first defendant concern had on 27.02.2018 executed a letter of continuity on form No.159

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(vi) The defendants 1 to 3 had on 27.02.2018 executed a letter of continuity on form No.199 accepting the right of the bank to securitize/ assign etc.

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(vii) The 2^nd defendant as proprietor of the first defendant concern had on 27.02.2018 executed a letter on form No.200 accepting revised clauses pertaining to rate of interest.

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(viii) The 2^nd defendant as proprietor of the first defendant concern had on 27.02.2018 executed a letter of continuity on form No.216 confirming that the defendants are not agriculturists and expressly waived al rights advantages and benefit conferred on the agriculturists by state/ central governments.

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(ix) The defendants had on 27.02.2018 executed a letter of guarantee in favour of the applicant bank personally

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guaranteeing the amounts due to the applicant bank in the aforesaid credit facility to the extent of Rs.54,00,000/(Rupees fifty four lakhs only) sanctioned and availed by the first defendant on form 256(RR)

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(x) The defendants had on 27.02.208 had signed a letter agreeing and consenting for the disclosure its data by the bank to CIBIL etc

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(xi) Declaration by the first defendant that they have not defaulted etc,

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Towards Housing loan amount of Rs.35 lakhs

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(i) The 2^nd and 3^rd defendants executed a DPN dated 31.01.2018 on form No.15 (R) for Rs.35,00,000/- (Rupees thirty five lakhs only)

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(ii) The 2^nd and 3^rd defendants on 31.08.2018 executed a letter on form No.106

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(iii) The 2^nd and 3^rd defendants on 31.08.2018 executed a letter on form No.103/291/412

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(iv) The 2^nd and 3^rd defendants on 31.08.2018 executed a letter on form No.199 accepting the right of bank to securitize/ assign etc

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(v) The 2^nd and 3^rd defendants on 31.08.2018 executed a letter on form No.200 accepting revised clauses pertaining to rate of interest.

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(vi) The 2^nd and 3^rd defendants on 31.08.2018 executed a letter of guarantee in favour of the applicant bank personally guaranteeing the amounts due to the applicant bank in the aforesaid credit facility to the extent of Rs.54,00,000/(Rupees fifty four lakhs only) sanctioned and availed by the first defendant on form 256(RR)

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(vii) The 2^nd and 3^rd defendants on 31.08.2018 had signed a letter agreeing and consenting for the disclosure its data by the bank to CIBIL etc

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viii) The 2^nd and 3^rd defendants on 31.08.2018 executed a letter on Form no.199 accepting the right of the bank to securitize/ assign etc.

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Towards Housing loan amount of Rs.10 lakhs

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(i) The 2^nd and 3^rd defendants on 23.05.2018 executed an agreement for housing loan on Form HL 516 for Rs.10,00,000/- (Rupees Ten lakhs only)

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(ii) The 2^nd and 3^rd defendants on 23.05.2018 executed a letter of undertaking on Form No. HL 523

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(iii) The 2^nd and 3^rd defendants on 23.05.2018 signed on their own free consent agreed to avail the said credit facilities form applicant bank subject to terms and conditions as contained in sanction/ offer letters dated 23.05.2018 on Form HL 514.

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In consideration of grant of the aforesaid credit facility of Rs.1 crore

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sanctioned by the applicant bank and availed by the first defendant, the 2^nd and 3^rd defendants being the guarantor and mortgagor have deposited the title deeds relating to her immovable property morefully described in schedule “B” to the OA with the applicant bank on various dates with an intention to create/ extend equitable mortgage over those properties as collateral security for the aforesaid enhanced credit facility for Rs.1 Crore availed by the first defendant from the applicant bank on form 84-A.

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It is submitted that the defendants were under legal and contractual obligation to pay the loan on demand and was the essence of the contract between the applicant bank and defendants and that in terms of loan sanctioned and availed by the first defendant that if the defendants fails to pay to the bank any amount due and Payable then applicant bank may declare the principal, all accrued interest and other amounts payable by borrowers shall become payable forthwith the borrower, to the applicant bank.

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It is submitted that the applicant bank subsequent to availing of loan, the operation of the accounts was not proper and irregular. Hence the applicant has been repeatedly requesting the defendants to regularize the credit facilities, which are highly running irregular. In fact the applicant bank had several rounds of discussions with the first defendant about the regularization of the loan accounts but of no avail. Thus, as the first defendant did not come forward to discharge the liability, the defendants completely failed defaulted and neglected to pay the outstanding dues or take any effective steps to address the debt due to Due to network problem order could not be uploaded on 15.04.2026 and the same is being uploaded on 16.04.2026 at 11:00 hours

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the applicant bank. In view of the aforesaid financial irregularities there is a remote chance of the first defendant turning around and repaying the huge dues of the applicant bank. The applicant bank has therefore finally classified the account as Non-Performing Asset (NPA) on 31.03.2021 and issued a notice dated 09.04.2021 calling upon the defendants to repay the dues. 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 was sent to the Defendants 1 to 3 through Registered Post with Acknowledgment Due, which was duly served in respect of D-1 to D-3. Although D-1 entered appearance and undertook to file vakalath on 18.07.2022 instance, did not file vakalath or written statement. Applicant Bank had caused paper publication of the notice and filed proof thereof. When OA was taken up on 01.11.2023 even after giving sufficient time, there was no appearance or representation from the defendants. Hence, Defendants 1 to 3 were placed ex-parte on 01.11.2023

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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, Mr. Ajay, 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

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marked as Ex A-1 to A-36.

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A careful examination of the pleadings in the Proof Affidavit and documents Exhibits A-1 to A 36 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 defendants.

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The defendants were set ex-parte on 01.11.2023, 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 defendants are produced or filed to dispute the claim of applicant bank. Hence, it can be concluded that applicant bank has proved its claim against defendants.

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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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21. The OA is allowed with costs,

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(a) The applicant bank is allowed to recover from the Defendants

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jointly and severally, a total sum of Rs.1,16,31,910/- (Rupees

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One Crore Sixteen Lakhs Thirty One Thousand Nine Hundred

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and Ten only) as follows:

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(iii) A sum of Rs.11,72,147/- due in respect of Housing Loan (A/c No.02001200001117) repayable together with further interest @MCLRY i.e. 8.5% p.a. effective rate with monthly rests together with Penal interest at 2% p.a. from the date of Application till the date of realization in full;

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(iv) A sum of Rs.3,24,329/- due in respect of FITL account (A/c No.02001200001309) repayable together with further interest @ MCLRY+1.60% p.a. i.e. 10% effective rate with monthly rests together with Penal interest at 2% p.a. from the date of Application till the date of realization in full along

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with costs of this OA.

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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 mentioned immovable properties morefully detailed in the OA schedule.

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(d) If the sale proceeds of the immovable properties are not sufficient to satisfy the dues as ordered above, the applicant bank is at liberty to sell the personal assets of the Defendants 2 and 3 (both movable and immovable) to recover the balance dues as required under law for which the Defendants 2 and 3 to disclose to the Tribunal particulars of other properties or assets owned by the Defendants 2 and 3.

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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 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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(g) 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 Roshnee, transcribed by her, corrected, signed and pronounced by me on this the 15^th day of April, 2026)

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ANNEXURES

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WITNESSES EXAMINED FOR THE APPLICANT BANK :

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AW-1: Mr. Ajay, Chief Manager of the Applicant Bank

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Exhibits on the part of the Applicant:

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Sl.	Date	Description of Documents	Exhibit
No.			No.
1.	23.01.2018	Loan application	A-1
2.	27.02.2018	Sanction letter	A-2
3.	27.02.2018	DPN executed by the defendants	A-3
4.	27.02.2018	Form 106	A-4
5.	27.02.2018	Letter on Form No.103/291/412 executed by the defendant	A-5
6.	27.02.2018	Defendants 1 executed letter of inspection of godown-Form 122	A-6
7.	27.02.2018	Form No.126 confirming the right of the bank to recall the loan.	A-7
8.	27.02.2018	Letter of continuity on form 159	A-8
9.	27.02.2018	Letter of undertaking by borrower form 199	A-9
10.	27.02.2018	Revised clause of interest-Form 200	A-10
11.	27.02.2018	Form No.216 confirming that the defendants are not agriculturists	A-11
12	01.03.2018	EM confirmation letter on form 84-A	A-12

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13	01.03.2018	EM confirmation letter on form 84-A	A-13
14	27.02.2018	Letter of guarantee on form 256 RR	A-14
15	27.02.2018	Letter of consent for the disclosure its data by the bank to CIBIL etc	A-15
16	27.02.2018	Letter on penal interest-Form 291	A-16
17	27.02.2018	Letter of confirming they are not defaulters	A-17
18	23.01.2018	Housing loan application for Rs.35 lakhs	A-18
19	31.01.2018	Sanction letter for Rs.35 lakhs	A-19
20	31.01.2018	DPN for Rs.35 lakhs executed by the defendants	A-20
21	31.01.2018	Form 106	A-21
22	31.01.2018	Letter on form No.103/291/412 executed by the defendant	A-22
23	31.01.2018	Letter of undertaking by borrower form 199	A-23
24	31.01.2018	Revised clause of interest-form 200	A-24
25	31.01.2018	Letter of guarantee on form 256 RR	A-25
26	31.01.2018	Letter of consent for the disclosure its data by the bank to CIBIL etc	A-26
27	02.02.208	EM confirmation letter on form 84-A	A-27
28	18.05.2018	Housing loan application for Rs.10 lakhs	A-28
29	23.05.2018	Sanction letter for Rs.10 lakhs	A-29
30	23.05.2018	Agreement of housing loan form HL 516	A-30
31	23.05.2018	Letter of undertaking	A-31
32	23.05.2018	EM confirming letter on form 84-A	A-32
33	26.03.2018	Agreement relating to deposit of title deed Doc.2923/2018	A-33
34	13.08.2015	Settlement deed Doc 10173/2015	A-34
35	10.04.2014	Sale deed Doc 5072/2014	A-35
36		BBE statements, statements of accounts	A-36

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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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Item -1

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All that piece and parcel of property bearing door no.169, Mookambigai Nagar, 11^st street, Madambakkam Vilage, Sriperumpudur taluk comprised in Grama Nathan Survey No.200/705 measuring an

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extent of 131 sq.mtr or 1410 sq.ft together with building measuring 504 sq.ft thereon bounded on the North by: Road South by: Road East by: Property belongs to K.Vimala West by: vacant land Linear measurements Northern side: 8.4 mtr Southern side: 8.4 mtr Eastern side: 15.6 mtr Western side: 5.8 mtr

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In all measuring 131sq .mtr, and lying within the registration district of Chennai South and Sub-registration District of Guduvancherry.

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Item – 2

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All that piece and parcel of land comprised in Grama Natham Old surveyNo.200/706 measuring an extent of 121 sq.mtr or 1303 sq.ft together with building thereon situated at 169- Madambakkam village, Sriperumpudur taluk bounded on the

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North by: Road South by: Road East by: Vacant land West by: Property belongs to K. Vimala Linear measurements Northern side: 7.8 mtr Southern side: 7.6 mtr Eastern side: 15.6 mtr Western side: 15.6 mtr

¶191

Due to network problem order could not be uploaded on 15.04.2026 and the same is being uploaded on 16.04.2026 at 11:00 hours

¶192

T.A. No.599 of 2023

¶193

¶194

15.04.2026

¶195

In all measuring 121sq .mtr or 1303 sq.ft, and lying within the registration district of Chennai South and Sub-registration District of Guduvancherry.

¶196

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

¶197

Due to network problem order could not be uploaded on 15.04.2026 and the same is being uploaded on 16.04.2026 at 11:00 hours

Punjab and Sind Bank v. Hariharasudhan Catering Services

Case brief

What is this about?

What did the court decide?

Punjab and Sind Bank v. Hariharasudhan Catering Services

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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