Allowed

Bank of India v. Ms Perfect Industries

DRT17 Jul 2026TA/646/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the bank's application filed under Section 19 RDBA for recovery of dues from the defendants. The court found the application within jurisdiction and limitation, ruling the Defendants' silence and failure to contest the claim as proof of the bank's entitlement.

What did the court decide?

The Applicant Bank is allowed to recover a total sum of Rs. 47,38,941/- along with future interest and costs from the defendants.

Bank of India versus Ms Perfect Industries — Contract and Commercial Disputes | DRT (2026)

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T.A. No.646 of 2023

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17.07.2026

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 17^th day of July, 2026

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Present: SMT. S.V. GOWRAMMA Presiding Officer

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TRANSFERRED APPLICATION No.646 of 2023

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(Originally filed before DRT- II, Chennai as OA No.262 of 2022 and thereafter transferred to this Tribunal and renumbered as TA No.646 of 2023)

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Bank of India, Thousand Lights Branch, 406, Lloyds Branch, Gopalapuram, Chennai- 600 086, Represented by its Constituted attorney

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…Applicant

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-Vs-

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M/s Perfect Industries, Represented by Proprietor Mr. P. Rajendran, Regd Office/Factory,

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No. 80/34, Plot No.1A,

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Mugappair Road,

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Padi, Chennai- 600 050

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Mr. P. Rajendran,

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Proprietor M/s Perfect Industries, S/o Mr. R. Ponnupillainadar, No.53, Thirumullaivoyal Road, Korattur, Chennai- 600 080 ….Defendants

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Counsels on record / appeared:

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Counsel for Applicant : M/s. M.P. Venkateswaran

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Defendants 1 and 2 were set ex-parte on 30.10.2023

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: - FINAL ORDER- :

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This Original Application is filed on 28.04.2022 by the applicant bank

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under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 (formerly Recovery of Debts Due to Banks and Financial Institutions Act, 1993) against the defendants 1 and 2, jointly and severally for recovery of

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T.A. No.646 of 2023

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a total sum of Rs.47,38,941/- (Rupees Forty Seven Lakhs Thirty Eight Thousand Nine Hundred and Forty One only) as follows:

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(i) A sum of Rs.16,57,902/- due in respect of Cash credit facility (A/c No.800630110000040) repayable together with further interest @ 9.35% p.a. with monthly rests from the date of Application till the date of realization in full;

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(ii) A sum of Rs.22,61,951/- due in respect of Term Loan (A/c No.800670410000048) repayable together with further interest @ 9.35% p.a. with monthly rests from the date of Application till the date of realization in full;

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(iii) A sum of Rs.48,208/- due in respect of Cash Credit Facility (A/c No.800670110000003) repayable together with further interest @ 6.85% p.a. with monthly rests from the date of Application till the date of realization in full;

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(iv) A sum of Rs.2,69,031/- due in respect of Cash Credit Facility (A/c No.800670410000057) repayable together with further interest @ 7.85% p.a. with monthly rests from the date of Application till the date of realization in full;

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(v) A sum of Rs.5,01,849/- due in respect of Cash Credit Facility (A/c No.800670410000120) repayable together with further interest @7.50% p.a. with monthly rests from the date of Application till the date of realization in full;

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and for costs of this OA.

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Originally, this Application was filed before DRT-II, Chennai, assigned OA No. 262 of 2022, and thereafter in pursuance to the notification from Ministry of Finance, DFS dated 04.10.2022, OA No.262 of 2022 stood transferred to this Tribunal and renumbered as TA No.646 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 defendants approached the Applicant in the month of February, 2012 for sanction of Cash Credit facilities for their business and submitted loan application form for Micro and Small Enterprises 17.02.2012.

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The applicant submits that after due consideration of the request of the defendants and the representation made by them, the Applicant sanctioned a Cash Credit facility Rs. 5,00,000/- to the defendants by their Sanction Letter dated 22.03.2012.

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To secure due repayment of the afore said Cash Credit facility of Rs.5,00,000/-, the defendants executed the following loan documents in favour of the Applicant on 22.03.2012:

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a) Demand Promissory Note dated 22.03.2012 promising to pay to the Applicant, the sum of Rs 5,00,000/- (Rupees Five lakhs only)

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together with interest at the rate of 3.50% above base rate, then 14.25% per annum compounded with monthly rests for value received.

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b) Bearer Letter dated 22.03.2012

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c) Composite Loan document dated 22.03.2012

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d) Hypothecation cum loan agreement dated 22.03.2012

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The defendants fully utilised the Cash Credit facility sanctioned by the Applicant and started doing business.

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It is the further case of the applicant bank that the defendants again approached the Applicant in the month of February, 2013 for sanction of additional Cash Credit facility for their business and submitted a loan application form for Micro and Small Enterprises 13.02.2013.

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The applicant submits that after due Consideration of the request of the defendants and the representation made by them, the Applicant sanctioned additional Cash Credit facility Rs.7,00,000/- to the defendants by their sanction letter dated 26.03.2013. To secure the due repayment of afore said total Cash Credit facility of Rs.12.00.000/- the defendants executed the following loan documents in favour of the Applicant on 26.03.2013.

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a) Demand Promissory Note dated 26.03.2013 promising to pay to the Applicant the sum of Rs.12,00,000/- (Rupees twelve lakhs) together with interest at the rate of 3 % above base rate , then 13.25 % per annum compounded with monthly rests for value received.

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b) Bearer letter dated 26.03.2013

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c) Composite loan document dated 26.03.2013

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d) Hypothecation cum loan agreement dated 26.03.2013

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The applicant submits that the defendants fully utilised the total cash facility of Rs.12,00,000/- sanctioned by the Applicant and continued the business.

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The applicant further submits that the defendants again approached the Applicant in the month of August, 2014 for sanction of additional Cash Credit facility for their business and submitted a loan application form for Micro and Small Enterprises.

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It is submitted by the applicant bank that after due consideration of the request of the defendants and the representation made by them, the Applicant sanctioned additional Cash Credit facility Rs 4,00,000/- to the defendants increasing the total Cash Credit Limit to Rs 16,00,000/-.

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To secure the due repayment of the aforesaid additional Cash Credit facility of Rs.4,00,000/-, the defendants executed the following loan documents in favour of the Applicant on 06.08.2014:

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a) Demand Promissory Note dated 06.08.2014 promising to pay to the Applicant the sum of Rs.4,00,000/- (Rupees Four lakhs only) together with interest at the rate of 3.40 % over base rate, then 13.60% per annum compounded with monthly rests for value received.

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b) Bearer Letter dated 06.08.2014.

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c) Composite Loan document dated 06.08.2014.

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d) Supplemental Deed of Hypothecation dated 06.08.2014.

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e) Hypothecation cum Loan Agreement dated 06.08.2014.

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The applicant submits that the defendants fully utilised the Cash Credit facility sanctioned by the Applicant and started doing business.

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The applicant bank submits that in respect of the Cash Credit facility availed, the defendants executed Acknowledgment of Debt and Securities on 06.08.2014, 04.08.2017 and 04.06.2020 in favour of applicant bank respectively.

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The applicant further submits that the defendants again approached the Applicant in the month of February, 2018 for sanction of a Term Loan facility to improve their business and submitted loan application form for MSME Loan up to Rs.200 lakhs.

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The applicant submits that after due consideration of the request of the defendants and the representation made by them, the Applicant sanctioned Term Loan facility Rs.32,00,000/- to the defendants by their Sanction Letter dated 28.02.2018. To secure due repayment of the aforesaid total Term Loan facility of Rs.32,00,000/-, the defendants executed the following loan documents in favour of the Applicant on 28.02.2018:

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a) Demand Promissory Note dated 28.02.2018 promising to pay to the Applicant the sum of Rs 32,00,000/- (Rupees Thirty two lakhs) together with interest at the rate of 2.80% above the

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yearly BOIMCLR, then 10.60% per annum compounded with monthly rests for value received;

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b) Bearer Letter dated 28.02.2018;

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c) Composite Loan Document dated 28.02.2018

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d) Supplemental Deed of Hypothecation dated 28.02.2018

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e) Hypothecation cum Loan Agreement dated 28.02.2018.

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f) RBLR Agreement dated 28.02.2018

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g) Stamped Undertaking dated 28.02.2018

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h) Stamped Undertaking dated 28.02.2018

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The applicant submits that in respect of the above said Term Loan Account (Account No 800670410000048), the defendants have executed Acknowledgment of Debt and Securities on 18.02.2021 in favour of applicant bank.

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It is the further case of the applicant bank that the defendants once again approached the Applicant in the month of April, 2020 for sanction of Term Loan facility to get over the crisis caused by the Covid 19 Pandemic and submitted a loan application form for Assistance under Covid 19 or CESS 2020 Scheme dated 29.04.2020.

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The applicant further submit that after due consideration of the request of the defendants and the representation made by them, the Applicant sanctioned Term Loan facility Rs 1,60,000/- to the defendants vide Sanction Letter dated 30.04.2020 bearing No THLIADV/CESS2020.

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To secure the due repayment of the afore said total Term Loan

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facility of Rs.1,60,000/- the defendants executed the following loan documents in favour of the Applicant on 30.04.2020:

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a) Demand promissory Note dated 30.04.2020 promising to pay to the Applicant the sum of Rs.1,60,000/- (Rupees One lakh sixty thousand) together with interest at the rate of RBLR, then 7.25% per annum compounded with monthly rests for value received.

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b) Bearer letter dated 30.04.2020.

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c) Instalment letter dated 30.04.2020 undertaking to repay the loan in 24 instalments of Rs.4000/- plus interest from 30.12.2020 to 31.04.2021and Rs.11,600/- plus interest from 31.05.2020 to 30.04.2022

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d) Composite loan document dated 30.04.2020.

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e) Hypothecation cum loan agreement for priority sector advances dated 30.04.2020 hypothecating stocks of jigs and other tools in favour of the Applicant.

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f) Hypothecation cum loan agreement dated 30.04.2020.

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g) RBLR Agreement dated 30.04.2020

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It is submitted by the applicant bank that the defendants again approached the Applicant in the month of June, 2020 for sanction of Term Loan facility to get over the crisis caused by the Covid Pandemic and submitted loan application form for Assistance under Star GECL scheme dated 05.06.2020.

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After due consideration of the request of the defendants and the representation made by them, the Applicant sanctioned Term Loan facility

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Rs.3,10,000/- to the defendants by their Sanction Letter dated 06.06.2020.

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To secure the due repayment of the aforesaid total Term Loan facility of Rs.3,10,000/-, the defendants executed the following loan documents in favour of the Applicant on 06.06.2020:

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a) Demand Promissory Note dated 06.06.2020 promising to pay to the Applicant the sum of Rs.3,10,000/- (Rupees Three lakhs ten thousand only) together with interest at the rate of 1 % over RBLR, then 7.85 % per annum compounded with monthly rests for value received.

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b) Bearer letter dated 06.06.2020.

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c) Instalment Letter dated 06.06.2020 undertaking to repay the loan in 36 instalments of Rs.9,693/- per month commencing from 30.06.2021.

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d) Composite loan document dated 06.06.2020.

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e) Hypothecation cum Loan Agreement dated 06.06.2020 hypothecating jigs, press tools, spindles, gauges, book debts etc in favour of the Applicant.

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f) Hypothecation cum Loan Agreement for priority sector advances dated 06.06.2020 hypothecating jigs, press tools, spindles, gauges, book debts etc in favour of the Applicant.

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g) RBLR agreement dated 06.06.2020

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The applicant submits that the defendants again approached the Applicant in the month of November, 2021 for sanction of Term Loan

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facility to get over the crisis caused by the Covid Pandemic and submitted a loan application form for Assistance under Star GECL scheme.

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After due consideration of the request of the defendants and the representation made by them the Applicant sanctioned a term loan facility Rs 4,90,000/- to the defendants by their sanction letter dated 20.11.2021 bearing No THLIADVI2021-22/ECGLS40/04.

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To secure the due repayment of the afore said total Term Loan facility of Rs.4,90,000/-, the defendants executed the following loan documents in favour of the Applicant on 20.11.2021:

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a) Demand Promissory Note dated 20.11.2021 promising to pay to the Applicant the sum of Rs.4,90,000/- (Rupees Four lakhs ninety thousand only) together with interest at the rate of 0.65 % above RBLR, then 7.50 % per annum compounded with monthly rests for value received.

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b) Supplemental Loan cum Hypothecation Agreement dated

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20.11.2021.

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The applicant submits that the defendants fully utilised all the credit facilities sanctioned by the Applicant however, subsequent to availing of loan, did not conduct the accounts properly. The defendants did not pay the instalments in their loan accounts. Despite several demands made and opportunities granted by the Applicant, the defendants failed and neglected to regularise the accounts. Since the defendants committed default in repayment, the loan accounts of the defendants were classified

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as Non Performing Assets (NPA) with effect from 04.04.2022.

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The applicant further submits the defendants executed loan documents in respect of the Cash Credit Account bearing No 800630110000040 on 22.03.2012, 26.03.2013 and 6.08.2014. In respect of the cash credit account the defendants executed Acknowledgment of Debt and Securities on 06.08.2014, 04.08. 2017 and 04.06.2020 respectively.

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The defendants executed loan documents in respect of the Term Loan Account bearing No.800670410000048 on 28.02.2018. In respect of the Term Loan, the defendants executed Acknowledgement of Debt and Securities on 18.02.2021 in favour of applicant bank.

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The defendants executed loan documents in respect of the Term Loan Account bearing No.800670110000003 on 30.04.2020. In respect of this term loan the defendants executed acknowledgment of debt and securities on 30.04.2020.

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The defendants executed loan documents in respect of the Term Loan account bearing No.800670410000057 on 06.06.2020 and also executed loan documents in respect of the Term Loan account bearing No 800670410000120 on 20.11.2021. Despite repeated 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 the Defendants 1

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and 2 through Registered Post with Acknowledgment Due, which was returned with postal endorsement as ‘No such person’ in respect of D-1 and D-2. Applicant Bank had caused paper publication of the notice and filed proof thereof. When OA was taken up on 30.10.2023 even after giving sufficient time, there was no appearance or representation from the defendants. Hence, Defendants 1 and 2 were placed ex-parte on 30.10.2023.

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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. Seera Srihari Rao, Chief Manager / Constituted Attorney of the Applicant Bank, has filed his Affidavit by way of evidence and same was considered as evidence of AW1 and list of documents came to be marked as Ex A-1 to A-59.

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A careful examination of the pleadings in the Proof Affidavit and documents Exhibits A-1 to A-59 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 30.10.2023, 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

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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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35. The OA is allowed with costs,

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(a) The applicant bank is allowed to recover from the Defendants 1 and 2 jointly and severally, a total sum of Rs.47,38,941/(Rupees Forty Seven Lakhs Thirty Eight Thousand Nine Hundred and Forty One only) as follows:

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(ii) A sum of Rs.22,61,951/- due in respect of Term Loan (A/c No.800670410000048) repayable together with

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further interest @ 9.35% p.a. with monthly rests from the date of Application till the date of realization in full;

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(iv) A sum of Rs.2,69,031/- due in respect of Cash Credit

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Facility (A/c No.800670410000057) repayable together with further interest @ 7.85% p.a. with monthly rests from the date of Application till the date of realization in full;

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(v) A sum of Rs.5,01,849/- due in respect of Cash Credit

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Facility (A/c No.800670410000120) repayable together with further interest @7.50% p.a. with monthly rests from the date of Application till the date of realization in full along with costs of this OA.

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(b) 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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from the date of receipt of this final order.

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

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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 17^th day of July, 2026)

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ANNEXURES

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WITNESSES EXAMINED FOR THE APPLICANT BANK :

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AW-1: Mr. Seera Srihari Rao, Chief Manager / Constituted Attorney of the Applicant Bank

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Exhibits on the part of the Applicant:

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Sl. No.	Date	Description of Documents	Exhibit No.
1.	17.02.2012	Loan application form	A-1
2.	22.03.2012	Sanction letter	A-2
3.	22.03.2012	Demand promissory note	A-3
4.	22.03.2012	Bearer letter	A-4
5.	22.03.2012	Composite loan document	A-5
6.	22.03.2012	Hypothecation cum loan agreement	A-6
7.	13.02.2013	Loan application form	A-7
8.	26.03.2013	Sanction letter	A-8
9.	26.03.2013	Demand promissory note	A-9
10.	26.03.2013	Bearer letter	A-10
11.	26.03.2013	Composite loan document	A-11
12.	26.03.2013	Hypothecation cum loan agreement	A-12
13.		Loan application form	A-13
14.	06.08.2014	Sanction letter	A-14
15.	06.08.2014	Demand promissory note	A-15
16.	06.08.2014	Bearer letter	A-16

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17.	06.08.2014	Composite loan document	A-17
18.	06.08.2014	Hypothecation cum loan agreement	A-18
19.	06.08.2014	Acknowledgement of debt and securities	A-19
20	04.08.2017	Acknowledgement of debt and securities	A-20
21.	04.06.2020	Acknowledgement of debt and securities	A-21
22.		Loan application form	A-22
23.	28.02.2018	Sanction letter	A-23
24.	28.02.2018	Demand promissory note	A-24
25.	28.02.2018	Bearer letter	A-25
26.	28.02.2018	Instalment letter	A-26
27.	28.02.2018	Composite loan document	A-27
28.	28.02.2018	Hypothecation cum loan agreement	A-28
29.	28.02.2018	RBLR agreement	A-29
30.	28.02.2018	Stamped declaration	A-30
31.	28.02.2018	Stamped declaration	A-31
32.	18.02.2021	Acknowledgement of debt and securities	A-32
33.	29.04.2020	Loan application form	A-33
34.	30.04.2020	Sanction letter	A-34
35.	30.04.2020	Demand promissory note	A-35
36.	30.04.2020	Bearer letter	A-36
37.	30.04.2020	Instalment letter	A-37
38.	30.04.2020	Composite loan document	A-38
39.	30.04.2020	Hypothecation cum loan agreement	A-39
40.	30.04.2020	Hypothecation cum loan agreement	A-40
41.	30.04.2020	RBLR agreement	A-41
42.	05.06.2020	Loan application form	A-42
43.	05.06.2020	Sanction letter	A-43
44.	05.06.2020	Demand promissory note	A-44
45.	05.06.2020	Bearer letter	A-45
46.	05.06.2020	Instalment letter	A-46
47.	05.06.2020	Composite loan document	A-47
48.	05.06.2020	Hypothecation cum loan agreement	A-48
49.	05.06.2020	Hypothecation cum loan agreement	A-49
50.	05.06.2020	RBLR agreement	A-50
51.	-	Loan application form	A-51
52.	20.11.2021	Sanction letter	A-52
53.	20.11.2021	Demand promissory note	A-53
54.	20.11.2021	Supplemental loan cum hypothecation agreement	A-54
55.	-	Statement of account	A-55
56.	-	Statement of account	A-56
57.	-	Statement of account	A-57
58.	-	Statement of account	A-58
59.	-	Statement of account	A-59

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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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Nil

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

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Bank of India v. Ms Perfect Industries

Case brief

What is this about?

What did the court decide?

Bank of India v. Ms Perfect Industries

Case brief

What is this about?

What did the court decide?

What the court decided

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