Allowed

Canara Bank v. Ms Sparv Techologies Pvt. Ltd.

DRT15 Apr 2026TA/84/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by Canara Bank for recovery of outstanding dues totaling Rs. 50 lakhs from M/s. Sparv Technologies and its guarantors, as the bank proved its claim through documentary evidence and affidavits.

What did the court decide?

Direct recovery of Rs. 50,26,385/- (principal and interest) from respondents jointly and severally; liberty to sell hypothecated and personal assets for balance dues.

Canara Bank versus Ms Sparv Techologies Pvt. Ltd. — Banking and Recovery | DRT (2026)

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T.A. No. 84 of 2024

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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. 84 of 2024

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(Originally filed before DRT-II, Chennai in OA Dy. NO.1810/2022 and thereafter transferred to this Tribunal and renumbered as TA No.84/2024)

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Canara Bank, Saidapet Branch No.375, Anna Salai, Saidapet,Chennai – 600 015 Rep. by its Chief Manager ...Applicant

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-Vs-

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M/s. Sparv Technologies Pvt.Ltd,

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Rep.by its Directors

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P. Arvind and S. Panneerselvam

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Block V, 4C, 4^th Floor, Sreerosh Meadows Apartments,

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Plot No.18, Thiruvalluvar Main Road,

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Kamarajapuram,

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Chennai – 600 070

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P. Arvind

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24, Rathinivas,

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28^th Street, Rangamathe Nagar,

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Maharaja Nagar,

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Tirunelveli – 627 001

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S. Panneerselvam,

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New No.21, Old No.81, Bajanai Koil Street, Nandambakkam,

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Chennai – 600 089 …Defendants

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Counsels on record / appeared:

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Counsel for Applicant : K. Radhakrishnamurthy

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Defendants 1 to 3 were set ex-parte on 22.07.2024

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T.A. No. 84 of 2024

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: - FINAL ORDER- :

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This Original Application is filed on 06.10.2022 by the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 (formerly Recovery of Debts Due to Banks and Financial Institutions Act, 1993) against the defendants 1 to 3, jointly and severally for recovery of a total sum of Rs.50,26,385/- (Rupees Fifty Lakhs Twenty Six Thousand Three Hundred and Eighty Five only) as follows:

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(i) A sum of Rs.39,17,541/- due in respect of Over Draft account

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(A/c No.0933256010298) repayable together with further interest @17.8% 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.2,89,896/- due in respect of WCDL Facility (A/c

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No.0933753000002) repayable together with further interest @8.90% 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. 6,23,758/- due in respect of GECL Facility (A/c No.0933755000003) repayable together with further interest @8.90% 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.1,95,190/- due in respect of FITL Facility (A/c No. 173000089721) repayable together with further interest @15.3% p.a. with monthly rests from the date of Application till the date of realization in full;

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for sale of Hypothecated assets morefully detailed in schedule to the OA and for costs of this OA.

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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 is engaged in computer hardwares and software services. At the request of the First Defendant, the applicant has sanctioned OD facility against hypothecation of stocks and book debts of Rs. 10 lakhs for development of their business on 05.07.2013. The 1^st Defendant has availed the above loan on 05.07.2013 for a sum of Rs.10 Lakhs, for which the 2^nd and 3^rd Defendants have executed the following documents on 05.07.2013 as Directors of the first defendant:

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a) Request for Overdraft Facility

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b) Demand Promissory Note dated 5.7.2013 for Rs.10 Lakhs promising to repay the amount together with interest thereon at 3.20% per annum above /below the ongoing Benchmark PLR or at such other rates as ay be revised by the Bank from time to time, which minimum of 13.45% per annum for the value received.

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c) Cash Credit Agreement

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The Applicant submits that to secure the above facility availed by the

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1^st Defendant, the 2^nd and 3^rd defendants have separately executed

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Guarantee Agreement and Guarantee Covering Letters dated 05.07.2013 by which the 2^nd and 3^rd Defendants stood as personal guarantors for due repayment of the advances made to the first defendant together with all interests and costs.

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The applicant submits that at the request of the 1^st defendant, the applicant by its sanction letter dated 04.07.2014 has renewed the limit for which the 1^st defendant has executed a Letter of Renewal.

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It is further submitted by the applicant that at the request of the first defendant by their application dated 04.09.2014 and letter dated 09.09.2014, the applicant has sanctioned additional/extension of OD limit of Rs.5 lakhs by its sanction letter dated 18.9.2014. The OD facility was increased from Rs.10 lakhs to Rs.15 lakhs, for which the first defendant has executed the following Documents on 18.09.2014:

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(a) Letter of renewal

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(b) Demand Promissory Note dated 18.9.2014 for Rs.5 Lakhs promising to repay the amount together with interest thereon at 2.95% per annum above /below the ongoing Benchmark PLR or at

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such other rates as ay be revised by the Bank from time to time, which minimum of 13.20% per annum compounded monthly for value received.

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The applicant submits that at the request of the first defendant, the applicant has increased the OD limit to Rs.22 lakhs by its Sanction Letter dated 12.06.2015, for which the first defendant has availed the same and executed the following Documents on 13.06.2015:

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a) Letter of Renewal

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b) Demand Promissory Note dated 13.6.2015 for Rs.22 Lakhs promising to repay the amount together with interest at 1.5% per annum above /below the ongoing Benchmark PLR or at such other rates as ay be revised by the Bank from time to time, with minimum of 11.75% per annum compounded monthly for value received

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It is submitted by the applicant bank that at the request of the first defendant by their application dated 12.09.2016, renewed the Loan of Rs.22 lakhs on 17.09.2016, for which the first defendant has availed the same and executed the following Documents on 17.09.2016.

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a) Letter of renewal

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b) Demand Promissory Note dated 17.09.2016 for Rs.22 Lakhs promising to repay the amount together with interest thereon at 12.65% per annum above /below the ongoing Bench mark PLR or at such other rates as ay be revised by the Bank from time to time, with a minimum of 12.65% per annum compounded monthly for value received

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The Applicant submits that to secure the above facility availed by the 1^st Defendant, the 2^nd & 3^rd defendants have separately executed Guarantee Agreements and Guarantee Covering Letters dated 17.9.2016 by which the 2^nd and 3^rd Defendants have stood as personal guarantors for the due repayment of the advances made to the first defendant together with all interests and costs.

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The applicant further submits that at the request of the first

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defendant, the applicant had sanctioned renewal of Working Capital with enhanced limit from Rs.22 lakhs to Rs.25 lakhs by its Sanction Letter dated 03.08.2017 (Additional sanction of Rs.3 lakhs only), for which the first defendant had availed the same and executed the following documents on 05.08.2017:

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(a) Link letter in respect of enhancement of Credit facilities.

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(b) Demand Promissory Note dated 05.08.2017 for Rs.3 Lakhs promising to repay the amount together with interest thereon at 1.55% per annum above /below the ongoing Bench mark PLR or at such other rates as ay be revised by the Bank from time to time, with a minimum of 9.55% per annum compounded monthly for value received.

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The applicant submits that at the request of the first defendant by its Board Resolution dated 03.06.2018, the applicant had sanctioned renewal

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of Working Capital with enhanced limit from Rs.25 lakhs to Rs.30 lakhs (Additional sanction of Rs.5 lakhs only), for which the first defendant has availed the same and executed the following Documents on 18.7.2018.

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(a) Request for O.D. facilities

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(b) Link letter in respect of enhancement of Credit facilities. (c) Supplemental Agreement

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The applicant further submits that at the request of the first defendant by its application dated 12.07.2019 the applicant has renewed the OD limit to Rs.30 lakhs for which the first defendant has availed the same and executed the following documents on 12.07.2019:

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a) Letter of renewal.

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b) Demand Promissory Note dated 14.07.2019 for Rs.30 Lakhs promising to repay the amount together with interest thereon at 1.55% per annum above /below the ongoing base rate MCLR at present being 8.5% or other rates as ay be revised by the Bank from time to time compounded monthly for value received.

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c) Letter from the guarantors whenever limits are to be renewed by 2^nd defendant.

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d) Letter from the guarantors whenever limits are to be renewed by 3^rd defendant.

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The applicant further submits that at the request of the first defendant by its application dated 15.06.2020, the applicant by its sanction Letter dated 17.06.2020 to the 1^st defendant had sanctioned a Guaranteed Emergency Credit Line (GECL) under Covid-19 Scheme for a sum of Rs.5.75

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lakhs on 17.06.2020 to the 1^st defendant. The first defendant has availed the above loan and executed the following documents on 17.06.2020:

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a) Undertaking letter from non-corporate borrowers

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b) Letter of Undertaking Re: Loans/ Advances

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c) Demand Promissory Note dated 17.06.2020 for Rs.5.75 Lakhs promising to repay the amount together with interest thereon at 0.6% per annum above /below the ongoing base rate (Base Rate at present being 6.90%) or at such other rates as ay be revised by the Bank from time to time, compounded monthly for value received.

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d) Take delivery letter to DPN.

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e) Agreement-cum-Deed of Hypothecation.

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f) Disbursement request format for loans

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The applicant further submits that at the request of the first defendant by its application dated 24.08.2020 the applicant has restructuring the Loan under One Time Restructuring scheme under MSME Sector for a Working Capital Demand Loan for a sum of Rs.3 lakhs on 25.08.2020. The first defendant had availed the same on 25.08.2020 and had executed the following documents on 25.08.2020:

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a) Demand Promissory Note dated 25.8.2020 for Rs.3 Lakhs promising to repay the amount together with interest thereon at 0.75% per annum above /below the ongoing base rate ( Base Rate at present being 6.90 %) or at such other rates as ay be revised by the Bank from time to time, compounded monthly/quarterly/half yearly/for value received

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b) Take delivery letter to DPN

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c) Agreement-cum-Deed of hypothecation d) Letter of undertaking Re: Loans /Advances

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The Applicant submits that to secure the above facility availed by the 1^st Defendant, the defendants 2 & 3 have separately executed Guarantee Agreements and Guarantee Covering Letters dated 25.08.2020 by which the 2^nd & 3^rd Defendants have as stood as personal guarantors for due repayment of the advances made to the first defendant together with all interests and costs.

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The applicant further submits that at the request of the first

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defendant by their application dated 9.10.2020 renewed the Loan of Rs.30 lakhs on 9.10.2020 for which the first defendant has availed the same and executed the following Documents on 9.10.2020.

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a) Letter of Renewal

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b) Letter from the guarantors whenever limits are to be renewed by 2^nd defendant

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c) Letter from the guarantors whenever limits are to be renewed by 3^rd defendant

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d) Link Letter

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The applicant further submits that at the request of the first defendant by its application dated 02.02.2021,the applicant has sanctioned renewal of working capital with enhanced limit from 30 lakhs to Rs.35 lakhs (Additional sanction of Rs.5 lakhs only), for which the first defendant has availed the same and executed the following Documents on 9.2.2021.

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a) Letter of renewal

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b) Link letter in respect of enhancement of Credit facilities.

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c) Letter extending or enhancing credit limits.

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d) Demand Promissory Note dated 09.02.2021 for Rs.5 Lakhs promising to repay the amount together with interest thereon at 2.25% per annum above /below the ongoing base rate, RLLR at present being 6.90% or at such other rates as may be revised by the Bank from time to time compounded monthly for value received.

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e) Supplemental agreement

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The Applicant submits that to secure the above facility availed by the

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1^st Defendant, the defendants 2 & 3 have separately executed Guarantee Agreements and Guarantee Covering Letters dated 25.08.2020 by which the 2^nd and 3^rd Defendants have stood as personal guarantor for the due repayment of the advances made to the first defendant together with costs.

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The applicant further submits that in accordance COVID-19 regulatory package announced by RBI. Interest accrued on CC/OD for the period, April to December, 2021 was debited in the accounts. The accrued interest has been converted into a Funded Interest Term Loan (FITL) carrying the same interest applicable to this facility and should be repayable at 36 Monthly Instalments. At the request of the first defendant by its application dated 23.07.2021, the applicant has sanctioned the FITL Facility of Rs. 2.10 lakhs on30.7.2021 under OTR scheme to the first defendant and the same was accepted by the first defendant on 30.7.2021. The First Defendant has availed the said loan on 30.07.2021 and executed the following documents on 30.7.2021:

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a) Draft letter of undertaking from the Borrower/coobligant/Guarantors

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b) Debt restructuring agreement

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c) Debtor and creditor agreement

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The Applicant submits that the operation of the accounts by the defendants was very irregular and inspite of several requests the Defendants have not regularized the account. Till date the Defendants has not cleared the outstanding. The accounts became NPA on 20.04.2022.

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However the defendants have executed AOD and Securities on 29.6.2016, 29.5.2019 and 09.02.2021 wherein they admitted the liabilities. The first defendant by its letter dated 22.2.2022 admitted its liabilities and requested time to clear the dues. The Applicant also made demands to the defendants but there is no response. Hence, 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 returned as “Left” in respect of D-1 to D-3. Applicant Bank had caused paper publication of the notice and filed proof thereof. When OA was taken up on 22.07.2024 even after giving sufficient time, there was no appearance or representation from the defendants. Hence, Defendants 1 to 3 were placed ex-parte on 22.07.2024.

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Heard the submissions of Applicant Bank and perused the record s.

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To prove the case of the Applicant Bank, Mr.Kumar Gaurav, Chief Manager of the Applicant Bank, has filed his Affidavit by way of evidence and same was considered as evidence of AW-1 and list of documents came to be marked as Ex A-1 to A-78

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A careful examination of the pleadings in the Proof Affidavit and documents Exhibits A-1 to A-78 evidence that the borrowal of credit facilities and execution of loan and security documents are true, in terms

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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 22.07.2024, 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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26. The OA is allowed with costs,

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(a) The applicant bank is allowed to recover from the Defendants jointly and severally, a total sum of Rs.50,26,385/- (Rupees Fifty

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Lakhs Twenty Six Thousand Three Hundred and Eighty Five

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only) as follows:

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(i) A sum of Rs.39,17,541/- due in respect of Over Draft

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account (A/c No.0933256010298) repayable together with

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further interest @17.8% 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.2,89,896/- due in respect of WCDL Facility (A/c No.0933753000002) repayable together with further interest @8.90% 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.1,95,190/- due in respect of FITL Facility

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(A/c No. 173000089721) repayable together with further interest @15.3% 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) 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 hypothecated assets morefully detailed in the OA schedule.

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(d) If the sale proceeds of the hypothecated assets 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

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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 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

WITNESSES EXAMINED FOR THE APPLICANT BANK :

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AW-1: Sh. Kumar Gaurav, Chief Manager 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	05.07.2013	Sanction letter by Applicant	A-1
2	05.07.2013	Request for O.D. by first deft	A-2
3	05.07.2013	DPN for Rs.10 lakhs by first deft	A-3
4	05.07.2013	Cash Credit Agreement	A-4
5	05.07.2013	Guarantee Agreement by 2^nd Defendant	A-5
6	05.07.2013	Guarantee covering letter by 2^nd defendant	A-6
7	05.07.2013	Guarantee by 3^rdDefendant	A-7
8	05.07.2013	Guarantee covering letter by 3^rd defendant	A-8
9	04.07.2014	Sanction letter by applicant	A-9
10	04.07.2014	Letter of renewal by 1^stdef.	A-10
11	04.09.2014	Application by 1^stDefendant	A-11
12	09.09.2014	Letter by 1^stDefendant	A-12
13	18.09.2014	Sanction letter by applicant	A-13
14	18.09.2014	Letter of Renewal	A-14
15	18.09.2014	Demand Promissory Note for Rs.5lakhs by 1^stdeft	A-15
16	12.06.2015	Sanction letter by applicant	A-16
17	13.06.2015	Letter of Renewal	A-17
18	13.06.2015	Demand Promissory Note for Rs.22 lakhs by 1^stdeft	A-18
19	12.09.2016	Application by 1^stDefendant	A-19
20	17.09.2016	Letter of Renewal	A-20
21	17.09.2016	Demand Promissory Note for Rs. 3 lakhs by 1^stdeft	A-21
22	17.09.2016	Guarantee letter by 2^nddefendant	A-22
23	17.09.2016	Guarantee Covering letter by 2^nddeft	A-23
24	17.09.2016	Guarantee letter by 3rd defendant	A-24
25	17.09.2016	Guarantee Covering letter by 3^rddeft	A-25
26	03.08.2017	Renewal of sanction Rs.25 lakhs	A-26
27	05.08.2017	Link letter in respect of enhancement of credit facility	A-27
28	05.08.2017	DPN for Rs.3 lakhs	A-28
29	03.06.2018	Board Resolution	A-29

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30	18.07.2018	Request for O.D.	A-30
31	18.07.2018	Link Letter	A-31
32	18.07.2018	Supplemental agreement	A-32
33	12.07.2019	Application by 1^stdefendant	A-33
34	12.07.2019	Letter of renewal	A-34
35	14.07.2019	Demand Promissory Note for Rs.30 lakhs by 1^stdeft	A-35
36	12.07.2019	Letter from the guarantor 2^nd Defendant	A-36
37	12.07.2019	Letter from the guarantor 3^rdDefendant	A-37
38	15.06.2020	Application for restructuring	A-38
39	17.06. 2020	Sanction letter	A-39
40	17.06. 2020	Under taking letter from non corporate borrowers	A-40
41	17.06. 2020	Letter of undertaking Re: Loans/Advances	A-41
42	17.06. 2020	DPN for Rs.5.75 Lakhs	A-42
43	17.06. 2020	Take Delivery Letter to DPN	A-43
44	17.06. 2020	Agreement-cum-Deed of Hypothecation.	A-44
45	17.06. 2020	Disbursement request	A-45
46	24.08.2020	Application	A-46
47	25.08.2020	DPN for Rs.3 lakhs	A-47
48	25.08.2020	Take Delivery Letter to DPN	A-48
49	25.08.2020	Agreement-cum-Deed of Hypothecation.	A-49
50	25.08.2020	Letter of undertaking Re: Loans/Advances	A-50
51	25.08.2020	Guarantee letter by 2^nddefendant	A-51
52	25.08.2020	Guarantee Covering letter by 2^nddeft	A-52
52	25.08.2020	Guarantee letter by 3rd defendant	A-53
54	25.08.2020	Guarantee Covering letter by 3^rddeft	A-54
55	09.10.2020	Application	A-55
56	09.10.2020	Letter of renewal	A-56
57	09.10.2020	Letter from the guarantor whenever	A-57
		limits are to be renewed by 2^nd defendant.
58	09.10.2020	Letter from the guarantor by 3^rd defendant	A-58
59	09.10.2020	Link letter	A-59
60	02.02.2021	Application	A-60
61	09.02.2021	Letter of renewal	A-61
62	09.02.2021	Letter extending or availing credit facilities	A-62
63	09.02.2021	Link Letter to be obtained whenever enhancement	A-63

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64	09.02.2021	Demand Promissory Note for Rs.5 lakhs by 1^stdeft	A-64
65	09.02.2021	Supplemental agreement	A-65
66	09.02.2021	Guarantee Agreement by 2^ndDefendnt	A-66
67	09.02.2021	Guarantee covering letter by 2^nd Defendant	A-67
68	09.02.2021	Guarantee by 3^rdDefendant	A-68
69	09.02.2021	Guarantee covering letter by 3^rdDefendant	A-69
70	23.07.2021	Application for restructuring	A-70
71	30.07.2021	Draft letter of undertaking	A-71
72	30.07.2021	Debts Restructure Agreement	A-72
73	30.07.2021	Debtor and Creditor Agreement	A-73
74	29.06.2016	AOD by 1^stDefendant	A-74
75	29.05.2019	AOD by 1^stDefendant	A-75
76	09.02.2021	AOD by 1^stDefendant	A-76
77	22.02.2022	Letter by 1^stDefendant	A-77
78		Certified Statement of Accounts	A-78

¶205

Witness Examined for the Defendants: -Nil-

¶206

List of Documents Exhibited for the Defendants: -Nil –

¶207

:-SCHEDULE OF HYPOTHECATION-:

¶208

All the hypothecated stocks of computer hard-wares and software services including equipments etc., are lying in the first defendant’s premises at Block V, 4C, 4^th Floor, Sreerosh Meadows Apartments Plot No.18, Thiruvalluvr Main Road, Kamarajapuram, Chennai – 600 070 or stored or to be stored in transit or wherever found or stored.

¶209

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

¶210

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

Canara Bank v. Ms Sparv Techologies Pvt. Ltd.

Case brief

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Canara Bank v. Ms Sparv Techologies Pvt. Ltd.

Case brief

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What did the court decide?

What the court decided

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