IDBI BANK LIMITED vs M/s.The Jeypore Sugar Company Ltd. on 30 April 2021

FINAL ORDER

1. This application is filed by the applicant bank under Section 19(1) of Recovery of Debts and Bankruptcy Act, 1993 (formerly Recovery of Debts Due to Banks and Financial Institutions Act, 1993) against the defendants 1 to 3 for recovery of a sum of Rs.158,70,99,795.94p comprising of the following loans from the date of OA till the date of realization in full and for sale of schedule mentioned properties along with costs of this application: - (a) A sum of Rs.44,32,25,762.90p with interest @14.8% per annum being the amount due under Cash Credit Facility Account No. 0129655100000125

(b) A sum of Rs.38,63,52,154 with interest @15% per annum being the amount due under Term Loan Account No. 0129673200001151

(c) A sum of Rs.8,26,83,831/- with interest @15% per annum being the amount due under Term Loan Account No.0129673200002219

(d) A sum of Rs.14,82,93,949.04p with interest @15% per annum being the amount due under FITL Account No.0139673200000949.

(e) A sum of Rs.32,65,78,566/- with interest @15% per annum being the

(f) A sum of Rs.19,99,75,533/- with interest @15% per annum being the amount due under Term Loan Account No.0129673200001137.

2. The subject matter of the case is various credit facilities availed by 1st defendant from applicant bank. The facts of the case as stated in the OA, in brief, are as follows.

3. It is the case of the applicant that First Defendant through its Directors Second and 3rd Defendant had approached the Applicant Bank and requested to sanction various credit facilities(Cash Credit & Term Loan) for developing its business and the Applicant Bank considering the said request of the First Defendant, sanctioned the following credit facilities.

4. Working Capital Limits of Rs.31 Crore (on paripasu basis with Defendant No. 4 to 10) It is the case of the Applicant Bank that initially the Applicant Bank vide their Sanction Letter dated 26.09.2005 had sanctioned Rs.30.00 Crore to the First Defendant and the First Defendant had authorised the Second Defendant to execute the Documents in favour of the Applicant Bank vide Board Resolution dated 31.10.2005. It is stated that the 1st defendant executed various loan documents on 15.02.2005 viz., Agreement of Hypothecation and Facility Agreement. It is contended by the applicant that at the request of the First Defendant the Applicant Bank had reduced the said facility to Rs.26.00 Crore vide their Sanction Letter dated 19.06.2008. It is also contended that at the request of the 1st defendant the said limit was again enhanced to Rs.31 crores vide sanction letter dated 14.03.2012. It is stated that the 1st defendant executed the various loan documents on 21.03.2012 viz., Deed of Hypothecation and facility agreement and Board Resolution of the 1st defendant dated 28.11.2012 in respect of Working Capital Facility Consortium led by Bank of India. It is stated that the Applicant bank along with Defendants 4 to 10 had entered into a Consortium arrangement for the working capital Facilities and the First Defendant had executed the following Documents on 27.02.2013 in respect of the Consortium led by Bank of India viz., Inter se Agreement among consortium lender, Working Capital Consortium Agreement and Hypothecation of Goods and Book Debts. It is also contended that the defendants 2 and 3 executed agreement of guarantee dated 27.02.2013

guaranteeing due repayment of the credit facility availed by the 1st defendant. It is also contended that the First Defendant through Second Defendant executed a Declaration cum Undertaking dated 07.02.2014 to extend the equitable Mortgage for the Working Capital Facility with Applicant Bank, and Defendant No. 4 to 10. It is stated that the applicant had recorded the extension of the Equitable Mortgage vide Memorandum of Entry No. 54 on 08.02.2014 in respect of the Schedule Property to Secure the Working Capital Facilities lent by the Applicant Bank and Defendant No. 4 to 10.

5. Rupee Term Loan of Rs.50.00 Crore (on paripasu basis with Defendant No.

It is the case of the Applicant vide its Sanction Letter dated 25.08.2006 it had sanctioned Term Loan of Rs.50 Crores to the First Defendant and the First Defendant had authorised the Second Defendant to execute the Documents in favour of the Applicant Bank vide Board Resolution dated 07.09.2006 and the 1st defendant executed various loan documents on 7.9.2006 viz., Deed of Hypothecation, Loan Agreement. It is contended that the defendants 2 and 3 executed guarantee agreement on 7.9.2006 and 19.9.2011 respectively in favour of the applicant thereby guaranteeing due repayment of the credit facilities availed by the 1st defendant. It is contended that the First Defendant through Second Defendant executed a Declaration cum Undertaking dated 16.04.2007 undertaken to extend the equitable Mortgage for the Term Loan Facility with Applicant Bank, and Defendant No. 4 to 6 and the same is recorded vide Memorandum of Entry No.

1070 on 17.04.2007 in respect of the Schedule Property to Secure the Term Loan Facilities lend by the Applicant Bank and Defendant No. 4 to 10. It is stated that the First Defendant had executed Escrow Account Agreement dated 20.02.2007 and the applicant bank and Defendant No. 4 to 6 had entered into a memorandum of confirmation of Paripassu Arrangement dated 20.02.2007 in respect of the Term Loan Facilities. It is stated that the applicant had recorded the extension of the Equitable Mortgage vide Memorandum of Entry No. 1097 on 03.10.2007 in respect of the Schedule Property to Secure the Term Loan Facilities lent by the Applicant Bank and Defendant No. 4 to 10

6. Rupee Term Loan of Rs.25.00 Crore(on paripassu basis with Defendant No.

It is the case of the Applicant Bank that the Applicant Bank vide their Sanction Letter dated 19.12.2007 sanctioned Rs.25.00 Crore to the First Defendant and the First Defendant had authorised the Second Defendant to execute the Documents in favour of the Applicant Bank vide Board Resolution dated 21.06.2007. It is stated that the 1st defendant executed various loan documents on 10.1.2008 viz., Deed of Hypothecation and Loan Agreement. It is contended that the First Defendant through Second Defendant executed a Declaration cum Undertaking dated 07.05.2008 undertaken to extend the equitable Mortgage for the Term Loan Facility with Applicant Bank, and Defendant No. 4 to 6. It is also contended that the defendants 2 and 3 had executed Guarantee Agreement dated 10.01.2008 guaranteeing the repayment of said Facility, availed by the First Defendant, to the Applicant Bank.

7. Rupee Term Loan of Rs.30.00 Crore (on paripasu basis with Defendant No. 4 to 6) It is the case of the Applicant Bank that the Applicant vide their Sanction Letter dated 26.10.2010 sanctioned Rs.20.00 Crore to the First Defendant and vide sanction letter dated 16.11.2020 modified and enhanced the limit to Rs.30 crores to the 1st defendant. It is contended that the Applicant Bank vide their Sanction Letter dated 16.11.2010 modified and enhanced the limit to Rs.30.00 Crore to the First Defendant and the First Defendant authorised the Second Defendant to execute the Documents in favour of the Applicant Bank vide Board Resolution dated 22.11.2010. It is also the case of the applicant that the 1st defendant executed the documents to secure the said facility on 22.11.2010 viz., Deed of Hypothecation, Loan Agreement. It is contended that the defendants 2 and 3 executed Guarantee Agreement dated 22.11.2010 guaranteeing the repayment of said Facility, availed by the First Defendant. It is stated that the 1st defendant through Second Defendant executed a Declaration cum Undertaking dated 29.06.2012

Applicant Bank, and Defendant No. 4 to 6. It is contended that the Applicant Bank had recorded the extension of the Equitable Mortgage vide Memorandum of Entry No. 40 on 30.06.2012 in respect of the Schedule Property to Secure the Term Loan Capital Facilities lend by the Applicant Bank and Defendant No. 4 to 6

8. Funded Interest Term Loan of Rs.22.73Crore(on paripasu basis with Defendant No. 4 to 6) It is the case of the Applicant that the applicant bank vide their Sanction Letter dated 21.07.2011 sanctioned Rs.22.73 Crore to the First Defendant after restructuring the existing Term Loan Facilities. It is contended First Defendant authorised the Second Defendant to execute the Documents in favour of the Applicant Bank vide Board Resolution dated 08.09.2011. It is contended that the 1st defendant executed various loan documents on 19.9.2011 viz., Deed of Hypothecation, Loan Agreement and the defendants 2 and 3 executed guarantee agreement on 19.9.2011 duly guaranteeing due repayment of the credit facility availed by the 1st defendant from the applicant bank. It is stated that the 1st defendant through 2nd defendant Declaration cum Undertaking dated 29.06.2012

Applicant Bank, and Defendant No. 4 to 6. It is stated that the Applicant Bank recorded the extension of the Equitable Mortgage vide Memorandum of Entry No. 41 on 30.08.2012 in respect of the Schedule Property to Secure the Term Loan Capital Facilities lent by the Applicant Bank and Defendant No. 4 &5

9. Term Loan of Rs.6.64 Crore (on paripasu basis with Defendant No. 4 to 6) It is the case of the Applicant Bank submits that the Applicant Bank vide their Sanction Letter dated 30.07.2014 sanctioned Rs.6.64 Crore to the First Defendant and the 1st defendant executed the following documents to secure the

said facility on 31.07.2014 viz., Deed of Hypothecation, Loan Agreement. It is contended that the defendants 2 and 3 executed Guarantee Agreement dated 31.07.2014 guaranteeing the repayment of facility, availed by the First Defendant, to the Applicant Bank. It is tated that the First Defendant through Second Defendant executed two Declaration cum Undertaking dated 01.08.2014 undertaking to extend the equitable Mortgage for the Term Loan Facility with Applicant Bank, and Defendant No. 4 to 6. It is stated that the Applicant Bank had recorded the extension of the Equitable Mortgage vide Memorandum of Entry No. 62 & 63 on 02.08.2014 in respect of the Schedule Property to Secure the Term Loan Facilities lend by the Applicant Bank and Defendant No. 4 & 6

10. It is stated that the defendants after availing the credit facilities failed and neglected to repay to the Applicant Bank, the loan amount, interests and other monies and committed other defaults in observing the conditions of the Loan Agreements and Sanction Letters. Consequent to the defaults committed by the Borrower in respect of the repayments, the account was classified as Non- Performing Asset on 30.06.2015 in accordance with the directions/guidelines issued by the Reserve Bank of India. It is stated that the defendants despite repeated requests and demands did not come forward to clear the outstanding dues.

11. It is the case of the applicant that in view of the defaults committed by the First Defendant, the Applicant Bank vide their Recall / Demand Notice dated 13.11.2015 demanded and called on the First, Second, Third and Fourth

Defendants to discharge their entire liabilities by paying to the Applicant Bank a sum of Rs.116,12,31,171.04p together with future interest thereon with effect from 02.11.2015 to the Applicant Bank. It is the case of the applicant that after availing the loan, the defendants were irregular in remitting the loan amount. The efforts of the applicant bank to make the defendants to settle the loan did not yield any result, and hence the applicant approached this Tribunal seeking issuance of a Recovery Certificate allowing recovery of the amount due in the account.

12. Summons were taken out to the defendants and the summons to defendants 1 to 9 are served. Though service in respect of 10th defendant was awaited, vakalat was filed on behalf of the 10th defendant. Defendants 5, 7 and 9 were set ex- parte on 10.04.2018 and defendants 1 to 4, 6, 8 and 10 were set ex-parte on 16.8.2018. Applicant Bank filed Proof Affidavit along with 158 documents, which were marked as Ex. A-1 to A-158 on 21.02.2021. The Ld. Counsel for Applicant Bank made his submissions on 01.04.2021 and thereafter the matter stood till this date for passing final orders.

13. The following issues arise for consideration in the matter: - (a) Whether the applicant had succeeded in proving the liability of the defendants?

(b) What order as to cost of the proceedings need be passed?

These issues are considered together.

14. Heard the Ld. Counsel for the applicant, perused the OA averments and the record placed before the Tribunal.

15. The evidence of the applicant is led by AW1 who produced the documents Exhibit A-1 to A-158 along with the proof affidavit. Exhibit A-1 is the Sanction letter dated 26.09.2005 of the applicant sanctioning Cash Credit facility of Rs.30 crores. Exhibit A-2 is the Board Resolution of the 1st defendant dated 31.10.2005. Exhibit A-3 and A-4 are the facility agreement and deed of hypothecation executed by the defendants dated 15.12.2005. Exhibit A-5 is the sanction letter dated 19.6.2008 sanction letter of the applicant reducing the Cash Credit limit from Rs.30 crores to Rs.26 crores. Exhibit A-6 is renewal cum enhancement letter of Cash Credit dated 14.03.2012 to Rs.31 crores. Exhibit A- 7 is the facility agreement dated 21.3.2012 executed by the 1st defendant and Exhibit A-8 is the deed of hypothecation executed by the 1st defendant dated 21.03.2012. Exhibit A-9 is the Board Resolution of the 1st defendant dated 28.11.2012 for Working Capital Consortium of Banker. Exhibit A-10 is the inter se agreement dated 27.02.2013 amongst the consortium lender. Exhibit A-11 is the Working Capital Consortium Agreement dated 27.02.2013. Exhibit A-12 is the deed of hypothecation of goods and book debts by the defendants in favour of the applicant. Exhibit A-13 is the agreement of guarantee dated 27.02.2013 executed by defendants 2 and 3. Exhibit A-14 is the declaration cum undertaking dated 7.2.2014 by the defendants. Exhibit A-15 is the Entry No.54 dated 8.2.2014. Exhibit A-16 is the sanction letter for Term Loan dated 25.8.2006 for a sum of Rs.50 crores. Exhibit A-17 is the Board Resolution dated 7.9.2006.

Exhibit A-18 is the deed of hypothecation and Exhibit A-19 is the Loan Agreement by the defendants. Exhibit A20 and A-21 are the guarantee agreements executed by defendants 2 and 3 respectively. Exhibit A-22 is the declaration cum undertaking dated 16.4.2007 by the defendants. Exhibit A-23 is the Entry No.1070 dated 17.4.2007. Exhibit A-24 is the Escrow Account Agreement by the defendants. Exhibit A-25 is the Memorandum of Confirmation of paripassu arrangement dated 20.02.2007. Exhibit A-26 is the Entry No.1097 dated 3.10.2007. Exhibit A-27 is the sanction letter dated 22.11.2007 of the applicant for Term Loan of Rs.25 crores. Exhibit A-28 is the Board Resolution dated 21.06.2017 of the 1st defendant. Exhibit A-29 is the deed of hypothecated dated 10.01.2008 and Exhibit A-30 is the Loan agreement dated 10.01.2008. Exhibit A-31 is the declaration cum undertaking dated 10.01.2008 by the defendants. Exhibit A-32 is the personal guarantee of defendants 2 and 3 dated 10.01.2008. Exhibit A-33 is the sanction letter of the applicant dated 26.10.2010 for Term Loan of Rs.20 crores. Exhibit A-34 is the Modified Sanction letter dated 16.11.2020 for Rs. 30 crores. Exhibit A-35 is the Board Resolution of the 1st defendant dated 22.11.2010. Exhibit A-36 is the deed of hypothecation dated 22.11.2020. Exhibit A-37 is the Loan agreement by defendants dated 22.11.2020. Exhibit A-38 is the personal guarantee executed by defendants. Exhibit A-39 is the declaration of undertaking dated 29.06.2012 and Exhibit A-40 is the Entry No.40 dated 30.06.2012. Exhibit A-41 is the sanction letter dated 21.7.2011 and Exhibit A-42 is the Board Resolution dated 08.9.2011. Exhibit A- 43 is the deed of hypothecation dated 19.9.2011. Exhibit A-44 is the Loan agreement dated 19.9.2011. Exhibit A-45 and A-46 are the guarantee agreements dated 19.9.2011 executed by defendants 2 and 3 respectively. Exhibit A-47 is the declaration and undertaking dated 29.8.2012 by the defendants and Exhibit A-48 is the Entry No.41 dated 30.08.2012. Exhibit A-49 is the sanction letter dated 30.07.2014. Exhibit A-50 to A-51 are the Board Resolution of the 1st defendant, deed of hypothecation and Loan Agreement 18.6.2014 and 31.7.2014 respectively. Exhibit A-52 is the Loan agreement dated 21.7.2014 and Exhibit A-53 is the guarantee agreement by defendants 2 and 3 dated 31.07.2014. Exhibits A-54 and A-55 are the declaration and undertaking dated 1.8.2014 and Exhibit A-56 and A-57 are the Entry No.62 & 53 both dated 2.8.2014. Exhibit A-58 is the Recall notice issued by the applicant dated 13.11.2015. Exhibit A-59 and A-60 is the statement of accounts in respect of the loan account and certificate under Bankers’ Book Evidence Act. Exhibit A-61 to 158 are the various sale deeds in respect of the schedule properties.

16. Exhibit A-1 evidences that the 1st defendant approached the applicant bank for grant of credit facilities and the applicant by sanction letter dated 26.9.2005 sanctioned a Cash Credit Limit of Rs.30 crores. Exhibit A-2 evidences that the defendants 2 and 3 were authorised to execute the documents in favour of the applicant. Exhibit A-3 and A-4 evidences that the 1st defendant executed loan documents on 15.12.2005 in favour of the applicant bank. Exhibit A-5 evidences that at the request of the applicant the credit facility was reduced from Rs.30 crores to Rs.26 crores. Exhibit A-6 evidences that the applicant by renewal cum enhancement letter of the limit to Rs.31 crores. Exhibit A-7 and A-8 evidences that the that the 1st defendant executed facility agreement and deed of hypothecation both dated 21.03.2012 in favour of the applicant. Exhibit A-9 evidences that a Board Resolution for Working Capital Consortium lender dated 27.02.2013 was made by the 1st defendant. Exhibit A-10 evidences that there is inter se agreement amongst the consortium lender dated 27.02.2013 and similarly Exhibit A-11 evidences that a Working Capital Consortium agreement dated 27.02.2013 was also in vogue. Exhibit A-12 evidences that the 1st defendant executed hypothecation of goods and book debts on 27.02.2013 in favour of the applicant. Exhibit A-13 is the agreement of guarantee dated 27.02.2013 executed by defendants 2 and 3 thereby guaranteeing due repayment of the credit facilities availed by the 1st defendant. Exhibit A-14 evidences that the 1st defendant executed a declaration cum undertaking on 07.02.2014. Exhibit A-15 evidences that on 08.02.2014 an entry was made in the books as Entry 54. Exhibit A-16 evidences that the applicant sanction a Term Loan of Rs.50 crores on 25.8.200106. Exhibit A-17 evidences that a Board Resolution was passed by the 1st defendant on 7.9.2006. Exhibit A-18 evidences that the 1st defendant had executed the deed of hypothecation hypothecating the movables of the 1st defendant in favour of the applicant. Exhibit A-19 evidences that the 1st defendant had executed the Loan Agreement. Exhibit A-20 and A-21 evidences that the defendants 2 and 3 executed guarantee agreements executed thereby guaranteeing due repayment of the credit facilities availed by the 1st defendant. Exhibit A-22 evidences that the defendants executed declaration cum undertaking dated 16.4.2007. Exhibit A-23 evidences that an entry has been

made in s Entry No.1070 dated 17.4.2007. Exhibit A-24 evidences that the defendants executed Escrow Account Agreement. Exhibit A-25 evidences that the defendants executed Memorandum of Confirmation of paripassu arrangement dated 20.02.2007. Exhibit A-26 evidences that an Entry No.1097 dated 3.10.2007 has been made. Exhibit A-27 evidences that the applicant bank vide sanction letter dated 22.11.2007 sanctioned Term Loan of Rs.25 crores. Exhibit A-28 evidences that the 1st defendant had made a Board Resolution dated 21.06.2017 regarding availing of Term Loan and execution of documents. Exhibit A-29 evidences that the defendants had executed deed of hypothecated dated 10.01.2008 thereby hypothecating movables. Exhibit A-30 evidences that defendants had executed the Loan agreement dated 10.01.2008. Exhibit A-31 evidences the defendant had executed declaration cum undertaking on 10.01.2009. Exhibit A-32 evidences that the defendants 2 and 3executed personal guarantee on 10.01.2008 thereby guaranteeing due repayment of the credit facilities availed by the 1st defendant. Exhibit A-33 evidences that the applicant bank vide sanction letter dated 26.10.2010 sanctioned a Term Loan of Rs.20 crores. Exhibit A-34 evidences that the applicant bank had modified the sanction vide Modified Sanction letter dated 16.11.2020 for Rs. 30 crores. Exhibit A-35 evidences that the 1st defendant had made a Board Resolution dated 22.11.2010. Exhibit A-36 evidences that the defendants executed deed of hypothecation dated 22.11.2020 thereby hypothecating the movables in favour of applicant bank. Exhibit A-37 evidences that the defendants had executed a fresh Loan agreement on 22.11.2020. Exhibit A-38 evidences that the defendants executed guarantee agreements in favour of the applicant bank. Exhibit A-39 is the declaration of undertaking dated 29.06.2012 and Exhibit A-40 evidences that an entry in Entry No.40 on 30.06.2012. Exhibit A-41 evidences that the applicant bank had sanctioned fresh limits vide its sanction letter dated 21.7.2011. Exhibit A-42 evidences that the 1st defendant had made a Board Resolution on 08.9.2011. Exhibit A-43 evidences that the 1st defendant had executed deed of hypothecation dated 19.9.2011 thereby hypothecating the movables. Exhibit A- 44 evidences that the defendants executed fresh Loan agreement on 19.9.2011. Exhibit A-45 and A-46 evidences that the defendants 2 and 3 had executed separate guarantee agreements on 19.9.2011 thereby guaranteeing due repayment of the credit facility availed by the 1st defendant. Exhibit A-47 evidences that the defendants had executed declaration and undertaking on 29.8.2012. A-48 evidences that an entry has been made as Entry No.41 on 30.08.2012. Exhibit A-49 evidences that the applicant bank had sanctioned credit facilities vide its sanction letter dated 30.07.2014 to the 1st defendant. Exhibit A-50 evidences that a Board Resolution was passed by the 1st defendant regarding availing Term Loan and execution of documents. Exhibit A-51 and A- 52 evidences that the defendants had executed deed of hypothecation and loan agreement on 31.7.2014 respectively. Exhibit A-53 evidences that the defendants 2 and 3 had executed guarantee agreement in favour of the applicant bank. Exhibit A-54 and A-55 evidences that the defendants had executed declaration and undertaking on 01.08.2014. Exhibit A-56 and A-57 evidences that an entry has been made on 2.8.2014. Exhibit A-58 evidences that the defendants defaulted in repayment and the applicant bank had issued recall notice on 13.11.2015 requiring the defendants to clear the outstanding dues. Exhibit A-59 and A-60 are the statement of accounts in respect of the loan account along with certificate under Bankers’ Book Evidence Act. Exhibit A-61 to A-158 evidences that the properties stand in the name of the mortgagors.

17. The proof affidavit of the applicant bank remained unchallenged and unrebutted. Therefore, on careful consideration of proof affidavit along with Exhibits filed on behalf of the applicant bank, besides the material placed before the Tribunal, the Tribunal is satisfied that the applicant bank has successfully proved the OA claim against the defendants 1 to 3. Point is answered accordingly.

18. In view of the afore mentioned discussions, the only conclusion this Tribunal can draw is that the applicant had clearly proved the disbursement of the loan, which the applicant is entitled to realize. Hence, OA is disposed off in the following manner: - (a) OA No.25 of 2018 stands allowed.

(b) Applicant is permitted to realize an amount of Rs.158,70,99,795.94p comprising of the following loans from the date of OA till the date of realization in full from defendants 1 to 3 jointly and severally after deducting the amounts received by the applicant during the pendency of the OA and by sale of schedule mentioned properties and other assets of defendants 1 to 3: -

(i) A sum of Rs.44,32,25,762.90p with interest @14.8% per annum being the amount due under Cash Credit Facility Account No. 0129655100000125

(ii) A sum of Rs.38,63,52,154 with interest @15% per annum being the amount due under Term Loan Account No. 0129673200001151.

(iii) A sum of Rs.8,26,83,831/- with interest @15% per annum being the amount due under Term Loan Account No.0129673200002219.

(iv) A sum of Rs.14,82,93,949.04p with interest @15% per annum being the amount due under FITL Account No.0139673200000949.

(v) A sum of Rs.32,65,78,566/- with interest @15% per annum being the amount due under Term Loan Account No.0129673200000763.

(vi) A sum of Rs.19,99,75,533/- with interest @15% per annum being the amount due under Term Loan Account No.0129673200001137.

(c) If the sale proceeds are not found sufficient to cover the amount due and payable to the Applicant Bank, the defendants 2 and 3 are personally liable for all such amounts due under the Loan Accounts.

(d) Applicant is permitted to realize cost of the proceedings and shall file cost memo within 7 days from the date of the order.

(e) The Recovery Certificate shall be drawn up and issued to the Recovery Officer in terms of this final order.

19. Communicate a copy of the order to the parties concerned in terms of Section 19(21)(i) of the RDB Act, read with Rule 16 of DRT (Procedure) Rules, 1993. (Dictated to PS, transcribed by him, corrected, signed and pronounced by me in Virtual Court, through Video Conference on this the 30th day of April, 2021)

Sd/- (T. RAJESH) PRESIDING OFFICER DRT-II, CHENNAI