Debts Recovery Tribunals and Appellate Tribunals
BANK OF INDIA vs M/s.Madha Enterprises & 2 Others on 8 June 2026
BEFORE THE DEBTS RECOVERY TRIBUNAL –II AT CHENNAI
Dated this 8th day of June, 2026
PRESENT: SHRI SHARANG DHAR UPADHYAY
PRESIDING OFFICER
T.A.DIARY No: 1665 of 2023
(Originally filed before DRT-I Chennai as OA No.111 of 2026)
IN
T.R.C.NO: 746 of 2022
(Originally RC issued by DRT-I Chennai as DRC.NO: 67 of 2017)
Bank of India,
Anna Nagar Branch, Chennai
Represented through its Constituted Attorney/Chief Manager, Mr. S. Srihari Rao. S/o Mr. Surya Rao, Asset Recovery Branch, Chennai Zone Having an Office at Old No.17, New No.30, 4th Floor, Erra Balu Chetty Street, Chennai-600 001.
…Certificate Holder/Applicant
Versus
1.
M/s. Madhu Enterprises
Represented by its Proprietor,
Mr.G.N.Ezhilarasan,
No.15, Raghunathapuram,
Sakthi Nagar Main Road,
Chennai - 600 122
2.
Mr. G.N. Ezhilarasan,
S/o.Mr. G. Gopal,
No.15, Raghunathapuram,
Sakthi Nagar Main Road,
Chennai-600 122.
3.
Mrs. E. Parameshwari,
W/o.Mr. G.N. Ezhilarasan,
No.15, Raghunathapuram,
Sakthi Nagar Main Road,
Chennai-600 122.
…Certificate Debtors/Defendants
ORDER ON FULL SATISFACTION MEMO AND
MA No.29 OF 2026 FOR RAISING OF ATTACHMENT
1.
The certificate holder / applicant bank has filed a full satisfaction memo stating therein that the applicant had filed OA.No.111/2016 before the Ld.
DRT-I, Chennai for recovery of Rs.2,33,86,944.76p with further interest. In the said OA, the applicant bank had filed proof affidavit along with documents which were marked as Exhibit A-1 to A-18. The Ld. Presiding Officer, DRT-I, Chennai after hearing the parties by its order dated 31.12.2016 allowed the OA and a recovery certificate in RC.No.67/2017
came to be issued on 09.02.2017 for a sum of Rs.2,59,56,838/- with further interest from 10.02.2017.
2.
Subsequently, owing to the change of jurisdiction, the applicant was transferred to this Tribunal and renumbered as TA Dy.No.1665/2023 and the DRC was renumbered as TRC.No.746/2022.
3.
In the interregnum, the defendants approached the applicant bank and submitted a proposal for One Time Settlement on 13.12.2022 under “BOI
OTS 2022 SCHEME” and the same was considered by the bank and on 14.12.2022 the bank had accepted the proposal for a sum of Rs.1,28,00,000/- against the contractual dues of Rs.4,77,48,000/- with further interest from 01.12.2022.
4.
As per the One Time Settlement the certificate debtor paid a sum of Rs.11,00,000/- on 13.12.2022 to the bank as upfront amount and a sum of Rs.39,00,000/- thereby aggregating to Rs.50,00,000/- as on 16.02.2023.
5.
As per the terms and conditions of the One Time Settlement proposal the certificate debtor have to pay a remaining amount of Rs.78,00,000/- on or before 14.03.2023 and on payment of Rs.50,00,000 the bank was to release the title deeds of the property situated at Panruti Village, Sriperumbudur Taluk, Kanchipuram District.
6.
The remaining amount of Rs.78,00,000/- was not paid by the certificate debtor and hence the One Time Settlement proposal dated 14.12.2022
was cancelled. After cancellation of the proposal on 16.08.2024, the 1st certificate debtor paid a sum of Rs. 25,00,000/-. Further the 1st certificate debtor submitted a proposal on 11.08.2025 and 25.08.2025 enhancing the amount to Rs.82,50,000/- and the said proposal was accepted by the bank. The certificate debtor had also remitted the amount of Rs.82,50,000/- on 30.08.2025 and hence a no due certificate was issued by the bank on 24.11.2025.
7.
In view of the foregoing, the applicant bank has to release the title deeds of the property situated at Mangadu Village, Sriperumbudur Taluk,
Kanchipuram District and the original title deeds relating to the mortgaged property also need to be handed over to the certificate debtor.
8.
In this case notice was issued to the certificate debtor and the applicant bank filed AOS vide Dy.No.8277/2025 dated 05.12.2025. Pursuant to the same, the certificate debtor No.2 filed affidavit before this Tribunal expressing no objection to record the full satisfaction memo and raise the attachment order and for return of original documents to the certificate debtors.
9.
In view of the foregoing, the following: - ORDER ON FULL SATISFACTION MEMO
(Date of Disposal –31.12.2016)
CH by Shri. A. Ramaswamy, Adv.
This TA was disposed by the final order dated 31.12.2016 and recovery proceeding is also initiated in DRC no. 67/2017 issued by the DRT
–I, Chennai, NOw re-numbered as TRC no. 746/2022 of DRT –II.
Now the Ld. Counsel files a memo dated 24.11.2023
Heard the Ld. Counsel.
The RC is issued for recovery of sum of Rs.1,07,50,000/- along with interest against all the defendants. This claim is settled outside the Tribunal at Rs.82,50,000/- and the defendants had paid entire amount and
that the bank is fully satisfied with the claim and the account is closed.
Hence the following,
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ORDER
Recovery proceedings are directed to be closed in view of the full satisfaction report. Since, it is contended that there is no stay or any other litigation pending, the original documents, if any, may be returned to the applicant upon proper identification and verification and also upon proper acknowledgment. ORDERS ON MA No.29 OF 2026 The applicant bank had also filed MA.No.29/2026 praying to raise the order on attachment dated 10.04.2017 against the property mentioned in the schedule in TA.Dy.No.1665/2023 in TRC.No.746/2022. The applicant bank has filed full satisfaction and the Tribunal has also recorded the full satisfaction of the DRC amount and has directed the Registry to release of the title deeds and documents as per Form-11 submitted by the applicant bank. The applicant bank is given liberty to approach the Ld. Recovery Officer of this Tribunal for raising the order of attachment dated 10.04.2017.
Ordered accordingly.
Sd/- (SHARANG DHAR UPADHYAY)
PRESIDING OFFICER
DRT-II, CHENNAI (Dictated to PS, who typed in the system directly, corrected, signed and pronounced by me in Open Court, on this 08th day of June, 2026)