Debts Recovery Tribunals and Appellate Tribunals
TAMILNAD MERCANTILE BANK LIMITED vs Mr. A. Srinivasan on 20 August 2026
IN THE DEBTS RECOVERY TRIBUNAL – II AT CHENNAI
Dated this 20th day of August, 2026
PRESENT: SHRI SHARANG DHAR UPADHYAY
Presiding Officer
MA No.54 of 2026 in OA No.707 of 2018
Tamilnad Mercantile Bank Ltd.,
Arni Branch
No.38, Thatchur Road
Arni – 632 301
Tiruvannamalai District
Rep. by its Manageer J. Jebaseelan
…Petitioner / Applicant
Versus
1.
A. Srinivasan
S/o S. Annamalai
Proprietor of M/s Sri Vasan Traders
No.30, Madaveethi Street
Agaram Village, Arni – 632 316
2.
Mrs. S. Pachiammal
W/o A. Srinivasan
No.30, Madaveethi Street
Agaram Village, Arni – 632 316
…Respondents / Defendants
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ORDER
1. This application is filed by the applicant bank praying to direct the SRO, Arni-Cheyyar to lift the attachment orders bearing No.11/2021 dated 27.07.2021, DRT-II, Chennai for the property more fully described in Item 2 of the Schedule in IA No.521 of 2019.
2. It is stated that the applicant had filed the above OA against the defendants for recovery of a sum of Rs.28,50,845.88p together with interest @11.60% per annum with monthly rests plus penal interest @2% per annum from 23.07.2018 to till date of clearance of the entire liability of the applicant. It is also stated that the bank has also obtained an order dated 6.7.2021 whereby Attachment Before Judgment in respect of the IA schedule properties were also obtained.
3. It is also stated that there were two properties (Item No.1 and 2) in IA No.521 of 2019 for which the attachment orders were passed by this Tribunal. Further, the attachment in respect of the Item No.1 of the IA schedule property was lifted by this Tribunal by its order dated 25.04.2023 in MA No.502 of 2022 filed by one Ms. Vasumathy and the attachment order in respect of Item No.2 of the IA schedule property is still continuing.
4. It is further stated that the OA was finally ordered on 31.12.2021 and DRC No.86/2022 also came to be issued on 31.12.2021. While so, the defendants approached the applicant bank for settlement and remitted a sum of Rs.33,00,000/- towards settlement and the account was closed on 21.11.2025. It is stated that the applicant bank has also received back the original documents from this Tribunal. However, on verification by defendants, they came to know that the order of attachment in respect of Item No.II of schedule property in IA No.521 of 2019 still continues and hence this application for directing the SRO, Arani-Cheyyar to lift the attachment orders bearing No.11/2021 dated 27.07.2021, DRT-II Chennai in respect of the said property.
5. Heard the Ld. Counsel for the Petitioner / Applicant Bank. Perused the records.
6. It is not in dispute that the Applicant Bank had obtained an order of Attachment Before Judgment in respect of the properties described in the Schedule to IA No.521 of 2019. It is also borne out from the records that the Original Application was finally allowed on 31.12.2021 and DRC No.86/2022 was issued on the same date.
7. It is further seen that the defendants have subsequently approached the Applicant Bank for settlement and, pursuant to the settlement, a sum of Rs.33,00,000/- has been remitted to the Applicant Bank and the loan account has been closed on 21.11.2025. The Applicant Bank has also received back the original documents from this Tribunal. Thus, the Applicant Bank has no surviving claim against the defendants in respect of the subject loan transaction.
8. It is also brought to the notice of this Tribunal that the attachment in respect of Item No.1 of the Schedule to IA No.521 of 2019 had already been lifted by this Tribunal by order dated 25.04.2023 in MA No.502 of
2022. However, the attachment in respect of Item No.2 of the Schedule to IA No.521 of 2019 continues to be reflected in the records of the Sub- Registrar Office, Arni-Cheyyar, pursuant to Attachment Order bearing No.11/2021 dated 27.07.2021.
9. In view of the subsequent settlement between the Applicant Bank and the defendants, closure of the loan account and receipt of the entire settled amount by the Applicant Bank, there is no necessity for continuance of the attachment in respect of Item No.2 of the Schedule to IA No.521 of 2019. Accordingly, this Tribunal is of the considered view that the prayer of the Applicant deserves to be allowed.
10. Accordingly, the following:
ORDER
(a) MA No.54 of 2026 is allowed. The attachment created pursuant to the Attachment Order bearing No.11/2021 dated 27.07.2021, passed by this Tribunal, in respect of Item No.2 of the Schedule to IA No.521 of 2019, is hereby lifted/released.
(b) The Sub-Registrar, Arni-Cheyyar, is directed to make necessary entries in the relevant records and remove/delete the aforesaid attachment from the encumbrance records in respect of the property described as Item No.2 of the Schedule to IA No.521 of 2019, in accordance with this order.
(c) The Registry is directed to communicate a copy of this order to the Sub-Registrar, Arni-Cheyyar, for necessary action.
(d) No order as to costs. 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 20th day of August, 2026)