Axis Bank versus Sanjit Singh

DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

OA/2223/2022 AXIS BANK Vs SANJIT SINGH & ANOTHER

12.04.2023 Item No.49

Present: Sh. Abhinav Singla, Counsel for the Applicant alongwith Sh.Sandeep Kumar, Authorized Officer. Sh.Jaskaran Singh, Counsel for the defendants alongwith Sh.Sanjit Kumar/defendant No.1 in person.

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File taken up today on IA No.265/2023 filed by counsel for the applicant bank.

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Mr.Jaskaran Singh, counsel for the defendant states that bank had got attached the vehicle which was financed by it. He further states that the defendant has made all the overdue installments and the said vehicle be released to the defendants. Counsel for the defendant has made a statement at the bar that he is admitting the claim of the bank and they may be allowed to make the payment in installments as per agreement.

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Counsel for applicant as well as Authorized Officer of the bank agree to the same. In view of this, OA is allowed. The vehicle in question is ordered to be released to the defendants. The defendant would make the payment in installments as already agreed. The liability of the defendants would be joint and several. Bank can recover its dues by sale of hypothecated vehicle, in case the defendant defaults in making the payment of the loan.

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The OA is hereby allowed in the above mentioned terms with agreed rate of interest. Recovery Certificate be issued accordingly. Parties are directed to appear before concerned Recovery Officer on 12.05.2023. The Authorized Officer of the bank is ordered to release the vehicle in question to the defendants.

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File be consigned to record room after due compliance.

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(A S Narang) Presiding Officer DRT-I, Chandigarh

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MANOJ

Axis Bank v. Sanjit Singh

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Axis Bank v. Sanjit Singh

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