The Debt Recovery Tribunal allowed the bank's application for recovery of Rs. 47.64 lakh outstanding from borrowers. The tribunal modified the rate of interest to 8% per annum and authorized issuance of a Recovery Certificate.
Recovery of Rs. 47,64,791 with simple interest at 8% per annum from the date of filing till realization; issuance of Recovery Certificate.
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DEBTS RECOVERY TRIBUNAL-2, CHANDIGARH, PRESIDED OVER BY M.M. DHONCHAK
ORIGINAL APPLICATION NO.398/2022
DATE OF INSTITUTION: 28.02.2022
DATE OF DECISION: 20th DAY OF OCTOBER, 2023
Axis Bank Limited (earlier UTI Bank Limited), a Banking Company, carrying on the banking business under the Banking Regulation Act, 1949, incorporated under the Companies Act, 1956, having its Registered Office at ‘Trishul’, 3rd Floor, Opposite Samartheshwar Temple, Law Garden, Ellis Bridge, Ahmedabad-380006, Gujarat and Branches at different places throughout India including one at Magharpura, District Ambala (Haryana), through its Attorney Sh. Rohit Varun Singh Thakur, Authorised Officer of the Applicant Bank
…..Applicant
Versus
Argued by: Ms. Samandeep Kaur Sekhon, Legal Manager for the applicant bank Defendants ex parte vide order dated 23.06.2023
FINAL ORDER
Present Original Application was instituted by the applicant bank under Section 19 of the Recovery of Debts and Bankruptcy
OA/398/2022 AXIS BANK Vs AMARPREET SING AND OTHERS 2
Act, 1993 (hereinafter referred to as ‘the Act’ for brevity), against the defendants for recovery of Rs.47,64,791/- (Rupees Forty Seven lac Sixty Four Thousand Seven Hundred and Ninety One Only) . It has been filed through Sh. Rohit Varun Singh Thakur, Authorised Officer of the applicant bank stated to be competent to institute the Original Application vide Power of Attorney dated 17.12.2021, Annexure-A1 (copy).
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The documents related to mortgage are as under:
i. Registered simple mortgage deed dated 01.10.2015, AnnexureA7 (copy).
ii. Letter dated 11.10.2015 to the Tehsildar, Mullana, for entry/mutation of the mortgage property, Annexure-A8 (copy).
It is further the case of the applicant bank that after adjusting debit and credit entries in the loan account, a sum of Rs.47,64,791/- (Rupees Forty Seven lac Sixty Four Thousand Seven Hundred and Ninety One Only), is recoverable against the defendants as per statement of account, certified under Bankers’ Books Evidence Act, 1891, Annexure-A13 (copy).
Since the defendants did not repay the outstanding amount, therefore, the applicant bank preferred the present Original Application for issuance of Recovery Certificate.
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Four Thousand Seven Hundred and Ninety One Only) from the defendants.
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This Tribunal is of the considered opinion that sometimes in appropriate cases the prerogatives of mercy and magnanimity are the brightest jewels in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including the Pandemic Covid-19 affecting businesses, purpose of loan, i.e. agricultural, present conditions of economy based on agriculture, quantum of loan, prevalent market rates of interest which have gone drastically downhill in yesteryears, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @8% per annum from the date of filing of the OA till realisation of the amount ordered vide this order. It is ordered accordingly.
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assets of the defendants. However, the applicant bank is at liberty to
enforce the claim through due process of law.
Pronounced in the open Tribunal (M.M. Dhonchak) Presiding Officer DRT-2, Chandigarh
1 issue framed by the court
Whether the applicants are entitled to recover dues from the respondents for failure to repay the loan.
1 provisions across 1 enactments
Axis Bank Limited
Sh. Amarpreet Singh
Sh. Jagdeep Singh
Sh. Jaswinder Singh
M.M. DHONCHAK
As recorded by the court registry
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