Axis Bank v. Sh Dharam Pal
Case brief
What is this about?
Debts Recovery Tribunal allowed an original application by Axis Bank against a farmer for recovery of Rs.30.50 lakhs. The court upheld liability but, citing pandemic impact and agricultural context, reduced the interest rate to 8% p.a.
What did the court decide?
Recovery certificate issued for Rs.30,50,606.49 plus uniform simple interest @8% per annum from 15.09.2021 till realization.
What the court decided
DEBTS RECOVERY TRIBUNAL-2, CHANDIGARH, PRESIDED OVER BY M.M. DHONCHAK
ORIGINAL APPLICATION NO.434/2022
DATE OF INSTITUTION: 15.09.2021
DATE OF DECISION: 17th DAY OF MAY, 2023
Axis Bank Limited (earlier UTI Bank Limited) , a Banking Company, carrying on the Banking business under the Banking Regulation Act, 1940, incorporated under the Companies Act, 1956 and having its Registered Office at Trishul, 3rd Floor, Opposite Samartheshwar Temple, Law Garden, Ellis Bridge, Ahmedabad, Gujarat-380000 and Branches at different places throughout India, including one at District Kaithal, Haryana, through its Attorney, Sh. Parveen Kumar, Authorised signatory of Applicant Bank
…..Applicant Bank
Versus
Sh. Dharam Pal S/o Sh. Kali Ram R/o Village Dohar-Siwan, Khurana, Kaithal, Haryana-136027
…..Defendant
Argued by: Sh. Rajeev Sharma counsel for the applicant bank Defendant ex parte vide order dated 17.09.2022
Issues for consideration
2 issues framed by the court
Whether the applicant bank is entitled to recovery of the outstanding loan amount from the defaulting respondent.
Whether the Tribunal should grant uniform simple interest at a rate lower than the contractual rate in the circumstances of the case.
Parties & counsel
- applicant
Axis Bank Limited
- respondent
Sh. Dharam Pal
Coram
M.M. DHONCHAK
Case details
As recorded by the court registry
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