The Tribunal allowed the bank's application for recovery of Rs. 26.03 Lakhs with interest. It adjudicated the claim ex-parte and adjusted the interest rate to 10% per annum from the date of institution.
Recovery of Rs. 26,03,211.96 plus costs and future interest at 10% p.a.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.837/2022
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 26.05.2022
DATE OF DECISION: 19.12.2023
Axis Bank Ltd., (earlier known as UTI Bank Ltd.), a banking company, carrying on the banking business under the Banking Regulation Act, 1949, incorporated under The Companies Act, 1956 and having its Registered Office at ‘Trishul’, 3rd Floor, Opposite Samartheshwar Temple, Law Garden, Ellis Bridge, Ahmedabad, Gujarat-380006 and one of its branch offices amongst other places known as Axis Bank Ltd., situated in SCO No.367-368, 3rd Floor, Above Akash Education Institute, Sector 34-A, Chandigarh through its Deputy Manager, Sh. Rohit Varun Singh Thakur.
Advocates:
Argued by Sh. Anup Prajapati, Advocate proxy for Sh. D.K. Singal, Advocate for the applicant Defendants are ex-parte
FINAL ORDER
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(i) Land measuring 20K-00M owned by defendant No. 1; and (ii) Land measuring 12K-00M owned by defendant No. 2;
situated at Village Makror Sahib, Tehsil Moonak, District Sangrur, Punjab vide Declaration u/s 4(1) dated 26.03.2015, which is Annexure A7 to this OA.
Documents executed:- Loan-cum-Hypothecation Agreement, D.P. Notes and D.P. Note Delivery cum waiver letter all dated 27.03.2015, which are Annexures A4 to A6 to this OA; Sanction of Mutation dated 26.03.2015, which is Annexure A8 to this OA; Legal Notice along with Postal Receipts dated 07.02.2022, which is Annexure A9 to this OA and Statement of accounts, which is Annexure A10 to this OA.
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The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the mortgaged property, undertaking of the defendants, quantum of loan and prevalent market rates of interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @10.00%p.a. in the loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.
Tribunal on 29.12.2023.
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Pronounced by me in the open Tribunal. Dated: 19.12.2023
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant bank is entitled to recover the outstanding loan amount from the defendants.
Whether uniform simple interest at 10.00% p.a. should be granted instead of the claimed 16.50% p.a.
1 provisions across 1 enactments
Axis Bank Ltd.
Sh. Gurinderjit Singh
Smt. Joginder Kaur
Sh. Varinderjit Singh
MRIDULESH KUMAR SINGH
As recorded by the court registry
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