Axis Bank Ltd. v. Sikha Jain
Case brief
What is this about?
The Debt Recovery Tribunal allowed the Axis Bank's application for recovery of outstanding dues of approximately Rs.57.75 lakrs from Ms. Sikha Jain, confirming her liability and adjusting the interest rate below the claim.
What did the court decide?
Allowed the application declaring defendant liable to pay Rs.57,74,779.00 with costs and simple interest at 08% p.a. Ordered issuance of Recovery Certificate.
What the court decided
DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.953/2024
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 20.07.2024
DATE OF DECISION: 10.12.2024
Axis Bank Ltd., having its Registered Office at ‘Trishul’ 3rd Floor, Opposite Samartheshwar Temple, Law Garden, Ellis Bridge, Ahmedabad, Gujarat also at Axis Bank, Loan Center, SCO-367-368, Sector-34A, Chandigarh-16002 through Sh. Sandeep Kumar, its authorized representative.
……..Applicant Versus
Ms. Sikha Jain, R/o H. no. 8161, Bhai Randhir Singh Nagar, ward No.57, Ludhiana, Punjab.
Also At: E-647A, Phase 7, Focal Point, Ludhiana 141010
………. Defendant
Advocates:
Issues for consideration
3 issues framed by the court
Whether the defendant is liable to repay the outstanding loan amount of Rs.57,74,779.00 after the loan account was classified as NPA.
Whether the rate of interest claimed by the applicant should be modified by the Tribunal in light of current market conditions.
Whether the applicant is entitled to issue a Recovery Certificate and proceed with execution against the defendant's assets.
Parties & counsel
- applicant
Axis Bank Ltd.
Coram
MRIDULESH KUMAR SINGH
Case details
As recorded by the court registry
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