Allowed

Axis Bank Limited v. Sh. Kameshwar Kaushik

DRT21 Nov 2025OA/1426/2025

Case brief

AI extract

What is this about?

The DRT allowed the applicant's original application under Section 19 RDB Act. The court directed the respondent to pay the principal amount with interest at 8% p.a. from the filing date, authorizing recovery via hypothecated vehicle or personal assets.

What did the court decide?

Apronounced decree for payment of Rs.21,99,953.34 plus 8% simple interest per annum. Recovery Certificate issued. Authority to enforce claim under SARFAESI Act granted.

Axis Bank Limited versus Sh. Kameshwar Kaushik — Banking and Recovery | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1426/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 17.09.2025

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DATE OF DECISION: 21.11.2025

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Axis Bank Ltd, Having its Registered Office at "Trishul, 3^rd Floor, Opposite Samartheswar Temple, Law Garden, Ellisbridge, Ahmedabad, Gujrat

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Also at: AXIS Bank, Loan Centre, SCO-390, 2^nd Floor, Sector-20, Panchkula-134112 through Sh. Hari Om, its Authorized Representative. ……..Applicant Versus

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Sh. Kameshwar Kaushik S/o Sh. Ramakant Koshik, C/O M/S Dimpy Traders # B III 954, Wakkila Wali Gali, Darsi Road, Purana Bazar, Ludhiana-141008.

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Advocates:

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Argued by Ms. Dipti Toni, Advocate for applicant (through VC) Defendant already ex parte

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, against the defendant for recovery of Rs.21,99,953.34p (Rupees Twenty One Lacs Ninety Nine Thousand Nine Hundred Fifty Three & Paise Thirty Four Only). The Original Application has been filed through Sh.Hari Om, Authorized Representative, of the applicant, vide Power of attorney dated 23.04.2025, which is Annexure A1 to this OA.

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The brief facts of the OA that the defendant had approached the applicant for the grant of Car Loan of Rs.16.00 Lacs vide loan Application dated 24.08.2022, which is Annexure A2 to this OA.

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The applicant sanctioned the Car Loan of Rs.15,00,422/-. The

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terms and conditions were duly accepted by the defendant.

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2 OA/1426/2025 AXIS BANK LIMITED VS SH. KAMESHWAR KAUSHIK

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Defendant had hypothecated his vehicle namely i.e. TOYOTA INNOVA bearing Registration No. PB02DC0897, Chassis No. MBJGB8EMX02014665 Engine No.2GDA064990, vide Loan cum hypothecation agreement dated 31.08.2022, which is Annexure A3 to this OA.

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Documents executed: - Statement of account, which is Annexure A4 to this OA; Legal notice dated 16.08.2025 along with postal receipt, which are Annexures A5 and A6 to this OA.

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The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs.21,99,953.34p, which is recoverable and the defendant was served recall notices but he did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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The defendant was served notices to appear before this Tribunal but no one appeared on behalf of defendant and he was proceeded exparte on 14.11.2025.

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In support of the OA, affidavit of Sh. Hari Om, Authorized Representative, Axis Bank Limited, has been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned counsel through Video Conferencing that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexures A1 to A6 to this OA, it is proved that the defendant approached applicant for availing of the loan facility which was granted to him and for that he had executed all the relevant documents in favour of the bank. The defendant failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendant was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.21,99,953.34p (Rupees

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3 OA/1426/2025 AXIS BANK LIMITED VS SH. KAMESHWAR KAUSHIK

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Twenty One Lacs Ninety Nine Thousand Nine Hundred Fifty Three & Paise Thirty Four Only) along with interest from the defendant, from the date of filing of the present Original Application till realization of the account.

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In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed [email protected]%p.a. from date of filing of this application till realization.

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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/hypothecated assets, undertaking of the defendant, 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 @08.00%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.

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In the result, the application is allowed declaring that the defendant is liable to pay to the applicant a total sum of Rs.21,99,953.34p (Rupees Twenty One Lacs Ninety Nine Thousand Nine Hundred Fifty Three & Paise Thirty Four Only) with costs, current and future simple interest @08.00%p.a. in the loan account from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated vehicle of the defendant in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the

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4 OA/1426/2025 AXIS BANK LIMITED VS SH. KAMESHWAR KAUSHIK

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defendant. The applicant is at liberty to enforce the claim through due process of law.

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12. Any other application pending stands disposed of. 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 03.12.2025. 15. Copy of this order be given Dasti to the applicant and be sent to defendant through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned. Pronounced by me in the open Tribunal . Dated: 21.11.2025 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Axis Bank Limited v. Sh. Kameshwar Kaushik

Case brief

What is this about?

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Axis Bank Limited v. Sh. Kameshwar Kaushik

Case brief

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What did the court decide?

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