Allowed

Axis Bank v. Sh. Sikandar Singh

DRT21 Apr 2025OA/1640/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application by Axis Bank Limited for recovery of Rs. 5.23 Crores with interest against defendant Sikandar Singh based on ex parte proceedings and perusade of loan documents, directing issuance of a recovery certificate.

What did the court decide?

Recovery of Rs. 5,23,61,869/- with interest @9.65% per annum; Recovery Certificate issued; Authorized recovery via sale of hypothecated vehicle and other properties.

Axis Bank versus Sh. Sikandar Singh — Banking and Recovery | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II, CHANDIGARH

¶2

BEFORE: A S NARANG, PRESIDING OFFICER

¶3

OA No: 1640/2023 Date of Institution: 16.02.2023 Date of Decision: 21.04.2025

¶4

Axis Bank Limited at S.C.O 367-368, Sector 34-A, Chandigarh

¶5

……..Applicant

¶6

Vs.

¶7

Sh. Sikandar Singh S/o Sh. Dharam Singh, r/o A-2/15, Near Quatab Plala Market, DLF Phase-1, Sikanderpur Ghost (68), Gurgaon, Haryana 122002

¶8

Also at: Sikandar Singh, Director, DS Home Constructon Private Limited, III^rd Floor, Unit No. 311, Sector 43, Global Foyer, Gold Course Road, Gurgaon, Haryana-122001

¶9

……….Defendant

¶10

Advocates

¶11

Ms Dipti Toni proxy counsel for Sh. Gagandeep Toni, Counsel for the applicant bank

¶12

Defendant- ex parte

¶13

OA for the Recovery of Rs.5,23,61,869/- with interest @9.65% per annum with monthly rests from 16.02.2023.

¶14

ORDER

¶15

Axis Bank Limited (Applicant Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.5,23,61,869/- with interest against Sh.Sikanar Singh (defendant).

¶16

Bank’s case is that on 25.05.2023, it had granted a loan of Rs.514.00 Lacs to the defendant in the form of Term Loan facility for purchase of vehicle namely Lamborghini CAT D/URUS purpose. The loan was chargeable to interest @9.65% per annum with monthly rests. On 03.10.2023, a sum of Rs.5,23,61,869/- was due from the defendant. Despite repeated requests, defendant did not make the repayment. Hence, this application.

¶17

On 22.12.2023, summons was sent to the defendant by registered post, which was duly served. However, defendant did not put in appearance. Vide order dated 12.11.2024, he was proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Ms Samandeep Kaur Sekhon, Manager Legal along with the loan and security documents and marked them as Exhibit A-1 to A-7. 5. I have perused the evidence on the record. I am of the considered view that the Bank has proved its case that it had advanced the loan of Rs.514.00 Lacs and on 03.10.2023, a sum of Rs.5,23,61,869/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.5,23,61,869/- (Rupees Five Crore Twenty Three Lacs Sixty One Thousand Eight Hundred and Sixty Nine Only) with interest @9.65% per annum with monthly rests from 16.02.2023, till the date of payment is hereby allowed with costs. Bank can recover its dues by the sale of hypothecated vehicle as well as from the movable and immovable property of the defendant. 7. Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 22.05.2025, who is directed to distribute the sale proceeds as per the provisions of Section 19(20-AB) of the Act . 10. A copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties. Pronounced in the open Court (A S Narang) Dated: 21.04.2025 Presiding Officer DRT-2, Chandigarh (Additional charge)

Axis Bank v. Sh. Sikandar Singh

Case brief

What is this about?

What did the court decide?

Axis Bank v. Sh. Sikandar Singh

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Bank of India versus Dilip Kumar

State Bank of India versus Mr. Daljit Singh

Punjab National Bank versus Neeraj Khullar

Idbi Bank versus Radhakrishnan Bhaskaran Vandothra

Benjamin Hembrom And Anr. versus Icici Bank Limited

Canara Bank versus Sh. Kulbir Singh