Allowed

Axis Bank v. Mrs Rachana Verma

DRT29 Jan 2025OA/169/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed Axis Bank Limited's Original Application for recovery of Rs. 46.78 lakh plus interest from borrowers and guarantors, declaring joint and several liability and securing the claim via mortgage and hypothecation.

What did the court decide?

Claim allowed; Defendants liable to pay Rs. 46,78,304.00 with 6.95% p.a. interest; joint and several liability enforced; recovery certificate issued.

Axis Bank versus Mrs Rachana Verma — Consumer Protection | DRT (2025)

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BEFORE THE DEBTS RECOVERY TRIBUNAL-I KOLKATA

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PRESENT: -SHRI AMBUJA MOHAN DAS PRESIDING OFFICER

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O.A. No.169 OF 2022

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DATE OF DELIVERY OF ORDER : 29^th January 2025

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Axis Bank Limited, incorporated under the Companies Act, 1956 and carrying on banking business under license granted by Reserve Bank of India under the Banking Regulation Act, 1949 and having its Registered Office at ‘Trishul’, 3^rd Floor, Opposite Samartheshwar Temple, Law Garden, Ellis Bridge, Ahmedabad – 380006, Gujarat and amongst another, having one of its branch – Axis Bank Ltd., Retail Asset Centre Kolkata, Lords Building, 1^st Floor 7/1 Lord Sinha Road, Kolkata – 700071. Address for service of Notices is at Axis Bank Ltd., 1 Shakespeare Sarani, AC Market, 4^th Floor, Kolkata – 700071.

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.......... Applicant

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Mrs. Rachana Verma, Borrower, Wife of Abhay Verma, 25, Sova Bazar Street, Kolkata – 700005.

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Mr. Abhay Verma, Co-Borrower, Son of Satyanarayan Verma, 25 Sova Bazar Street, Kolkata – 700005.

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M/s. Emami Realty Ltd., Developer, 687, Anandapur Road, E. M. Bypass, 2^nd Floor, Kolkata – 700107.

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......... Defendants

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Counsel for the Applicant Bank: - Ms. Mekhala Kanji and Ms. Gitashree Chattopadhay, Ld Counsels

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Counsel for the Defendants:- Set ex-parte on 25.11.2024

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J U D G M E N T

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The present Recovery Application is filed by the Axis Bank, carrying on business of Banking all over India including from its Branch Office Retail Asset Centre Kolkata, Lords Building, 1^st Floor 7/1 Lord Sinha Road, Kolkata – 700071, for recovery of Rs. 46,78,304.00 with

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Rina S.

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interest @ 6.95% p.a. with monthly rest from 04.02.2022 against the Defendants till payment and/or realization. The Defendants are the borrower/guarantor/mortgager.

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2.The service of summons could not be effected upon the Defendants in usual mode of postal service. Hence, by the order of this Tribunal, the summons were served by substitute service by publishing in the newspapers in the ‘Statesman’ (in English) and in the ‘Yugasankha’(in Bengali) on 10/08/2023 published from Kolkata. Despite substituted service of summons and giving sufficient time, the Defendant neither appeared nor filed the Written Statement to controvert the claim of the Bank. Hence, the matter was declared exparte on 25/11/2024.

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The Applicant in support of its contention filed Evidence on Affidavit duly affirmed by Ms. Arna Chatterjee, the Authorised Signatory of the Bank annexing the various documents which are exhibited.

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I have perused the documents and Evidence and heard the Ld. Advocate for the Bank. By the said evidence on affidavit the Applicant could prove its claim and documents. The claim of the Bank is within the limitation and within the jurisdiction of this Tribunal. Hence, the claim of the Bank should be allowed with cost. In the above circumstances it is ordered :

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O R D E R

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i) Claim of the Applicants is allowed with cost. ii) The Defendants are jointly and severally liable to pay Rs. 46,78,304.00 with interest @ 6.95% p.a. with monthly rest from 04.02.2022 against the Defendants till payment and/or realization.

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iii) It is declared that the claim is secured by hypothecation of moveable and mortgage of immoveable property described in the Schedule of immoveable property as described in the Schedule in the OA at page 30.

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iv) Let, a certificate be issued accordingly.

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v) Ld. Recovery Officer shall realize the amount as per the Recovery Certificate from the defendants in accordance with law.

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vi) Ld. Registrar of this Tribunal is directed to deliver recovery certificate in term of the final order/judgment for recovery of the sum against the defendants in favour of the Applicant Bank under Section 19 (22) of the

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Rina S.

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Recovery of Debts due to the Bank and Financial Institutions Act, 1993 now known as Recovery of Debts and Bankruptcy Act, 1993.

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vii) The parties are directed to appear before the Recovery Officer-II on 03/03/2025 for further action in accordance with law in the event the entire amount is not paid by the said date.

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Accordingly, the Original Application being O.A. No.169 of 2022 is allowed and stands disposed of. All the IAs, if any, are also disposed of.

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Copy of the Judgment/Final Order be uploaded in the Tribunal’s website.

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File is consigned to the Record Room.

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(Dictated to P.S., transcribed by her, corrected, signed and pronounced by me in the open Court on this the day 29^th January 2025)

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Place: Kolkata ( Ambuja Mohan Das )

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Date: 29^th January,2025 Presiding Officer

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Rina S.

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Page No.-	Order Sheet(continuation)
Case No. OA	/169/2022 Axis Bank Ltd. vs Mrs. Rachana Verma & Ors.
Date of the order	Order with signature O ffic e ac tion with date and dated s ignature of parties when nec es s ary
29/01/202 5	Ld. Advocate Ms. Mekhala Kanji and Ms. Gitashree Chattopadhay appeared for the Applicant Bank. None appeared on behalf of the Defendants. Matter was heard in open Court on this the day of 25/11/2024. The detailed order in three pages annexed separately. The gist of the order is as follows: O R D E R
	i) Claim of the Applicants is allowed with cost. ii) The Defendants are jointly and severally liable to pay Rs. 46,78,304.00 with interest @ 6.95% p.a. with monthly rest from 04.02.2022 against the Defendants till payment and/or realization. iii) It is declared that the claim is secured by hypothecation of moveable and mortgage of immoveable property described in the Schedule of immoveable property as described in the Schedule in the OA at page 30. iv) Let, a certificate be issued accordingly. v) Ld. Recovery Officer shall realize the amount as per the Recovery Certificate from the defendants in accordance with law. vi) Ld. Registrar of this Tribunal is directed to deliver recovery certificate in term of the final order/judgment for recovery of the sum against the defendants in favour of the Applicant Bank under Section 19 (22) of the Recovery of Debts due to the Bank and Financial Institutions Act, 1993 now known as Recovery of Debts and Bankruptcy Act, 1993.
	vii) The parties are directed to appear before the Recovery Officer II on 03/03/2025 for further action in accordance with law in the event the entire amount is not paid by the said date. Accordingly, the Original Application being O.A. No.169 of 2022 is allowed and stands disposed of. All the IAs, if any, are also disposed of. Copy of the Judgment/Final Order be uploaded in the Tribunal’s website. File is consigned to the Record Room. (Dictated to P.S., transcribed by her, corrected, signed and pronounced by me in the open Court on this the day 29^thJanuary 2025)
	Place: Kolkata (Ambuja Mohan Das) Date: 29^thJanuary 2025 Presiding Officer

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Rina S.

Axis Bank v. Mrs Rachana Verma

Case brief

What is this about?

What did the court decide?

Axis Bank v. Mrs Rachana Verma

Case brief

What is this about?

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