The Tribunal allowed the bank's application for recovery of a commercial loan. Declaring defendants jointly and severally liable for the principal, costs, and interest at 8% per annum, the order directed issuance of a Recovery Certificate for enforcement.
Recovery of principal, costs, and interest at 8% p.a. declared; Recovery Certificate issued.
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.338/2025 PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 20.03.2025
DATE OF DECISION: 03.07.2025
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 Samratheshwar Temple, Law Garden, Ellis Bridge, Ahmedabad 380006 Gujarat and one of its branch offices amongst other places known as Axis Bank Ltd., situated in SCO No.367-368, 3rd Floor, Sector 34-A, Chandigarh through its Manager Sh. Nitish Aggarwal.
……..Applicant
Advocates:
Argued by Sh. Rahul Garg, Advocate for the applicant Defendants are ex parte
FINAL ORDER
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OA NO.338-2025 AXIS BANK LIMITED VS JAGJIT SINGH AND ANOTHER
Rs.22,32,500.00 vide Loan application dated 13.07.2023, which is Annexure A2 to this OA.
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OA NO.338-2025 AXIS BANK LIMITED VS JAGJIT SINGH AND ANOTHER
Annexures A1 to A9 to this OA, it is proved that the defendants approached applicant for availing of the loan facility which was granted to them and for that they had executed all the relevant documents in favour of the applicant. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum Rs.23,82,792.00p (Rupees Twenty Three Lacs Eighty Two Thousand Seven Hundred Ninety Two only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account.
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 @8.00%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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OA NO.338-2025 AXIS BANK LIMITED VS JAGJIT SINGH AND ANOTHER
Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated/mortgaged properties of the defendants in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the applicant still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law.
Pronounced by me in the open Tribunal . Dated: 03.07.2025
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
3 issues framed by the court
Whether the applicant is entitled to recover the outstanding loan amount from the defendants jointly and severally.
Whether interest should be allowed on the outstanding amount.
Whether a Recovery Certificate should be issued under the provisions of the Act.
2 provisions across 2 enactments
Axis Bank Ltd. (earlier known as UTI Bank Ltd.)
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
