This judgment allows an original application by Axis Bank Ltd. for recovery of dues totaling Rs. 28,70,812.00 along with interest. The Tribunal fixed a uniform simple interest rate of 8% per annum and ordered a Recovery Certificate.
Recovery of Rs. 28,70,812.00 plus simple interest @ 8% p.a. from date of filing till realization.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.344/2025
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 19.03.2025
DATE OF DECISION: 18.10.2025
AXIS BANK LTD. (earlier 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 Samartheshwar Temple, Law Garden, Ellis Bridge, Ahmedabad 380006, Gujarat and branches at different places throughout India including one at Banga, Distt. Nawanshahr (S.B.S. Nagar), through its Attorney Sh. Nitish Aggarwal, Manager of Applicant.
……..Applicant
Versus
………. Defendants
Advocates:
Argued by Sh. J.S. Sehgal, Advocate for Applicant Defendants already ex parte
FINAL ORDER
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OA NO. 344/2025 AXIS BANK LTD VS SH.PAL SINGH AND ANOTHER
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OA NO. 344/2025 AXIS BANK LTD VS SH.PAL SINGH AND ANOTHER
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 @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. 11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of
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OA NO. 344/2025 AXIS BANK LTD VS SH.PAL SINGH AND ANOTHER
Rs.28,70,812.00P (Rupees Twenty Eight Lacs Seventy Thousand Eight Hundred Twelve Only) jointly and severally, 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/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.
12. Any other application pending stands disposed of.
Pronounced by me in the open Tribunal .
Dated: 18.10.2025
(MRIDULESH KUMAR SINGH)
Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether receivable sum is recoverable against the defendants.
Whether uniform simple interest rate is just and appropriate in the instant case.
1 provisions across 1 enactments
Axis Bank Ltd.
Sh. Pal Singh S/o Sh. Mohan Singh
Sh. Mandeep Singh S/o Sh. Pal Singh
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
