The Debts Recovery Tribunal allowed the bank's application for recovery of Rs. 20,50,647 from borrowers and guarantor. After hearing evidence ex-parte, the court adjusted interest from 24% to 8% p.a. and ordered issuance of a recovery certificate.
Recovery of Rs 20,50,647 with costs and future simple interest at 8% p.a.; issuance of Recovery Certificate.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.473/2025
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 11.04.2025
DATE OF DECISION: 23.07.2025
Axis Bank Ltd. (earlier known as UTI Bank Ltd.), a banking company , carrying on the 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, Gujarat, 380006, and one of its branch offices amongst other places know as Axis Bank Ltd., situated at, SCO No.367-368, 3rd Floor, Sector-34A, Chandigarh-160022 through its Manager, Sh. Nitish Aggarwal.
……..Applicant
Versus
Advocates:
Argued by Sh. Sukhvinder Singh, Advocate proxy for Sh. Gaurav Gupta, Advocate for the applicant (Through VC)
Defendants already ex-parte
FINAL ORDER
2 OA/473/2025 AXIS BANK LTD. VS. SH. SUKHWINDER SINGH AND ANOTHER
General Power of Attorney dated 24.08.2023, which is Annexure A1 to this OA.
3 OA/473/2025
AXIS BANK LTD. VS. SH. SUKHWINDER SINGH AND ANOTHER
4 OA/473/2025 AXIS BANK LTD. VS. SH. SUKHWINDER SINGH AND ANOTHER
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 Rs.20,50,647.00p (Rupees Twenty Lacs Fifty Thousand Six Hundred Forty Seven 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 vehicle of the defendants 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 defendants. The applicant is at liberty to enforce the claim through due process of law. 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 28.08.2025. 15. Copy of this order be given dasti to the applicant and be sent to defendants 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: 23.07.2025 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
3 issues framed by the court
Whether the applicant is entitled to recovery of the outstanding loan amount from the defendants jointly and severally?
What rate of interest should be applied to the loan account pending realization?
Whether a recovery certificate should be issued to facilitate enforcement of the debt?
2 provisions across 2 enactments
Axis Bank Ltd.
Sh. Sukhwinder Singh
Smt. Rupinder Kaur
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
