Axis Bank Ltd. v. Sh. Anmol Thor
Case brief
What is this about?
Debts Recovery Tribunal allowed the bank's application for recovery of Rs.58 lakhs against the defendant for an NPAs vehicle loan, adjusted interest rates, and issued a recovery certificate.
What did the court decide?
Defendant liable to pay Rs.58,23,582 with 8% interest; Recovery Certificate issued; Recovery from sale of hypothecated vehicle or personal assets directed.
What the court decided
DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.50/2025
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 16.01.2025
DATE OF DECISION: 27.08.2025
Axis Bank Ltd., (earlier Known as UTI Bank Ltd.), a banking company, carrying on the banking business under the Banking Begulations 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
Versus
Sh. Anmol Thor S/o Sh. Kapil Kumar R/o House No.1943, Ward No.10, Chandigarh Road, Sector-32-A, District Ludhiana, Punjab -141010.
2nd address: office situated at The Thor’s World,345 Kucha No.4, Old Madhopuri, District Ludhiana, Punjab-141007.
Issues for consideration
2 issues framed by the court
Whether the Defendant is liable to recover the outstanding dues amounting to Rs.58,23,582.00 with interest from the applicant bank.
Whether the applicant bank is entitled to a recovery certificate and enforcement of dues through sale of hypothecated assets.
Parties & counsel
- applicant
Axis Bank Ltd.
Coram
Mridulesh Kumar Singh
Case details
As recorded by the court registry
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