Allowed

Axis Bank Ltd. v. Smt. Manjit Kaur and Others

DRT4 Nov 2025OA/61/2025

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the applicant bank's Original Application for recovery of Rs. 21.59 lakhs. The court granted interest at 8% p.a., ordered a Recovery Certificate, and reserved execution proceedings against mortgaged and personal assets.

What did the court decide?

Recovery Certificate issued; Defendants liable to pay Rs. 21,59,563.39 plus 8% p.a. interest; claim enforceable against mortgaged and personal assets.

Axis Bank Ltd. versus Smt. Manjit Kaur and Others — Cheque Dishonour | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.61/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 17.01.2025

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DATE OF DECISION: 04.11.2025

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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’, 3^rd Floor, Opposite Samartheshwar 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, 3^rd Floor, Sector 34-A, Chandigarh through its Manager, Sh. Sandeep Kumar.

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……..Applicant

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Versus

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Sh. Manjit Kaur, W/o Sh. Baldev Singh, R/o Village Jiuan Pura, Tehsil Patra, District Patiala, Punjab-147105.

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Sh. Sukhvinder Singh, S/o Sh. Baldev Singh, R/o Village Pura, Tehsil Patra, District Patiala, Punjab-147105.

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Sh. Hardeep Singh, S/o Sh. Jagjit Singh, R/o Village Chungra, Tehsil Patra, District Patiala, Punjab-147105.

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………. Defendants

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Advocates:

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Argued by Sh. Sukhvinder Singh Chaudhary, Advocate proxy for Sh. Gaurav Gupta, Advocate for the applicant (through VC) Defendants are ex parte

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, against the defendants for recovery of Rs. 21,59,563.39p (Rupees Twenty One Lakhs Fifty Nine Thousand Five Hundred Sixty Three and Thirty Nine Paise Only). The Original Application has been filed through Sh. Sandeep Kumar, Authorized Signatory of the applicant, who is

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OA NO.61/2025 AXIS BANK LIMITED VS SH. MANJIT KAUR AND OTHERS

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competent to institute the Original Application vide Power of Attorney dated 16.09.2021, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendant no. 1 & 2 had approached the applicant for the grant of KCC Limit of Rs. 17.00 Lacs vide application form dated 22.02.2011, which is Annexure A2 to this OA. Defendant no. 3 stood as guarantor.

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The applicant sanctioned the KCC Limit of Rs. 17.00 Lacs vide sanction letter dated 24.02.2011, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants. 4. Defendant no. 1 & 2 had mortgaged his movable properties i.e. Land measuring 40K-0M (30Kanal in the name of defendant no. 1 and 10Kanal in the name of defendant no. 2) situated at village Dugal Kalan, Tehsil Patran, District Patiala, and vide mortgage deed bearing vasika no. 4838 dated 03.03.2011 which is Annexure A8 to this OA. Mortgage Deed Documents executed:- Loan cum hypothecation agreement, Joint and Several D.P Note, D.P Note Delivery-Cum-Waiver Letter, Deed of Guarantee, all dated 03.03.2011, which is Annexure A4 to A7 to this OA; Acknowledgment of Debt letters dated 17.06.2016, 30.05.2018 and 03.02.2024, which is Annexure A9 to this OA; Recall Notice dated 02.12.2024, which is Annexure A10 to this OA; Statement of Account along with Certificate under Banker’s Book of Evidence, which is Annexure A11 to this OA.

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The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs. 21,59,563.39p, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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OA NO.61/2025

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AXIS BANK LIMITED VS SH. MANJIT KAUR AND OTHERS

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The defendants were served notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte on 31.10.2025.

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In support of the OA, affidavit of Sh. Sandeep Kumar, Authorized Signatory, Axis Bank Ltd. h as been filed.

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Heard ex-parte arguments and perused record.

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It was argued by learned proxy counsel through video conferencing that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexures A1 to A11 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 bank. 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 of Rs. 21,59,563.39p (Rupees Twenty One Lakhs Fifty Nine Thousand Five Hundred Sixty Three and Thirty Nine Paise 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.

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In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @9%p.a. with Penal Interest @2% from 30.11.2024 till the realization.

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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

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OA NO.61/2025 AXIS BANK LIMITED VS SH. MANJIT KAUR AND OTHERS

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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 Rs. 21,59,563.39p (Rupees Twenty One Lakhs Fifty Nine Thousand Five Hundred Sixty Three and Thirty Nine Paise 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. 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 17.11.2025. 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: 04.11.2025 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Axis Bank Ltd. v. Smt. Manjit Kaur and Others

Case brief

What is this about?

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Axis Bank Ltd. v. Smt. Manjit Kaur and Others

Case brief

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