The Tribunal allowed the bank's transfer application for recovery of a loan of Rs.36.72 lakh sanctioned under KCC and Overdraft schemes. The defendants failed to appear, and the matter was heard ex-parte.
Recovery Certificate issued for Rs.36.72 lakh with 8% p.a. simple interest to be recovered from mortgaged properties or personal assets.
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
TRANSFER APPLICATION NO.7/2025
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 05.08.2025
DATE OF DECISION: 01.10.2025
Axis Bank Ltd, Having its registered office at "Trishul, 3rd floor, opposite Samartheswar Temple, Law Garden, Ellisbridge, Ahmedabad, Gujarat Also at: - Axis Bank, Loan Centre, SCO, 390, Sector-20, Panchkula, Through Sh. Nitish Aggarwal, its Authorized Representative.
……..Applicant Versus
………. Defendants
Advocates:
Argued by Ms.Dipti Toni, Advocate for the applicant (through VC) Defendants already ex-parte
FINAL ORDER
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TA NO.7/2025 AXIS BANK LTD. VS SH.MANJEET SINGH AND ANOTHER
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TA NO.7/2025 AXIS BANK LTD. VS SH.MANJEET SINGH AND ANOTHER
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 A23 to this OA, it is proved that the defendants approached applicant for availing of the loan facilities which were 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 loans as per terms and conditions of the agreement between the parties. Subsequently, accounts of the defendants were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.36,72,858.38p (Rupees Thirty Six Lacs Seventy Two Thousand Eight Hundred Fifty Eight & Thirty Eight Paise Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Transfer Application till realization of the accounts.
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
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TA NO.7/2025 AXIS BANK LTD. VS SH.MANJEET SINGH AND ANOTHER
both the loan accounts 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.36,72,858.38p (Rupees Thirty Six Lacs Seventy Two Thousand Eight Hundred Fifty Eight & Thirty Eight Paise Only) jointly and severally, with costs, current and future simple interest @08.00%p.a. in both the loan accounts 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 18.10.2025. 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: 01.10.2025 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the application filed under Section 19 of the RDBA for recovery of the outstanding loan amount requires to be allowed in absence of the defendants.
What rate of interest should be charged for the period pending between the filing of the application and the realization of the amount.
1 provisions across 1 enactments
Axis Bank Ltd
Sh. Manjeet Singh
Smt. Sharanjit Kaur
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
