Axis Bank v. R Saravanan
Case brief
What is this about?
The Debts Recovery Tribunal allowed the bank's application for recovery of dues under RDB Act, 1993. The court found the claim unchallenged due to ex-parte order and directed recovery of principal, interest, and costs from the borrowers and builder.
What did the court decide?
Recovery of Rs.20,05,810/- with future interest at 7.60% p.a. and penal interest at 2% p.a. along with costs; direction to issue Recovery Certificate.
What the court decided
T.A. No. 689 of 2023
09.10.2025
1
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 09th day of October, 2025
Present: SMT. S.V. GOWRAMMA Presiding Officer
TRANSFERRED APPLICATION No. 689 of 2023
(Originally filed before DRT- II, Chennai as OA 336/2021 and thereafter transferred to this Tribunal and renumbered as TA No 689 of 2023)
Axis Bank Ltd., Retail Asset Centre, No.6A, Central Square, Dr. Ambedkar Road, Kodambakkam, Chennai -600 024,
Represented by its Authorized Officer. ….Applicant
-Vs-
- R. Saravanan,
Issues for consideration
2 issues framed by the court
Whether the applicant bank is entitled to recover outstanding dues with interest under the Recovery of Debts and Bankruptcy Act, 1993.
Whether the defendants are jointly and severally liable for the repayment of the housing loan amounts.
Parties & counsel
- applicant
Axis Bank Ltd.
- respondent
R. Saravanan
- respondent
S. Devi
- respondent
M/s. Royal Splendour Developers Pvt Ltd.
Coram
Case details
As recorded by the court registry
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