Allowed

Axis Bank v. M/S. Arihant Retail Private Limited

DRT7 Aug 2026MA/186/2026

Case brief

AI extract

What is this about?

The Delhi-recovered funds by Axis Bank Ltd. were delayed by 126 days due to staff medical leave and file misplacement. The Tribunal relied on a Madras High Court precedent to condone the delay, allowing the application subject to payment of costs to the State Legal Services Authority.

What did the court decide?

Delay of 126 days was condoned subject to payment of Rs.3,000/- to the Tamil Nadu State Legal Services Authority and filing a compliance report.

Axis Bank versus M/S. Arihant Retail Private Limited — Banking and Recovery | DRT (2026)

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 07^th day of August 2026

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Present: SMT. S.V. GOWRAMMA Presiding Officer

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M.A. No.186 of 2026 in OA Dy.No. /2024

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Axis bank Ltd., Corporate Banking Branch, Represented by its Authorized Signatory/ Senior Manager, Javahar towers, 2^nd floor, New No.3 (Old No.2) Clubhouse road, Anna Salai, Chennai- 600002 ...Applicant

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-Vs-

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M/s Arihant Retail Private Limited,

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Represented by its Directors,

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Old No.94, New No. 24,

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M.C. Road, Washermenpet,

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Chennai- 600 021

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Mr. Vishal Surana, S/o Hastimal Surana, Old No.94, New No. 24, M.C. Road, Washermenpet, Chennai- 600 021

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Mr. Govindarajulu Ravi, Additional director, Arihant Retail Private Limited, Plot No.1, Door No.3, Maran nagar, Poonamallee, Tiruvallur, Chennai- 600056

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M/s Hot Male Fashions Private Limited, Represented by its Directors, No.1, NN Garden, 6^th lane, Old Washermenpet, Chennai- 600 021 …Defendants

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Counsels on record / appeared:

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Counsel for Applicant : M/s. V.P. Krishnamoorthy

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ORDER IN MA No.186/2026

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MA No.186 of 2026 is taken up. This is an application filed by applicant bank for condonation of delay of 126 days in re-presenting the OA.

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Perused the Affidavit filed on behalf of the Applicant bank.

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It is submitted by applicant bank that the present OA was filed for recovery of sum of Rs.16,74,98,866.53p (Rupees Sixteen Crores seventy Four Lakhs Ninety Eight Thousand Eight Hundred and Sixty Six and Fifty Three paise only) together with interest and costs. It is submitted that the OA Book was returned by the Registry on 17.08.2023 for certain compliances. The Authorized signatory was on medical leave. After he resumed office, the file got mixed up with other office bundles and could be traced out only at a later point of time. Hence OA could not be represented within the time granted by this Tribunal, which is neither wilful nor wanton, but only due to aforesaid reasons. Therefore, the applicant bank prayed for condonation of delay of 126 days in representing the OA.

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Perused the Affidavit filed on behalf of the Applicant bank and the records of the case

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As OA is filed for recovery of money due from borrower and in view of the fact that the bank being a financial institution is the custodian of the public money held under trust, the Tribunal relying on the judgment of Hon’ble High Court of Madras (At Madurai) in the judgment of

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V.P. Rajula -Vs.- K.J. Sakadeva Raja reported in LAWS (MAD)-

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2020-8-441 feels it apt to condone the delay and give opportunity to applicant to prosecute their case.

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Accordingly, MA No.186/26 stands allowed and delay is condoned, subject to payment of cost of Rs.3,000/- to the Tamil Nadu State Legal Services Authority on or before 04.09.2026 by the applicant and to file the compliance report before the Registry.

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In case of the applicant complying with the order and filing compliance memo, Registry is directed to number the OA, if otherwise found to be in order. It is clarified that in case if the applicant bank fails to comply with the conditional order above, MA stands dismissed automatically without there being any need to pass separate order.

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Sd/-

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(S.V. GOWRAMMA)

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PRESIDING OFFICER, DRT-III, CHENNAI

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(Dictated to Roshnee, transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 07^th day of August, 2026)

Axis Bank v. M/S. Arihant Retail Private Limited

Case brief

What is this about?

What did the court decide?

Axis Bank v. M/S. Arihant Retail Private Limited

Case brief

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What did the court decide?

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