Allowed

Axis Bank v. Baban Pandharinath Shinde

DRT8 Apr 2026OA/230/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of a commercial vehicle loan. As defendants were absent, the Tribunal accepted the bank's evidence, awarded the principal sum with future interest at 8% p.a., and directed the issuance of a recovery certificate and the sale of hypothecated vehicles.

What did the court decide?

Decree was passed for Rs. 33,62,573/- plus future interest at 8% p.a. from 14.03.2025; recovery certificate issued; vehicles to be sold for realization.

Axis Bank versus Baban Pandharinath Shinde — Contract and Commercial Disputes | DRT (2026)

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Presented on: 14.03.2025 Registered on: 17.04.2025 Decided on: 08.04.2026 Duration: Y M D 01 00 25

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD

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(Before Shri Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 230/2025

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TOTAL CLAIM AMOUNT – Rs. 33,62,573/-

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AXIS BANK LIMITED.,

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A Body Corporate, constituted and established under the Companies Act 1956 and having its Registered Office at “Trishul” 3^rd Floor, Opp. Samartheshwar Temple, Law Garden, Ellis Bridge, Ahmedabad, Having its … Applicant Office situated at “Shrivastava”, 65 Sarang Housing Society, Near Gajanan Maharaj Mandir, Garkheda, Aurangabad- 431005.

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Through its Authorised Representative Mr.

(OA No.230-2025)

Page 1 of 9

[Ambadas]

Pramod Manohar Landge, Age: 35 Years, Occupation: Service, having his address for communication at c/o.: Axis Bank Ltd., “Shrivastava”, 65, Sarang Housing Society, Near Gajanan Maharaj Mandir, Garkheda,

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Aurangabad- 431005.

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Versus

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Baban Pandharinath Shinde,

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… Defendants

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Age: 50 Years, Occ: Business,

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R/o: House No. 5-6-904, Dahihande Galli,

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Chikalthana, Aurangabad- 431107.

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Rahul Baban Shinde,

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Age: 28 Years, Occ: Business,

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R/o: House No. 5-6-904, Dahihande Galli,

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Chikalthana, Aurangabad- 431107.

(OA No.230-2025)

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[Ambadas]

APPEARANCES

For the Applicant Mr. Dabholkar M. M. - Advocate For Defendants Ex-parte

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J U D G M E N T Delivered on (08.04.2026)

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The Applicant Bank has filed the present application for recovery of the sum of Rs. 33,62,573/- (Rs. Thirty-Three Lakh, Sixty-Two Thousand, Five Hundred and Seventy-Three Only) together with further interest with monthly rests upon Term Loan from 14.03.2025 till the full realization of the entire dues and costs from the Defendants.

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Brief facts of the application are as under:

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That the Defendants approached the Applicant Bank and requested for the sanction of a Vehicle Loan Facility. Upon considering the Defendant’s representation, request, and financial needs, the Applicant Bank sanctioned a Commercial Vehicle Loan of Rs. 33,00,000/- for the purchase of a Commercial Vehicle, namely Bharat Benz 3128C, vide sanction letter dated

(OA No.230-2025)

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[Ambadas]

01.01.2020. The Bank further sanctioned a Credit Facility under the Emergency Credit Line Guarantee (ECLG) Scheme, linked to the said Commercial Vehicle Finance of Rs. 6,40,000/- vide sanction letter dated 16.09.2021. Thereafter, the Applicant Bank sanctioned another Commercial Vehicle Loan of Rs. 42,91,000/for the Purchase of a Commercial Vehicle, namely Ashok Leyland – UJ 3525 vide sanction letter dated 21.03.2022 on certain terms

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& conditions.

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The agreed rate of interest for the first Commercial Vehicle Loan was @10% per annum with monthly rests; for the ECLG Scheme was @10% p.a. with monthly rests; and for the second Commercial Vehicle Loan it was @8% p.a. with monthly rests.

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In order to secure the aforesaid Term Loan facility, the Defendants executed loan documents in favour of the Applicant Bank namely sanction letter, demand promissory note, request letter, hypothecation agreement, letter of undertaking etc.

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The Applicant Bank contended that, in order to secure the Term Loan facility, Defendant Nos. 1 and 2 are the principal

(OA No.230-2025)

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[Ambadas]

borrowers. The Defendants executed Loan Cum Hypothecation Agreement with Disbursement Request Form dated 02.01.2020,

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and Loan Cum Hypothecation Agreement with Power of Attorney dated 28.03.2022 in respect of the following property/hypothecation in favour of the Applicant Bank:-

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Description of Hypothecated assets:-

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Commercial Vehicle Bharat Benz 3128C

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(8x4, 5175 Chassis), manufactured by Bharat Benz,

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manufacturing year 2019, supplied by Wasan Trucking Pvt. Ltd.

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Commercial Vehicle Ashok Leyland – UJ 3525.

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The Applicant Bank further contended that the Defendants failed to keep their promises and commitments agreed by them with regard to due repayment of the loan amount. The Defendants failed to operate the loan account properly and failed to pay the agreed rate of interest as per terms and conditions of the sanction letter. Thereafter the Applicant Bank repeatedly made

(OA No.230-2025)

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[Ambadas]

demand of loan amount and called upon the Defendants to pay with the agreed rate of interest thereon, but the Defendants failed and neglected to pay the same. The loan account of the Defendants became irregular and classified as NPA on 21.09.2021. Therefore on 14.12.2024, the Applicant Bank issued demand legal notice to the Defendants through their Advocate. Despite service of Notice, the Defendants failed and neglected to repay the outstanding dues of the Applicant Bank. Hence, this application is filed.

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Despite service of summons, the defendants neither appeared nor filed their WS. Hence, they proceeded ex-parte vide Order dated 17.10.2025.

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The Applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Mr. Pramod Manohar Landge, Officer of the Applicant Bank and has produced on record the original loan transaction documents as Exh. A-01 to A-19 along-with list of documents Exh.5, which corroborates the case of the Applicant Bank.

(OA No.230-2025)

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[Ambadas]

I have heard arguments of the learned Advocate for the Applicant Bank.

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Since the Defendants failed to appear and contest the application, I find no reason to disbelieve the unrebutted evidence of the Applicant Bank. Therefore, the Applicant Bank is entitled for the reliefs as claimed.

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The Applicant Bank has claimed future interest at @10% p.a. & @8% p.a. with monthly rests from 14.03.2025 till the full realization of the entire dues and costs from the Defendants. However, considering the facts of the case, I am of the opinion that awarding future interest at @8% per annum (simple) on outstanding amount, it would be just and reasonable.

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Hence, I pass the following order.

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ORDER

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(A) Original Application No. 230/2025 is allowed with costs.

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(B) The Defendants shall pay jointly and severally to the

(OA No.230-2025)

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[Ambadas]

Applicant Bank a sum of Rs. 33,62,573/- (Rs. ThirtyThree Lakh, Sixty-Two Thousand, Five Hundred and Seventy-Three Only), along-with future interest at @8% per annum (simple) from the date of filing of the Original Application, i.e., 14.03.2025, till full payment/ realization of the said amount.

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(C) The aforesaid adjudicated amount is secured by Hypothecation Agreement in favour of the Applicant Bank vide documents Exh. A-04,A-05, A-10,A-13 and A-

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14 in list of documents Exh.5.

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Description of Hypothecated assets:-

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Commercial Vehicle Bharat Benz 3128C

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(8x4, 5175 Chassis), manufactured by Bharat Benz, manufacturing year 2019, supplied by Wasan Trucking Pvt. Ltd.

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Commercial Vehicle Ashok Leyland – UJ 3525.

(OA No.230-2025)

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[Ambadas]

(D) The Applicant Bank is entitled to sell the hypothecated

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Vehicles/ articles/goods etc., to recover its dues.

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(E) Issue Recovery Certificate accordingly.

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(F) The Registrar is directed to send the copy of the Judgment and Recovery Certificate to the applicant and Defendants.

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(G) File be consigned to the record room.

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Sd/-

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(Dr. J. R. Chauhan) Place : Aurangabad Presiding Officer Date : 08.04.2026 Debts Recovery Tribunal, Aurangabad

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(OA No.230-2025)

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Page 9 of 9

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[Ambadas]

Axis Bank v. Baban Pandharinath Shinde

Case brief

What is this about?

What did the court decide?

Axis Bank v. Baban Pandharinath Shinde

Case brief

What is this about?

What did the court decide?

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