The Debt Recovery Tribunal allowed an original application filed by Axis Bank Ltd. against two partnership firms and their partners for recovery of a loan of Rs. 82.54 lakhs with interest and costs, as the defendants failed to appear.
Defendants directed to pay Rs.82,54,846.72 with interest and costs within 30 days; recovery certificate to be issued;
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O.A. No.298 of 2024
Debts Recovery Tribunal-I, Delhi 4th floor, Jeevan Tara Building, Parliament Street, New Delhi
Presiding Officer: Shri Govind Ballabh Sharma
O.A. No. 298 of 2024
Axis Bank Ltd.
Retail Lending-Collections & FCU Axis House, Jaypee Greens Wishtown 114, Tower-2, 2nd Floor,
ector - 128, Noida Expressway Soida, U.P.-201301
Applicant
Versus
104/2, Basement & Ground Floor, ali No.2, Hari Nagar, Gurgaon, Haryana-122001
. Sh.Aakash s/o Brij Lal
artner of M/s Shree Shanti Enterprises
04/2, Basement & Ground Floor, 1 ali No.2, Hari Nagar,,Gurgaon, Haryana-122001
Iso at:
7, Begumpur Khatola,
Gurgaon, Haryana-122001
Sh.Ashish s/o Mr.Satpal artnera of M/s Shree Shanti Enterprises p 104/2, Basement & Ground Floor, Gali No.2, Hari Nagar, Gurgaon, Haryana-122001
Is° at:
7, Begumpur Khatola, urgaon, Haryana-122001 Defendants
resent: Ms Sunanda Kumari, Counsel for the applicant bank
Date of Reserve: 30.07.2026
Date of Pronouncement: 07.08.2026
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O.A. No.298 of 2024
FINAL ORDER
This original application has been filed by the applicant ank on 23.04.2024 through Shri Anuj Gupta, authorized r presentative of the applicant bank under Section 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 against the defendants for recovery of a sum of Rs.82,54,846.72 (Rupees Eighty Two Lacs Fifty Four Thousand Eight Hundred Forty Six & paisa Seventy Two only) s on 20.12.2023 @24.00% interest monthly rest from 1.12.2023 till the date of its realization and costs.
The brief facts of the case are that at the request of efendant no.1 being partnership concern of defendant no.2 nd no.3 as partners/guarantors dated 24.08.2021, the pplicant bank sanctioned Cash Credit facility of Rs.30.00 lacs Rupees Thirty Lacs only) on 04.09.2021 @10.90% interest per nnum subject to change from time to time against hypothecation of stocks, current assets, book debts and plant 4,machinery covered under CGTMSE scheme. On the request f defendants, the SBB CGTMSE limit was enhanced to s.80.00 lacs @11.30% interest per annum on 08.09.2022.
That in order to avail the credit facilities by defendant o.1, the defendants submitted loan application dated 4.08.2021 with partnership deed and executed Sanction etters, Facility Agreement, Demand Promissory Note, DP ote Delivery cum Waiver letter, Deed of Guarantee, eclaration, Confirmation of True Copy of Bulk Documents, nd Use Declaration, Authorization Letters, NOC, Partnership etter, Standing Instructions, Deed of Hypothecation creating harge on current assets, moveable properties, machinery etc. n 24.09.2021 and 17.09.2022 towards the applicant bank.
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O.A. No.298 of 2024
That in order to secure the loan facility, the defendant o.1 created charge on hypothecated stock, receivables, book ebts, DPG machinery, Accounts Assets, Moveable properties, nd currents assets with applicant bank on 24.09.2021 and 7.09.2022.
. It has been submitted by the applicant bank that after availing the aforesaid loan facility, the defendants failed to ; omply with the terms and conditions and willfully neglected to perate the account, resulting the account became irregular. he applicant bank issued recall notice dated 26.12.2023 yoking the personal guarantees of defendants calling upon them to pay Rs.82,54,846.72 as on 30.12.2023 but no iesponse, hence the account was classified as NPA on 8.12.2023. Hence, the applicant bank has approached this ribunal for recovery of their dues as defendants failed to espond the demand of applicant bank.
Notices of this O.A. were issued to the defendants and espite of proper service, the defendants have chosen to bsent from the proceedings. As per order dated 03.09.2025, he defendants have been proceeded ex-parte as not appeared efore the Tribunal and even no written statement, evidence and affidavit of assets have been filed by the defendants.
. In order to prove its case, the applicant bank has filed its vidence by way of affidavit of Shri Anuj Gupta, authorized epresentative of the applicant bank who has proved the ocuments such as Power of Attorney, Loan Application, unction Letters, Facility Agreements, Demand Promissory Notes, DP Note Delivery cum Waiver Letters, Deed of ypothecation, Deeds of Guarantees, Declarations, onfirmations, End Use Declarations, Authorization Letters, ebit Authorization Letters, Standing Instructions, No
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O.A. No.298 of 2024
Objection Certificate, Partnership Letter, Legal Notice, tatement of Accounts Certified under Bankers' Book vidence Act and Section 65 of Evidence Act marked as xhibit AW1/1 to Exhibit AW1/29(Colly).
The case filed by the applicant bank gone unrebutted and ere is no question of disbelieving the case of the applicant ank and the applicant bank has proved its case beyond asonable doubts.
ORDER
I, allow this OA and direct the defendants to pay to the pplicant bank within 30 days, jointly or severally, a sum of s.82,54,846.72 (Rupees Eighty Two Lacs Fifty Four Thousand Eight Hundred Forty Six & paisa Seventy Two only) s on 20.12.2023 along with pendentelite interest @13.30% annum with monthly rest from 21.12.2023 till the date of !-ealization along with costs, failing which the aforesaid amount zation Reali
hall be recovered from sale of hypothecated current assets, .tocks, book debts, receivable, machinery etc. In case of .hortfall, the same shall be recovered from the sale of oveable and immovable property of the defendants.
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O.A. No.298 of 2024
(II) The recovery certificate be issued forthwith and be sent tp the Recovery Officer, Debt Recovery Tribunal-I, Delhi.
Ill) Parties are directed to appear before the Recovery )fficer, DRT I, Delhi on 06.10.2026.
(IV) Copies of final order as well as Recovery Certificate be ent to all concerned free of cost.
(GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI
Dictated & pronounced in open court) Dated: 07.08.2026
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1 issue framed by the court
Whether the original application filed by the bank for recovery of dues deserves to be allowed.
1 provisions across 1 enactments
Axis Bank Ltd.
M/s Shree Shanti Enterprises
Sh.Aakash s/o Brij Lal
Sh.Ashish s/o Mr.Satpal
Govind Ballabh Sharma
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
