Allowed

Axis Bank Limited v. Sh. Harpreet Singh Mankoo

DRT5 May 2026OA/385/2026

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an application filed by Axis Bank against Harpreet Singh Mankoo for recovery of outstanding loan dues. The court reduced the claimed interest rate from 24% to 8% p.a. and ordered the issue of a Recovery Certificate.

What did the court decide?

Declaration of liability for Rs.27.37,669.05 with 8% simple interest; Recovery Certificate issued; liberty to execute against hypothecated or personal assets.

Axis Bank Limited versus Sh. Harpreet Singh Mankoo — Banking and Recovery | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO. 385/2026

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 06.03.2026

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DATE OF DECISION: 05.05.2026

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AXIS BANK LTD., (earlier known as UTI Bank Ltd.), a banking company, Commercial Vehiclerying on the banking business under the Banking Regulation Act, 1949, incorporated under The Companies Act, 1956 and having its Registered Office at ‘Trishul’, 3rd Floor, Opposite Samartheshwar Temple, Law Garden, Ellis Bridge, Ahmedabad 380 006, Gujarat and one of its Branch Offices amongst other places known as Axis Bank Ltd. situated in SCO 390, 2ND Floor, Sector-20, Panchkula, Haryana through its Manager, Sh. Hari Om.

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……..Applicant Versus Sh. H arpreet Singh Mankoo s/o Sh. Davinder Singh r/o House No.2235, Street No.9, Civil Lines, Krishana Nagar, Ludhiana, Punjab-141001.

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.……Defendant

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Advocate:

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Argued by Sh. Prayrit, Advocate proxy for Sh. Gaurav Gupta, Advocate for the applicant

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None for Defendant (already ex parte vide order dated 29.04.2026)

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FINAL ORDER

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Present Original Application was instituted by the applicant bank under Section 19 of the Recovery of Debts and Bankruptcy Act 1993, against the defendant for recovery of Rs.27,37,669.05 (Rupees Twenty Seven Lacs Thirty Seven Thousand Six Hundred Sixty Nine and Paise Five only). The Original Application has been filed through Sh. Hari Om, Manager , of the applicant bank, who is competent to institute the

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OA/385/2026 AXIS BANK LTD VS SH. HARPREET SINGH MANKOO

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Original Application vide Power of Attorney dated 23.04.2025, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendant approached the applicant for the grant of Term Loan of Rs.20,71,271.00. Thereafter, the defendant approached the applicant for the grant of Personal Loan of Rs.15,00,000.00 vide Loan Application dated 14.06.2023, which is Annexure A7 to this OA 3. The applicant sanctioned the Term Loan of Rs.20,71,271.00, vide vide WET Signature Card & Term and Conditions dated 07.01.2023, which is Annexure A2 to this OA and terms and conditions were duly accepted by the defendant. Thereafter, the applicant sanctioned the Personal Loan of Rs.12,76,000.00 4. Defendant hypothecated his Vehicle bearing Registration No. PB10HG0151, Make: TATA Motors, Model No. Safari XTA, Engine No. 463438414216867, Chassis No. MAT631586NWK78192, vide Loan cum Hypothecation Agreement dated 17.01.2023, which is Annexure A3 to this OA; Virtual Registration Certificate of Vehicle, which is Annexure A6 to this OA. Documents executed : Disbursement Request Forum dated 17.01.2023, which is Annexure A4 to this OA; Tax Invoice dated 16.01.2023, which is Annexure A5 to this OA; Personal Loan Agreement, DP Note, Disbursement Request Forum, all dated 20.06.2023, which are Annexures A8 to A10 to this OA; Recall Notice dated 11.08.2025 with postal receipts, which is Annexure A11 to this OA; Statement of Accounts with certificate, which are Annexures A12 to A15 to this OA. 5. The accounts became irregular and were classified as NPA and after adjusting debit and credit entries in loan accounts, there was a debit of Rs.27,37,669.05 (Rupees Twenty Seven Lacs Thirty Seven Thousand Six Hundred Sixty Nine and Paise Five only), which is recoverable and the defendant was served recall notices but he did not

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OA/385/2026 AXIS BANK LTD VS SH. HARPREET SINGH MANKOO

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repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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The defendant was served summons to appear before this Tribunal, but no one appeared on behalf of the defendant and he was proceeded ex-parte on 29.04.2026.

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In support of the OA, affidavit of Sh. Hari Om, Manager, AXIS Bank Limited, has been filed.

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Heard ex parte arguments and perused record.

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It was argued by learned proxy counsel, that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case.

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From the perusal of all the Annexures A1 to A15 to this OA, it is proved that the defendant approached applicant for availing of the Loan Facilities, which were granted to him and for that he had executed all the relevant documents in favour of the bank. The defendant failed to pay back the loans as per terms and conditions of the agreement between the parties. Subsequently, both the accounts of the defendant were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.27,37,669.05 (Rupees Twenty Seven Lacs Thirty Seven Thousand Six Hundred Sixty Nine and Paise Five only), along with interest from the defendant, from the date of filing of the present Original Application till realization of the amount.

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In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @24.00% p.a. with monthly rests from 10.07.2025 till the realization.

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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 hypothecated assets, undertaking of the defendant, quantum of loans and prevalent market rates of interest

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OA/385/2026 AXIS BANK LTD VS SH. HARPREET SINGH MANKOO

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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 simple interest @08.00% p.a. in 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 defendant is liable to pay to the applicant a total sum of Rs.27,37,669.05 (Rupees Twenty Seven Lacs Thirty Seven Thousand Six Hundred Sixty Nine and Paise Five only), 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 assets of the defendant 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 defendant. 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 26.05.2026 15. Copy of this order be given dasti to the applicant and be sent to defendant 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: 05.05.2026 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Axis Bank Limited v. Sh. Harpreet Singh Mankoo

Case brief

What is this about?

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Axis Bank Limited v. Sh. Harpreet Singh Mankoo

Case brief

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