Allowed

Axis Bank Limited v. Sh. Pardeep Kumar and Another

DRT6 Jun 2026OA/582/2025

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the bank's application for recovery of Rs.24,92,773.00. The defendants defaulted on a vehicle loan. The tribunal validated the debt, set pendente lite interest at 8% p.a., and ordered the issuance of a Recovery Certificate and subsequent sale of assets.

What did the court decide?

Recovery Certificate issued; Defendants liable to pay Rs.24,92,773.00 plus costs and 8% p.a. interest.

Axis Bank Limited versus Sh. Pardeep Kumar and Another — Execution and Attachment | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO. 582/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 05.05.2025

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DATE OF DECISION: 06.06.2026

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AXIS BANK LIMITED, having its Registered Office at “Trishul, 3rd floor, Opposite Samartheswar Temple, Law Garden, Ellisbridge, Ahmedabad, Gujrat. Also at Axis bank, SCO-390, 2nd Floor, Sector-20, Panchkula134112, through Sh. Nitish Aggarwal, its Authorized Representative.

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……..Applicant Versus

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Sh. Pardeep Kumar S/o Sh. Devi Dayal, Village Kakra, NR Hanuman Mandir District Sangrur-148026

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Sh. Jeevan Kumar S/o Sh. Pardeep Kumar, Village Kakra, NR Hanuman Mandir District Sangrur-148026

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…….Defendants

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Advocates:

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Argued by Ms. Dipti Toni, Advocate for Applicant (through VC)

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None for Defendants (already ex-parte vide order dated 26.05.2026)

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts and Bankruptcy Act 1993, against the defendants for recovery of Rs.24,92,773.00 (Rupees Twenty Four Lacs Ninety Two Thousand Seven Hundred Seventy Three Only). The Original Application has been filed through Sh. Nitish Aggarwal, Authorized Representative, of the Applicant, who is competent to institute the Original Application vide Power of Attorney dated 24.08.2023, which is Annexure A1 to this OA.

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The brief facts of the OA are that the Defendants approached the applicant for sanction of Vehicle Loan of Rs.47.50 lacs vide Loan Application Form dated 15.03.2024, which is Annexure A2 to this OA.

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OA/582/2025 AXIS BANK LIMITED VS. SH. PARDEEP KUMAR AND ANOTHER

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The applicant sanctioned the Vehicle Loan of Rs.47,80,090.00, and terms and conditions were duly accepted by the defendants. 4. Defendant no. 1 hypothecated his vehicle namely TATA LPT 4830, bearing Registration no. PB13BS6755, Engine no. B651, Chassis no. MA68.

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Details of Registration Certificate of vehicle were filed on 05.06.2026 vide Dairy no. 10329 in compliance of order dated 29.05.2026.

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Documents executed: Loan Cum Hypothecation Agreement dated 31.03.2024, which is Annexure A3 to this OA; Irrevocable Power of Attorney dated 15.03.2024, which is Annexure A4 to this OA; Addendum to the Loan dated 31.03.2024, which is Annexure A5 to this OA; DP Note dated 15.03.2024, which is Annexure A6 to this OA; Statement of Account dated 23.01.2025, which is Annexure A7 to this OA; Legal Notice dated 25.01.2025, which is Annexure A8 to this OA; Original Postal Receipts dated 28.01.2025, which are Annexures A9 and A10 to this OA. 5. The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in the loan account, there was a debit of Rs.24,92,773.00 (Rupees Twenty Four Lacs Ninety Two Thousand Seven Hundred Seventy Three Only), which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly. 6. The defendants were served summons to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte vide order dated 26.05.2026. 7. In support of the OA, affidavit of Sh. Nitish Aggarwal, Authorized Representative, AXIS Bank Limited, has been filed. 8. Heard arguments and perused record.

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OA/582/2025 AXIS BANK LIMITED VS. SH. PARDEEP KUMAR AND ANOTHER

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It was argued by learned counsel, through video conferencing, that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexures A1 to A10 to this OA, it is proved that the defendants approached the applicant for availing of the loan facility, which was granted to them. They had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.24,92,773.00 (Rupees Twenty Four Lacs Ninety Two Thousand Seven Hundred Seventy Three Only), along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the amount. 10. In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @10.60% p.a. from 24.01.2025 till the realization. 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 vehicle, undertaking of the defendants, quantum of loan and prevalent market rates of interest 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 the loan account 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 defendants are liable to pay to the applicant a total sum of Rs.24,92,773.00 (Rupees Twenty Four Lacs Ninety Two Thousand Seven Hundred Seventy Three Only), jointly and severally, with costs, current and future simple interest @08.00%p.a. in the loan account from the

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OA/582/2025 AXIS BANK LIMITED VS. SH. PARDEEP KUMAR AND ANOTHER

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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 vehicle of the defendants 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 defendants. The applicant is at liberty to enforce the claim through due process of law.

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12. Any other application pending stands disposed of.

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Issue Recovery Certificate accordingly.

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Parties to appear before Learned Recovery Officer of this Tribunal on 30.06.2026

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Copy of this order be given dasti to the applicant and be sent to defendants 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: 06.06.2026.

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(MRIDULESH KUMAR SINGH)

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Presiding Officer, DRT-III, Chandigarh

Axis Bank Limited v. Sh. Pardeep Kumar and Another

Case brief

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Axis Bank Limited v. Sh. Pardeep Kumar and Another

Case brief

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