Allowed

Axis Bank v. M/S. Civilcon Infrastructure India Private Ltd.

DRT22 May 2026OA/63/2025

Case brief

AI extract

What is this about?

Debts Recovery Tribunal at Aurangadam allowed the application filed by Axis Bank Ltd. for recovery of a loan amount of Rs. 28,54,254/- with future interest at 7% p.a. and granted power to sell hypothecated vehicles. The defendants were absent and the suit proceeded ex-parte.

What did the court decide?

Payment of Rs. 28,54,254/- with future interest @ 7% p.a. and power to sell hypothecated vehicles to recover dues.

Axis Bank versus M/S. Civilcon Infrastructure India Private… — Company and Corporate | DRT (2026)

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Presented on: 07.01.2025 Registered on: 30.01.2025 Decided on: 22.05.2025 Duration: Y M D 01 04 15

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 63/2025

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TOTAL CLAIM AMOUNT – Rs. 28,54,254/-

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AXIS Bank Ltd.

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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. Samartheshwsar Temple, Law Garden, Ellis Bridge, Ahmedabad, AND

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Its, Branch Office at “Shrivasta”, 65, Sarang Housing Society, New Gajanan Maharaj Mandir, Garkheda, Aurangabad. Through its Authorized Representative Mr. Nitin Bhausaheb Warule, Age: 32 Years, Occ.: Service having his address for communication at c/o. Axis Bank Ltd., “Shrivastava”, 65, Sarang Housing Society, Near Gajanan Maharaj Mandir, Garkheda, Aurangabad.

… Applicant

(OA No.63/2025)

Page 1 of 8

[AMBADAS]

Versus

1. M/s. Civilcon Infrastructure India Pvt. Ltd., Through its Director, Devendra Anil Deore, R/o.: House No. 544, Mhasadi, Near Hanuman Mandir, Tq. Sakri, Dist. Dhule 424304.

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2. Devendra Anil Deore, R/o.: House No. 544, Mhasadi, Near Hanuman Mandir, Tq. Sakri, Dist. Dhule 424304.

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…Defendants

APPEARANCES

For the Applicant

For Defendants

Mr. Pradeep B. Kulkarni H/for Mr. M.D. Narwadkar -Advocate Ex-parte

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JUDGMENT

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Delivered on 22.05.2026

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The Applicant Bank has filed the present application for the recovery of a sum of Rs. 28,54,254/- (Rupees Twenty Eight Lacs, Fifty Four Thousand, Two Hundred and Fifty Four only), along with further interest from the date of filing of the Original Application, i.e., 07.01.2025, until the date of realization of the entire outstanding dues from the Defendants.

(OA No.63/2025)

Page 2 of 8

[AMBADAS]

Brief facts of the application are as under:

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The Applicant Bank submits that Defendants approached the Applicant Bank with a request for financial assistance. Upon due consideration of the said request and the financial requirements of Defendants, the Applicant Bank was pleased to sanction Construction Equipment Loan of Rs. 38,21,587/- vide loan agreement No. CER047205887401 and Rs. 38,21,587/- vide loan agreement No. CERO47205887402 vide sanction letter dated 18.02.2021 on certain terms and conditions. The agreed rate of interest for the aforesaid loan facilities was @10% p.a. with annual rests. The Defendants also agreed to pay additional interest @ 2% by way of liquidated damages in the event of any default in repayment.

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In order to secure the aforesaid loan facilities, the Defendants executed various loan documents in favour of the Applicant Bank.

(OA No.63/2025)

Page 3 of 8

[AMBADAS]

These included sanction letter, demand promissory note, deed of hypothecation etc., in favour of the Applicant Bank

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The Applicant Bank further contends that in order to secure the aforesaid loan facility, the Defendants executed hypothecation agreement thereby hypothecating: i) Ashok Lelyand Tipper/UE 2820, Registration No. MH-18 BG-6960 Engine No. LYHZ415432,

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Chassis No. MB1H3LHD9MRKK8480. ii) Ashok Lelyand Tipper/UE 2820, Registration No. MH-18 BG-6962 Engine No. MKHZ403211, Chassis No. MB1H3LHD9MRKL1514.

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The applicant bank contended that the defendants have failed to keep their promise 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 demand of loan amount and called upon the defendants to pay with the agreed rate of interest thereon, but the defendants failed and neglected

(OA No.63/2025)

Page 4 of 8

[AMBADAS]

to pay the same. The loan account of the defendants became irregular and classified as NPA on 18.02.2023. Therefore, on 09.10.2024 the applicant bank issued recall Notice to the defendants. The defendants failed and neglected to repay the outstanding dues of the applicant Bank. Hence, this application is filed.

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The defendants failed to appear in matter though they were served through RPAD. Hence, the defendants were proceeded exparte as per Order dated 29.08.2025.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Nitin S/o. Bhausaheb Warule, Power of Attorney Holder of the applicant Bank, and has produced on record the original loan transaction documents as Annexure A to I (A-1 to A- 9) along with list of documents Exh.5 which corroborates the case of the applicant Bank.

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

(OA No.63/2025)

Page 5 of 8

[AMBADAS]

Since the defendants failed to appear and did not 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 charge over hypothecated properties.

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The applicant Bank has claimed future interest @ 10% p. a. from the date of filing i.e. 07.01.2025 of this application till realization of the claim amount. However, considering the facts of the case, I am of the opinion that if future interest is granted @ 7% per annum (simple), it would be just and reasonable rate of interest.

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ORDER

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(A) Original Application No. 63/2025 is allowed with costs.

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(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 28,54,254/- (Rupees Twenty Eight Lacs, Fifty Four Thousand, Two Hundred and Fifty Four only), along with future interest @ 7% per annum

(OA No.63/2025)

Page 6 of 8

[AMBADAS]

(simple) from the date of filing of the Original Application i.e. 07.01.2025 till full payment/realization of the amount mentioned in this operative order.

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(C) The aforesaid adjudicated amount is secured by the hypothecation of i) Ashok Lelyand Tipper/UE 2820, Registration No. MH-18 BG-6960 Engine No. LYHZ415432, Chassis No. MB1H3LHD9MRKK8480. ii) Ashok Lelyand Tipper/UE 2820, Registration No. MH-18 BG-6962 Engine No. MKHZ403211, Chassis No. MB1H3LHD9MRKL1514 vide document at Annexure D in list of documents Exh. 5.

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(D) The applicant Bank is entitled to sell the hypothecated articles/goods/vehicles etc., to recover its dues.

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(E) Issue Recovery Certificate accordingly.

(OA No.63/2025)

Page 7 of 8

[AMBADAS]

(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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Pronounced in open court. Place: Aurangabad Date:.22.05.2026

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(Dr. J. R. Chauhan) Presiding Officer Debts Recovery Tribunal, Aurangabad

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(OA No.63/2025)

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Page 8 of 8

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[AMBADAS]

Axis Bank v. M/S. Civilcon Infrastructure India Private Ltd.

Case brief

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Axis Bank v. M/S. Civilcon Infrastructure India Private Ltd.

Case brief

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