Axis Bank Ltd. v. Sh. Gurjot Singh
Case brief
What is this about?
Bank filed ex-parte application for recovery of defaulted auto loan. Tribunal approved recovery of principal and reduced interest rate to 8% p.a. exercising discretion.
What did the court decide?
Recovery of Rs. 90,83,023.00 with simple interest at 8% p.a. from filing date till realization.
What the court decided
DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO. 669/2026
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 05.05.2026
DATE OF DECISION: 01.07.2026
Axis Bank Ltd. (earlier known as UTI Bank Ltd.), a Banking Company carrying 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, Gujarat- 380006 and one of its Branch Offices amongst other places known as Axis Bank Ltd. situated at SCO 390, 2nd Floor, Sector 20, Panchkula, Haryana through its Manager, Sh. Hari Om
……..Applicant
Versus
Sh. Gurjot Singh, S/o Sh. Harmeet Singh, R/o House no. 625R, Model Town, Ludhiana, Punjab- 141001
….……Defendant
Advocates:
Issues for consideration
2 issues framed by the court
Whether the applicant is entitled to recover the outstanding loan amount from the defendant who failed to repay the auto loan.
Whether the Tribunal warrants granting simple interest at a reduced rate given the nature of the asset and market conditions.
Parties & counsel
- applicant
Axis Bank Ltd.
Coram
Mridulesh Kumar Singh
Case details
As recorded by the court registry
Similar cases
Judgements on the same questions, provisions and authorities, from every court