Axis Bank versus Naveen

¶1

O.A. No.778 of 2023

¶2

Debts Recovery Tribunal-I, Delhi 4th floor, Jeevan Tara Building, Parliament Street, New Delhi

¶3

Presiding Officer: Shri Govind Ballabh Sharma

¶4

O.A. No. 778 of 2023

¶5

Axis Bank Ltd.

¶6

Axis House, Tower T2, 2nd Floor, 1-14, Sector-128, Jaypee Greens Wishtown Noida, UP-201301

¶7

Also at:

¶8

E-5, 1st floor

¶9

Jhandewalan, New Delhi-110055

¶10

Applicant

¶11

Versus

¶12

t Sh.Naveen Vashisht s/o Sh.Sunder Lal 393, Tajpur Kalan, North West Delhi Delhi-110036

¶13

Sh.Kapil s/o Sh.Sunder Lal 393, Tajpur Kalan, North West Delhi Delhi-110036 Defendants

¶14

Present: Ms Sunanda Kumari, Counsel for the applicant bank

¶15

Date of Reserve: 11.05.2026

¶16

Date of Pronouncement: 29.05.2026

¶17

FINAL ORDER

¶18

This original application has been filed by the applicant bank on 19.09.2023 under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 against the defendants for recovery of a sum of Rs.70,10,144/- (Rupees Seventy Lacs Ten Thousand One Hundred Forty Four only) as on 03.02.2023 along with pendentelite and future interest @24.00% per annum with monthly rest from the date of filing of this O.A. till the date of realization and costs.

¶19

O.A. No.778 of 2023

¶20

The brief facts of the case are that at the request of defendants, the applicant bank sanctioned Commercial Vehicle loan facility of Rs.34,88,851/- (Rupees Thirty Four Lacs Eighty Eight Thousand Eight Hundred Fifty One only) @10.50% rate of interest per annum on 28.01.2021 for purchase of TAT LPO 1618 vehicle to be repaid in 48 EMIs of Rs.91,660/-. Again, on the request of defendants, the applicant bank sanctioned New Commercial Vehicles facility of Rs.37,83,341/- @10.00% rate of interest to be repayable in 47 EMIs of rs.98,431/- against hypothecation of vehicle being TATA LPO 1618. In addition, the applicant bank sanctioned an amount of Rs.10,30,000/(Rupees Ten Lacs Thirty Thousand only) as additional WCTL @9.25% interest rate to be repaid in EMIs of Rs.7940/- and Rs.32874/- on 29.01.2022 under ECLGS scheme. The defendant no.2 stood as guarantor for the loan facility availed by defendant no.1.

¶21

That in order to avail the vehicles loan facilities, the defendants submitted Loan Application Forms with KYC documents and executed Sanction Letters, Loan cum Hypothecation Agreement, Irrevocable Power of Attorney, Demand Promissory Note, D.P.Note Delivery cum Waiver Letters, Insurance Undertaking, Relinquishment of All Claims Letter, PDC Covering Letters, Declarations, Details of Vehicle / Equipment, Disbursement Request and Consent Letter on 28.01.2021 and 01.06.2021 and Guarantee for the loans availed along with hypothecation deed of vehicles.

¶22

That in order to secure the commercial vehicle loan facilities, the defendants hypothecated the TATA LPO 1618 vehicles with body having registration no.UP57AT7180 in favour of applicant bank.

¶23

sd-

¶24

O.A. No.778 of 2023

¶25

It has been submitted by the applicant bank that after availing the commercial vehicle loan facilities, the defendants failed started committing default in payment of instalments in the account and failed to adhere to the financial discipline acted contrary to the terms and conditions of sanctioned despite several requests and reminders. The applicant bank classified the account as NPA on 18.09.2022 as per RBI guidelines and issued loan recall notice dated 02.02.2023 recalling the loan facilities and repay the entire dues with interest, but defendants failed to so. Hence, the applicant bank has approached this Tribunal for recovery of their dues.

¶26

Notices of this O.A. were issued to the defendant and despite of proper service the defendant has chosen to absent from the proceedings. Vide its order dated 12.02.2026, the defendant has been proceeded ex-parte as not appeared before the Tribunal and even no written statement, evidence and affidavit of assets have been filed on behalf of the defendant.

¶27

In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Abhinav Pandey, authorized representative of the applicant bank who has proved the documents such as Power of Attorney, Loan Applications, Sanction Letters, Loan Agreements, Loan Acknowledgement Letters, Irrevocable Power of Attorney, Loan cum Hypothecation Agreements, Demand Promissory Notes, DP Note Delivery cum Waiver Letters, Details of Vehicle /Equipments, Insurance Undertaking, Disbursement Requests, Declaration having signed Loan Documents, Consent Letters, HDFC Life Insurance Group Term Insurance, Payment Instructions, Letter for Relinquishment of all Claims, Copy of ECLGS Retrieved from Online Portal, Loan Recall Notice with Postal Receipts, Certificate under Section 65B of Indian

¶28

5d -

¶29

O.A. No.778 of 2023

¶30

Evidence Act 1872 marked as Exhibit AW1/1 to Exhibit AW1/35(colly).

¶31

The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly approved.

¶32

The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant bank has proved its case beyond reasonable doubts.

¶33

In the light of the above discussions, the Original Application deserves to be allowed.

¶34

ORDER

¶35

I, allow this OA and direct the defendant to pay to the applicant bank within a period of 30 days, a sum of Rs.70,10,144/- (Rupees Seventy Lacs Ten Thousand One Hundred Forty Four only) as on 03.02.2023 along with pendentelite and future interest @24% per annum with monthly rest from date of filing of this application and costs till the date of realization, failing which the aforesaid amount shall be recovered from the sale of the hypothecated vehicle being TATA LPO 1618 with body having registration no.UP57AT7180. In case of default or shortfall, the same shall be recovered from sale of the moveable and immovable properties of defendant.

¶36

(II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

¶37

O.A. No.778 of 2023

¶38

(Ill) Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 28.07.2026.

¶39

(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

¶40

(GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI

¶41

(Dictated and pronounced in open court) Dated: 29.05.2026

Axis Bank v. Naveen

Case brief

What is this about?

What did the court decide?

Axis Bank v. Naveen

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Karnataka Bank Limited versus Aby Abraham

RRaju Kalidoss versus Canara Bank

Sajan S versus Yes Bank

Vinod Kumar Gupta versus Punjab and Sind Bank

Punjab National Bank versus Ms Marvel Metals Pvt. Ltd. and Ors.

Mr B S Girisha versus Dcb Bank Limited