Allowed

Axis Bank Limited. v. Smt. Surjit Kaur and Others

DRT6 May 2026OA/83/2025

Case brief

AI extract

What is this about?

DRT-Chandigarh allowed a DRD Tribunal application filed by Axis Bank Ltd. under Section 19 of the RDBA, 1993, against three borrowers for recovery of a dues sum of Rs. 31.16 lakh, granting simple interest at 8% p.a. and directing issuance of a recovery certificate.

What did the court decide?

Ordered payment of Rs. 31,16,391.81 with 8% simple interest; issued Recovery Certificate; liberty to enforce claim.

Axis Bank Limited. versus Smt. Surjit Kaur and Others — Banking and Recovery | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO. 83/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 22.01.2025

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DATE OF DECISION: 06.05.2026

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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 380 006, Gujarat and one of its branch offices amongst other places known as Axis Bank Ltd. situated in SCO No.367-368, 3rd Floor, Sector 34-A, Chandigarh through its Manager, Sh. Sandeep Kumar.

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……..Applicant

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Versus

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Smt. Surjit Kaur w/o Sh. Guljar Singh r/o H.No.31, Asmanpur, Tehsil Samana, District Patiala, Punjab-147101.

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Sh. Kuldeep Singh s/o Sh. Guljar Singh r/o H.No.31, Asmanpur, Tehsil Samana, District Patiala, Punjab-147101.

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Sh. Panjab Singh s/o Sh. Guljar Singh r/o H.No.31, Asmanpur, Tehsil Samana, District Patiala, Punjab-147101.

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.……Defendants

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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 Defendants (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 defendants for recovery of Rs.31,16,391.81 (Rupees Thirty

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OA/83/2025 AXIS BANK LIMITED VS. SURJIT KAUR AND OTHERS

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One Lacs Sixteen Thousand Three Hundred Ninety One and Paise Eighty One Only). The Original Application has been filed through Sh. Sandeep Kumar, Manager, of the applicant bank, who is competent to institute the Original Application vide Power of Attorney dated 16.09.2021, 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 the grant of KCC Limit of Rs.16.00 Lacs, vide Loan Application dated 05.12.2014, which is Annexure A2 to this OA. 3. The applicant sanctioned the KCC Limit of Rs.16.00 Lacs vide Sanction Letter dated 09.01.2015, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants. 4. Defendant no. 1 mortgaged her immovable property i.e. Land measuring 56K-00M situated at Village Raidharhiana, Tehsil Lehragaga, District Sangrur, Punjab vide Declaration u/s 4(1) dated 12.01.2015, which is Annexure A7 to this OA; Lien marked in Revenue Record vide Rapt No. 185 dated 12.01.2015, which is Annexure A8 to this OA. Documents executed : Loan cum Hypothecation Agreement dated 13.01.2015, which is Annexure A4 to this OA; DP Note, Delivery cum Waiver Letter, both dated 13.01.2015, which are Annexures A5 & A6 to this OA; Acknowledgement of Debt dated 30.07.2019, which is Annexure A9 to this OA; Recall Notice dated 03.12.2014, which is Annexure A10 to this OA; Foreclosure, which is Annexure A11 to this OA; Statement of account with Certificate, which are Annexures A12 & A13 to this OA. 5. The 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.31,16,391.81 (Rupees Thirty One Lacs Sixteen Thousand Three Hundred Ninety One and Paise Eighty One 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.

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OA/83/2025 AXIS BANK LIMITED VS. SURJIT KAUR AND OTHERS

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The defendants were served summons to appear before this Tribunal, but no one appeared on behalf of the defendants and they were proceeded ex-parte on 29.04.2026 7. In support of the OA, affidavit of Sh. Sandeep Kumar, Manager, AXIS Bank Limited, h as been filed. 8. Heard ex parte arguments and perused record. 9. 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. From the perusal of all the Annexures A1 to A13 to this OA, it is proved that the defendants approached applicant for availing of the Loan Facility, which was granted to them and for that 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, the 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.31,16,391.81 (Rupees Thirty One Lacs Sixteen Thousand Three Hundred Ninety One and Paise Eighty One 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 pendent elite and future rate of interest is concerned, the applicant has claimed interest @12.15% p.a. with half yearly rests from 30.11.2024 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 asset/mortgaged properties, 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,

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OA/83/2025 AXIS BANK LIMITED VS. SURJIT KAUR AND OTHERS

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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.

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.31,16,391.81 (Rupees Thirty One Lacs Sixteen Thousand Three Hundred Ninety One and Paise Eighty One Only), jointly and severally, with costs, current and future simple interest @08.00% p.a. in the loan account 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 asset/mortgaged properties 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. 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 28.05.2026 15. 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: 06.05.2026.

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(MRIDULESH KUMAR SINGH)

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Presiding Officer, DRT-III, Chandigarh

Axis Bank Limited. v. Smt. Surjit Kaur and Others

Case brief

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Axis Bank Limited. v. Smt. Surjit Kaur and Others

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