Debts Recovery Tribunal allowed the applicant bank's application for recovery of a defaulting loan account. The Tribunal modified the respondent's claimed interest to a uniform simple rate of 8% per annum and ordered issuance of a Recovery Certificate.
Issuance of Recovery Certificate for Rs.25,47,663.36 plus cumulative simple interest at 8% per annum from filing date.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
TRANSFER APPLICATION NO. 05/2025
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 12.03.2025
DATE OF DECISION: 10.03.2026
AXIS BANK LTD. (earlier known 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 380006, Gujarat and 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. Nitish Aggarwal.
……..Applicant Versus Sh. Davinder Singh S/o Sh. Surinder Singh, R/o Baghupur, Tarn Taran, Punjab-143416.
……….Defendant
Advocates:
Argued by Sh. Sukhwinder Singh Chaudhary, Advocate proxy for Sh. Gaurav Gupta, Advocate for Applicant
Defendant already ex parte vide order dated 30.01.2026
FINAL ORDER
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TA/5/2025 AXIS BANK LTD VS. DAVINDER SINGH
Documents executed : - Recall Notice dated 24.12.2024, which is Annexure A3 to this OA; Foreclosure Letter dated 13.12.2024, which is Annexure A4 to this OA; Statement of Account with Certificate Under Banker’s Books Evidence Act, which are Annexures A5 & A6 to this OA.
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TA/5/2025 AXIS BANK LTD VS. DAVINDER SINGH
applicant is entitled to recover a sum of Rs.25,47,663.36 (Rupees Twenty Five Lacs Forty Seven Thousand Six Hundred Sixty Three and Paise Thirty Six Only), along with interest from the defendant, jointly and severally, from the date of filing of the present Original Application till realization of the account.
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 undertaking of the defendant, 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 uniform 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. Any other application pending stands disposed of.
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TA/5/2025 AXIS BANK LTD VS. DAVINDER SINGH
Pronounced by me in the open Tribunal .
Dated: 10.03.2026.
(MRIDULESH KUMAR SINGH)
Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the application for recovery of outstanding loan amount under Section 19 RDB Act should be allowed in the absence of the defendant.
Whether to approve the claimed interest rate or apply discretion to determine a lower uniform interest rate.
1 provisions across 1 enactments
Axis Bank Ltd.
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
