AXIS BANK vs AMIT BHANDARI on 25 September 2026

**FINAL ORDER**

This original application has been filed by the applicant bank on 11.10.2021 through Shri Dharam Dev, authorized representative of the applicant bank under Section 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 against the defendant for recovery of a sum of Rs.55,07,274.64 (Rupees Fifty Five lacs Seven thousand Two hundred Seventy Four & paisa Sixty Four only) as on 30.09.2020 along with pendentelite and future interest sd- @9.30% per annum plus penal interest @2% over and above the agreed rate of interest till the date of realization and costs.

2. The brief facts of the case are that defendant being sole proprietor of M/s Poonam Plastics vide application dated 12.04.2017, the applicant bank sanctioned Cash Credit facility of Rs.50,00,000/- (Rupees Fifty lacs only) on 03.12.2018 @10.55% rate of interest against hypothecation of stocks and book debts covered under CGTMSE scheme. In case of default in repayment of interest, the defendant agreed to pay penal interest @2% per annum over the agreed rate of interest.

3. That in order to avail the credit facility, the defendant executed Facility Agreement, Demand Promissory Note, DP Note Delivery Cum Waiver Letter, Deed of Hypothecation, Declaration, Schedule of Charges and Confirmation of Bulk Documents all dated 11.08.2017 with the applicant bank.

4. That in order to secure the credit facility, the defendant hypothecated the present and future goods and debts / receivables in favour of applicant bank on 11.08.2017.

5. The defendant executed acknowledgement of debt towards applicant bank on 05.12.2018.

6. It has been submitted by the applicant bank that after availing the aforesaid loan facility, the defendant failed to maintain financial discipline and pay the interest as per terms of sanction despite repeated requests and reminders. Ultimately, the applicant bank called upon the defendant to pay the entire outstanding dues but neglected to clear the dues. The applicant bank classified the account as NPA on 30.09.2020 and issued loan recall notice on 11.05.2021 but to Sd- no avail. Hence, the applicant bank has approached this tribunal for recovery of their dues.

7. Notices of this O.A. were issued to the defendant and despite of proper service, the defendant has chosen to absent from the proceedings. As per order dated 31.08.2026, the defendant has been proceeded ex-parte as the defendant has not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

8. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Santosh Singh, authorized officer of the applicant bank who has proved the documents such as Power Of Attorney dated 26.09.2017 Exhibit AW-1/1(OSR), Credit Facility Application Exhibit AW-1/2, Sanction Letter Exhibit AW-1/3, Facility Agreement Exhibit AW-1/4, Demand Promissory Note Exhibit AW-1/5, D.P. Note Delivery Cum Waiver Letter Exhibit AW-1/6, Acknowledgement of Debt Exhibit AW-1/7, Confirmation of Bulk Documents Exhibit AW-1/8, Declaration Exhibit AW-1/9, Deed of Hypothecation Exhibit AW-1/10, Acknowledged/ signed schedule Exhibit AW-1/11, Loan Recall Notice Exhibit AW-1/12, Certified Statement of Account under Bankers Book Evidence Act Exhibit AW-1/13 (Colly).

9. 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 proved.

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

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

ORDER

I, allow this OA and direct the defendant to pay to the applicant bank within a period of 30 days, a sum of Rs.55,07,274.64 (Rupees Fifty Five lacs Seven thousand Two hundred Seventy Four & paisa Sixty Four only) together with pendentelite and future interest @11.30% per annum from 01.01.2022 till the date of its realization with costs, failing which the aforesaid amount shall be recovered from the sale of hypothecated stocks, goods and book debts etc. In case of shortfall, the same shall be recovered from the personal properties of the defendant.

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

(III) Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 25.11.2026.

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

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

(Dictated and pronounced in open court) Dated: 25.09.2026