AXIS BANK LTD vs SH. DAVINDER SINGH on 10 March 2026

FINAL ORDER

1. Present Application was instituted by the applicant under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, against the defendant for recovery of Rs.25,47,663.36 (Rupees Twenty Five Lacs Forty Seven Thousand Six Hundred Sixty Three and Paise Thirty Six Only). The Original Application has been filed through Sh. Nitish Aggarwal, Authorized Signatory of the applicant, who is competent to institute the Original Application vide Power of Attorney dated 24.08.2023, which is Annexure A1 to this OA.

2. The brief facts of the application are that the defendant approached the applicant for grant of Business Loan of Rs.20.00 Lacs.

3. The applicant sanctioned Business Term Loan of Rs.20.00 Lacs and terms and conditions were duly accepted by the defendant. Business Loan Agreement dated 27.0.2023 is Annexure A2 to this OA. 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.

4. The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs.25,47,663.36 which is recoverable and the defendant was served recall notices but he did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

5. The defendant was served notices to appear before this Tribunal but no one appeared on behalf of defendant and he was proceeded ex- parte vide order dated 30.01.2026.

6. In support of the OA, affidavit of Sh. Nitish Aggarwal, Authorized Signatory, Axis Bank Limited, has been filed.

7. Heard ex-parte arguments and perused record.

8. 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 A6 to this OA, it is proved that the defendant approached applicant for availing of the loan facility which was granted to him and for that he had executed all the relevant documents in favour of the bank. The defendant failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendant was classified as NPA. From the documentary evidence brought on record, it is proved that 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.

9. In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @17.15%p.a. with half yearly rests from 14.12.2024 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 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.

10. In the result, the application is allowed declaring that the defendant is liable to pay to the applicant a total sum of Rs.25,47,663.36 (Rupees Twenty Five Lacs Forty Seven Thousand Six Hundred Sixty Three and Paise Thirty Six Only) 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 by attachment and sale of personal assets of the defendant. The applicant is at liberty to enforce the claim through due process of law.

11. Any other application pending stands disposed of.

12. Issue Recovery Certificate accordingly.

13. Parties to appear before Learned Recovery Officer of this Tribunal on 27.03.2026.

14. Copy of this order be given dasti to the applicant and be sent to defendant 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: 10.03.2026.

(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh