ASIF IQBALBHAI JADAV vs AXIS BANK on 31 May 2025

**IN THE DEBTS RECOVERY TRIBUNAL – II, AHMEDABAD**

Present : Pankaj Kumar Upadhyay, Presiding Officer **SECURITIZATION APPLICATION NO. : MA/33/2025**

**Date of Order: 31.05.2025**

Asif Iqbalbhai Jadav

Applicant/s

**Versus**

Axis Bank

Respondent

**Present:**

Mr. Mohit Gupta, Id. Counsel along with Id. Counsel Mr. Hiren Luhar for the applicant.

Mr. Kumarpal Modh, Id. counsel for the respondent

1. 1. Undertaking Ex. A/8 filed by the applicant is taken on record.

2. 2. In this case the process of taking possession of the secured assets is scheduled on 01.06.2025.

3. 3. Ld. Counsel for the applicant after arguing at length about merits of this MA has submitted that in this case the respondent bank has fixed date for taking possession on 01.06.2025.

4. 4. Without going into the merits of the case, the applicant is ready and willing to pay the entire outstanding dues with all penalties and interest in two instalments out of which he will submit a demand draft of Rs. 14,75,000/- today itself to the Collection Officer of the respondent bank who is present in the branch. The second instalment, the applicant is willing to pay through post-dated cheque of Rs. 3.33 lacs, which he desires to submit to the Collection Officer of the respondent bank today i.e. 31.05.2025 itself with a request to deposit it on 16.06.2025.

5. 5. On this ground it has been requested by Id. Counsel for the applicant that the respondent bank may be directed to restrain itself from taking possession of the secured assets, to facilitate the applicant to repay the entire outstanding dues.

1. 6. Ld. Counsel for the respondent has vehemently objected and requested that in this case the applicant had filed SA No. 616/2024, in which, on the basis of application of the applicant, interim order dated 19.12.2024 was passed by this Tribunal on a condition that against the total outstanding of Rs. 20.50 lacs, the bank had agreed to OTS proposal of the applicant for Rs. 18.00 lacs towards full and final settlement of the debt. As per the understanding between the parties it was agreed upon that the applicant will pay Rs. 3.25 lacs before the date of possession i.e. 22.12.2024 and remaining amount of Rs. 14.75 lacs the applicant will pay up to 18.02.2025 in three equal instalments.

2. 7. Ld. Counsel for the respondent has further submitted that although the applicant had paid Rs. 3.25 lacs before the date of possession i.e. 22.12.2024, he failed to deposit the remaining amount. Not only that, after passing 45 days, the applicant has moved this MA which shows the conduct of the applicant. He has further submitted that he has instruction from the respondent bank that if the applicant is ready to pay the entire outstanding amount i.e. Rs. 18,08,000/- plus police protection charges and fee of the Court Commissioner, then only bank is ready to withdraw possession taking proceedings.

3. 8. In the facts and circumstances of this case, it appears that there is a fair chance that the outstanding dues of the respondent bank will be deposited by the applicant in its totality and a big portion of which i.e. Rs. 14,75,000/- is being paid by the applicant today itself by way of demand draft to be deposited with the Collection Officer of the respondent bank.

4. 9. Under these circumstances it appears just and proper that the applicant be given at least seven days' time to deposit the remaining amount for which he will submit a signed post-dated cheque to the Collection Officer today itself. The applicant will also waive all his rights under SARFAESI Act with regard to the secured assets.

10. Accordingly, it appears proper to give the applicant an opportunity to settle his loan account and to make it effective, the following order is being passed.