AXIS BANK vs SHRI GANESH JAGGRY on 11 September 2026

**FINAL ORDER**

1. The present TA have been filed by the Applicant Bank under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, seeking recovery of money of **Rs.1,03,73,856.34**

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**(Rupees One Crore Three Lakh Seventy Three Thousand Eight Hundred Fifty Six and Thirty Four)** together with costs, interest, etc.

2. The case of the Applicant Bank is that, the Defendants approached the Applicant Bank for Cash Credit facility for the purpose of Business. Accordingly, considering the request the Applicant Bank sanctioned the Cash Credit facility of Rs.50,00,000/- on 22.02.2022. Later, the said loan was enhanced from the execisting limit of Rs.50,00,000/- to Rs.1,00,00,000/- on 03.05.2023. Hence, the Defendants executed Loan Documents and other documents in favour of the Applicant Bank and agreed to repay the loan in equated monthly installments with interest as stipulated in the loan agreement.

In order to secure the loan, the Defendants side have executed documents, viz., Loan Application, Sanction Letters, Demand Promissory Note, etc.

3. The Defendants after utilising the said loans have failed and neglected to make the repayment of the loan dues as agreed and Defendants have not serviced the interest thereon as per the terms and condition agreed by the Defendants. Hence, the loan account of the Defendants was 3TA No.9/2025

declared as NPA. Thereafter, the Applicant Bank issued a Notice dated 10.07.2024. In spite of repeated reminders, the Defendants have failed to pay the outstanding dues and hence the recovery process is initiated to recover the dues.

4. In the light of these factors, it is contended by the Applicant Bank that Defendants are liable to pay a total sum of **Rs.1,03,73,856.34 (Rupees One Crore Three Lakh Seventy Three Thousand Eight Hundred Fifty Six and Thirty Four)**

5. After filing this TA, summons sent to the Defendants through RPAD was duly served. When the Defendants were called out, the Defendants remained absent and placed ex parte.

6. To prove the case of the Applicant Bank, its Senior Manager, Ms. Anukthi Shetty., has filed her affidavit by way of evidence the same was considered as evidence of AW.1 and marked at Ex.A1 and list of documents came to be marked at Ex.A2 and 16 documents came to be marked at Ex.A3 to A18.

7. No evidence on behalf of the Defendants.

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8. Arguments of Learned Counsel for the Plaintiff/Applicant Bank heard and perused the records of the case.

9. Following points arise for my consideration:

1. 1) Whether Plaintiff/Applicant Bank proves its case as contended in the plaint/application?

2. 2) What Order?

10. For the following reasons, I answer the above-referred points in the following manner:

**REASONS**

11. The Senior Manager of the Applicant Bank came to be examined as AW.1. Her affidavit by way of evidence reiterated the facts pleaded in the plaint and her affidavit is also corroborated by the above-referred Ex.A3 to A18 which clearly establish the case of the Applicant Bank to allow the present TA. Added to this, the Defendants have remained absent, hence it is to be construed that Defendants have admitted the entire case pleaded by the Applicant Bank in the present TA.

12. Therefore, for these reasons, present TA is to be allowed with costs as sought by the Applicant Bank.

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ORDER

Present TA stands allowed with interest and costs.

Accordingly, the Defendants are jointly and severally liable to pay **Rs.1,03,73,856.34** to the Applicant Bank with pendentite lite and future interest @**10%** p.a. from the date of application till realization.

In the event of failure of the Defendants to pay the said TA amount, the Applicant Bank is at liberty to sell the Schedule Property in accordance with law as sought by the Applicant Bank in the TA.

In spite of sale of the Schedule Property, if the TA amount is not fully realised, then the Applicant Bank is at liberty to proceed against the persons and other properties of the Defendants in accordance with law.

Applicant Bank shall file latest Memo of Calculation of TA amount together with interest, costs etc., to be paid by Defendant duly taking into account the amount/s, if any, paid by the Defendant and/or amount realised by sale of assets, etc., during the intervening period after filing the TA, to enable the office to prepare Recovery Certificate for the amount to be paid by the Defendant to the Applicant Bank.

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Office is directed to issue Recovery Certificate as sought by the Applicant Bank in the TA and do the needful as required under the law forthwith.

The Office is directed to issue, as far as possible, free copy of this order to the parties concerned.

(Dictated to the Stenographer, after its transcription and necessary corrections, signed and pronounced by me in the Open Court on this the 11^th day of September, 2026)

**(Imtiaz Ali)**

**DRT-I, Bengaluru**

**ANNEXURES**

**Witness Examined for the Applicant Bank:**

AW-1 : Ms. Anukthi Shetty The Senior Manager of the Applicant Bank **List of Documents Exhibited for the Applicant Bank:**

Ex.A-1 : Affidavit of AW-1

Ex.A-2 : List of Documents

Ex.A-3 : Copy of the Power of Attorney

Ex.A-4 : Copy of the Loan Application

Ex.A-5 : Copy of the Sanction Letter dated 22.02.2022

Ex.A-6 : Copy of the facility Agreement dated 04.03.2022

Ex.A-7 : Copy of the Demand Promissory Note dated 04.03.2022

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Ex.A-8 : Copy of the D.P Note for Delivery cum waiver Letter dated 04.03.2022

Ex.A-9 : Copy of the end End use Letter dated 04.03.2022

Ex.A-10 : Copy of the Deed of Hypothecation dated 04.03.2022

Ex.A-11 : Copy of the enhanced Sanction Letter dated 03.05.2023

Ex.A-12 : Copy of the renewed Sanction Letter 23.03.2024

Ex.A-13 : Copy of the Legal Notice dated 10.07.2024

Ex.A-14 – A-15 : Copies of Postal Receipts Ex.A-16 – A-17 : Copies of the Postal Track Consignment Records Ex.A-18 : Statement Account Certified under Banker Books of Evidence Act, 1891

**Witness Examined for the Defendants:**

- Nil -

**List of Documents Exhibited for the Defendants:**

- Nil -

**(IMTIAZ ALI)**

**DRT-I, Bengaluru**

-CR-

SCHEDULE

Current Asset:

The whole of the security providers stock of raw materials, good in process, semi-finished and finished goods, consumable stores and spares and such other movables, including book debts, bills, whether documentary or clean, both present and future, whether in possession or under the control of the security provider or not, whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the continuance of these presents be brought into or upon or be stored or be in or about all the security providers factories premises and godowns or wherever else the same by be or be held by any party to the order or disposition of the Security provider or in the course of transit or on high seas or on order or delivery.

Movable properties:

The whole of the security providers movable (save and except current Asset) including its movable plant and machinery, machinery spares, tools and accessories, non-trade receivables and other movables, both present and further whether in the possession or under the control of the security provider or not, whether installed or not and whether now lying loose in cases or which are now lying or stored in or about or shall hereafter from time to time during the continuance of these presents be brought into or upon or be stored or in be or about all the security providers factories, premises and godowns or wherever else the same may be or be held by any party to the order or disposition of the security provider or in the course of transit or on high seas or on order or delivery.

Presiding Officer

**DPG Machinery**

The whole of the machinery purchased/to be purchased on deferred payment terms including its spares, tools and accessories, software, both present and future, whether in the possession or under the control of the security provider or not, whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the continuance of these presents be brought into or upon or be stored or be stored or be in or about all the security providers factories, premises and godowns situated at the address mentioned in the cause title or wherever else the same may be or be held by any party to the order or disposition of the security provider or in the course of transit or on high seas or on order or delivery (referred to as the 'DPG Machinery' which expression shall as the context may permit or require, mean any or all of such DPG Machinery).

**Specific Equipments:**

The whole of the security provider including its spares, tools and accessories, software, whether installed or not and whether in the possession or under the control of the security provider or not, whether now lying loose or in cases of which are now lying or stored in or about or shall hereafter from time to time during the continuance of these presents be brought into or upon or be stored or be in or about the security providers factories, premises and godowns situate at the address mentioned in the cause title or wherever else the same may be or be held by any party to the order or disposition of the security provider or in the course of transit or on high seas or on order or delivery.

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**Account Assets:**

All the accounts of the security provider with all the branches of bank (Axis Bank Accounts) and all rights, title interest, benefits, claims and demands whatsoever of the security provider in, to, Inder and in respect of the Axis Bank accounts and all monies including all cash flows and receivables and all proceeds arising from/in connection with and insurance proceeds payable into the Axis Bank Accounts, which have been deposited/credited/lying in the Axis Bank Accounts, all investments, assets, instruments and securities which represent all amounts in the Axis Bank Accounts, both present and future.

**Receivables:**

All amounts owing to, and received and/or receivable by, the security provider and/or any person on its behalf, all book debts, all cash flows and receivables and proceeds arising from/in connection with all rights, title, interest, benefits, claims and demands whatsoever of the security provider in, to or in respect of all the aforesaid assets, including but not limit to the security providers cash-in-hand, both present and future 11.09.26