Allowed

Icici Bank Limited v. Pawan Nagar and Anr.

DRAT22 Aug 2022MISC APPEAL/174/2022

Case brief

AI extract

What is this about?

The Delhi Debt Recovery Tribunal allowed an interim prayer by ICICI Bank for the appointment of a receiver to seize and retain a hypothecated excavator from the defaulting respondents, following counsel submissions and cited precedents, while condoning delay in filing the appeal.

What did the court decide?

Appointment of Mr. Krishna Kumar as Receiver to seize the Hyundai Hydraulic Excavator/R215LC and retain it in custody till further orders.

Icici Bank Limited versus Pawan Nagar and Anr. — Pension and Retirement Benefits | DRAT (2022)

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DEBTS RECOVERY APPELLATE TRIBUNAL, DELHI

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Misc. Appeal No. 174/2022 Arising out of O.A. No. 416/2022 (DRT-III, Delhi)

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ICICI Bank Ltd. Vs

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Pawan Nagar & Anr.

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22.08.2022 Hon’ble Mr. Justice Brijesh Sethi

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Present: Ms. Chetna Bhalla and Mr. Rachit Bigghe, Ld. Counsel for the appellant

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This matter has been taken up by me through Video Conferencing.

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Affidavit of service has been filed. None is present for the respondents.

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I.A. No.479/22

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This is an application for condonation of delay in filing the appeal. For the reasons given in the application, the application is allowed and the delay in filing the appeal is condoned.

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Application stands disposed of.

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Misc. Appeal No.174/2022

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Vide this order, I shall dispose of this appeal filed by ICICI Bank Ltd. against the order dated 02.06.2022 passed by the learned DRT-III, Delhi, declining the interim prayer of the bank to appoint a receiver to impound the hypothecated construction equipment. The learned DRT has, however, allowed the prayer of the appellant and restrained the respondents (defendants in the O.A.) from selling, transferring or otherwise creating third party interest with regard to the hypothecated construction equipment as detailed in para 7(a) of the O.A., till further orders.

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The learned counsel for the appellant states that the respondents had approached the bank for a loan of Rs.49,84,700/- for the purchase of construction equipment HYUNDAI HAYDRAULIC EXCACATOR/R215LC and had entered into a loan agreement under loan-cum-hypothecation scheme with the bank. She further submits that the appellant thereafter sanctioned the loan and disbursed an amount of Rs.48,95,500.00 to the dealer of the construction equipment as per the request of the respondents. The respondents had agreed to pay the loan with interest in 47 equated monthly installments. However, according to the appellant, the respondents did not adhere to the financial discipline and failed to repay either the principal or interest or charges thereon and consequently the bank had to file an O.A. for recovery of Rs.31,52,853/-

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-: 2 :-

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along with pendent lite and future interest and costs with respect to the loan in question.

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The learned counsel for appellant submits that from the beginning itself the respondents made default in the payment of monthly installments and at the time of filing of the O.A. five installments were due and as on date, six installments are due from the respondents.

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Learned counsel for the appellant has prayed for appointment of Mr.Krishna Kumar/ Mr. Nishant / Mr. Vijay Kumar, the officials of the bank to take into custody the hypothecated construction equipment, i.e. HYUNDAI HAYDRAULIC EXCAVATOR/R215LC having Regn / Serial No. ORGM192004. Contention of the learned counsel for the appellant is that the DRT ought to have allowed the interim prayer of the bank ex parte and appointed a receiver for taking over the custody of the construction equipment in question.

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In support of his contention, the learned counsel for the appellant has relied upon the following judgments:-

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Citicorp Finance India Ltd. Vs. Varender Swaroop, FAO(OS) No.335/2008 decided by the Hon’ble Delhi High Court on 08.08.2008;

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ICICI Bank Vs. Ram Chandra Yadav, CM(M) 1333/2016 decided by Hon’ble Delhi High Court on 21.12.2016;

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ICICI Bank Vs. Dharmendra, CM(M) No.384/2017 decided by Hon’ble Delhi High Court on 12.04.2017

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ICICI Bank Vs. Updesh Nagar, FAO No.07/2016 decided by Hon’ble Delhi High Court on 05.01.2016;

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ICICI Bank Vs. Gurvinder Singh Bhandal & Ors., W.P(C) No.9232/2016 decided by the Hon’ble Delhi High Court on 10.02.2017;

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ICICI Bank Vs. Apex Encon Projects Pvt. Ltd. & Anr., Misc. Appeal No.293/2013 decided by DRAT, Delhi on 02.12.2013;

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ICICI Bank Vs. Pritam Sharma, Misc. Appeal No.235/2018 decided by DRAT, Delhi on 28.05.2018.

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Considering the submissions of the learned counsel for the appellant and the judgments cited by her, this Tribunal is of the opinion that a Receiver be appointed to take possession of the vehicle in question. Accordingly, this Tribunal appoints Mr. Krishna Kumar, an officer of the appellant bank, as

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-: 3 :-

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requested, as Receiver with power to seize the vehicle HYUNDAI HAYDRAULIC EXCAVATOR/R215LC having Regn / Serial No. ORGM192004 from wherever and from anyone who is found to be in possession f the same and to retain the same in his custody till further orders of this Tribunal. The possession of the vehicle will be taken between 8 a.m. to 6 p.m. The Receiver can take police assistance also, if so required. A report shall be submitted by the said Receiver before the DRT, regarding outcome of the said job being entrusted to him, on the next date of hearing.

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Appeal stands disposed of accordingly.

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(CHAIRPERSON)

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-pk

Icici Bank Limited v. Pawan Nagar and Anr.

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Icici Bank Limited v. Pawan Nagar and Anr.

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