debts Tribunal allowed ICICI Bank's original application for recovery of Rs. 56.64 lakhs from two defendant-borrowers who defaulted on vehicle loans. Defendants appeared ex-parte. Recovery certificate ordered with interest.
Recovery certificate issued for Rs. 56,64,619/- with simple interest @10% p.a. from filing date.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
DEBTS RECOVERY TRIBUNAL-2, CHANDIGARH, PRESIDED OVER BY M.M. DHONCHAK
DATED THE 14th DAY OF OCTOBER , 2022
ORIGINAL APPLICATION NO.581/2022
ICICI Bank Limited, a Body Corporate, incorporated under the Companies Act, 1956 and bank within the meaning of the Banking Regulation Act, 1949 and having its registered office at ICICI Bank Towers, Near Chakli Circle, Old Padra Road, Vadodara-390007 and its Corporate Office at ICICI Bank Towers, Bandra Kurla Complex, Mumbai-400051 and having Branches all over India and one of its Branch situated at Ist Floor, Near N.K. Sharma Office, Chandigarh-Ambala National Highway, Zirakpur, District S.A.S. Nagar, Punjab through its authorized signatory Mohd. Vajid
....Applicant Bank
Versus
.....Defendants
Argued by: Sh. Rahul Garg counsel for the applicant bank Defendants ex parte
FINAL ORDER
Present Original Application was instituted on 28.03.2022 by the applicant bank under Section 19 (1) of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the defendants for recovery of Rs.56,64,619/- (Rupees Fifty Six Lacs, Sixty Four Thousand, Six Hundred and Nineteen Only) . It has been filed through Sh. Mohd. Vajid, Manager of the applicant bank, who is competent to institute the Original Application. A copy of the Power of Attorney is Annexure-A1 .
OA/581/2022 ICICI BANK VS RAJINDER SINGH AND ANOTHER 2
It is further the case of the applicant bank that after adjusting debit and credit entries in loan account, a sum of Rs.56,64,619/- (Rupees Fifty Six Lacs Sixty Four Thousand Six Hundred and Nineteen Only) is recoverable against the defendants as per statements of account Annexure-A8, duly certified under Banker’s Books Evidence Act, 2000.
Since the defendants did not repay the outstanding amount, therefore, the applicant bank preferred the present Original Application for issuance of Recovery Certificate.
OA/581/2022 ICICI BANK VS RAJINDER SINGH AND ANOTHER 3
Rs.56,64,619/- (Rupees Fifty Six Lacs, Sixty Four Thousand, Six Hundred and Nineteen Only) from the defendants.
OA/581/2022 ICICI BANK VS RAJINDER SINGH AND ANOTHER
4
(copy), the rate of interest has been mentioned @8.50% per annum with monthly rests.
This 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 the Pandemic Covid-19 affecting businesses, purpose of loan, quantum of loan, prevalent market rates of interest which have gone drastically downhill in yesteryears, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @10% per annum from the date of filing of the OA till realisation of the amount ordered vide this order. It is ordered accordingly.
OA/581/2022 ICICI BANK VS RAJINDER SINGH AND ANOTHER 5
Announced in the open Tribunal (M.M. Dhonchak) Presiding Officer DRT-2,Chandigarh
1 issue framed by the court
Whether the applicant bank is entitled to a recovery certificate against defendants who failed to repay availed loan facilities?
3 provisions across 3 enactments
ICICI Bank Limited
M.M. DHONCHAK
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
