The Tribunal allowed the bank's application under Section 19 RDDBFI Act for recovery of Rs.25,72,781.56p from the borrowers. The order directed payment with 10% p.a. simple interest and authorized recovery from mortgaged and personal assets.
Bank declared entitled to recover Rs.25,72,781.56p with 10% p.a. interest; Recovery Certificate issued;
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.1866/2022 PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 30.07.2022
DATE OF DECISION: 01.09.2023
ICICI bank Limited having its registered office at: Vadodara, 390007 Land Mark, Race Course Circle, having its Branch Office at: SCO 237238, Sector-20, Panchkula through its Authorised Representative Sh. Parveen Kumar.
……..Applicant Versus
(Borrower)
(Co-borrower)
.……Defendants
Advocates:
Argued by Sh. Mohan Prasad, counsel proxy for Sh. Gagandeep Toni, counsel for the applicant Defendants are ex-parte
FINAL ORDER
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granted to them and for that they had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant bank is entitled to recover a sum of Rs.25,72,781.56p (Rupees Twenty Five Lacs Seventy Two Thousand Seven Hundred Eighty One and Fifty Six Paisa only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account.
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 nature of the mortgaged property, undertaking of the defendants, quantum of loans 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 @10.00%p.a. in the loan account from the date of filing of the OA till realization of the amounts ordered vide this final order. It is ordered accordingly. 11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.25,72,781.56p (Rupees Twenty Five Lacs Seventy Two Thousand Seven Hundred Eighty One and Fifty Six Paisa only) jointly and severally, with costs, current and future simple interest @10.00%p.a. in the loan account from the date of filing of OA till the date of realization of the amounts. Accordingly, the applicant bank shall be entitled to recover aforesaid amount from the sale of hypothecated/mortgaged properties of the defendants in execution
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proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the bank still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law.
Tribunal on 11.09.2023.
Dated: 01.09.2023
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
Order dictated, signed and pronounced by me in the open Tribunal.
Dated: 01.09.2023
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant bank proved its case for recovery of outstanding dues under Section 19 RDDBFI Act.
Whether the relief prayed for, including interest at the adjusted rate of 10% p.a., is warranted.
1 provisions across 1 enactments
ICICI Bank Limited
Sh. Gulab Singh
Sh. Harjinder Kaur
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
