In an ex-parte recovery application under the RDBFI Act, the Tribunal allowed the applicant bank to recover Rs. 29,90,332/- with simple interest at 9% p.a. from the date of filing, liable as joint and several.
Recovery of Rs. 29,90,332/- with 9% p.a. simple interest from 03.03.2023; joint and several liability; liberty to recover via execution proceedings.
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
ORIGINAL APPLICATION NO. 441/2023
DATE OF INSTITUTION: 03.03.2023
DATE OF DECISION: 8th DAY OF JUNE, 2023
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, Mumbai400051 and having Branches all over India and one of its Branches situated at Ist Floor, Near N. K. Sharma Office, Chandigarh-Ambala National Highway, Zirakpur, District S.A.S. Nagar, Punjab, through its Authorised Signatory, Sh. Mohamad Vajid
...Applicant Bank
Versus
IInd Address: House No. 463, Najdik Dere Janglat, Mundh, Thai, Mundh (67), Karnal, Haryana-132039
Argued by: Sh. Mohamad Vajid, Authorised Signatory for the applicant bank Defendants ex parte vide order dated 03.06.2023
FINAL ORDER
Present Original Application was instituted by the applicant bank
OA/441/2023 ICICI BANK Vs SANDEEP AND ANOTHER
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under Section 19(1) of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (herein after referred to as ‘the Act’ for brevity) against the defendants for recovery of Rs.29,90,332/- (Rupees Twenty Nine lacs Ninety Thousand Three Hundred Thirty Two Only) . It has been filed through Sh. Mohamad Vajid, Authorised Signatory of the applicant bank stated to be competent to institute the Original Application vide Power of Attorney dated 18.09.2019, Annexure-A1 (copy).
Annexure-A2 (copy).
Rs. 31,74,853/- to the defendants vide credit facility application form dated 18.06.2019, Annexure-A3 (copy) as per terms and conditions which were duly accepted by the defendants.
OA/441/2023 ICICI BANK Vs SANDEEP AND ANOTHER
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It is further the case of the applicant bank that after adjusting debit and credit entries in the loan account, a sum of Rs.29,90,332/-
(Rupees Twenty Nine lacs Ninety Thousand Three Hundred
Thirty Two Only) is recoverable against the defendants as per statement of account dated 23.06.2022, Annexure-A7 (copy), duly certified under Bankers’ Books Evidence Act.
OA/441/2023 ICICI BANK Vs SANDEEP AND ANOTHER
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of Rs.29,90,332/- (Rupees Twenty Nine lacs Ninety Thousand Three Hundred Thirty Two Only) from the defendants.
This Tribunal is of the considered opinion that sometimes in appropriate cases the prerogatives of mercy and magnanimity are the brightest jewels 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, i.e. purchase of commercial vehicle, quantum of loan, prevalent market rates of interest which have gone drastically downhill in yesteryears, while exercising the discretion vested in this Tribunal, deems it just and appropriate to grant uniform simple interest @9% per annum from the date of filing of the OA till realisation of the amount ordered vide this order. It is ordered accordingly.
OA/441/2023 ICICI BANK Vs SANDEEP AND ANOTHER
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under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 or otherwise. If the dues of the bank still remain unsatisfied, the applicant bank shall be at liberty to recover the same by attachment and sale of personal assets of the defendants. The applicant bank is at liberty to enforce the claim through due process of law.
Announced in the open Tribunal
(M.M. Dhonchak) Presiding Officer
3 issues framed by the court
Whether the defendants are liable to repay the outstanding term loan amount.
Whether the tribunal should fix a uniform rate of interest for pendente lite and future interest.
Whether the applicant is entitled to recover dues through sale of hypothecated property or personal assets.
1 provisions across 1 enactments
ICICI Bank Limited
Sandeep
Pardeep Kumar
M.M. Dhonchak
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
