Allowed

Icici Bank Limited v. Mukesh Gopichand Agarwal

DRT2 Nov 2023OA/534/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by ICICI Bank to recover loan dues of approximately Rs. 1.58 crore from borrowers who failed to repay vehicle loans. Evidence was led by the Applicant while Defendants appeared ex parte. The debt was adjudged payable with interest and costs.

What did the court decide?

The Original Application was allowed with interest and costs. The Bank is at liberty to sell schedule properties and proceed against other properties for recovery.

Icici Bank Limited versus Mukesh Gopichand Agarwal — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL - I, KARNATAKA

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AT BENGALURU

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Dated this the 2nd day of November,2023

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Present: Sri Imtiaz Ali

Presiding Officer

OANo.534/2022

BETWEEN:

ICICI Bank Limited Branch Office at

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The Senate IBC

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Ulsoor Road, Yellappa Garden Yellappa Chetty Layout Sivachetti Gardens

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Bengaluru 560 OO8

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Represented by its Officer and Power of Attorney Holder Sri Pramodh G.

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.. APPLICANT

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AND:

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Sri Mukesh Gopichand Agarwal

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S/o. Sri Gopichand Agarwal Aged about 42years

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Residino at:

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Plot No.B, Ward No.12 Irani Building Kalkam Area, Wadi

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Gulbarga-585 225

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Miss Hemalatha

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D/o Dad Dayal Agarwal Residing at: Plot No.8, Ward No.12 Irani Building Kalkam Area, Wadi Gulbarga-s8s 225

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.. DEFENDANTS

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Counsels on record /aooeared^for:

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Applicant : M/s. Francis Xavier and Co Defendants i Ex Parte

<br>

OA No.534/2022

FINAL ORDER

The^present OA^{has been filed by the Applicant Bank} under Section^{19 of the Recovery of Debts and Bankruptcy} Act, 1993,^seeking recovery of money^of Rs.1,58,69194o.31(Rupees^{one crore fifty-eight lakhs} sixty-nine thousand^{nine hundred forty and paisa} thirty-one only)^{together with costs, interest,etc'}

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The case of the^{Applicant Bank is that' the} Defendants^{have approachedthe ApplicantBank for Loans} to^purchase the^{commercialvehicles' Accordingly'the} Applicant Bank^{has consideredthe request of the Defendants} and sanctioned^{the vehicle loans of Rs'20,14,500/-and} 1,B9,5O,OOO/-^{on 20.06.2019and 29'06'2019,respectively} in terms of loan^{agreements. In order to securethe Loans'} the Defendants^{have executedvarious documents' viz''} Power of attorney,^{Hypothecationagreement,Hypothecation} deed etc.,

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Further, the^{Defendants have agreed to repaythe} above Loans^{with variable rate of interest,as applicable from} time to time^{as per the directionsof the Head Office/Central} Office of the^{Applicant Bank and penal interest in case of}

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OA No.534/2022

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default and keep the accounts^{regular by paying installments} as and when due to the satisfaction of^{the Applicant Bank, as} detailed in the oA by the Applicant^Bank.

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The Defendants after utilising the said^Loanshave failed and neglected to make the^repayment of^{the Loans} dues as agreed and Defendants have not^{serviced the} interest thereon as^per the terms^{and condition agreedby} the Defendants. In spite of^{repeated remindersand several} requests, the Defendants^{have failed and neglectedto make} the^payment. Therefore, the^{Applicant Bankhas issued a} recall notice to the Defendants on^{19.05.2021and} 19.O7.2027 calling upon^them to^{repaythe total outstanding} dues within 7 days^{from the date of receipt of the Notice.In} spite of receipt of Notices,^{the Defendants have failed to pay} the outstanding dues and^{hence the recovery process is} initlated to recover the^dues.

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in the light of these^{factors, it is contendedby the} Applicant Bank that^{Defendantsare liable to paya totalsum} of Rs.1,58,69,94O.31(Rupees^{one crore fifty-eight} lakhs sixty-nine thousand^{nine hundredand forty paisa} thirty-one only) as^{on 23 09.2021.}

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oA No.534/2022

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After filing this OA, Summons^{were sent and served} to the Defendants through^{RPAD. Whenthe Defendantswere} called out, the Defendants^{remainedabsent and hence,} placed ex parte.

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7, To prove the case of the Applicant^{Bank, its Manager,} Sri Pramodh G., has filed his^{affidavitby way of evidence the} same was considered as evidence of^{AW.1and marked at} Ex.A1 and list of documents came to^{be markedat Ex.A2and} 22 documents came to be marked at Ex,A3 to^424,

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No evidence on behalf of the Defendants'

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

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Following points arise for my conslderation:

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1. Whether Plaintiff/Applicant Bank^proves its case as contended in the^{plaint/a pplication ?}

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What Order?

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For the following reasons, I answer the abovereferred points in the following manner:

'J'

OA No.534/2022

REASONS

t2. The Manager of the Applicant Bank came to be examined as AW.1. His affidavit by way of^{evidence reiterated} the facts^pleaded in the^plaint and his affidavit is also corroborated by the above-referred^Ex.A3 to A24^which clearly establish the case of the Applicant^Bank to^{allow the} present OA. Added to this, the Defendants have remained absent, hence it is to be construed that^{Defendantshave} admitted the entire case^pleaded by the^{Applicant Bank in the} present OA.

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Therefore, for these reasons,^present OA is to^be allowed with costs as sought by^{the ApplicantBank.}

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ORDER

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Present OA stands allowed as^prayed for^{with interest} and costs.

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In the event of failure of the Defendants to^{pay the} said OA amount, the Applicant^{Bank is at liberty to sell} the Schedule^properties in accordance^{with law as soughtby} the Applicant Bank in the OA.

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oA No.534/2022

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In spite of sale of the schedule^properties, if the OA 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.

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

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

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

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(Dictated to the Stenographer, after its transcription and necessary corrections, signed and

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pronounced by me in the Open Court on this the 2"d day of November, 2023)

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Irt(Imtihz AIi) Presiding Officer DRT-I, Bengaluru

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OA No.s34/2022

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ANNEXURES

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Witness Examined for the Aoolicant Bank:

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AW-1 : Sri Pramodh G.

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Manager of Appllcant 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 to A-24 i 22 documents

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Witness Examined for the Defendants:

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Nit-

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List of Documents Exhibited for the Defendants:

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NiI -

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\ V , u'07 lrmtffali; Presiding Officer DRT-I, Bengaluru

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Icici Bank Limited v. Mukesh Gopichand Agarwal

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Mukesh Gopichand Agarwal

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

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Case details

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