Allowed

Icici Bank Limited v. Prashanth J

DRT20 Nov 2023OA/939/2022

Case brief

AI extract

What is this about?

In a recovery proceeding under Section 19 RDB Act, 1993, the Debts Recovery Tribunal allowed an original application filed by ICICI Bank against Mr. Prashanth J. for non-payment of loan dues. Being absent, the respondent was ex-parte, and upon finding the bank's evidence corroborated, the court granted the relief.

What did the court decide?

OA allowed with costs; liberty to proceed against person and properties; directive to issue Recovery Certificate.

Icici Bank Limited versus Prashanth J — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL - I, KARNATAKA AT BENGALURU

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Dated this the 20th day of November,2023

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Present: Sri Imtiaz Ali

Presiding Officer

OA No,939/2O22

BETWEEN:

ICICI BANK LTD.,

Branch Office at:The Senate IBC Ulsoor Road, Yellappa Garden Yellappa Chetty Layout, Sivachetti Gardens,

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BENGALURU - 560 OO8 Represented by its Officer and Power of Attorney Holder: Mr.^pramodh G...

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APPLICANT

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AND:

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Mr. Prashanth J. S/o Mr. Jaya Shetty Aged about 38 years Residing at: 1- 198 Koppada Kumeru Badaga m ija r Manjunatha Nagara MANGALORE - 574225

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Also At:

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Mr. Prashanth J. Muthoot Finance Limited D.No. 1/45B, Prabhath Complex MOODABIDRI - 574 227

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.. DEFENDANT

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Counsels on record/appeared forl Applicant : FX &Co.. Defendant i Ex-parte

OA No-93912022

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.26,67,L47.44 (Rupees Twenty six lakhs sixty seven Thousand one Hundred forty seven and paisa forty four only) together with costs, interest, etc.

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The case of the Applicant Bank is that, the Defendant had approached the Applicant Bank for personal loan of Rs.25,00,000/-. Accordingly, the Applicant Bank considering the request of the Defendant had sanctioned and disbursed a sum of Rs.25,00,000/_ under Loan Account No.LPMNG00041B L3574 on 77.O7.2O2O to the Defendant. In order to secure the loan, the Defendant has executed documents, viz., power of Attorney, Loan Application and Copy of the Credit Facility Application Form etc.

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The Applicant Bank has further submitted that, the Defendant has agreed to repay the personal Loan of Rs.25,00,000/- in 60 monthty equated monthly installments of Rs.54,653/- from 05.09.2020 to 05.08.2025 with interest.

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OA No.939/2022

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Further, the Defendant has agreed to repay the above loan with variable rate of interests, as applicable from time to time as^per the directions of the Head Offlce/Central Office of the Applicant Bank and penal interest in case of 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 Defendant after utilizing the said loan, he has failed and neglected to make the payment despite of repeated reminders, several requests and reminders to the Defendant to fulfill his repayment obligations proved futile. With no other alternative, the entire loan was recalled and on 06.10.2021 the Applicant Bank issued a Loan Recall Notice and called upon the Defendant to pay the outstanding dues. Thereafter, the Applicant Bank issued Legal Notice Dated !6.LO.2O21 and in spite of receipt of Legal Notice, the defendant has failed to repay the outstandinq dues.

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In the light of these factors, it is contended by the Applicant Bank that Defendant is liable to pay a total sum of Rs.26,67,147.44 (Rupees Twenty six lakhs sixty seven Thousand one Hundred forty seven and paisa forty four

OA No.939/2022

only).

After filing this OA, Summons was sent and served to Defendant through RPAD. When Defendant was called out, Defendant remained absent and hence he was placed ex pa rte.

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To prove the case of the Applicant Bank, it,s the Manager-Mr. Pramodh G. has filed his affidavit by way of evidence and the same was considered as evidence of AW_1 and marked at Ex.A1 and list of documents came to be marked at Ex.A2 and 6 documents came to be marked at Ex.A3 to A8.

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9. No evidence on behalf of the Defendant.

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Arguments of the Learned Counsel for the plaintiff/

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Applicant Bank heard and perused the records of the case.

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Following points arise for my consideration:

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1. Whether^{plaintiff/Applicant} Bank proves its case as contended in the plaint/application?

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1. What Order?

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For the following reasons, I answer the above_

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oA No.939/2022

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referred points in the following manner:

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REASONS

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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 A8 which clearly establish the case of the Applicant Bank to allow the present OA. Added to this, the Defendant has remained absent and hence he was placed ex parte. Therefore, it is to be construed that Defendant has admitted the entire case pleaded by the Applicant Bank in the present OA.

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L4, Therefore, for these reasons, present OA is to be allowed with costs as sought by the Applicant Bank.

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ORDER

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

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On failure to pay the above O.A amount, the Applicant Bank is at liberty to proceed against person and properties of the Defendant in accordance with law.

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OANo.939/2022

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Applicant Bank shall file latest Memo of Calculation of OA amount together with interest, costs etc., to be paid by Defendant duly taking into account the amount/s, if any, paid by the Defendant 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 Defendant 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 lts transcription and necessary corrections, slgned and pronounced by me in the Open Court on this the 2oth day oi November, ioi3)

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V (rmtiLz eli) Presiding Officer DRT-I, Bengaluru

I-

OA No.939/2022

ANNEXURES

Witness Examined for the Aoolicant Bank:

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AW.1 : Sri Pramodh G., The Manager

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of the Applicant Bank

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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-8 : 6 documents

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Witness Examined for the Defendantl

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Nil -

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List of Documents Exhibited for the Defendant:

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Nil,,-,)iI;| " Presiding Officer DRT-I, Bengaluru

Icici Bank Limited v. Prashanth J

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Prashanth J

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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Case details

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