Allowed

Icici Bank Limited v. M/S Aditya Earth Movers

DRT15 Mar 2024OA/1227/2023

Case brief

AI extract

What is this about?

The DRT allowed an application filed by ICICI Bank Limited for recovery of Rs.35,38,270/- with interest against defendants who defaulted on a term loan for machinery. The court proceeded ex parte as defendants failed to appear after summons were served.

What did the court decide?

Recovery Application allowed with costs; Recovery Certificate to be issued; Further proceedings before Recovery Officer on distribution of sale proceeds.

Icici Bank Limited versus M/S Aditya Earth Movers — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-II, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 1227/2023

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Date of Institution: 11.09.2023

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Date of Decision: 15.03.2024

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ICICI Bank Limited at 1^st Floor, Near N. K. Sharma Office, Chandigarh Ambala National Highway, Zirakpur, District S.A.S. Nagar, Punjab

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…….....Applicant

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Vs.

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M/s Aditya Earth Movers, through its Proprietor, Village and Post Office Mattan, Tehsil Bahadurgarh, District Jhajjar, Haryana

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Sh. Ravinder Singh s/o Ram Kanwar, Proprietor of M/s Aditya Earth Movers, r/o Mattan (20), District Jhajjar, Haryana

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Smt. Ravita w/o Sh. Kanwar Singh r/o Mattan (20), District Jhajjar, Haryana

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………… Defendants

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Advocates

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Sh. Rahul Garg, Proxy Counsel for Sh. D. K. Singal, Counsel for the applicant bank.

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Defendants- ex parte

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OA for the Recovery of Rs.35,38,270/- with interest @12% per annum with monthly rests from 31.05.2023.

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ORDER

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ICICI Bank Limited has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.35,38,270/- with interest against M/s Aditya Earth Movers and others (defendants).

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Bank’s case is that on 29.01.2021, it had granted Term Loan of Rs.54,05,000/- to the defendants for purchase of single unit of construction equipment machinery, i.e. Komatsu PC 210LC-10M0 Hydraulic Excavator bearing Registration No.ORGAEM202112. The loan was chargeable to interest @9.77% per annum with monthly rests. On 30.05.2023, a sum of Rs.35,38,270/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 26.09.2023, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 01.11.2023, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Mohd. Vajid, Authorized Signatory along with the loan and security documents and marked them as Exhibit A-1 to A-7. 5. I have perused the evidence on the record. I am of the considered view that the Bank has proved its case that it had advanced the loan of Rs.54,05,000/- and on 30.05.2023, a sum of Rs.35,38,270/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.35,38,270/- (Rupees Thirty Five Lacs Thirty Eight Thousand Two Hundred and Seventy Only) with interest @12% per annum with monthly rests from 31.05.2023, till the date of payment is hereby allowed with costs. The liability of all the defendants would be joint and several. Bank can recover its dues by the sale of the hypothecated/personal movable and immovable property(ies) of the defendants. 7. Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 19.04.2024, who is directed to distribute the sale proceeds as per the provisions of Section 19(20-AB) of the Act . 10. A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties.

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Pronounced in the open court. (A S Narang) Dated: 15.03.2024 Presiding Officer DRT-2, Chandigarh (Additional Charge)

Icici Bank Limited v. M/S Aditya Earth Movers

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. M/S Aditya Earth Movers

Case brief

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What did the court decide?

What the court decided

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