The Tribunal allowed the bank's application for recovery of Rs. 21.91 Lakhs plus interest. It granted uniform simple interest at 8% p.a. from the filing date and ordered the issuance of a Recovery Certificate.
Recovery of Rs. 21,91,337.00 plus interest at 8% p.a. from date of filing; issuance of Recovery Certificate.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.1243/2022 PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 23.09.2021
DATE OF DECISION: 22.07.2024
ICICI Bank Limited, having its Registered Office at: Land Mark, Race Course Circle, Vadodara, 390007 and having its branch office at: ICICI bank ltd, sco-143, A City Emporium Mall Industrial area phase 1 chandigarh-160002 through its authorized representative Mr. Mohamad Vajid.
……..Applicant Versus
Advocates:
Present, Ms. Dipti Toni, Advocate for the Applicant (through VC) Defendants are ex-parte
FINAL ORDER
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Vehicle of Rs.28.00 Lacs vide Loan Application dated 27.06.2018, which is Annexures A2 to this OA.
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which were 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, accounts of the defendants were classified as NPA. From the documentary evidence brought on record, it is proved that applicant bank is entitled to recover a sum of Rs.21,91,337.00 (Twenty One Lakh Ninety One Thousand Three Hundred Thirty Seven Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of both the accounts.
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 loan 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 @8.00% P.A. in both the loan accounts from the date of filing of the OA till realization of the amount 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 Rs.21,91,337.00 (Twenty One Lakh Ninety One Thousand Three Hundred Thirty Seven Only) Jointly and severally, with costs, current and future simple interest @8.00%p.a. in the both the loan accounts from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant bank shall be entitled to recover aforesaid amount from the sale of hypothecated/mortgaged properties of the defendants in execution proceedings if not sold earlier under the
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Pronounced by me in the open Tribunal . Dated: 22.07.2024
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant bank was entitled to recover the outstanding loan amount with uniform simple interest.
Whether the Recovery Certificate should be issued against the defendants.
2 provisions across 2 enactments
ICICI Bank Limited
Sh. Sumandeep Singh
Sh. Kulvir Singh
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
