Allowed

Icici Bank Limited v. Sh. Sher Singh

DRT18 Mar 2024OA/1633/2022

Case brief

AI extract

What is this about?

The application under the RDB Act for recovery of a cash credit limit was allowed against the defendants. The Presiding Officer found the bank's case proven via evidence and directed recovery through mortgaged properties and personal assets.

What did the court decide?

Recovery of Rs. 21,00,962/ with interest and costs was allowed jointly; recovery certificate to be issued; parties to appear before Recovery Officer.

Icici Bank Limited versus Sh. Sher Singh — 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: 1633/2022 Date of Institution:25.08.2022 Date of Decision: 18.03.2024

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ICICI Bank Limited at SCO Nos. 237-238, Sector-20, Panchkula, Haryana

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……..Applicant Vs.

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Sh. Sher Singh s/o Sh. Saroop Singh r/o Near Government School, Village Daddu-Patti, Kathwar, Kaithal, Haryana-136027

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Sh. Ram Kumar s/o Sh. Sahrab Singh r/o Kathwar, Kaithal, Haryana-

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136027

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Sh. Anil Kumar s/o Sh. Budh Ram r/o Kathwar, Kaithal, Haryana136027

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……….Defendants

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Advocates

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Sh. Kaveesh proxy counsel for Sh. Puneet Tuli, Counsel for the applicant bank

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Defendants ex-parte

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OA for the Recovery of Rs.21,00,962/- with interest @12% per annum with half yearly rests from 13.06.2022.

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ORDER

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ICICI Bank Limited (Applicant Bank) has filed this application under Section 19 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993 (RDB Act) for the recovery of Rs.21,00,962/- with interest against Sh. Sher Singh and others (defendants).

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Bank’s case is that on 27.03.2015, it had granted Kissan Cash Credit Limit of Rs. 13,50,000/- to defendant Nos. 1 and 2 for the agricultural purpose. Defendant No. 3 stood as a guarantor. To secure the loan facility, defendant No. 1 had mortgaged his agricultural land measuring 26 Kanal 1 Marla and defendant No.2 had mortgaged his agricultural land measuring 19 Kanal 3 Marla (fully detailed in Para No.3(A) of the application). The loan facility was chargeable to interest @11% per annum. On 13.06.2022, a sum of Rs. 21,00,962/- was due

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from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 01.10.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 06.10.2023, defendants were proceeded ex parte.

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In order to prove its case, the Bank has placed on record the affidavit of Sh. Parveen Kumar, Manager Legal along with the loan and security documents and marked them as Exhibit A1 to A7. 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 Kissan Cash Credit Limit of Rs. 13,50,000/- and on 13.06.2022, a sum of Rs. 21,00,962/- was due.

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Accordingly, the application of the bank for the recovery of Rs. 21,00,962/- (Rupees Twenty One Lakh Nine Hundred and Sixty Two Only) with interest @12% per annum with half yearly rests from 13.06.2022, till the date of payment is hereby allowed with costs. The liability of the defendants would be joint and several. Bank can recover its dues by the sale of mortgaged properties fully detailed in para No.3(A) of the application as well as from the sale of the personal movable and immovable property of the defendants.

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Pending IAs, if any, stand disposed of.

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Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 22.04.2024, who is directed to distribute the sale proceeds of the mortgage property and standing crops as per the provisions of Section 19(20-AB) of the Act .

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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: 18.03.2024 Presiding Officer DRT-2, Chandigarh (Additional charge)

Icici Bank Limited v. Sh. Sher Singh

Case brief

What is this about?

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Icici Bank Limited v. Sh. Sher Singh

Case brief

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