Allowed

Icici Bank Limited v. Sh. Sabir

DRT21 Dec 2024OA/213/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by ICICI Bank for recovery of dues totaling Rs.20,32,771.08. The lending institution proved its case based on documents regarding a construction equipment loan. The defendants were absent, leading to an ex-parte decision. The Tribunal authorized recovery from hypothecated assets and imposed interest at 12% per annum.

What did the court decide?

Defendants directed to pay Rs.20,32,771.08 with interest at 12% p.a. within 30 days; recovery from sale of hypothecated or other assets if not paid.

Icici Bank Limited versus Sh. Sabir — Execution and Attachment | DRT (2024)

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O.A. No.213 of 2023

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Debts Recovery Tribunal-I, Delhi 4th floor, Jeevan Tara Building, Parliament Street, New Delhi

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Presiding Officer: Shri Govind Ballabh Sharma

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O.A. No. 213 of 2023

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ICICI Bank Limited Central Square, DCM Plaza II Manohar Lal Khurana Marg New Delhi-110006 Applicant

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Versus

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Sh.Sabir s/o Sh.Sharif R/o House No.560, Gali No.13 Near Modern Arya Public School Jiwan Nagar Part II, Gauchi Faridabad, Haryana-121004

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Mrs. Sayra w/o Sh.Sabir R/o House No.560, Gali No.13 Near Modern Arya Public School Jiwan Nagar Part II, Gauchi Faridabad, Haryana-121004 Defendants

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Present: Shri B.K.Jha, Counsel for the applicant bank

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Date of Institution: 05.01.2023

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Date of Pronouncement: 21.12.2024

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FINAL ORDER

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This original application has been filed by the applicant bank on 05.01.2023 through Ms Alka Sharma, authorized representative of the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 against the defendants for recovery of a sum of Rs.20,32,771.08 (Rupees Twenty Lacs Thirty Two Thousand Seven Hundred Seventy One and paisa Eight only) as on 12'.10.2022 along with

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O.A. No.213 of 2023

pendentelite and future interest @24% per annum with monthly rest from 12.10.2022 till the date of realization and costs.

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The brief facts of the case are that at the request of defendants, the applicant bank sanctioned Construction Equipment Loan of Rs.23,97,000/- (Rupees Twenty Three Lacs Ninety Seven Thousand only) on 02.12.2020 under Construction Equipment Loan Scheme @13.27% interest per annum to be repayable in 48 equated monthly installments of Rs.64,722/- for purchasing construction equipment bearing No.AR01P4452 make )CB 3DX/XTRA against hypothecation.

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That in order to avail the said loan facility, the defendants submitted application dated 02.12.2020 and executed Credit Facility Application along with terms and conditions of the loan, Unattested Deed of Hypothecation for hypothecation of constructions equipment, Irrevocable Power of Attorney on 02.12.2020.

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It has been submitted by the applicant bank that after availing the aforesaid loan facility, the defendants failed to comply with the terms and conditions and despite several request and reminders, the defendants failed to pay the outstanding dues and monthly installments in time. The applicant bank terminated the agreements and recall the loan through loan recall notice dated 08.09.2022 to adjust the outstanding amount along with interest and also handover peaceful possession of the construction equipment but defendants have failed to comply with the notice. Hence, the applicant bank has approached this Tribunal for recovery of their dues.

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O.A. No.213 of 2023

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Notices of this O.A. were issued to the defendants and despite proper service, the defendants have chosen to absent from the proceedings. As per order dated 17.10.2024, the defendants have been proceeded ex-parte as not appeared before the Tribunal and even no written statement, evidence and affidavit of assets have been filed by the defendants.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Ms Alka Sharma, authorized representative of the applicant bank who has proved the documents as Power of Attorney Ex-AW1/1(OSR), Copy of PAN Card Mark-A & C, Copy of Aadhar Card Mai^{.k-B & D, Preliminary} Credit Facility Application Form Ex-AW1/2, Credit Facility Application Form dated 02.12.2020 Ex-AW1/3, Unattested Deed of Hypothecation Ex-AW1/4, Irrevocable Power of Attorney Ex-AW1/5, Disbursement Memo Ex-AW1/6, Notice dated 08.09.2022 Ex-AW1/7, Foreclosure Statement ExAW1/8, Statement of Account Ex-AW1/9, Prepayment Schedule Ex-AW1/10, NPA Certificate Ex -AW1/11, Certificate u/s 2A of Bankers Book of Evidence Act Ex-AW1/12, Certificate u/s 65B of Indian Evidence Act Ex-AW1/13.

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The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly proved.

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The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.

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O.A. No.213 of 2023

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As per the provision of Section 19(20) of the Recovery of Debts Due to Banks and Financial Institution Act, 1993 which is analogous to Section 34 of CPC, on filing of the suit/claim, the contract between the parties comes to an end and the Court/Tribunal has a discretion to award the same depending upon the circumstances of each case. Same principle has been laid down by the Hon'ble Apex Court in the case of Central Bank of India Vs. Ravindra & Others. Taking stock of all the circumstances and keeping in view that there is a drastic fall in rates of interest globally and domestically, I am of the opinion that interest of justice will be served if the interest at the rate of 12% p.a. is awarded.

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In the light of the above discussions and documents on record, the Original Application deserves to be allowed.

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ORDER

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I, allow this OA and direct the defendants to pay to the applicant bank, jointly or severally, within a period of 30 days, a sum of Rs.20,32,771.08 (Rupees Twenty Lacs Thirty Two Thousand Seven Hundred Seventy One and paisa Eight only) as on 12.10.2022 along with pendentelite and future interest ©12.00% per annum with monthly rests from 12.10.2022 failing which the aforesaid amount shall be recovered from sale of hypothecated asset being Commercial Equipment bearing No.AR01P4452 make JCB 3DX/XTRA with applicant bank. In case of shortfall the same shall be recovered from the sale of movable and immovable assets of the defendants.

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O.A. No.213 of 2023

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(II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

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(III)^{Parties are directed to appear before the Recovery} Officer, DRT I, Delhi on 19.02.2025.

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(IV)^{Copies of final order as well as Recovery Certificate be} sent to all concerned free of cost.

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(GOVIND EfALLABH sHARMA) PRESIDING OFFICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 21.12.2024

Icici Bank Limited v. Sh. Sabir

Case brief

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Icici Bank Limited v. Sh. Sabir

Case brief

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