Allowed

Icici Bank Limited v. Sh. Ashish Mittal

DRT27 Jun 2024OA/406/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by ICICI Bank Limited for the recovery of outstanding loan dues of Rs. 32,31,350 from borrowers who failed to repay a commercial vehicle loan. The amount was to be recovered through the sale of hypothecated assets.

What did the court decide?

Recovery of Rs. 32,31,350/- with interest and costs via sale of hypothecated vehicle and other assets.

Icici Bank Limited versus Sh. Ashish Mittal — Banking and Recovery | DRT (2024)

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O.A. No. 406 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.406 of 2023

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

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Applicant

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Versus

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Sh.Ashish Mittal s/o Ashok Mittal (Borrower) Proprietor of Crown Enterprises

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Crown Enterprises (Borrower) Through its proprietor Sh.Ashish Mittal

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Ms.Prachi Gupta w/o Sh.Ashish Mittal (Co-Borrower)

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All at:

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Flat No.404, GHS 17, Sector-02 Ballabhgarh, Faridabad Main Chowk Haryana-121004

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Also at:

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Floor No.4, Flat No.404 GHS 17, The Amazing Raj Villas CCHS-17, Sector-02, Ballabhgarh, Faridabad Main Chowk, Haryana-121004

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Defendants

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Present: Shri Usha Singh, Counsel for the applicant bank

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Date of Institution: 14.04.2023

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Date of Pronouncement: 27.06.2024

0.A. No. 406 of 2023

FINAL ORDER

This original application has been filed by the applicant bank on 14.04.2023 through Ms.Alka Sharma, authorized representative of the applicant bank under Section 19 of Debts and Bankruptcy Act, 1993 against the defendants for recovery of a sum of Rs.32,31,350/- (Rupees Thirty Five Lacs Seventeen Thousand Three Hundred Ninety Two and Paisa Twenty Eight only) as on 31.12.2022 along with pendentelite and future interest @8.50% per annum with monthly rest from 01.01.2023 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 and disbursed Commercial Vehicle Loan of Rs.44,90,000/- (Rupees Forty Four Lacs Ninety Thousand only) on 20.04.2021 to Spirited Motor Vehicles Ltd. as per request for purchase of goods commercial carrier trailer vehicle namely "BHARATBENZ5528TT 6x4 BSVI having Registration No.HR38AB9734 manufactured by Daimler India Commercial Vehicles P.Ltd. in the name of defendant no.2 to be repayable in 35 EMI of Rs.1,45,160/- @8.50% interest per annum.

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That in order to avail the said loan facility, the defendants submitted loan application dated 16.04.2021 and executed Loan Agreement, / Credit Facility Agreement, Deed of Hypothecation, Guarantee Deed and Irrevocable Power of Attorney on 16.04.2021 in favour of applicant bank.

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That in order to secure the loan facility, the defendants hypothecated the commercial carrier trailer vehicle namely "BHARATBENZ5528TT 6x4 BSVI having Registration

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O.A. No. 406 of 2023

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No.HR38AB9734 in favour of applicant bank. The vehicle is registered with Regional Transport Office and duly hypothecated in favour of the applicant bank.

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It has been submitted by the applicant bank that after availing loan facility, the defendants failed to comply with the terms and conditions of loan agreement and failed to pay the outstanding dues and make the vehicles available for inspection for the applicant bank. The applicant bank terminated the agreement and classified the account as NPA on 13.09.2022 as per prudential guidelines and issued loan recall notice dated 31.10.2022 to adjust the outstanding amount along with interest and handover the possession of commercial vehicle but defendants did not replied and failed to comply the notice issued. Hence, the applicant bank has approached this Tribunal for recovery of their dues.

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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 21.03.2024, the defendants have been proceeded ex-parte as they have failed to file written statement, evidence and affidavit of assets.

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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 Affidavit Ex.AW1/1, Power of Attorney Ex.AW1/2, Loan Application Ex.AW1/3, Loan Agreement Ex.AW1/4, Deed of Hypothecation Ex.AW1/5, Irrevocable Power of Attorney Ex.AW1/6, Vahan & Hypothecation details Ex.AW1/7, Recall Notice Ex.AW1/8, Certified Statement of

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O.A. No. 406 of 2023

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Accounts u/s 2A of Bankers' Books Evidence Act Ex.AW1/9(colly).

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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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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.32,31,350/- (Rupees Thirty Five Lacs Seventeen Thousand Three Hundred Ninety Two and Paisa Twenty Eight only) as on 31.12.2022 along with pendentelite and future interest @8.50% per annum with monthly rests from 01.01.2023 and costs failing which the aforesaid amount shall be recovered from sale of hypothecated commercial vehicle namely trailer vehicle "BHARATBENZ5528TT 6x4 BSVI having Registration No.HR38AB9734, manufactured by Daimler India Commercial Vehicles P.Ltd. in the name of defendant no.2. In case of shortfall, the same shall be

5d- -

0.A. No. 406 of 2023

recovered from the sale of movable and immovable assets of the defendants.

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

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(II) Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 27.08.2024.

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(III) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

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Sc(-

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(GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 27.06.2024

Icici Bank Limited v. Sh. Ashish Mittal

Case brief

What is this about?

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Icici Bank Limited v. Sh. Ashish Mittal

Case brief

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What did the court decide?

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