Allowed

Icici Bank Limited v. Aniket

DRT15 Apr 2024OA/412/2023

Case brief

AI extract

What is this about?

In an original application for recovery, the Debts Recovery Tribunal adjudicated the claim of ICICI Bank Ltd. against two defendants who failed to repay term loans. The Tribunal allowed the application ex parte, directing payment of the principal sum with reduced future interest.

What did the court decide?

Defendants directed to pay Rs.32,57,851/- with future interest at 9% per annum; Recovery Certificate issued; Hypothecated vehicle declared for sale.

Icici Bank Limited versus Aniket — Banking and Recovery | DRT (2024)

¶1

Presented on: 30.07.2022 Registered on: 30.03.2023 Decided on: 15.04.2024 Duration: Y M D 1 8 16

¶2

IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No.412/2023

¶3

ICICI Bank Ltd.

¶4

A Company registered under the Companies Act, 1956 having its registered office at ICICI Bank Ltd., Near Chakli Circle, Old Padra Road, Vadodara-390 007 and having their Branch Office at 1194 Ramchandra Sabhamandap, Ghole Road, Shivaji Nagar, Pune 411 005 and branch office amongst others at 870/1, Suma House, Bhandarkar Road, Pune 411 005.

¶5

… Applicant

¶6

Versus

¶7

Mr. Aniket Sunil Hulawale Age: Adult, Occ: Business Address: S.No.142/1/1, Maan Mulshi, Hinjawadi, Pune – 411 057.

¶8

Mr. Akshay Sunil Hulawale Age: Adult, Occ: Business Address: S.No.142/1/1, Maan Mulshi, Hinjawadi, Pune – 411 057.

…Defendants

(OA No.412/2023)

Page 1 of 6

[KAUR]

APPEARANCES

For the Applicant	Mr. Satyan	Jagtap - Advocate
For Defendants	Exparte

¶15

TOTAL CLAIM AMOUNT –Rs33,11,126/-

¶16

JUDGMENT

¶17

(Delivered on 15^th April, 2024)

¶18

The Applicant Bank has filed the present application for recovery of aggregate sum of Rs.33,11,126/- i.e. Rs.27,26,250/(Term Loan-I) together with future interest thereon @12.52% per annum with monthly rests and Rs.5,84,876/- (Term LoanII) together with future interest thereon @9.25% per annum with monthly rests from 24^th February, 2022 till repayment/realization of the entire dues from the defendants.

¶19

Brief facts of the application are as under:

¶20

In or about November, 2019, defendant No.1 as applicant and defendant No.2 as co-applicant approached the applicant Bank seeking financial assistance for purchasing the Tipper As per the application dated 18^th November, 2019 of defendants, the applicant Bank sanctioned and disbursed the Term Loan-I of Rs.30,77,058/to them. Defendants agreed to repay the said Term Loan within 68 months with EMI of Rs.69,870/-.

(OA No.412/2023)

Page 2 of 6

[KAUR]

Subsequently, in the year 2020 defendants again approached the applicant Bank seeking additional Term Loan-II for purchase of Chassis. Applicant Bank considered the said request and sanctioned additional Term Loan of Rs.5,98,245/- to the defendants.

¶25

The defendants executed the loan necessary transaction and security documents and also hypothecated the Tipper-Tata LPK 2523 CR HD BS IV bearing registration No.MH 14 HM 2727 in favour of the applicant Bank as set out in Paragraph No.5.4 and 5.7 of the Original Application.

¶26

It is contended that initially, the defendants made partial repayments but failed to repay the loan amounts as per terms of sanction. Hence, on 10^th January, 2022 the applicant Bank issued Legal Notice to the defendants and called upon them to pay the outstanding amount. Despite service of Notice, defendants failed and neglected to comply with the demand in the said Notice.

¶27

Hence, this application is filed.

¶28

Defendants failed to appear despite service of summons. Hence, the application proceeded ex parte against them vide Order dated 9^th February, 2024 passed below the Application (Exhibit-01).

(OA No.412/2023)

Page 3 of 6

[KAUR]

The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Rushikesh Pandit, Debt Manager which supports the case of the applicant elucidated in the application.

¶33

The applicant Bank has produced in evidence the original loan documents at Sr.Nos.AW-1/1 to AW-1/9 which corroborate the case of the applicant Bank.

¶34

I have heard arguments of the learned Advocate for the applicant Bank.

¶35

Since the defendants failed to appear and contest the application, I find no reason to disbelieve evidence of the applicant Bank. Therefore, the applicant Bank is entitled for reliefs as claimed.

¶36

The applicant Bank has claimed Accrued Interest Outstanding in the sum of Rs.6,905/- (Rs.5,913/-+Rs.992/-), Additional Interest Outstanding in the sum of Rs.33,809/(Rs.30,575/- + Rs.3,234/-) and Cheque Bouncing charges in the sum of Rs.12,561/- (Rs.6,661/- + Rs.5,900/-) as mentioned in Particulars of Claim. However, the said amounts cannot be granted and shall be deducted from the total claim amount. Thus, the total claim amount stands reduced from Rs.33,11,126/- to Rs.32,57,851/-.

(OA No.412/2023)

Page 4 of 6

[KAUR]

The applicant Bank has claimed future interest @12.52% per annum with monthly rests for Term Loan-I and @9.25% per annum with monthly rests for Term Loan-II. However, considering facts of the case, I am of the opinion that if future interest is granted @9% per annum (simple), it would be just and reasonable.

¶41

Hence, I pass the following order:-

¶42

ORDER

¶43

(A) Original Application No.412/2023 is allowed with costs.

¶44

(B) Defendant Nos.1 and 2 either jointly or severally shall pay to the applicant Bank the aggregate sum of Rs.32,57,851/- (Rupees Thirty-Two Lakhs Fifty-Seven Thousand Eight Hundred and FiftyOne only) with future interest @9% per annum from the date of filing of the Original Application i.e. 30^th July, 2022 till payment/realization of the amount mentioned in this operative order.

¶45

(C) The aforesaid adjudicated amount is secured by the valid and subsisting hypothecation of TipperTata LPK 2523 CR HD BS IV bearing registration No.MH 14 HM 2727.

(OA No.412/2023)

Page 5 of 6

[KAUR]

(D) The applicant is entitled to sell the hypothecated vehicle to recover its dues.

¶50

(E) Issue Recovery Certificate.

¶51

(F) The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendant.

¶52

Sd/(Dilip G. Murumkar) Place : Pune Presiding Officer Date: 15.04.2024 Debts Recovery Tribunal, Pune

¶53

(OA No.412/2023)

¶54

Page 6 of 6

¶55

[KAUR]

Icici Bank Limited v. Aniket

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Aniket

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

M/s Automotive Services (Petrol Pump Division) versus the Cosmos Co. Operative Bank Limited

Bank of Baroda versus Chandrakant

Bank of Maharashtra versus Balaji Collection Prop. Mr. Kishor Pratap Chopade

Bank of India versus Raosaheb Bade

Mr Amjad Abdul Rahim Shaikh versus the Muslim Co-Operative Bank Ltd.

Bank of Maharashtra versus Yashraj Bakers Prop. Mr. Mahendra Kishor Bhosale