The Tribunal allowed the applicant's application for recovery of a loan amount from the respondents. After hearing arguments, it granted uniform simple interest at 8% per annum and ordered the issuance of a Recovery Certificate.
Recovery of Rs.59,39,973.21 jointly and severally with interest at 8% p.a.; Recovery Certificate issued.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.582/2024
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 03.04.2024
DATE OF DECISION: 13.11.2024
ICICI Bank Ltd. a Body Corporate incorporated under the Companies Act 1956 and Bank within the meaning of the banking Regulations Act, 1949 and having its registered office at Near Chakli Circle, Old Padra Road, Vadodara-390007 and its corporate office ICICI Bank Towers Bandra Kurla Complex, Mumbai-400051, and having branches all over India and one of its Branch offices situated at 1st Floor, Near N.K. Sharma Office, Chandigarh Ambala National Highway, Zirakpur, Distt. SAS Nagar Mohali, Punjab through its authorized Signatory Sh. Mohd. Vajid.
……..Applicant
Versus
Advocates:
Argued by Sh. Rahul Garg, Advocate proxy for Sh. D.K. Singal, Advocate for the applicant Defendants are ex-parte
FINAL ORDER
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Hundred Seventy Three And Paise Twenty One Only). The Original Application has been filed through Sh. Mohd. Vajid, authorized Signatory of the applicant, who is competent to institute the Original Application vide General Power of Attorney dated 18.09.2019, which is Annexure A1 to this OA.
II. land measuring 14M situated at Abohar Road, Hadbast No.54, Shri Muktsar Sahib II vide Equitable Mortgage of Sale Deed Bearing vasika no.2018/19/53/720 dated 01.06.2018 along with its translation and VII-B Declarations dated 27.09.2019, which are Annexures A9 to A11 to this OA.
Documents executed:-Deed of Guarantee dated 27.09.2019, which is Annexure A4 to this OA; Deed of Hypothecation, which is Annexure A6 to this OA; Loan Recall Notice both dated 21.10.2023, which are Annexures A12 & A13 to this OA and Statement of Accounts, which are Annexures A14 & A15 to this OA.
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was a debit of Rs.59,39,973.21p, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.
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
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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 @08.00%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.
Pronounced by me in the open Tribunal .
Dated: 13.11.2024.
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant is entitled to recover the outstanding loan amount with interest from the respondents.
Whether the Tribunal should modify the claimed interest rates based on market conditions.
1 provisions across 1 enactments
ICICI Bank Ltd.
M/s Gurmandeep Singh and Company
Sh. Sukhpal Singh
Smt. Manjinder Kaur
MRIDULESH KUMAR SINGH
As recorded by the court registry
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