Allowed

Icici Bank Limited v. Sri. Rahul Gowda

DRT19 Feb 2024OA/835/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the Original Application filed by ICICI Bank against two defendants to recover a loan amount of Rs. 95,58,705/- with interest. The defendants were present ex-parte, and the claim remained unchallenged. The Tribunal authorized recovery from joint assets and future sale of scheduled properties.

What did the court decide?

Recovery of Rs. 95,58,705/- plus 24% p.a. interest; liberty to sale scheduled and personal assets for recovery; issuance of Recovery Certificate.

Icici Bank Limited versus Sri. Rahul Gowda — Specific Performance | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL II, KARNATAKA AT BENGALURU

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Dated this 19^th Day of February, 2024

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Present: SMT. S. V. GOWRAMMA Hon`ble Presiding Officer

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OA. No.835/2022

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BETWEEN:

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ICICI Bank limited Having its registered office at “Landmark”, Race course circle, Vadodara – 390007 And its corporate office at ICICI Towers, Bandra-Kurla Complex Mumbai – 400051 Its branch office at Mytree Centre, No.4/10, Hosur Road, Bommanahalli, Bangalore-560068 Rep. by its officer and POA Mr. Premjith.R ...Applicant

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AND:

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Mr. Rahul Gowda Aged about 38 years S/o. Mr. Javaraya Gowda #63, 3^rd Cross, 5^th Block, Nagarbhavi 2^nd stage, Bengaluru-560072

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Mrs. Kavitha B.V. Aged about 40 years D/o. Mr. Virupaksha #63, 3^rd Cross, 5^th Block, Nagarbhavi 2^nd stage, Bengaluru-560072 … Defendants

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Counsel on record/appeared for:

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Applicant : M/s. Anvaya Law Defendants : Exparte

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2 OA. 835/2022

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:FINAL ORDER:

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The Original Application (OA) is filed on 18.11.2021 by Applicant Bank under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, against the defendant to recover a sum of Rs.95,58,705/- with further interest thereon from the date of filing the Application till realization from the defendants.

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BRIEF FACTS OF THE CASE :

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The Applicant submits that the application is filed within the period of limitation as prescribed under Section 24 of the Recovery of Debt Due to Banks and Bankruptcy Act 1993, and the subject recovery claim falls within the jurisdiction of this Hon’ble Tribunal.

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In the case of that the Applicant Bank that the defendant No.2 being a co-borrower had approached the applicant bank for Home Loan purchase a Two bedroom apartments, vide loan application dated 25.05.2016. The applicant bank after examining the financial status of the defendants had disbursed a sum of Rs.75,00,000/- on 30.06.2016.

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The defendant executed necessary loan documents in favour of the applicant bank as security for the due repayment of the loans, interest, cost and charges, and various loan documents in respect of loans in favour of the applicant bank.

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After availing the credit facility, Defendants failed and neglected to repay the dues and committed default. Hence, the account as classified as NPA. The applicant bank have issued Recall

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notice dated 23.05.2019 to the defendants. However, the Defendants failed to repay the loan amount due. Therefore, the applicant bank has filed the present Original Application (OA) to recover the amount due from the Defendants.

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After the filing of the OA, summons was sent to the Defendant Nos. 1 & 2 through Registered Post with Acknowledgment Due and returned with postal shara “No such person”. Hence, the contents of the summons published in two leading newspapers on 21.05.2023 in English “The New Indian Express” and in Kannada “Kannada Prabha”. When OA was taken up on 12.09.2023 even after giving sufficient time, there was no appearance or representation from the defendants; hence, Defendants No.1 & 2 were placed exparte on 12.09.2023.

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Heard the submissions of Applicant Bank and perused the records.

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To prove the case of the Applicant Bank, Sri. Pramodh Gurumallappa, S/o Sri. Gurumallappa, Manager, has filed his Affidavit by way of evidence and same was considered as evidence of AW.1 and marked as Ex.A1, the list of Document came to be marked as Ex.A2 and documents came to be marked as Ex.A3 to A12. As the defendants remained ex-parte, the OA claim remains unchallenged. There is no contra evidence available on record to repudiate the claim of the Applicant Bank.

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Having regard to the amount advanced, the interest applied,

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4 OA. 835/2022

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the conduct and operations in the account and the default committed, this Tribunal comes to the conclusion that the applicant bank is entitled to a final order on the following terms.

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: O R D E R:

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The OA is allowed with costs,

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a) The applicant bank is allowed to recover from defendants No.1 and 2 jointly and severally a total sum of Rs.95,58,705/- (Rupees Ninety Five Lakhs Fifty Eight Thousand Seven Hundred Five only) as on 10.06.2021 together with current and future interest at the rate of 24.00% p.a. from the date of filing this application to till the date of realization;

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(b) In the event of failure of the defendants to pay the aforesaid amount, the bank is at liberty to recover the amount by sale of the schedule mentioned property in the OA;

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(d) If the sale proceeds of the schedule mentioned mortgaged/hypothecated properties are not sufficient to satisfy the dues as ordered above, the applicant bank is at liberty to sell the personal assets of the defendants (both movable and immovable) to recover the balance dues as required under law;

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5 OA. 835/2022

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(e) The applicant bank shall file the latest memo of calculation of

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OA amount together with interest, costs etc., to be paid by the defendants duly considering the amounts, if any, paid by the defendants and/or amount realized by sale of assets etc., during the intervening

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period after the filing of the OA, enabling the Registry to prepare Recovery Certificate for the amount to be paid by defendants to the applicant bank.

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(f) The applicant bank shall file memo of costs within ten days

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from the date of this final order.

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(g) Recovery Certificate shall be drawn up and issued to the

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Recovery Officer in terms of the final order.

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A copy of this order be communicated to the parties concerned.

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[Dictated to the (PR), transcribed by her, corrected and signed by me on this the 19^th Day of February, of 2024]

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Sd/-

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(S.V. GOWRAMMA) PRESIDING OFFICER DRT-II, BENGALURU

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ANNEXURES

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WITNESSES EXAMINED FOR THE APPLICANT BANK:

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AW-1: Pramodh G, Manager of the applicant bank

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Exhibits on the part of the Applicant:

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Annexure	Particulars
A1	Applicant Evidence
A2	List of Documents
A3	Power of Attorney
A4 & A5	Loan application and sanction letter dated 25.05.2016 & 06.06.2016
A6	FacilityAgreement dated 28.06.2016

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6 OA. 835/2022

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A7	Copyof Agreement of Sale dated 30.05.2016
A8	Copyof the letter dated 28.06.2016
A9	Copyof the disbursal request form
A10	Copy of the loan recall notice dated 23.05.2019 issued to defendant No.1 and 2
A11 & A12	Copy of the foreclosure letter dated 10.06.2021 issued to the defendant Nos. 1 and 2 and statement of accounts

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Witness Examined for the Defendants: -Nil -

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List of Documents Exhibited for the Defendants: -Nil -

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:SCHEDULE ‘ A’ PROPERTY:

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All that piece and parcel of the immovable property bearing converted lands bearing Sy.Nos.29/2, measuring 1 Acre and 10 guntas and Sy.No.30/1 measuring 1 Acre and 24 guntas in all measuring 2 Acres and 34 guntas both situated at Doddagubbi Village, Bidarahalli Hobli, Bengaluru East Taluq Bengaluru and bounded as follow:

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Item No.1 (Sy.No29/2 measuring 2 Acre 10 guntas)

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East by : Property bearing Sy.No.30/2 West by : Property bearing No.29 North by : Laggu Village and Limit of Chikkagubbi/Road South by : Property bearing Sy.No.30/3

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Item No.2 (Sy.No.30/1 measuring 1 Acre and 24 guntas) East by : Property bearing Sy.No.30 West by : Property bearing Sy.No.29/1 North by : Laggu village and limit of Chikkagubbi/Road South by : Property bearing Sy.No.29/3

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:SCHEDULE ‘B’ PROPERTY:

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7 OA. 835/2022

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An undivided share, right, title and interest in schedule A property i.e. 1060.12 Sq.ft., which hereinafter referred to as Schedule B Property.

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:SCHEDULE ‘C’ PROPERTY:

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A Two Bedroom Apartments bearing Nos.B-002 & B-003 in Block B on the Ground floor of the building known as SAMRUDDHI RHYTHM constructed in the schedule A property having super built up area 1285 Sq.ft., each totally measuring 2570 Sq.ft., which is inclusive of the floor, ceiling and walls between the apartments and proportionate share in common areas allocating two car parking space.

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Sd/(S.V. GOWRAMMA) PRESIDING OFFICER DRT-II, BENGALURU

Icici Bank Limited v. Sri. Rahul Gowda

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Sri. Rahul Gowda

Case brief

What is this about?

What did the court decide?

What the court decided

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