Debts Recovery Tribunal allowed the applicant's application for recovery of an overdraft amount from the defendants. The tribunal granted a recovery certificate and fixed the interest rate at 8% per annum from the date of filing.
Recovery of Rs. 1,26,67,421.98p with 8% p.a. interest; Recovery Certificate issued.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.864/2024
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 28.06.2024
DATE OF DECISION: 11.11.2024
ICICI Bank Ltd. a Body Corporate, incorporated under the Companies Act, 1956 and Bank within the meaning of the Banking Regulation Act,1949 and having its registered office at Near Chakli Circle, Old Padra Road, Vadodara-390007, and its Corporate Office at 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, District SAS Nagar, Punjab through its authorized signatory, Sh. Mohd Vajid.
Versus
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………. Defendants
Advocates:
Argued by Sh. Rahul Garg, Advocate for the applicant Defendants are ex-parte
FINAL ORDER
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Pabhat, Near Choice Resort, Chandigarh-Ambala Road, Zirakpur, District SAS Nagar, Punjab vide Sale Deed bearing sale deed no.5534 and VII-B Declaration both dated 29.11.2022, which are Annexures A7 & A8 to this OA.
Documents executed:- Partnership Authority Letter and Confirmation, Facility Agreement, Deed of Hypothecation, Deed of Guarantee all dated 10.10.2022, which are Annexures A3 to A6 to this OA; Recall Notice dated 11.03.2024 with postal receipts, which is Annexure A9 to this OA And Statement of Account with certificate, which is Annexure A10 to this OA.
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the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.1,26,67,421.98p (Rupees One Crore Twenty Six Lac Sixty Seven Thousand Four Hundred & Twenty One and Ninety Eight Paise only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account.
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 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 the loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly. 11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.1,26,67,421.98p (Rupees One Crore Twenty Six Lac Sixty Seven Thousand Four Hundred & Twenty One and Ninety Eight Paise only) jointly and severally, with costs, current and future simple interest @08.00%p.a. in the loan account from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated/mortgaged properties of the defendants in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the
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defendants. The applicant is at liberty to enforce the claim through due process of law. 12. Any other application pending stands disposed of. 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 03.12.2024 15. Copy of this order be given dasti to the applicant and be sent to defendants through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned.
Pronounced by me in the open Tribunal . Dated: 11.11.2024
(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 along with interest from the defendants.
Whether the rate of interest claimed by the applicant is appropriate in the light of current market rates.
3 provisions across 1 enactments
ICICI Bank Ltd.
M/s Himachal Salt Suppliers
Smt. Chander Kanta Arora
Sh. Ashok Arora
Sh. Narinder Arora
Smt. Anu Arora
Mridulesh Kumar Singh
As recorded by the court registry
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