Debts Recovery Tribunal allowed the bank's application for recovery of Rs. 18.67 lakhs after deducting ineligible charges, directing payment of principal plus future interest at 9% per annum secured by hypothecated vehicle.
Payment of Rs. 18,67,952/- plus future interest at 9% p.a. secured by hypothecation of vehicle and issuance of Recovery Certificate.
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Presented on : 19.11.2021 Registered on : 11.01.2022 Decided on : 03.09.2024 Duration : Y M D 02 09 14
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 92/2022.
ICICI Bank Limited,
Registered under the Companies Act, 1956, having its registered office at ICICI Bank Ltd., Near Chakli Circle, Old Padra Road, Vadodara 390 007 and branch at – 1194, Ramchandra Sabhamandap, Ghole Road, Shivaji Near, Pune 411 005 and 870/1, Suma House, Bhandarkar Road, Pune 411 005.
.. Applicant
Versus
.. Defendants
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APPEARANCES
| For Applicant | Advocate Satyen Jagtap. |
|---|---|
| For Defendants | Exparte. |
TOTAL CLAIM AMOUNT –Rs.20,38,430/-
JUDGMENT
(Delivered on 03rd September, 2024)
As per the loan application of the defendants, the applicant Bank sanctioned the Term Loan of Rs.31,51,521/- to the defendants vide Sanction Letter dated 31.05.2018 for purchase of Commercial vehicle.
In order to secure the aforesaid loan facility, the defendants executed necessary loan and security documents in favour of the applicant Bank along with deed of hypothecation of Tata LPK 2518 CRE BS-IV HD bearing Registration No. MH12-QG-9522, in favour of the applicant Bank. The defendants have credited amount of Rs.80,000/- in loan account on 21.07.2021.
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Hence, this application is filed.
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application, I find no reason to disbelieve evidence of the applicant Bank. Therefore, the applicant Bank is entitled for reliefs as claimed.
Hence, I pass the following order :-
ORDER
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@9% per annum from the date of filing of the Original Application i.e. 19.11.2021 till full payment/realization of the amount mentioned in this operative order.
(C) The aforesaid adjudicated amount is secured by the hypothecation of Tata LPK 2518 CRE BS-IV HD bearing Registration No. MH-12-QG-9522, more particularly described in the Para No. 5.5 of the Original Application.
(D) The applicant Bank is entitled to sell the hypothecated property to recover its dues.
(F) The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendants.
Place : Pune Date : 03.09.2024
Sd/(Dilip G Murumkar) Presiding Officer Debts Recovery Tribunal, Pune.
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1 issue framed by the court
Whether the bank is entitled to recover the outstanding principal and future interest given default in loan repayment.
1 provisions across 1 enactments
ICICI Bank Limited
Vikas Machhindra Kotwal
Machhindra Baban Kotwal
Dilip G Murumkar
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
