Allowed

Icici Bank Limited v. Tkb Educational Initiatives Pvt. Ltd.

DRT6 Jun 2024TA/2612/2022

Case brief

AI extract

What is this about?

In an original application filed under Section 19 of the RDBFI Act, the Debts Recovery Tribunal allowed the bank's suit for recovery of outstanding dues, interest, and costs against a borrower who failed to appear, directing recovery from the pledged vehicle or other properties.

What did the court decide?

The defendant directed to pay Rs.80,28,265.54 with interest and costs within 30 days; Recovery Certificate issued; Recovery from hypothecated vehicle or other properties.

Icici Bank Limited versus Tkb Educational Initiatives Pvt. Ltd. — Banking and Recovery | DRT (2024)

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T.A. No. 2612 of 2022

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Debts Recovery Tribunal-I, Delhi 4th floor, Jeevan Tara Building, Parliament Street, New Delhi

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Presiding Officer: Shri Govind Ballabh Sharma

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T.A. No. 2612 of 2022

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ICICI Bank Ltd.

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E Block, Videocon Tower Jhandewalan Extension New Delhi-110055

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Applicant

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Versus

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TKB Educational Initiatives Pvt.Ltd. Through its director Sh.Amit Rana, Borrower 409, Sainik Vihar Pitampura, Delhi-110034

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Also at:

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B-8/24, Vasant Vihar New Delhi-110067

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Defendant

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Present: Shri Rakesh Singh, Counsel for the applicant bank

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Date of Institution: 22.05.2020 Date of Pronouncement: 06.06.2024

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FINAL ORDER

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This original application has been filed by the applicant bank on 22.05.2020 through Shri Dinesh Sharma, authorized representative of the applicant bank under Section 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 against the defendant for recovery of a sum of Rs.80,28,265.54 (Rupees Eighty Lacs Twenty Eight Thousand

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T.A. No. 2612 of 2022

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Two Hundred Sixty Five and Paisa Fifty Four Only) as on 02.01.2020 & 18.01.2020, out of which Rs.68,76,948.58 in Car Loan account and Rs.11,51,316.96 in second loan account together with pendentelite and future interest @8.25% and @14% per annum from the date of filing of this application till realization of dues along with costs.

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The brief facts of the case are that on the request of defendant, the applicant bank sanctioned and disbursed the Car Loan facility of Rs.1,22,35,548/- (Rupees One Crore Twenty Two Lacs Thirty Five Thousand Five Hundred Forty Eight Only) on 19.09.2017 @8.25% rate of interest repayable in 48 EMI of Rs.3,00,310/- to Silver Arrow Automobiles P.Ltd. and another loan of Rs.14.60 lacs to be repayable in 36 EMI of Rs.49,938/- @14% interest per annum against security of hypothecation of Mercedez Benz / C Class car bearing Registration no.HR-26DH-0027. The defendant agreed to pay penal interest @24% per annum in case any installment is delayed.

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In order to avail the said loan facilities, the defendant executed Credit Facility Application along with terms and conditions of the Loan, Unattested deed of Hypothecation, Irrevocable Power of Attorney dated 08.09.2017 and 26.09.2018.

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It has been submitted by the applicant that after availing the aforesaid loan facility, the defendant failed to comply with the terms and conditions and despite several request and reminders, the defendant failed to regularize the loan account and failed to make the vehicle available for inspection with applicant Bank. The applicant bank issued Loan Recall cum demand notice on 26.09.2019 AND

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T.A. No. 2612 of 2022

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19.12.2019 calling upon the defendant to pay the entire outstanding dues with interest to the applicant bank but the defendant did not clear the dues of the applicant bank.

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Notices of this O.A. were issued to the defendant and despite proper service including publication in newspaper, the defendant has chosen to absent from the proceedings. As per order dated 02.02.2024, the defendant has been proceeded ex-parte as not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Dinesh Sharma, authorized representative of the applicant bank who has proved the documents as Power of Attorney Ex-AW1/A, Credit Facility Application along with Terms and Conditions of the Loan Ex-AW1/B, Unattested Deed of Hypothecation ExAW1/C, Irrevocable Power of Attorney Ex-AW1/D, Loan Recall Notice Ex-AW1/E, Receipts Ex-AW1/F, Statement of Account Ex-AW1/G.

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The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly proved.

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The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.

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In the light of the above discussions, the Original Application deserves to be allowed.

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sct

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T.A. No. 2612 of 2022

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ORDER

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(I) I, allow this OA and direct the defendant to pay to the applicant bank within 30 days, a sum of Rs.80,28,265.54 (Rupees Eighty Lacs Twenty Eight Thousand Two Hundred Sixty Five and Paisa Fifty Four Only) as on 02.01.2020 & 18.01.2020, out of which Rs.68,76,948.58 in Car Loan account @8.25% interest per annum from 02.01.2020 and Rs.11,51,316.96 in second loan account @14.00% interest per annum from 18.01.2020 till the date of realization along with costs failing which the aforesaid amount shall be recovered from sale of Mercedes Benz/C Class Car having Registration No. HR-26DH-0027. In case of shortfall, amount be recovered from sale of moveable and immovable properties of the defendant.

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(II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

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(III) Parties are directed to appear before Recovery Officer, DRT I, Delhi on 05.08.2024.

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(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

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Sot 7 -5 1,73-0 - " -2 -ui

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(GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 06.06.2024

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Icici Bank Limited v. Tkb Educational Initiatives Pvt. Ltd.

Case brief

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Icici Bank Limited v. Tkb Educational Initiatives Pvt. Ltd.

Case brief

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