Allowed

Icici Bank Limited v. Suresafe Movers Ltd.

DRT6 Jun 2024TA/2763/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application by ICICI Bank Limited for recovery of dues amounting to Rs. 14,22,709.54 from Suresafe Movers Ltd. along with interest and costs, directing recovery from hypothecated vehicles.

What did the court decide?

Recovery of Rs.14,22,709.54 plus interest and costs; issuance of recovery certificate for recovery from sale of hypothecated vehicles and defendant's assets.

Icici Bank Limited versus Suresafe Movers Ltd. — Banking and Recovery | DRT (2024)

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T.A. No.2763 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. 2763 of 2022

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ICICI Bank Limited

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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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Suresafe Movers Ltd. Through its director Sh.Aditya Vikram Arya (Borrower)

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R/o Plot No.54B, 1st Floor

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Sector-18, Gurgaon, Haryana-122001

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Also at:

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Unit No.140, Tower-B Third Floor, Spaze Itech Park Sector-9, Sohna Road Gurgaon — 122018 Defendant

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Present: Shri Rakesh Singh, Counsel for the applicant bank

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Date of Institution: 28.06.2019

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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 28.06.2019 before DRT-III Delhi & then transferred to DRT-I Delhi through Shri Arun Chaudhary, authorized representative of the applicant bank under Section 19 of the Debts Due to Banks and Financial Institutions Act, 1993 read

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T.A. No.2763 of 2022

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with Rule 8 of Debt Recovery Tribunal (Procedure) against the defendant for recovery of a sum of Rs.14,22,709.54 (Rupees Fourteen Lacs Twenty Two Thousand Seven Hundred Nine and Paisa Fifty Four only) as on 02.02.2019 out of which Car Loan of Rs.4,97,754.32 for Mercedez Benz car and second Car loan of Rs.9,24,955.22 for Creta car along with pendentelite and future interest @12.75% & ©9.35% per annum respectively with monthly rest from date of filing of this application till the date of realization and costs.

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The brief facts of the case are that at the request of defendant, the applicant bank sanctioned Car loan of Rs.10.70 Lacs (Rupees Ten Lacs Seventy Thousand Only) under loan-cum-hypothecation scheme for purchase of Mercedes Benz / C250 CDI Car and disbursed the amount to New Auto Home Financial Solutions on 29.02.2016 to be repayable in 48 EMI of Rs.28,572/- ©12.75% interest per annum. On the request of defendant, another car loan of Rs.12,96,950/- was sanctioned on 28.10.2016 in order to purchase Hyundai Creta/CRDI 1.6SX car and disbursed the amount to Himgiri Auto India Pvt.Ltd. to be repayable in 60 EMI of Rs.27,144/- ©9.35% interest. The defendant further agreed to pay penal interest @24% p.a. on the outstanding equated monthly installments amount and applicant bank entitled to take possession of vehicles in case of default in making payments of installments having Registration No. HR70B-4472 & HR-26Z-7946.

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That in order to avail the said Car loan facilities, the defendant executed Credit Facility Applications along with Terms and Conditions of the Loan, Unattested Deeds of Hypothecation and Irrevocable Power of Attorney on

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T.A. No.2763 of 2022

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25.02.2016 and 18.10.2016 in favour of applicant bank for both the loans availed.

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That in order to secure the loan facility, the defendant hypothecated the commercial vehicle namely "Mercedes Benz/C 250 CDI and Hyundai Creta/CRDI 1.6 SX in favour of applicant bank having Registration No. HR-70B-4472 and HR-26Z-7946 duly registered with transport authorities.

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It has been submitted by the applicant bank that after availing the aforesaid loan facilities, the defendant failed to comply with the terms and conditions and despite several request and reminders failed to pay the outstanding dues, installments and failed to make the vehicle available for inspection in consonance with the agreement entered with the applicant bank. The applicant bank terminated the agreements and recall the loan through legal notice dated 19.10.2018 to adjust the outstanding amount along with interest and handover the possession of vehicles to applicant bank but defendant did not replied and failed to comply the notice issued. Hence, the applicant bank has approached this Tribunal for recovery of their dues.

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Notices of this O.A. were issued to the defendant and despite proper service, the defendant has chosen to absent from the proceedings. As per order dated 15.02.2024, the defendant has been proceeded ex-parte as not appeared before the Tribunal and even no written statement, evidence and affidavit of assets have been filed by the defendant.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Arun Chaudhary,^{; authorized representative of the applicant bank who has} i

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.Set

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T.A. No.2763 of 2022

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proved the documents as Power of Attorney Ex-AW1/1, Credit Facility Application along with terms and conditions of the loan Ex-AW1/2 & 2A, Unattested Deeds of Hypothecation ExAW1/3 & 3A, Irrevocable Power of Attorney Ex-AW1/4 & 4A, Recall Notice Ex-AW1/5, Postal Receipts Ex-AW1/6, Statement of Account Ex-AW1/7 (Colly).

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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 and documents on record, the Original Application deserves to be allowed.

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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 a period of 30 days, a sum of Rs.14,22,709.54 (Rupees Fourteen Lacs Twenty Two Thousand Seven Hundred Nine and Paisa Fifty Four only) as on 02.02.2019 out of which Rs.4,97,754.32 for Mercedez Benz Car @12.75% interest with pendentelite and future interest and Rs.9,24,955.22 for Creta car ©9.35% interest per annum along with pendentelite and future interest with monthly rests from date of filing of this application and costs

Sat

T.A. No.2763 of 2022

failing which the aforesaid amount shall be recovered from sale of both the hypothecated vehicles namely Mercedes Benz/C 250 CDI & Hyundai Creta/CRDI 1.6 SX having Registration No. HR-70B-4472 & HR-26Z-7946. In case of shortfall the same shall be recovered from the sale of movable and immovable assets of the defendant.

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

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(III) Parties are directed to appear before the 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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1A-f (GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 06.06.2024

Icici Bank Limited v. Suresafe Movers Ltd.

Case brief

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Icici Bank Limited v. Suresafe Movers Ltd.

Case brief

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