Allowed

Icici Bank Limited v. Sh. Koshinder

DRT6 Jun 2024TA/2928/2022

Case brief

AI extract

What is this about?

The DRT allowed the original application filed by ICICI Bank to recover outstanding dues of approximately Rs. 37.54 lakhs from borrowers and guarantors via an ex-parte order and directed issuance of a recovery certificate.

What did the court decide?

Directing defendants to pay Rs. 37,54,063.32 with interest within 30 days and directing issuance of a recovery certificate for further recovery from asset sale.

Icici Bank Limited versus Sh. Koshinder — Banking and Recovery | DRT (2024)

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T.A. No. 2928 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. 2928 of 2022

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ICICI Bank Limited Block E, Videocon Towers, Jhandewalan Extension New Delhi-110055

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Applicant

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Versus

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Sh.Koshinder s/o Samay Singh (Borrower)

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R/o Village Kambekshpur Derin Badauli Khadar, G.B.Nagar, Near GSV International School, UP-201310

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Sh.Jitendra s/o Atar Singh (Guarantor)

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R/o 27, Sector-150, Gari Samastpur, G.B.Nagar Near ATS Tower, UP-201310 Defendants

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Present: Shri Rakesh Singh, Counsel for the applicant bank

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Date of Institution: 16.10.2019 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 16.10.2019 before DRY-III Delhi &. then transferred to DRT-I Delhi through Shri Arun Chaudhary, authorized representative of the applicant bank under Section 19 of fd-

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T.A. No. 2928 of 2022

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Debts Due to Banks and Financial Institutions Act, 1993 Read with Rule 8 of the Debt Recovery Tribunal (Procedure) Rules 1993 against the defendants for recovery of a sum of Rs.37,54,063.32 (Rupees Thirty Seven Lacs Fifty Four Thousand Sixty Three and Paisa Thirty Two only) as on 09.08.2019 along with pendentelite and future interest @11.55% respectively per annum with monthly rest from the date of filing of the application till the date of realization and costs.

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The brief facts of the case are that at the request of defendants .the applicant bank sanctioned vehicle loan of Rs.35,81,554/- and disbursed Rs.34,46,000.02 (Rupees Thirty Four Lacs Forty Six Thousand & Two paisa only) @11.55% per annum to the dealer M/s Pasco Motors LLP on 30.11.2018 to be repayable in 47 equated monthly installments of Rs.95,125/- to purchase commercial vehicle namely "TATA LPK 3118" having Registration No.UP-16FT-7509. The defendants further agreed to pay penal interest @24% p.a. on the outstanding equated monthly installments amount and applicant bank entitled to take possession of commercial vehicle purchased.

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That in order to avail the loan facility, the defendants submitted application and executed Credit Facility Application Form along with Terms and Conditions, Unattested Deed of Hypothecation, Irrevocable Power of Attorney and Deed of Guarantee by defendant no.2 on 27.11.2018 in favour of applicant bank.

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That in order to secure the loan facility, the defendants I hypothecated the commercial vehicles namely "TATA LPK

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T.A. No. 2928 of 2022

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3118" having Registration No.UP-16FT-7509 in favour of applicant bank and agreed for takeover the possession of vehicle by applicant bank in case of unpaid installments.

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It has been submitted by the applicant bank that after availing loan facilities, the defendants failed to comply with the terms and conditions despite several requests and reminders failed to pay the outstanding dues and make the vehicles available for inspection by the applicant bank. The applicant bank terminated the agreement and issued recall notice dated 24.06.2019 to adjust the outstanding amount along with interest and handover the possession of commercial vehicle but defendants 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 defendants and despite proper service, the defendants have chosen to absent from the proceedings. As per order dated 14.06.2022, the defendants have been proceeded ex-parte as they have failed to file written statement, evidence and affidavit of assets.

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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 proved the documents as Power of Attorney Ex.AW1/A, Credit Facility Application Form along with Terms & Conditions of the Loan Ex-AW1/B, Unattested Deed of Hypothecation Ex.AW1/C, Irrevocable Power of Attorney Ex.AW1/D, Deed of Guarantee Ex.AW1/E, Recall Notice Ex.AW1/F, Receipt Ex.AW1/G, Statement of Account Ex.AW1/H.

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T.A. No. 2928 of 2022

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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, allow this OA and direct the defendants to pay to the applicant bank, jointly or severally, within a period of 30 days, a sum of Rs.37,54,063.32 (Rupees Thirty Seven Lacs Fifty Four Thousand Sixty Three and Paisa Thirty Two only) as on 09.08.2019 along with pendentelite and future interest @11.55% per annum with monthly rests from date of filing of this OA along and costs failing which the aforesaid amount shall be recovered from sale of hypothecated commercial vehicle namely "TATA LPK 3118" having Registration No.UP-16FT-7509. In case of shortfall, the same shall be recovered from the sale of movable and immovable assets of the defendants.

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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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T.A. No. 2928 of 2022

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(III) Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 06.08.2024.

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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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" 6-1=3Vae.

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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

Icici Bank Limited v. Sh. Koshinder

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Sh. Koshinder

Case brief

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What did the court decide?

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