Allowed

Icici Bank Limited v. Sh. Gurpreet Singh

DRT18 Oct 2025OA/1020/2025

Case brief

AI extract

What is this about?

The DRT allowed the bank's application for recovery of a loan defaulting by the defendant. Relief included an adjusted uniform simple interest rate and authorization for recovery sale of hypothecated and personal assets.

What did the court decide?

Recovery of Rs. 28,39,130 plus costs and uniform simple interest @8% p.a.; recovery via sale of vehicle or attachment of personal assets; Issuance of Recovery Certificate.

Icici Bank Limited versus Sh. Gurpreet Singh — Insolvency and Bankruptcy | DRT (2025)

¶1

DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

¶2

ORIGINAL APPLICATION NO.1020/2025

¶3

PRESIDED OVER BY MRIDULESH KUMAR SINGH

¶4

DATE OF INSTITUTION: 24.07.2025

¶5

DATE OF DECISION: 18.10.2025

¶6

ICICI Bank Ltd. having its registered office at Near Chakli Circle, Old Padra Road, Vadodara, 390007, Gujarat Inter Alia having a bank branch at Kharar, Distt. S.A.S. Nagar, Mohali, Punjab, through its Attorney/Authorized Representative Sh. Jatinder Mishra, Manager.

¶7

……..Applicant

¶8

Versus

¶9

Sh. Gurpreet Singh S/o Sh. Mehar Singh R/o Lakhmipur, Rangilpur, Tehsil and Distt. Rupnagar-140108.

¶10

………. Defendant

¶11

Advocates:

¶12

Argued by Sh. Sumeet Sehgal, Advocate proxy for Sh. J.S. Sehgal, Advocate for the applicant

¶13

Defendant is ex-parte

¶14

FINAL ORDER

¶15

Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, against the defendant for recovery of Rs. 28,39,130.00 (Rupees Twenty Eight Lacs Thirty Nine Thousand One Hundred and Thirty Only). The Original Application has been filed through Sh. Jatinder Mishra, Manager of the applicant, who is competent to institute the Original Application vide Power of Attorney dated 08.01.2025, which is Annexure A1 to this OA.

¶16

The brief facts of the OA are that the defendant had approached the applicant for the grant of Vehicle Loan of Rs. 32.00 Lacs vide Preliminary Credit Facility Application form and Credit Facility Application form dated 04.08.2021, which are Annexures A2 & A3 to this OA. Thereafter, the defendant again approached the applicant for grant of another loan i.e. Personal Loan of Rs. 16.00 Lacs vide vide

¶17

¶18

OA NO. 1020/2025 ICICI BANK VS SH. GURPREET SINGH

¶19

Preliminary Credit Facility Application form and Credit Facility Application form dated 14.03.2024, which are Annexures A6 & A7 to this OA.

¶20

The applicant sanctioned Vehicle Loan of Rs. 32.00 Lacs and thereafter, Personal Loan of Rs. 16.00 Lacs and the terms and conditions were duly accepted by the defendant. 4. Defendant had hypothecated his movable properties i.e. Vehicle namely LIMOUSINE A 200 bearing Registration no. CH-01-CA-3737, Engine no. 28291430371073, and Chassis no. W1K1771876L000298 vide Deed of Hypothecation dated 04.08.2021, which is Annexure A4 to this OA; Form of Particulars of vehicle which is Annexure A5 to this OA.

¶21

Documents executed: - Statement of accounts and foreclosure statement which are Annexures A8 to A11 to this OA and Notice dated 31.05.2025 & Postal Receipts which are Annexures A12 & A13 to this OA.

¶22

The loans accounts became irregular and were classified as NPA and after adjusting debit and credit entries in loans accounts there was a debit of Rs. 28,39,130.00, which is recoverable and the defendant was served recall notices but he did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly. 6. The defendant was served notices to appear before this Tribunal but no one appeared on behalf of defendant and he was proceeded exparte on 22.09.2025. 7. In support of the OA, affidavit of Sh. Jatinder Mishra, Manager, ICICI Bank Ltd. h as been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned proxy counsel that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the

¶23

¶24

OA NO. 1020/2025 ICICI BANK VS SH. GURPREET SINGH

¶25

Annexures A1 to A13 to this OA, it is proved that the defendant approached applicant for availing of the loans facilities which were granted to him and for that he had executed all the relevant documents in favour of the bank. The defendant failed to pay back the loans as per terms and conditions of the agreement between the parties. Subsequently, accounts of the defendant were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs. 28,39,130.00 (Rupees Twenty Eight Lacs Thirty Nine Thousand One Hundred and Thirty Only) along with interest from the defendant, from the date of filing of the present Original Application till realization of the accounts.

¶26

In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @9.35% p.a. for Vehicle Loan and @14.50%p.a. for Personal Loan with monthly rests from 12.06.2025 till the realization.

¶27

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/hypothecated assets, undertaking of the defendant, quantum of loans 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 both the loan accounts from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.

¶28

In the result, the application is allowed declaring that the defendant is liable to pay to the applicant a total sum of Rs. 28,39,130.00 (Rupees Twenty Eight Lacs Thirty Nine Thousand One Hundred and Thirty Only) with costs, current and future simple interest @08.00%p.a. in both the loan accounts from the date of filing of OA

¶29

¶30

OA NO. 1020/2025 ICICI BANK VS SH. GURPREET SINGH

¶31

till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated vehicle of the defendant 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 defendant. 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 30.10.2025. 15. Copy of this order be given dasti to the applicant and be sent to defendant 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: 18.10.2025.

¶32

(MRIDULESH KUMAR SINGH)

¶33

Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. Sh. Gurpreet Singh

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Sh. Gurpreet Singh

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Omkara Assets Reconstruction Pvt. Ltd. versus M/S Ludhiana Kolkata Transport Co. and Others

Hdfc Bank Limited versus Sh. Sukhminder Singh Rattan

Union Bank of India versus Sh. Lakhbir Khan

Axis Bank Ltd. versus Shree Mahavir Ji Creation and Others

Icici Bank Limited versus Gujri Industries International Pvt. Ltd. and Another

Icici Bank Limited versus Messrs Jai Mata Durga Transport Co. and Another