Allowed

Icici Bank Limited v. Sh. Lakhwinder Singh and Others

DRT31 Oct 2025OA/1025/2025

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the bank's application for recovery of a loan of Rs. 95.78 Lacs. The court adjusted the interest rate to 8% p.a. and authorized recovery via sale of mortgaged properties or attachment of personal assets.

What did the court decide?

Recovery of Rs. 95,78,838.81 plus 8% simple interest; recovery certificate issued; liberty to enforce against mortgaged and personal assets.

Icici Bank Limited versus Sh. Lakhwinder Singh and… — Contract and Commercial Disputes | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1025/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 19.07.2025

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DATE OF DECISION: 31.10.2025

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ICICI Bank Ltd., a body corporate incorporated under the Companies Act, 1956 and bank within the meaning of the Banking Regulations Act, 1949 and having its registered office at ICICI Bank Towers, Near Chakli Circle, Old Padra Road, Vadodara, Gujarat-390007, and having branches allover India and one of its branch offices situated at ICICI Bank Ltd., Dharamkot, District Moga, Punjab through its Authorized Signatory Sh. Jatinder Mishra.

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……..Applicant

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Versus

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Sh. Lakhwinder Singh S/o Sh. Chattar Singh, R/o Village Ijat Wala, Dharamkot, District Moga, Punjab.

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Sh. Joginder Singh S/o Sh. Chattar Singh, R/o Village Ijat Wala, Dharamkot, District Moga, Punjab.

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Smt. Jasvir Kaur W/o Sh. Lakhwinder Singh, R/o Village Ijat Wala, Dharamkot, District Moga, Punjab.

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Smt. Jaspreet Kaur W/o Sh. Joginder Singh, R/o Village Ijat Wala, Dharamkot, District Moga, Punjab

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………. Defendants

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Advocates:

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Argued by Sh.Gurnam Singh, Advocate proxy for Sh. Rajiv Sharma, Advocate for Applicant

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Defendants already ex parte

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, against the defendants for recovery of Rs.95,78,838.81p (Rupees Ninety Five Lacs Seventy Eight Thousand Eight Hundred Thirty Eight &

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OA NO. 1025/2025 ICICI BANK LTD. VS SH. LAKHWINDER SINGH AND OTHERS

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Eighty One Paise Only). The Original Application has been filed through Sh. Jatinder Mishra, Authorized Signatory 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.

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The brief facts of the OA are that the defendants had approached the applicant for grant of Credit Facility of Rs.99.00 Lacs vide Loan Application dated 10.07.2023, which is Annexure A2 to this OA.

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The applicant sanctioned the KCC Limit of Rs. 79.95 Lacs & Agriculture Term Loan of Rs.11.70 Lacs vide Sanction letter dated 19.07.2023, which is Annexure A3 to this OA and terms and conditions duly accepted by the defendants.

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Defendants had mortgaged their immovable properties i.e. Land measuring 224Kanal-00Marla detailed as under: -

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(a) Land Measuring 167Kanal-15Marla situated at Village Roshan Wala, Hadbast No. 273, Tehsil Dharamkot, District Moga, Punjab.

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(b) Land Measuring 56Kanal-05Marla situated at Village Izzat Wala, Hadbast No. 271, Tehsil Dharamkot, District Moga, Punjab

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vide Declaration U/s 4(1) dated 04.08.2023, along with letter to Sub-

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Registrar for creation of charge, which is Annexure A5 to this OA.

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Documents executed : -Hypothecation deed dated 25.07.2023, which is Annexure A4 to this OA; Loan recall notice dated 12.08.2024 along with dispatched proof, which is Annexure A6 to this OA and Statement of Account along with Banker’s Book Evidence, which is Annexure A7 to this OA.

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The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs.95,78,838.81p, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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OA NO. 1025/2025 ICICI BANK LTD. VS SH. LAKHWINDER SINGH AND OTHERS

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The defendants were served notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte on 23.09.2025.

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In support of the OA, affidavit of Sh. Jatinder Mishra, Authorized Signatory, ICICI Bank Ltd., has been filed.

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Heard ex-parte arguments and perused record.

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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 Annexures A1 to A7 to this OA, it is proved that the defendants approached applicant for availing of the loan facility which was granted to them and for that they had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.95,78,838.81p (Rupees Ninety Five Lacs Seventy Eight Thousand Eight Hundred Thirty Eight & Eighty One Paise Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account.

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In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @10.75% p.a. with half yearly rests from 01.05.2025 till the realization.

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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 properties, undertaking of the defendants, quantum of loan 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

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OA NO. 1025/2025 ICICI BANK LTD. VS SH. LAKHWINDER SINGH AND OTHERS

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just and appropriate to grant uniform simple interest @08.00%p.a. in the loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly. 11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.95,78,838.81p (Rupees Ninety Five Lacs Seventy Eight Thousand Eight Hundred Thirty Eight & Eighty One Paise Only) jointly and severally, with costs, current and future simple interest @08.00%p.a. in the loan account from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated/mortgaged properties of the defendants in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the applicant still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendants. 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 11.11.2025. 15. Copy of this order be given dasti to the applicant and be sent to defendants 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: 31.10.2025

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(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. Sh. Lakhwinder Singh and Others

Case brief

What is this about?

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Icici Bank Limited v. Sh. Lakhwinder Singh and Others

Case brief

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