Allowed

Icici Bank Limited v. Sh. Darshan Singh

DRT21 Feb 2025OA/1032/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an application filed by ICICI Bank for recovery of a loan amounting to Rs.33,06,666.92 with interest, as the defendants failed to appear despite service of summons and the bank proved the loan and default.

What did the court decide?

Recovery of Rs.33,06,666.92 with interest @11.50% per annum with half-yearly rests from 27.05.2022 is allowed; recovery certificate issued.

Icici Bank Limited versus Sh. Darshan Singh — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 1032 of 2022 Date of Institution: 27.05.2022 Date of Decision: 21.02.2025

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ICICI Bank Limited, having its branches all over India and a branch at Village Sadar Dinwala, Tehsil and District Ferozepur, Punjab.

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……..Applicant

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Vs.

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Sh. Darshan Singh s/o Sh. Baga Singh, Village Karma, Tehsil and District Ferozepur, Punjab.

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Sh. Gurjant Singh s/o Sh. Darshan Singh, Village Karma, Tehsil and District Ferozepur, Punjab.

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Sh. Gurinder Singh s/o Sh. Darshan Singh, Village Karma, Tehsil and District Ferozepur, Punjab.

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Sh. Joginder Singh s/o Sh. Amar Singh, Sadar Dinwala, Tehsil and District Ferozepur, Punjab.

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……….Defendants

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Advocates

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Sh.Himendra Pal Singh,Counsel for the applicant bank. Defendants- ex parte .

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OA for the Recovery of Rs.33,06,666.92p with interest @11.50% per annum with half-yearly rests from 27.05.2022.

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ORDER

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ICICI Bank Limited, (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.33,06,666.92p with interest against Sh. Darshan Singh and others (defendants).

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Bank’s case is that on 21.12.2017, it had granted a loan of Rs.28.00 Lacs to defendant Nos.1 to 3 in the form of K.C.C. Limit, for agricultural purpose. To secure the loan, Defendant Nos. 1 to 3 had mortgaged their properties (fully detailed in para No.3A of the application). Defendant No.4 stood as guarantor. The loan was

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chargeable to interest @11.50% per annum with half-yearly rests. On 10.12.2021, a sum of Rs.33,06,666.92p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 14.06.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 29.02.2024, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Parveen Kumar, Authorized Officer along with the loan and security documents and marked them as Exhibit A-1 to A-10.

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I have perused the evidence on the record. I am of the considered view that the Bank has proved its case that it had advanced the loan of Rs.28.00 Lacs and on 10.12.2021, a sum of Rs.33,06,666.92p was due. 6. Accordingly, the application of the bank for the recovery of Rs.33,06,666.92p (Rupees Thirty Three Lacs Six Thousand Six Hundred Sixty Six and Ninety Two Paise Only) with interest @11.50% per annum with half-yearly rests from 27.05.2022, till the date of payment is hereby allowed with costs. The liability of all the defendants would be joint and several. Bank can recover its dues by the sale of mortgaged land fully detailed in para No.3A) of the application as well as from the personal movable and immovable property(ies) of the defendants.

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Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 24.03.2025, who is directed to distribute the sale proceeds of the

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mortgage land and standing crops as per the provisions of Section 19(20AB) of the Act .

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A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties. Pronounced in the open Court. (A S Narang) Dated: 21.02.2025 Presiding Officer DRT-1, Chandigarh

Icici Bank Limited v. Sh. Darshan Singh

Case brief

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Icici Bank Limited v. Sh. Darshan Singh

Case brief

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