Allowed

Icici Bank Limited v. M/S Shree Guru Nanak Traders and Others

DRT24 Jul 2025OA/1059/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the bank's original application for recovery of Rs 65,08,687.53, directing the defendants to pay jointly and severally with 8% simple interest. The recovery can be enforced through sale of mortgaged properties or attachment of personal assets.

What did the court decide?

Recovery of Rs 65,08,687.53 with 8% simple interest; applicant authorized to recover via sale of properties or attachment of assets.

Icici Bank Limited versus M/S Shree Guru Nanak Traders and… — Execution and Attachment | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1059/2024

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 02.08.2024

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DATE OF DECISION: 24.07.2025

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ICICI Bank Ltd. a Body Corporate, incorporated under the Companies Act, 1956 and Bank within the meaning of the Banking Regulation Act, 1949 and having its registered office at ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara-390007 and its corporate office at ICICI Bank Towers, Bandra Kurla Complex, Mumbai-400051 and having branches all over India and one of its branch offices situated at 1^st Floor, Near N.K. Sharma Office, Chandigarh Ambala National Highway, Zirakpur, District S.A.S. Nagar, Punjab, through its Authorized Signatory, Sh. Mohd Vajid.

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……..Applicant

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Versus

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M/s Shree Guru Nanak Traders, Through its partners, New Dana Mandi, Hoshiarpur Road, Phagwara, District Kapurthala, Punjab144401.

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Sh. Swaran Singh S/o Sh. Sardara Singh, Partner M/s Shree Guru Nanak Traders, R/o Village Salarpur, Post Office Raipur, Tehsil and District Jalandhar, Punjab-144402.

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Smt. Surjit Kaur W/o Sh. Harjinder Singh, Partner M/s Shree Guru Nanak Traders, R/o Village Salarpur, Post Office Raipur, Tehsil and District Jalandhar, Punjab-144402.

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Smt. Manjit Kaur W/o Sh. Davinder Singh, Partner M/s Shree Guru Nanak Traders, R/o Village Salarpur, Post Office Raipur, Tehsil and District Jalandhar, Punjab-144402.

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Sh. Davinder Singh S/o Sh. Swaran Singh, R/o Village Salarpur, Post Office Raipur, Tehsil and District Jalandhar, Punjab-144402. ….……Defendants

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2 OA NO.1059/2024 ICICI BANK LIMITED Vs. M/S SHREE GURU NANAK TRADERS AND OTHERS

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Advocates:

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Argued by Sh. Manav Singal, Advocate for Applicant

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Defendants are 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.65,08,687.53p (Rupees Sixty Five Lacs Eight Thousand Six Hundred Eighty Seven and Paise Fifty Three Only). The Original Application has been filed through Sh. Mohd Vajid, Authorized Signatory o f the applicant, who is competent to institute the Original Application vide General Power of Attorney dated 18.09.2019, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendant no.1 through its Partners was availing the overdraft facility from the applicant Rs.69.50 Lacs. 3. The applicant sanctioned the Overdraft Facility of Rs.69.50 Lacs which was last renewed by the applicant vide intimation letter dated 22.11.2018, which is Annexure A5 to this OA and the terms and conditions were duly accepted by the defendants vide Partnership authority letter and confirmation dated 22.11.2018, which is Annexure A4 to this OA. 4. Defendant No. 2 had mortgaged his immovable property i.e. House measuring 40 Marla Situated at Village Salarpur, Tehsil and District Jalandhar, Punjab, vide equitable Mortgage of Transfer Deed bearing vasika no. 4764 dated 09.08.2017, along with its translations, which is Annexure A7 to this OA and Annexure VII-B i.e. Declaration in respect of mortgage dated 11.09.2017, which is Annexure A8 to this OA. Documents executed: Dissolution Deed dated 31.03.2018, which is Annexure A2 to this OA; Partnership Deed, dated 01.04.2018, which

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3 OA NO.1059/2024 ICICI BANK LIMITED Vs. M/S SHREE GURU NANAK TRADERS AND OTHERS

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is Annexure A3 to this OA; Deed of guarantee, all dated 22.11.2018, which is Annexure A6 to this OA; Loan Recall Notice dated 03.05.2024, which is Annexure A9 to this OA and Statement of accounts, which is Annexure A10 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 Rs.65,08,687.53p, 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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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 25.04.2025.

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In support of the OA, affidavit of Sh. Mohd Vajid, Authorized Signatory, ICICI Bank Ltd. h as been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned 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 A10 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 applicant. 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.65,08,687.53p (Rupees Sixty Five Lacs Eight Thousand Six Hundred Eighty Seven and Paise Fifty Three Only) along with interest from the defendants, jointly and

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4 OA NO.1059/2024 ICICI BANK LIMITED Vs. M/S SHREE GURU NANAK TRADERS AND OTHERS

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severally, from the date of filing of the present Original Application till realization of the account.

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In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @11.70%p.a. with monthly rests from 19.06.2024 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 property, 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 just and appropriate to grant uniform simple interest @8.00%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.

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.65,08,687.53p (Rupees Sixty Five Lacs Eight Thousand Six Hundred Eighty Seven and Paise Fifty Three Only) jointly and severally, with costs, current and future simple interest @8.00%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.

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Any other application pending stands disposed of.

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Issue Recovery Certificate accordingly.

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5 OA NO.1059/2024 ICICI BANK LIMITED Vs. M/S SHREE GURU NANAK TRADERS AND OTHERS

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Parties to appear before Learned Recovery Officer of this Tribunal on 29.08.2025.

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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.

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Pronounced by me in the open Tribunal .

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Dated: 24.07.2025

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(MRIDULESH KUMAR SINGH)

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Presiding Officer,

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DRT-III, Chandigarh

Icici Bank Limited v. M/S Shree Guru Nanak Traders and Others

Case brief

What is this about?

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Icici Bank Limited v. M/S Shree Guru Nanak Traders and Others

Case brief

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