Allowed

Icici Bank Limited v. Sri.Anil Kumar

DRT19 Jun 2025OA/1060/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an application for recovery certificate. Defendants were absent. Tribunal found loan default proved and allowed recovery of principal with future interest at agreed rate, declining penal interest.

What did the court decide?

Recovery certificate issued for Rs. 52,56,232.37 with pendente lite and future interest of 8.40% p.a. simple; recovery allowed against schedule properties and personal assets.

Icici Bank Limited versus Sri.Anil Kumar — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL II, BENGALURU

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Dated this 19^th Day of June, 2025

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Present: Sri. T. RAJESH Presiding Officer OA.No.1060/2023

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BETWEEN:

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ICICI Bank Limited, Bommanahalli Branch Office at ICICI Bank Ltd, 4/10, Mythree tower, Bommanahalli, Hosur Main Road, Bengaluru -68.

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…APPLICANT

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AND:

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Sri. Anil Kumar, S/o. Ramegowda, Residing at No.5, 2^nd Floor, Krishna Nagar,1^st Cross, Kothanur Main Road, J P Nagar, 8^th Phase, Bangalore -560076.

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Sri. Nagendra MR, S/o. Ramegowda, Residing at No. 5, 2^nd Floor, Krishna Nagar, 1^st Cross, Kothanur Main Road, J P Nagar, 8^th Phase, Bangalore -560076.

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...DEFENDANTS

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Counsel on record/appeared for:

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Applicant : Vidhii Partners Defendants : Exparte

OA 1060/2023

FINAL ORDER

The present Original Application in short “OA” has been filed under section 19 of Recovery of Debts and Bankruptcy Act 1993 seeking issuance of Recovery Certificate for Rs. 52,56,232.37 (Rupees fifty-two lakh fifty-six thousand two hundred thirty-two and paisa thirty-seven only) with further interest thereon and cost from the Defendants.

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It is the case of the Applicant that Defendant Nos.1 and 2 as borrowers and co-borrower respectively had availed a Housing Loan of Rs. 45,00,000/- (Rupees forty-five lakh only).

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It is also the case of the applicant that, in view of the above loan, the Defendants executed necessary loan documents in favour of the Applicant bank including mortgage over the schedule property to secure the loan.

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It is the case of the Applicant that the Defendants, despite availing the credit facility, after agreeing with the Terms and Conditions for the loan, failed in complying with the same, resulting in defaults and consequentially turning the loan accounts as Non-Performing Asset (NPA).

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OA 1060/2023

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In the above circumstances, the Applicant approached this Tribunal by filing this OA seeking issuance of Recovery Certificate for the amount due in the account.

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Despite, taking out the summons through paper publication, there was no appearance of Defendants. Hence, they were called absent and set exparte.

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The Applicant had let in evidence through AW-1, who filed Proof Affidavit reiterating the contentions taken in the OA and also produced Exhibits A-1 to A15, got the same marked in evidence.

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Heard the Ld. Counsel for the Applicant and considered the contentions as taken in the OA in the light of documentary evidence and the proof affidavit.

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The following issues arise for consideration in this matter: i) Whether the applicant succeeded in proving the OA claim as against the Defendants?

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ii) If so, to what extent?

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Both these issues are gone into and decided together.

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The case put forth by the Applicant in the Application

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OA 1060/2023

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remains unrebutted as Defendants remained exparte. The evidence tendered by the Applicant remains uncontroverted and undisputed. The evidence put forth by the Applicant is found admissible and are sufficient to prove the averments made in the OA, and the defaults committed by the Defendants in repaying

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the loan amount due. The liability of the Defendants and the loan amount due are also proved by the above documents. The claim of the Applicant is well within the limitation.

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Hence in view of the above findings this Tribunal comes

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to the conclusion that the OA is liable to be allowed.

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Taking into consideration of the fact that the loan is

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availed by the Defendants for housing purpose, this tribunal in view that interest as agreed upon can be allowed. However, taking into consideration of the fact that the Applicant had arrived at the OA claim calculating interest at the agreed rate and also by calculating default interest, the prayer for monthly

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rest and penal interest for future period is declined.

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In the result, OA.No.1060/2023, is allowed,

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OA 1060/2023

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i) The Applicant is allowed to recover an aggregate sum

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of Rs. 52,56,232.37 (Rupees fifty two lakh fifty six thousand two hundred thirty two and paisa thirty seven only) with pendente lite and future interest of 8.40% p.a. (simple) from the date of filing OA till the realization, from the Defendants jointly, severally and personally after giving credit to all the amounts recovered and received during the pendency of the OA if any, and allow the same to be recovered by proceeding against the schedule properties. Properties schedule to the OA be the schedule to the Recovery Certificate.

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ii) Defendants personally and their assets are liable to

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proceed against for the shortfall if any to recover the balance amount due.

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iii) The applicant bank is allowed cost of the proceedings

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for which Applicant to file cost memo within seven days from the

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date of receipt of the order.

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iv) The Recovery Certificate to be drawn in terms of this

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order and transferred to Recovery for execution.

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v) Interim application pending, if any, stands disposed of

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in terms of this final order.

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OA 1060/2023

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14. Communicate a copy of the order to the parties concerned

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in terms of Section 19(21)(i) of the RDB Act, read with Rule 16

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of DRT (Procedure) Rules, 1993.

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[Dictated to the Stenographer (PY), transcribed by her, corrected and signed and pronounced by

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me in the Open Court, this the 19^th Day of June, 2025].

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Sd/(T. RAJESH)

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PRESIDING OFFICER

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ANNEXURES

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WITNESSES EXAMINED FOR THE APPLICANT BANK:

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AW-1: Sri. Pramodh G, Collection Manager, of Applicant Bank.

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Exhibits on the part of the Applicant:

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Exhibit Nos.	Date	Particulars of Documents
A1	25.01.2008	Power of Attorney
A2	15.10.2016	Copy of the letter
A3	15.10.2016	Letter acknowledging the payment
A4	21.04.2016	Housing Lon application of first defendant
A5	21.10.2016	Loan application of second defendant
A6	15.10.2016	Letter
A7	15.10.2016	Letter
A8	18.10.2016	Sanction letter
A9	21.10.2016	Facility Agreement
A10	15.10.2016	Agreement of sale and construction
A11	--	Disbursal request from submitted the defendant No.1
A12	14.07.2021	Loan recall notice
A13	12.01.2023	Ledger extract of the Laon
A14	12.01.2023	Prepayment statement

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OA 1060/2023

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A15 20.04.2023 Certificate under Bankers Book of Evidence Act

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Witness Examined for the Defendant: -Nil - List of Documents Exhibited for the Defendant: -Nil -

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Sd/(T. RAJESH) PRESIDING OFFICER

Icici Bank Limited v. Sri.Anil Kumar

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Sri.Anil Kumar

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Statutes considered

Parties & counsel

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