The Tribunal allowed the application for issuance of a Recovery Certificate. The court found the applicant unopposed and the executed documents sufficient. Interest was awarded at a reduced fixed rate from the filing date.
Issuance of Recovery Certificate for Rs. 34,33,465.98 with future and pending interest at 10.75% p.a. from the date of filing until realization.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBTS RECOVERY TRIBUNAL-II, BANGALORE
Dated this 19th Day of June, 2025
PRESENT: SHRI T. RAJESH Hon’ble Presiding Officer
O.A. No. 1066 of 2023
ICICI Bank Limited, And also having Bommanahalli Branch Office at ICICI Bank Ltd, 4/10, Mythree Tower, Bommanahalli, Hosur Main Road, Bengaluru-68, Represented through its constituted Attorney, Sri. Pramodh.G, Son of B Gurumallappa.
. . . Applicant
Versus
OA 1066/2023
2
Hundred Sixty Five and Paise Ninety Eight Only) due in the Credit facility of Rs. 44,00,000/- (Rupees Forty Four Lakh Only) for purchase of Excavator availed by the defendants and defaulted subsequently in gross violation of the terms and conditions stipulated in the loan agreement.
documents produced by the Applicant are found to be admissible and are
sufficient to prove the OA claim. Hence the Applicant is to be found
OA 1066/2023
3
entitled for the OA claim as the only issue as to the proof of OA claim is
answered in favour of the applicant. The OA claim is made within limitation and there is no capitalization of penal interest.
penal interest/ default interest, which this Tribunal considers as on the higher side, pendentalite and future interest is awarded at fixed rate.
ii. Applicant is permitted to recover an amount of Rs. 34,33,465.98/(Rupees Thirty Four Lakh Thirty Three Thousand Four Hundred Sixty Five and Paise Ninety Eight Only) with future and pendentalite interest @ 10.75% p.a. (Simple) from the date of filing of the OA till realization from the defendants jointly, severally & personally after giving credit to all the amount recovered and received during the pendency of the OA and allowed the same to be recovered by proceeding against the defendants and also against thier assets including the hypothecated commercial equipment/vehicle. The schedule to the OA to be the schedule to the Recovery Certificate.
Officer to enable recovery of the as per the above terms.
OA 1066/2023
4
memo is to be filed in 7 days’ time from the date of receipt of the copy of the order.
(Dictated to AJ, transcribed by her, corrected, signed and pronounced by me in Virtual Court on this day of 19th Day of June, 2025)
Sd/-
(T. RAJESH)
Hon’ble Presiding Officer DRT-II- BANGALORE
ANNEXURES
WITNESSES EXAMINED FOR THE APPLICANT BANK:
AW-1: Pramodh G S/o B Gurumallappa, Collection Manager, of Applicant Bank.
Exhibits on the part of the Applicant:
| Exhibit | Particulars of Documents |
|---|---|
| Nos. | |
| A1 | Generalpower of attorneydated 25.01.20008 |
| A2 | Preliminary credit application No. CB999429157 dated 04.02.2021 |
| A3 | Credit facility application NO. CB999429157 along with unattested deed of hypothecation and irrevocable power of attorneydated 26.02.2021 |
OA 1066/2023
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| A4 | Key facts statement and most important information dated NIL |
|---|---|
| A5 | Office copy of loan recall notice dated 13.01.2022 along withpostal receipt |
| A6 & A7 |
Ledger extract and Foreclosure statement in respect of loan account ledger dated 27.03.2023 |
| A8 | Certificate under section 2-A of the Bankers books evidence Act,1891 |
Witness Examined for the Defendants: List of Documents Exhibited for the Defendants:
-Nil -
-Nil -
Sd/-
(T. RAJESH)
Hon’ble Presiding Officer DRT-II- BANGALORE
2 issues framed by the court
Whether the applicant bank is entitled to a recovery certificate for the defaulted loan amount.
Whether the claimed amount and interest are within limitation and provable.
1 provisions across 1 enactments
ICICI Bank Limited
Mr. Mahadeva E
Mrs. Lakshmamma
T. RAJESH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
