Allowed

Icici Bank Limited v. Sh. Sukhdev Singh and Another

DRT24 Nov 2025OA/1085/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the bank's application under Section 19 RDB Act for recovery of a defaulted KCC loan. Declaring defendants jointly and severally liable, the court granted an exparte recovery certificate, permitting sale of mortgaged assets and attachment of personal property. Interest was fixed at 8% p.a.

What did the court decide?

Recovery certificate issued; defendants directed to pay Rs.20,62,692.88p plus costs and 8% per annum simple interest; assets liable to be sold.

Icici Bank Limited versus Sh. Sukhdev Singh and Another — Consumer Protection | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1085/2023

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PRESIDED OVER BYMRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 29.08.2023

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DATE OF DECISION: 24.11.2025

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ICICI BANK LTD, Company incorporated under the Companies Act, 1956 and a Banking Company within the meaning of Banking Regulation Act, 1949, and is having its Registered Office at Land Mark, Race Course Circle, Vadodara-390007 and interalia having branch at Raikot Road, Ahmadgarh, District Malerkotla, Punjab, 148021, through its Manager and Authorized Signatory Sh. Parveen Kumar.

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……..Applicant

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Versus

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Sh. Sukhdev Singh s/o Sh. Gurdiyal Singh r/o Village Mithewal, Tehsil Malerkotla, District Malerkotla (Punjab) Pin-148020

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Sh. Gurdiyal Singh s/o Sh. Gurdev Singh r/o Village Mithewal,

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Tehsil Malerkotla, District Malerkotla (Punjab) Pin-148020.

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….……Defendants

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Advocates:

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Argued by Sh. Himendra Pal Singh, 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 & Bankruptcy Act 1993, against the defendants for recovery of Rs.20,62,692.88p (Rupees Twenty Lacs Sixty Two Thousand Six Hundred Ninety Two & Paise Eighty Eight Only). The Original Application has been filed through Sh. Parveen Kumar, Authorized Representative of the applicant, who is competent to institute the Original Application vide Power of attorney dated 09.03.2021, 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 the grant of KCC Limit of Rs.15.00 Lacs

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2 OA NO. 1085/2023 ICICI BANK LIMITED VS SH.SUKHDEV SINGH AND ANOTHER

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vide Farmer Finance Facilities Credit facility application form dated 03.06.2016, which is Annexure A2 to this OA.

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The applicant Bank sanctioned the KCC Limit of Rs.13.77 Lacs vide Sanction letter dated 28.06.2016, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants. 4. Defendants had mortgaged their immovable properties i.e. Land measuring 16Bigha-16Biswa situated at Village Mithewal, Tehsil Ahmedgarh, District Malerkotla, Punjab vide Declaration u/s 4(1) dated 27.07.2016 along with Letter to Sub registrar for Creation of charge, which are Annexures A5 & A6 to this OA. Documents executed :- Deed of hypothecation dated 27.06.2016, which is Annexure A4 to this OA; Legal Notice dated 26.07.2023 along with postal receipts, which are Annexures A7 & A8 to this OA and Statement of account with Banker’s Certificate, which is Annexure A9 to this OA. 5. 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.20,62,692.88p, 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. 6. 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 12.09.2025. 7. In support of the OA, affidavit of Sh. Parveen Kumar, Authorized Representative, ICICI Bank Limited, has 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 A9 to this OA, it is proved that the defendants

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3 OA NO. 1085/2023 ICICI BANK LIMITED VS SH.SUKHDEV SINGH AND ANOTHER

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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.20,62,692.88p (Rupees Twenty Lacs Sixty Two Thousand Six Hundred Ninety Two & Paise Eighty Eight Only) rest 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 @12.00% p.a. with 2% penal interest from 08.08.2023 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/hypothecated assets, 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 @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.

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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.20,62,692.88p (Rupees Twenty Lacs Sixty Two Thousand Six Hundred Ninety Two & Paise Eighty Eight 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

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4 OA NO. 1085/2023 ICICI BANK LIMITED VS SH.SUKHDEV SINGH AND ANOTHER

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aforesaid amount from the sale of mortgaged properties/hypothecated assets 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 04.12.2025. 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: 24.11.2025

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

Icici Bank Limited v. Sh. Sukhdev Singh and Another

Case brief

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Icici Bank Limited v. Sh. Sukhdev Singh and Another

Case brief

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