Debts Recovery Tribunal allowed ICICI Bank's application under Section 19 of RDB Act for recovery of Rs.72,93,724/- plus interest against two defendants who failed to repay vehicle loans and did not appear in court.
Application for recovery of Rs.72,93,724/- with interest allowed; Recovery Certificate issued; sale of hypothecated vehicles directed.
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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 11/2022 Date of Institution: 29.12.2021 Date of Decision: 19.12.2025
ICICI Bank Limited having its branches all over India and a branch at SCO.143, A City Emporium Mall, Industrial Area, Phase-I, Chandigarh.
Vs.
……….Defendants
Advocates
Ms. Dipti Toni, Counsel for the applicant bank. Defendants - ex parte vide order dated 16.11.2023 .
OA for the Recovery of Rs.72,93,724/- with interest @9.5% per annum with monthly rests from 29.12.2021.
ORDER
| Loan Account No. | Loan Amount | Rate of Interest |
|---|---|---|
| LVMGA00041134673 | Rs.29,97,894/- | 9.5% |
| LVMGA00041134735 | Rs.29,97,894/- | 9.5% |
| LVMGA00041134704 | Rs.6,25,000/- | 9.5% |
| LVMGA00041134790 | Rs.6,25,000/- | 9.5% |
2
To secure the loans, Defendants had hypothecated vehicles (fully detailed in para no.5.3 of the application). The loans were chargeable to interest @9.5% per annum with monthly rests. On 07.09.2021, a sum of Rs.72,93,724/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
3
2 issues framed by the court
Whether the application for recovery of loan dues of Rs.72,93,724/- along with interest is maintainable and provable.
Whether recovery can be effected by sale of hypothecated vehicles and personal property.
1 provisions across 1 enactments
ICICI Bank Limited
Sunita Dhingra
Karan Dhingra
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
