Debts Recovery Tribunal allowed the applicant's recovery application ex-parte. The court granted a uniform simple interest rate of 8% p.a. instead of the claimed 12% p.a. and directed issuance of a Recovery Certificate.
Recovery Certificate issued; defendants directed to pay Rs.21,82,070.00 with 8% p.a. interest.
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.
DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.1156/2023 PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 10.08.2023
DATE OF DECISION: 29.05.2025
ICICI BANK LTD., having its registered office at Land Mark Race Course Circle Vadodara-390007, Having its branch office at SCO No.237-238, Sector-20, Panchkula, Through its authorized representative Sh. Parveen Kumar.
....Applicant
Versus
Advocates:
Argued by, Sh. Kaveesh, Advocate for applicant Defendants are ex parte
FINAL ORDER
2 OA NO.1156/2023 ICICI BANK LIMITED VS JASPAL SINGH AND ANOTHER
Documents executed: - Deed of guarantee dated 10.05.2016, which is Annexure A3 to this OA; Demand notice, which is Annexure A6 to this OA; Postal receipts, which is Annexure A7 to this OA and Statement of account, which is Annexure A8 to this OA.
3 OA NO.1156/2023 ICICI BANK LIMITED VS JASPAL SINGH AND ANOTHER
Twenty One Lacs Eighty Two Thousand Seventy only) rest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account.
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. 11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.21,82,070.00 (Rupees Twenty One Lacs Eighty Two Thousand Seventy 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. 12. Any other application pending stands disposed of . 13. Issue Recovery Certificate accordingly.
4 OA NO.1156/2023 ICICI BANK LIMITED VS JASPAL SINGH AND ANOTHER
Pronounced by me in the open Tribunal .
Dated: 29.05.2025
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant is entitled to recover the outstanding sum of Rs.21,82,070.00 with interest from the defendants jointly and severally.
Whether interest rate of 12% p.a. claimed by applicant should be modified in view of market conditions.
2 provisions across 2 enactments
ICICI Bank Ltd.
Sh. Jaspal Singh
Sh. Jagtar Singh
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
