The Tribunal allowed the Original Application filed by ICICI Bank Ltd. for recovery of a housing loan. It ordered respondents to pay Rs. 75,15,461.82p with uniform simple interest at 8% p.a. and directed the issue of a Recovery Certificate.
Recovery of Rs. 75,15,461.82p with simple interest @8% p.a. and docket for issue of Recovery Certificate.
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.1173/2023 PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 25.09.2023
DATE OF DECISION: 11.03.2025
ICICI Bank Ltd., a body corporate incorporated under the Companies Act, 1956 and Bank Within the meaning of the Banking Regulations Act, 1949 and having its Registered Office at Near Chakli Circle Old Padra Road, Vadodara 390007 and its corporate office at ICICI BANK Towers, Bandra Kurla Complex, Mumbai 400051 and having branches all Over India and one of its branch offices situated at 1st Floor, Near N.K. Sharma Office Chandigarh Ambala National Highway Zirakpur District Mohali Punjab through its authorized Mohd. Vajid.
……..Applicant
Versus
3rd Address : C/o Divya Broadcasting Network Pvt. Ltd., SCO No.306, Sector 38-D, Chandigarh -160038
Advocates:
Argued by Sh. Manav Singal, Advocate for the applicant Defendants are ex-parte
FINAL ORDER
2
Rs.75,15,461.82p (Rupees Seventy Five Lacs Fifteen Thousand Four Hundred Sixty One & Eighty Two Paise only). The Original Application has been filed through authorized signatory Sh. Mohd. Vajid of the applicant, who is competent to institute the Original Application vide Power of Attorney dated 18.09.2019, which is Annexure A1 to this OA. 2. The brief facts of the OA are that the defendants had approached the applicant for the grant of Housing Loan of Rs.83.50 Lacs vide Loan Application, which is Annexure A2 to this OA. 3. The applicant sanctioned the Housing Loan of Rs.83.50 Lacs vide Offer letter dated 14.09.2015, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants. 4. Defendant no.1 had mortgaged his Immovable properties i.e. House/Kothi no.609, measuring 192.5sq. yards situated at Phase IV, Sector 59, Mohali, District SAS Nagar Punjab vide Equitable Mortgage of Sale Deed bearing vasika no.3985 dated 29.09.2015 with translation, which is Annexure A5 to this OA. Documents executed: - Facility agreement dated 21.09.2015, which is Annexure A4 to this OA; Letter dated 24.12.2015, which is Annexure A6 to this OA; Demand notice dated 27.04.2018, which is Annexure A7 to this OA; Statement of account, which is Annexure A8 to this OA; Publication in English News Papers, Publication in Punjabi News Papers both dated 15.11.2024, which are Annexures A9 & A10 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.75,15,461.82p, 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 28.02.2025. 7. In support of the OA, affidavit of authorized signatory Sh. Mohd. Vajid, ICICI Bank Ltd., has been filed.
3
4
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.
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
3 issues framed by the court
Whether the debtor is liable to repay the outstanding loan amount of Rs. 75,15,461.82p along with interest.
Whether the Tribunal can exercise its discretion to reduce the claimed rate of interest to a uniform simple rate.
Whether a Recovery Certificate should be issued against the mortgaged property.
1 provisions across 1 enactments
ICICI Bank Ltd.
Babli Rani and Ors.
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
