The Debt Recovery Tribunal granted the applicant's application for recovery of dues amounting to Rs.30,68,038.72 and directed the attachment of personal assets. The court reduced the claimed interest rate to 8% per annum.
Recovery of Rs. 30,68,038.72 with 8% simple interest, attachment and sale of assets, and 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.1369/2025
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 19.09.2025
DATE OF DECISION: 24.11.2025
ICICI Bank Ltd. a body corporate, incorporated under the Companies Act, 1956 and Bank within the meaning of the Banking Regulation Act, 1949 and having its Registered Office at ICICI Bank Tower, 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 SCO No.132-134, Sector-9, Chandigarh through its authorized signatory Sh. Jatinder Mishra.
……..Applicant Versus
………Defendants
Advocates:
Argued by Sh. Manav Singal, Advocate for Applicant
Defendants already ex parte
FINAL ORDER
2 OA NO.1369/2025 ICICI BANK LTD. VS M/S SWASTIK TRADERS AND ANOTHER
institute the Original Application vide Power of Attorney dated 08.01.2025, which is Annexure A1 to this OA.
Documents executed: Mandate letter for Overdraft Accounts dated 03.02.2023, which is Annexure A3 to this OA; Document Trail Certificate, which is Annexure A4 to this OA; Loan recall notice dated 17.06.2025, which is Annexure A5 to this OA and Statement of account, which is Annexure A6 to this OA.
3 OA NO.1369/2025 ICICI BANK LTD. VS M/S SWASTIK TRADERS AND ANOTHER
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 bank. 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.30,68,038.72p (Rupees Thirty Lacs Sixty Eight Thousand Thirty Eight & Paise Seventy Two Only) along with interest 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/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.
4
OA NO.1369/2025 ICICI BANK LTD. VS M/S SWASTIK TRADERS AND ANOTHER
Accordingly, the applicant shall be entitled to recover aforesaid amount 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 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
3 issues framed by the court
Whether the applicant bank is entitled to recovery of outstanding dues from the borrowers
Whether to grant uniform simple interest rates in view of market conditions
Whether the application for recovery of debt is maintainable and deserves to be allowed
1 provisions across 1 enactments
ICICI Bank Ltd.
M/s Swastik Traders
Sh. Suresh Goyal
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
