The Debts Recovery Tribunal allowed the bank's application seeking recovery of Rs. 1.17 crores with interest as a secured loan from defendants who failed to repay an agricultural loan despite summons being served.
Recovery of Rs. 1,17,86,842.74 with interest; Recovery certificate issued; Recovery Officer directed to distribute sale proceeds.
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.
IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 1370/2022
Date of Institution: 10.06.2022 Date of Decision: 10.11.2025
ICICI Bank Limited having its branches all over India and a branch at Malout Fazilka Road, Opp HP Petrol Pump, Arniwala Sheikh Subhan, District Fazilka, Punjab.
……..Applicant
Vs.
……….Defendants
Advocates
Sh. Himendra Pal Singh, Counsel for the applicant bank. Defendants - ex parte vide order dated 28.03.2024 .
OA for the Recovery of Rs.1,17,86,842.74p with interest @11% per annum with half-yearly rests from 10.06.2022.
ORDER
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agricultural purpose. To secure the loan, Defendant Nos. 1 & 3 had mortgaged their land (fully detailed in para No.5V of the application). Defendant Nos. 4 & 5 stood as guarantors as per the Schedule-I of the hypothecation agreement. The loan was chargeable to interest @11% per annum with half-yearly rests. On 16.03.2022, a sum of Rs.1,17,86,842.74p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
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2 issues framed by the court
Whether the bank has established the existence and quantum of the debt and security.
Whether the application in terms of Section 19 of the RDB Act should be allowed.
2 provisions across 1 enactments
ICICI Bank Limited
Jarnail Singh
Narinder Kaur
Jasvir Kaur
Mandeep Singh Sandhu
Gurwinder Kaur
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
