Allowed

Icici Bank Limited v. Lakhbir Singh

DRT3 Mar 2025OA/141/2023

Case brief

AI extract

What is this about?

The DRT-I, Chandigarh allowed an original application filed by ICICI Bank Ltd. for recovery of Rs. 32,58,942/- with interest against two defendants who failed to repay a loan secured by mortgaged land. The court proceeded ex parte against the absent defendants, allowed the application, and directed the issuance of a Recovery Certificate and appearance before the Recovery Officer for sale of the mo

What did the court decide?

Application for recovery of Rs. 32,58,942/- with interest allowed. Recovery Certificate issued. Parties directed to appear before Recovery Officer for sale of mortgaged property on 02.04.2025.

Icici Bank Limited versus Lakhbir Singh — Specific Performance | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 141 of 2023 Date of Institution: 05.11.2022 Date of Decision: 03.03.2025

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ICICI Bank Ltd. having its branches all over India and a branch at SCO 237-238, Sector-20, Panchkula, Haryana ……..Applicant Vs. 1. Lakhbir Singh s/o Gura Singh r/o H.no. 112, Village Fatehgarh Sarban, Tehsil Zira and District Ferozepur. 2. Gursewak Singh s/o Lakhbir Singh r/o Village Fatehgarh Sarban, Tehsil Zira and District Ferozepur.

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……….Defendants

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Advocates

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Sh. Ishmeet Singh, proxy Counsel for Sh. SK Singla, Counsel for the applicant bank. Defendants - ex parte . OA for the Recovery of Rs.32,58,942/- with interest @11.50% per annum with half-yearly rests from 05.11.2022. ORDER 1. ICICI Bank Ltd. (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.32,58,942/- with interest against Sh. Lakhbir Singh and another (defendants). 2. Bank’s case is that on 09.08.2016, it had granted a loan of Rs.24.50 Lacs to defendants in the form of K.C.C Limit for agricultural purpose. To secure the loan, Defendant no. 1 and 2 had mortgaged their land (fully detailed in para No.3A of the application). The loan was chargeable to interest @11.50% per annum with half-yearly rests. On 30.10.2021, a sum

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2 of Rs.32,58,942/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
3. On 02.02.2023, summonses were sent to the defendants by
registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 15.01.2024, they were proceeded_ex_ parte.
4. In order to prove its case, the Bank has placed on record the
affidavit of Mr. Parveen Kumar, Branch Manager along with the loan and security documents and marked them as Exhibit A-1 to A-8. 5. I have perused the evidence on the record. I am of the considered
view that the Bank has proved its case that it had advanced the loan of Rs.24.50 Lacs and on 30.10.2021, a sum of Rs.32,58,942/- was due.
6. Accordingly, the application of the bank for the recovery of
Rs.32,58,942/- (Rupees Thirty Two Lacs Fifty Eight Thousand Nine
Hundred Forty Two Only) with interest @11.50% per annum with half- yearly rests from 05.11.2022, till the date of payment is hereby allowed with costs. The liability of all the defendants would be joint and several. Bank can recover its dues by the sale of mortgaged property fully detailed in para No.3A) of the application as well as from the personal movable and immovable property(ies) of the defendants.
7. Pending IAs, if any, stand disposed of.
8. Recovery Certificate be issued accordingly.
9. Parties are directed to appear before Recovery Officer on
02.04.2025,who is directed to distribute the sale proceeds of the
mortgaged property(ies) and standing crops as per the provisions of Section 19(20-AB) of the Act.

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A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties. Pronounced in the open Court. (A S Narang) Dated: 03.03.2025 Presiding Officer DRT-1, Chandigarh

Icici Bank Limited v. Lakhbir Singh

Case brief

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Icici Bank Limited v. Lakhbir Singh

Case brief

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