Allowed

Icici Bank Limited v. Jeet Singh

DRT25 Jul 2025OA/1548/2023

Case brief

AI extract

What is this about?

In an OA under Section 19 of the RDB Act, ICICI Bank sought recovery of Rs.26.57 Lacs outstanding from four respondents. The tribunal proceeded ex parte after finding that summons were served and no appearance was made. Unsatisfied that the bank proved the loan advanced and dues, the tribunal allowed the application and directed recovery from mortgaged and personal property.

What did the court decide?

Recovery of Rs.26,57,457 with interest granted; recovery certificate issued; distribution of sale proceeds directed.

Icici Bank Limited versus Jeet Singh — Insolvency and Bankruptcy | 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: 1548/2023 Date of Institution: 22.08.2023 Date of Decision: 25.07.2025

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ICICI Bank Limited having its branches all over India and a branch at Guru Har Sahai, Ferozepur, Punjab.

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……..Applicant

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Vs.

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Jeet Singh s/o Sh. Inder Singh, r/o Rana Panj Grain, Ferozepur, Punjab.

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Taro Bibi w/o Sh. Jeet Singh, r/o Rana Panj Grain, Ferozepur, Punjab.

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Balram Singh s/o Sh. Jeet Singh, r/o Rana Panj Grain, Ferozepur, Punjab.

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Harnek Singh s/o Sh. Jeet Singh, r/o Rana Panj Grain, Ferozepur, Punjab.

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……….Defendants

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Advocates

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Sh. Amit Rishi, Counsel for the applicant bank. Defendants - ex parte vide order dated 08.10.2024 .

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OA for the Recovery of Rs.26,57,457/- with interest @12% per annum with half-yearly rests from 22.08.2023.

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ORDER

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ICICI Bank Limited has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.26,57,457/- with interest against Sh. Jeet Singh and others (defendants).

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Bank’s case is that on 21.06.2016, it had granted a loan of Rs.21.25 Lacs to defendant Nos. 1 to 4 in the form of K.C.C Limit for agricultural purpose. To secure the loan, Defendant Nos. 1 to 4 had mortgaged their land (fully detailed in para No.5.8 of the application). The loan was chargeable to interest @12% per annum with half-yearly rests. On

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29.04.2023, a sum of Rs.26,57,457/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 26.09.2023, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 08.10.2024, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Sh. Parveen Kumar, Authorized Officer along with the loan and security documents and marked them as Exhibit A-1 to A-7. 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.21.25 Lacs and on 29.04.2023, a sum of Rs.26,57,457/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.26,57,457/- (Rupees Twenty Six Lacs Fifty Seven Thousand Four Hundred Fifty Seven Only) with interest @12% per annum with halfyearly rests from 22.08.2023, 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 land fully detailed in para No.5.8 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 02.09.2025, who is directed to distribute the sale proceeds of the mortgaged land and standing crops as per the provisions of Section 19(20AB) 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: 25.07.2025 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Icici Bank Limited v. Jeet Singh

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Jeet Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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