The Debts Recovery Tribunal allowed an application under Section 19 of the RDB Act filed by ICICI Bank for recovery of Rs. 1.56 crores plus interest against a transport firm and its proprietor, which failed to appear.
Recovery of Rs. 1,56,62,731.46 with interest @9% p.a. from 21.01.2022 granted by sale of hypothecated vehicles or personal property.
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-II, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 168/2022 Date of Institution: 21.01.2022 Date of Decision: 25.08.2025
ICICI Bank Ltd. at 1st Floor, Near N.K. Sharma Office, Chandigarh
……..Applicant
Vs.
Second Address: House No. 191, Badala Nian Shahir, Tehsil Kharar, District SAS Nagar, Punjab
……….Defendants
Advocates
Sh. Manav Singal proxy Counsel for Sh. D.K. Singal, Counsel for the applicant bank. Defendants- ex parte .
OA for the Recovery of Rs.1,56,62,731.46/- with interest @9% per annum with monthly rests from 21.01.2022.
ORDER
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06.11.2018, Rs.75.50 Lacs in the form of Term Loan III for purchase of another three units of commercial vehicle i.e TATA 2518 and on 29.11.2018, Rs.15.20 Lacs in the form of Term Loan IV for purchase of two another units and on 22.07.2020, Bank granted Rs.65.11 Lacs in the form of ECLGS facility. The loans were chargeable to different rate of interests. On 04.12.2021, a sum of Rs.1,56,62,731.46/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
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| 7. | Pending IAs, if any, stand disposed of. |
|---|---|
| 8. | Recovery Certificate be issued accordingly. |
| 9. | Parties are directed to appear before Recovery Officer on |
| 01.1 prov |
0.2025, who is directed to distribute the sale proceeds as per the isions of Section 19(20-AB) of the Act**.** |
| 10. | A Copy of this order along with Recovery Certificate be sent to |
| the R | ecovery Officer as well as the parties. |
| Pron Date |
ounced in the open Court. (A S Narang) d:25.08.2025 Presiding Officer DRT-2, Chandigarh (Additional charge) |
1 issue framed by the court
Whether the applicant bank established its case for recovery of the outstanding loan amount with interest.
2 provisions across 1 enactments
ICICI Bank Ltd.
M/s Guru Amardass Transport
Jaswinder Singh
A S NARANG
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
