Allowed

Icici Bank Limited v. Jaswant Singh

DRT26 Mar 2025OA/1804/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of Rs.20.68 Lakhs plus interest granted via K.C.C. Limit. The court proceeded ex parte against absent defendants and ordered issuance of a recovery certificate and sale of mortgaged land.

What did the court decide?

Recovery of Rs.20,68,677/- with interest @12% per annum allowed; Recovery Certificate issued; Sale of mortgaged land and personal assets directed.

Icici Bank Limited versus Jaswant Singh — Contract and Commercial Disputes | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

¶2

BEFORE: A S NARANG, PRESIDING OFFICER

¶3

OA No: 1804/2022 Date of Institution: 30.08.2022 Date of Decision: 26.03.2025

¶4

ICICI Bank Limited, having its branches all over India and a branch at SCO No. 237-238, Sector 20, Panchkula.

¶5

……..Applicant

¶6

Vs.

¶7

Sh. Jaswant Singh s/o Sh. Sohan Singh, r/o Rahim Ke Utarh, Mamdor, Ferozpur, Punjab.

¶8

Sh. Pushpinder Singh s/o Sh. Jaswant Singh, r/o Rahim Ke Utarh, Mamdor, Ferozpur, Punjab.

¶9

……….Defendants

¶10

Advocates

¶11

Sh.Kaveesh proxy for Sh.Puneet Tuli, Counsel for the applicant bank. Defendants- ex parte .

¶12

OA for the Recovery of Rs.20,68,677/- with interest @12% per annum with half-yearly rests from 30.08.2022.

¶13

ORDER

¶14

ICICI Bank Limited (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.20,68,677/- with interest against Sh. Jaswant Singh and another (defendants).

¶15

Bank’s case is that on 17.02.2017, it had granted a loan of Rs.17.00 Lacs to defendant Nos. 1 and 2 in the form of K.C.C Limit, for agricultural purpose. To secure the loan, Defendant No.1 had mortgaged his land (fully detailed in para No. 3A of the application). The loan was chargeable to interest @12% per annum with half-yearly rests. On 13.06.2022, a sum of Rs.20,68,677/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

¶16

¶17

On 24.11.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 14.02.2024, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Parveen Kumar, Authorized Officer 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.17.00 Lacs and on 13.06.2022, a sum of Rs.20,68,677/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.20,68,677/- (Rupees Twenty Lacs Sixty Eight Thousand Six Hundred Seventy Seven Only) with interest @12% per annum with half-yearly rests from 30.08.2022, 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 land 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 28.04.2025, who is directed to distribute the sale proceeds of the mortgaged land and standing crops as per the provisions of Section 19(20-AB) of the Act . 10. 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: 26.03.2025 Presiding Officer DRT-1, Chandigarh

Icici Bank Limited v. Jaswant Singh

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Jaswant Singh

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

All orders in this case

Similar cases

Canara Bank versus M/S Everest Handmade Paper

Hdfc Bank versus Devendra Pratap Singh

Kotak Mahindra Bank Limited versus Ravinder Singh

State Bank of India (E-State Bank of Hyderabad) versus Nitant Kumar

Bank of India versus Rakesh Kumar

Seema Prakash Gawande versus Adhar Housing Finance Limited