Allowed

Icici Bank Limited v. Sh. Kulwant Singh

DRT29 Jan 2025OA/1816/2022

Case brief

AI extract

What is this about?

In this recovery application, the Debts Recovery Tribunal allowed ICICI Bank's claim for the recovery of a loan of Rs. 44,74,504.74p with interest against the defendants, finding that the bank had proved its case based on documented evidence of the loan and mortgage.

What did the court decide?

Recovery of Rs. 44,74,504.74 with interest at 12% per annum with half yearly rests from 30.08.2022, along with costs and issuance of Recovery Certificate.

Icici Bank Limited versus Sh. Kulwant Singh — Contract and Commercial Disputes | 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: 1816 of 2022 Date of Institution: 30.08.2022 Date of Decision: 29.01.2025

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ICICI Bank, having branches all over India having a branch at Main Chowk, Amritsar Road, Ajanala, Amritsar, Punjab.

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……..Applicant

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Vs.

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Sh. Kulwant Singh s/o Dalbir Singh r/o Village Rakh Othian, Tehsil Ajanala, District Amritsar, Punjab.

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Balwinder Kaur w/o Dalbir Singh r/o Village Rakh Othian, Tehsil Ajanala, District Amritsar, Punjab.

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Narwant Singh s/o Dalbir Singh r/o Village Rakh Othian, Tehsil Ajanala, District Amritsar, Punjab.

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Gurinderbir Singh s/o Gurmukh Singh Village Lakhowal, Tehsil Ajanala, District Amritsar, Punjab.

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……….Defendants

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Advocates

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Sh. Himendra Pal Singh , Counsel for the applicant bank. Defendants – ex parte

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OA for the Recovery of Rs. 44,74,504.74p with interest @ 12% from 30.08.2022.

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ORDER

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ICICI Bank (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs. 44,74,504.74p with interest against Sh. Kulwant Singh and others (Defendants).

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Bank’s case is that on 25.01.2016, it had granted a loan of Rs. 32,75,000/- to Defendant nos. 1 to 3 in the form of KCC Limit for agricultural purposes. To secure the loan, Defendant nos. 1 to 3 had mortgaged their properties (fully detailed in para No.3A of the application). Defendant no. 4 stood as the guarantor. The loan was

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chargeable to contractual rate of interest. On 09.05.2022, a sum of Rs. 44,74,504.74p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 13.09.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 06.07.2023, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Parveen Kumar, Authorized Representative along with the loan and security documents and marked them as Ex. A-1 to A-10. 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. 32,75,000/- and on 09.05.2022, a sum of Rs. 44,74,504.74p was due. 6. Accordingly, the application of the bank for the recovery of Rs. 44,74,504.74p (Rupees Forty Four Lacs Seventy Four Thousand Five Hundred Four and Seventy Four Paise 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 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 04.03.2025 , who is directed to distribute the sale proceeds of the mortgaged property 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: 29.01.2025 Presiding Officer DRT-1, Chandigarh

Icici Bank Limited v. Sh. Kulwant Singh

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Sh. Kulwant Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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