The Debt Recovery Tribunal allowed an application filed by ICICI Bank Ltd. for recovery of a loan defaulting amount. The court granted a recovery certificate and adjusted interest rates while ordering the defendants to pay jointly and severally.
Recovery certificate issued; Defendants ordered to pay Rs. 20,84,245 with 8% simple interest.
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.
DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.2096/2022 PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 06.09.2022
DATE OF DECISION: 20.05.2025
ICICI BANK LTD., Having its registered office at Land Mark Race course circle Vadodara 390007 Having its branch office at SCO No.237238, sector-20, Panchkula Through its authorized representatives Sh. Parveen Kumar.
……..Applicant
….……Defendants Advocates:
Argued by Sh. Kaveesh, Advocate for applicant Defendants are ex parte
FINAL ORDER
2 OA No.2096/2022
ICICI BANK LIMITED VS NACHHATTAR SINGH AND ANOTHER
Documents executed: - Deed of hypothecation dated 18.10.2016, which is Annexure A3 to this OA; Demand Notice with Postal receipts, which are Annexures A6 and A7 to this OA and Statement of account, which is Annexure A8 to this OA.
3 OA No.2096/2022
ICICI BANK LIMITED VS NACHHATTAR SINGH AND ANOTHER
applicant is entitled to recover a sum of Rs.20,84,245.00p (Rupees Twenty Lacs Eighty Four Thousand Two Hundred & Fourty Five only) rest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account.
The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the mortgaged property, undertaking of the defendants, quantum of loan and prevalent market rates of interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @8.00%p.a. in the loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.
4 OA No.2096/2022
ICICI BANK LIMITED VS NACHHATTAR SINGH AND ANOTHER
Pronounced by me in the open Tribunal .
Dated: 20.05.2025.
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
1 issue framed by the court
Whether the defendant is liable to repay the outstanding loan amount secured by mortgage.
2 provisions across 2 enactments
ICICI Bank Ltd.
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
