Allowed

Icici Bank Limited v. M/S Bikham Pvt. Ltd. and Others

DRT1 Jul 2025OA/290/2025

Case brief

AI extract

What is this about?

Allowed an Original Application under S. 19 RDBFI Act, 1993 for recovery of a personal loan defaulted by corporate and individual borrowers, directing recovery of principal plus modified simple interest.

What did the court decide?

Recovery Order: Defendants jointly and severally liable to pay principal Rs.24,52,957.29 with simple interest at 8% p.a. from filing date. Recovery Certificate issued.

Icici Bank Limited versus M/S Bikham Pvt. Ltd. and Others — Insolvency and Bankruptcy | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.290/2025

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PRESIDED OVER BYMRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 19.03.2025

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DATE OF DECISION: 01.07.2025

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ICICI Bank Ltd., a Body Corporate, having its registered office at ICICI Land Mark, Race Course Circle, Vadodara-390007 and having its branch office at ICICI Bank Limited, SCO 143, A City Emporium Mall, Industrial Area, Phase-I, Chandigarh-160002 through its authorized representative, Sh. Jatinder Mishra. .. … …..Applicant Versus 1. M/s Bikham Pvt. Ltd., Through its Directors Plot No. C-86, Industrial Area, Phase-7, SAS Nagar Mohali (Punjab)-160059 2. Smt. Sonia Dhawan C/o Sh. Harmohan Dhawan, Director of M/s Bikham Pvt Ltd, R/o House No.230, Sector 9-C, Chandigarh-160009. 3. Sh. Harman Dhawan C/o Sh. Harmohan Dhawan, Director of M/s Bikham Pvt. Ltd., R/o House No.230, Sector 9-C, Chandigarh-160009. ….……Defendants

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Advocates:

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Presents Sh. Gaurav Thakur, Advocate proxy for Sh. Gagandeep Toni, Advocate for Applicant Defendants are ex parte

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the defendants for recovery of Rs.24,52,957.29p (Rupees Twenty Four Lacs Fifty Two Thousand Nine Hundred Fifty Seven And Twenty Nine Paisa Only). The Original Application has been filed through Sh. Sh. Jatinder Mishra, Authorized Representative o f the applicant, who is competent to institute the

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2 OA NO.290-2025

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ICICI BANK LIMITED VS M/S BIKHAM PVT LIMITED AND OTHERS Original Application vide Power of Attorney dated 08.01.2025, which is Annexure A1 to this OA.

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2. The brief facts of the OA are that the defendants had approached the applicant for the grant of Personal Guarantee of Rs.47.00 Lacs vide Loan application dated 24.11.2022, which isAnnexure A2to this OA.
3. The applicant sanctioned Personal Loan of Rs.47.00 Lacs vide
Credit facility application Form dated 03.10.2019, which isAnnexure
A3to this OA, and the terms and conditions were duly accepted by the defendants.
4. Documents executed:- Copy of Standard terms and conditions,
dated 01.04.2024, which isAnnexure A4to this OA; Statement of Account dated 01.01.2025, which isAnnexure A5to this OA, copy of Notice dated 09.01.2025 with Postal Receipts, which areAnnexures A6 and A7to this OA.
5. The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs.24,52,957.29p, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly. 6. The defendants were served notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded
27.06.2025.
7. In support of the OA, affidavit ofSh. Jatinder Mishra, Authorized
Representative,ICICI Bank Limited,has been filed.
8. Ld. proxy counsel for applicant present has not advanced any
arguments. Perused record. 9. In view of the documentary evidence brought on record which had
gone unrebutted, the applicant bank had proved its case. From the perusal of all theAnnexures A1 to A7to this OA, it is proved that the

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3 OA NO.290-2025

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ICICI BANK LIMITED VS M/S BIKHAM PVT LIMITED AND OTHERS

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defendants approached applicant bank for availing of the loan facility which was granted to them and for that they had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant bank is entitled to recover a sum of Rs.24,52,957.29p (Rupees Twenty Four Lacs Fifty Two Thousand Nine Hundred Fifty Seven And Twenty Nine Paisa Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account.

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In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @15.00%p.a. from 02.01.2025 till the realization.

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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 @08.00%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.

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.24,52,957.29p (Rupees Twenty Four Lacs Fifty Two Thousand Nine Hundred Fifty Seven And Twenty Nine Paisa Only) jointly and severally, with costs, current and future simple interest @8.00%p.a. in the loan account from the date of filing of OA till the date of realization of the

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OA NO.290-2025

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ICICI BANK LIMITED VS M/S BIKHAM PVT LIMITED AND OTHERS

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amount. Accordingly, the applicant bank shall be entitled to recover aforesaid amount from the sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law. 12. Any other application pending stands disposed of. 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 19.07.2025. 15. Copy of this order be given dasti to the applicant and be sent to defendants through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned. Pronounced by me in the open Tribunal . Dated: 01.07.2025. (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. M/S Bikham Pvt. Ltd. and Others

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Icici Bank Limited v. M/S Bikham Pvt. Ltd. and Others

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