The Tribunal allowed the bank's recovery application against the borrowers who defaulted on a commercial loan. The court directed payment of the reduced dues with future interest and enforceable rights over the hypothecated vehicle.
Payment of Rs. 24,33,503/- with interest, enforcement of hypothecation to sell the vehicle, and issuance of Recovery Certificate.
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.
Presented on: 26.09.2022 Registered on: 12.04.2023 Decided on: 24.11.2025 Duration: Y M D 3 1 28
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer)
ORIGINAL APPLICATION No.437/2023
ICICI Bank Ltd.
A Company incorporated under the Companies Act, 1956 and a banking company within the meaning of Banking Regulation Act, 1949 having its registered office at Landmark, Race Couse Circle, Vadodara-390 007 and branch office amongst others at Suma House, Bhandarkar Road, Pune.
… Applicant
Versus
…Defendants
APPEARANCES
For the Applicant Mr. Pradip Yadav - Advocate For Defendants None (Ex parte)
(OA No.437/2023)
Page 1 of 5
[KAUR]
TOTAL CLAIM AMOUNT –Rs.24,52,383.00 JUDGMENT
(Delivered on 24th November, 2025)
Defendant No.1 is the principal borrower and defendant No.2 is the co-borrower who approached the applicant Bank seeking financial assistance by way of Commercial Loan and the same was sanctioned and disbursed as per table below:
| Disbursement | Amount (Rs.) | Loan | Rate of |
|---|---|---|---|
| date | Disbursed | Repayable | Interest |
| 18.06.2019 | Rs.16,98,040.00 | 60 Months |
14.01% p.a. |
| 28.12.2020 | Rs.39,117.00 | by EMIs of Rs.40,154/- |
fixed rate |
| Total loan amount |
Rs.17,37,757.00 |
Further, defendant by executing and signing Credit Facility Application Form on 18th June, 2019 acknowledged and admitted the terms and conditions as set out in
(OA No.437/2023)
Page 2 of 5
[KAUR]
paragraph No.5.4 of the Original Application.
Hence, this application is filed.
(OA No.437/2023)
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[KAUR]
(Exhibit-9) of Mr. Rushikesh Pandit, Manager which supports the case of the applicant elucidated in the application.
ORDER
(OA No.437/2023)
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[KAUR]
pay to the applicant Bank the sum of Rs.24,33,503/- ( Rupees Twenty-Four Lakhs Thirty-Three Thousand Five Hundred and Three only) with future interest @9.25% per annum from the date of filing of the Original Application i.e. 26th September, 2022 till payment/realization of the amount mentioned in this operative order.
(C) The aforesaid adjudicated amount is secured by the valid and subsisting hypothecation of the vehicle i.e. ASHOK LEYLAND AL ECOMET 1214 bearing Registration No.MH 42 AQ 4515.
(D) The applicant is entitled to sell the hypothecated vehicle to recover its dues.
(F) The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendants.
Sd/(Dilip G Murumkar) Place : Pune Presiding Officer Date: 24.11.2025 Debts Recovery Tribunal, Pune
(OA No.437/2023)
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[KAUR]
1 issue framed by the court
Whether the bank is entitled to recover the outstanding dues along with future interest under SARFAESI Act.
1 provisions across 1 enactments
ICICI Bank Ltd.
Mr. Sanjay Vilas Jagtap Vadgaon Nimbalkar
Mrs. Asha Sanjay Jagtap Vadgaon Nimbalkar
Dilip G Murumkar
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
