Allowed

Icici Bank Limited v. Mrs Aditi Bhardwaj and Ors.

DRT25 Aug 2025OA/489/2023

Case brief

AI extract

What is this about?

The DRT allowed the bank's original application for recovery of loan dues in an ex-parte proceeding. The court directed repayment of the principal sum reduced the applicable interest rate to 12% p.a. considering global economic changes, and authorized recovery from the mortgaged property.

What did the court decide?

Direct payment of Rs.39,48,105.13 with 12% p.a. interest to be recovered from the sale of the mortgaged residential flat.

Icici Bank Limited versus Mrs Aditi Bhardwaj and Ors. — Banking and Recovery | DRT (2025)

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O.A. No.489 of 2023

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Debts Recovery Tribunal-I, Delhi 4th floor, Jeevan Tara Building, Parliament Street, New Delhi

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Presiding Officer: Shri Govind Ballabh Sharma

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O.A. No. 489 of 2023

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ICICI Bank Ltd. Shal Tower, New Rohtak road Karol Bagh, New Delhi-110005 Applicant

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Versus

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Mrs. Aditi Bhardwaj D/o Sh. Anil Kumar Sharma W/o Sh. Pushpendra Kumar Bharti D-16/384, Block-D

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Pocket-16, Rohini Sector-7, New Delhi-110085

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Also at:

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Working at NNE Pharmoplan As Deputy Project Manager Office Address-15, Sector-2 Noida-201301

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Also at:

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Flat no.503, 5th floor Morphes Pratiksha, Tower B5 GH-16A, Sector 01, Greater Noida Uttar Pradesh, Noida-201301

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Mr. Pushpendra Kumar Bharti S/o Sh. Gajoghar Prasad D-16/384, Block-D, Pocket-16 Rohini, Sector-7 New Delhi-110085

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Also at:

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Flat no.503, 5th floor Morphes Pratiksha, Tower B5 GH-16A, Sector 01, Greater Noida Uttar Pradesh, Noida-201301

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M/s Morpheus Developers Pvt. Ltd. House no.1, Shiv Mandir Wali Gali

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S4-

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O.A. No.489 of 2023

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Maujpur, Delhi-110053

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Also at:

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Corporate Office:154th floor, Tower-A The Corenthum Tower, Plot no.A-41 Sector-62, Noida Uttar Pradesh-201307 Defendants

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Present: Mr. Abhishek Srivastav, Counsel for the applicant bank

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Date of Institution: 19.05.2023

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Date of Pronouncement: 25.08.2025

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FINAL ORDER

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This original application has been filed by the applicant bank on 19.05.2023 before DRT-I, Delhi through Shri Dinesh Sharma, authorized representative of the applicant bank under Section 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 against the defendants for recovery of a sum of Rs.39,48,105.13/- (Rupees Thirty Nine Lacs Forty Eight Thousand One Hundred Five and Paisa Thirteen only) as on 27.02.2023 along with pendentelite and future interest ©18% per annum from the date of filing this application till the date of its realization and costs.

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The brief facts of the case are that on the request of the defendant no.1 & 2, the applicant bank sanctioned Home LoanARHL facility of Rs.35,00,000/- (Rupees Thirty Five Lacs only) on 20.04.2015 @8.75% floating rate of interest per annum for purchasing residential flat unit bearing no. Flat no.503, 5th floor, Morphes Pratiksha, Tower B5, GH-16A, Sector-01, Greater Noida, Uttar Pradesh, Noida 201301 against equitable

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O.A. No.489 of 2023

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mortgage of a property. Further, on the request of the defendant no.1 & 2, the applicant bank sanctioned additional loan facility of Rs.1,00,000/- on 26.06.2015.

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That in order to avail the housing loan facility, the defendant submitted Loan Application and executed Allotment cum Flat buyer Agreement, Booking Allotment Receipt and Payment Schedule, Demand Letter cum Payment, Payment receipts in favour of the applicant bank.

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That in order to secure the loan facilities, the defendants created mortgage of the residential flat unit bearing no. Flat no.503, 5th floor, Morphes Pratiksha, Tower B5, GH-16A, Sector-01, Greater Noida, Uttar Pradesh, Noida 201301 with the applicant bank on the basis of Permission to Mortgage letter issued by Defendant no.3 to the applicant bank.

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It has been submitted by the applicant bank that after availing the aforesaid loan facility, the defendant failed to maintain financial discipline and comply with the terms and conditions of loan despite several requests and reminders and defaulted in payment of monthly installments in time to the applicant bank. Ultimately, the applicant bank classified housing loan account as NPA on 31.01.2021, and issued legal recall notice on 13.04.2022 to clear the dues but defendants neglected to return the amount as per agreement. Hence, the applicant bank has approached this Tribunal for recovery of their dues.

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Notices of this O.A. were issued to the defendants and despite proper service the defendants have chosen to absent from the proceedings. As per order dated 08.04.2024,

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O.A. No.489 of 2023

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defendants have been proceeded ex-parte as they have not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Dinesh Sharma, authorized representative of the applicant bank who has proved the documents as Power of Attorney, Application form, Sanction letter, Facility agreement, Title documents of the secured asset, Permission to mortgage letter, Facility agreement, Loan Recall notice, NPA certificates, Statement of accounts, Affidavit in terms of Section 65B of the Indian Evidence Act and Section 2A of the Banker's Books Evidence Act as Ex.AW-1/1 to Ex.AW1/10(CoIly).

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The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly proved.

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As per the provision of Section 19(20) of the Recovery of Debts Due to Banks and Financial Institution Act, 1993 which is analogous to Section 34 of CPC, on filing of the suit/claim, the contract between the parties comes to an end and the Court/Tribunal has a discretion to award the same depending upon the circumstances of each case. Same principle has been laid down by the Hon'ble Apex Court in the case of Central Bank of India Vs. Ravindra & Others. Taking stock of all the circumstances and keeping in view that there is a drastic fall in rates of interest globally and domestically, I am of the opinion that interest of justice will be served if the interest at the rate of 12% p.a. is awarded.

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O.A. No.489 of 2023

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The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.

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In the light of the above discussions, the Original Application deserves to be allowed.

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ORDER

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I, allow this OA and direct the defendants to pay to the applicant bank, jointly or severally, within a period of 30 days, a sum of Rs.39,48,105.13/- (Rupees Thirty Nine Lacs Forty Eight thousand One Hundred Five and Paisa Thirteen only) along with pendentelite and future interest ©12% per annum from the date of filing this application till its realization with costs, failing which the aforesaid amount shall be recovered from the sale of residential flat unit bearing no. Flat no.503, 5th floor, Morphes Pratiksha, Tower B5, GH-16A, Sector-01, Greater Noida, Uttar Pradesh, Noida 201301. In case of shortfall, the same shall be recovered from the sale of movable and immovable properties of the defendants.

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(II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

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(III) Parties are directed to appear before Recovery Officer, DRT I, Delhi on 27.10.2025.

Sd-

O.A. No.489 of 2023

(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

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54- (GOVIND BALLAbH H ARMA) PRESIDING OFFICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 25.08.2025

Icici Bank Limited v. Mrs Aditi Bhardwaj and Ors.

Case brief

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Icici Bank Limited v. Mrs Aditi Bhardwaj and Ors.

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