Allowed

Icici Bank Limited v. V.D. Concrete Flooring Pvt. Ltd.

DRT19 Nov 2025OA/512/2023

Case brief

AI extract

What is this about?

ICICI Bank Ltd. filed an original application before the Debts Recovery Tribunal for recovery of dues against defendants who failed to repay construction equipment and emergency credit loans. The Tribunal allowed the application ex-parte in the absence of the defendants, directing recovery of the principal amount along with pendent lite and future interest.

What did the court decide?

Directed defendants to pay Rs. 51,18,879/- with interest or recover from sale of hypothecated assets; issue of recovery certificate directed.

Icici Bank Limited versus V.D. Concrete Flooring Pvt. Ltd. — Banking and Recovery | DRT (2025)

¶1

O.A. No.512 of 2023

¶2

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

¶3

Presiding Officer: Shri Govind Ballabh Sharma

¶4

O.A. No. 512 of 2023

¶5

ICICI Bank Limited Central Square, DCM Plaza II Manohar Lal Khurana Marg Delhi-110006 Applicant

¶6

ersus

¶7

M/s V.D.Concrete Flooring Pvt.Ltd. H.N.143-B, Opposite Water Work New Colony Gurgaon, Haryana-122001

¶8

Sh.Dayanand Chhabra s/o Tek Chand Chhabra N.143-B, Opposite Water Work ew Colony Gurgaon, Haryana-122001 � Defendants

¶9

resent: Shri Aditya Sharma, Counsel for the applicant bank Date of Reserve: 29.10.2025 Date of Pronouncement: 19.11.2025

¶10

FINAL ORDER

¶11

This original application has been filed by the applicant ank on 24.05.2023 through Ms. Alka Sharma, authorized epresentative of the applicant bank under Section 19 of ecovery of Debts and Bankruptcy Act, 1993 (as amended upto ate) against the defendant for recovery of Rs.51,18,879/Rupees Fifty One Lacs Eighteen Thousand Eight Hundred eventy Nine only) as on 13.02.2023 along with pendentelite nd future interest @7.40% per annum and penal interest

sw:

O.A. No.512 of 2023

@24% per annum from 11.01.2023 till its realization in full and cost.

¶16

The brief facts of the case are that at the request of defendant no.1 being private limited company and defendant no.2 as guarantor vide loan application dated 28.01.2021, the applicant bank sanctioned Construction Equipment loans for Rs.67,92,000/- (Rupees Sixty Seven lacs Ninety Two Thousand only) on 28.01.2021 @10.75% per annum for purchase of Four Construction Equipments namely 'Load All 11M Agri Cue, MST4 Capacity 4 M3, Moli BSF 1407B and Argo 4000 Self Loading Concrete Mixer and disbursed the amount to four Manufacturers M/s KB India Ltd., Macons Eauipments Pvt.Ltd., Putzmeister Concrete Machines Pvt.Ltd and Ajax Flora Engineering (India) Pvt.Ltd. of the Construction Equipments. The all the four loans were to be repayable in 48 Equated Monthly Installments. Further, on the request of defendant vide application dated 08.08.2020, the applicant bank sanction Guaranteed Emergency Credit Line of Rs.16,61,201/- @9.25% rate of interest per annum to be repayable in 48 EMIs on 26.06.2020.

¶17

That in order to avail the loan facilities, the defendants submitted loan application and executed Unattested Deed of Hypothecation, Credit Facility Application along with Terms and Conditions of the Loan, Irrevocable Power of Attorney and Deed of Guarantee on 21.08.2021 and 26.06.2020 with the applicant bank.

¶18

That in order to secure the loan facilities, the defendants hypothecated the four Construction Equipments namely towards the applicant bank on 28.01.2021:

¶19

¶20

O.A. No.512 of 2023

¶21

Particulars	Model	Registration No.	Engine/Machine No.
UQGUR00043067746	LOAD ALL 11M AGRI CUE	100423490	H00120360
UQGUR00043067705	MST-4 CAPACITY 4 M3	C100423490	4H.3306/132C412
UQGUR00043067695	MOLI BSF 1407 B	D100423490	214302943
UQGUR00043067626	ARGO 4000 Self Loading Concrete Mixer	A100423490	411.3306/122D073

¶22

It has been submitted by the applicant bank that after availing the Construction Equipments loan facilities, the defendants failed to comply with the terms and conditions and despite several request and reminders, the defendants failed to pay installments of principal and interest from time to time, the applicant bank classified the loan accounts of defendants as NPA on 21.11.2022 in terms of prudential guidelines issued by RBI and issued loan recall notice dated 11.04.2022 to adjust the outstanding amount along with interest and also handover peaceful possession of Construction Equipments, but defendants have failed to comply with the notice nor made any efforts to repay the dues of applicant bank. Hence, the applicant bank has approached this Tribunal for recovery of their dues.

¶23

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 16.09.2025 of this Tribunal, the defendants have been proceeded ex-parte as not appeared before the Tribunal and even no written statement, evidence and affidavit of assets have been filed by the defendant.

¶24

In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Ms Alka Sharma, authorized representative of the applicant bank, who has proved the

¶25

¶26

O.A. No.512 of 2023

¶27

documents as Power of Attorney, Credit Facility Application along with Terms and Conditions, Unattested Deed of Hypothecation, Irrevocable Power of Attorney, Application for GECL Loan, Sanction Letters, Undertaking, Certificate of NPA, Recall Notice and Receipts, Foreclosure Statements, Repayment Schedules and Certificate u/s 2A of Bankers' Books Evidence Act marked as Annexure A-1 to Annexure A-11 (Colly).

¶28

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.

¶29

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.

¶30

In the light of the above discussions and documents on record, the Original Application deserves to be allowed.

¶31

ORDER

¶32

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.51,18,879/- (Rupees Fifty One Lacs Eighteen Thousand Eight Hundred Seventy Nine only) as on 13.02.2023 alongwith pendentelite and future interest @9.40% per annum from 13.02.2023 till its realization in full, failing which the aforesaid amount shall be recovered from sale of hypothecated Construction Equipments namely "Load All 11M Agri Cue, MST-

O.A. No.512 of 2023

•

4 Capacity 4 M3, Moli BSF 1407B and Argo 4000 Self Loading Concrete Mixer' having Registration No. 100423490, C100423490, D100423490 and A100423490 with applicant bank. In case of shortfall, the same shall be recovered from the sale of movable and immovable assets of the defendants. (II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi. (III) Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 16.01.2026. (IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

¶37

(GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 19.11.2025

¶38

Icici Bank Limited v. V.D. Concrete Flooring Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. V.D. Concrete Flooring Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Union Bank of India (Andhra Bank) versus Sh. Jagar @Jaggar Singh @Ujjagar Singh

State Bank of India versus Manjit Kaur

Ms Supreme Briquettes versus Hdfc Bank Ltd.

State Bank of India versus Praveen

Idfc First Bank Ltd. versus Harjeet Singh

Icici Bank Limited versus Raja Ram Mishra