Allowed

Icici Bank Limited v. Teja Transport

DRT25 Nov 2025OA/534/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an application for issuance of a Recovery Certificate under Section 19(1) of the RDB Act. The court accepted unrebuted evidence regarding commercial vehicle loans, dismissed objections to the claim amounts based on account statements, and ordered recovery of the principal sum plus interest at 10% per annum pending litigation.

What did the court decide?

Issue of Recovery Certificate allowing recovery of Rs. 26,07,961.80 plus interest at 10% per annum pending litigation from defendants jointly, severally and personally.

Icici Bank Limited versus Teja Transport — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II, BANGALORE

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Dated this 25^th Day of November, 2025

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PRESENT: SHRI T. RAJESH Hon’ble Presiding Officer

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O.A. No. 534 of 2022

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ICICI Bank Limited, Having Zonal office at 4/10, Mythree tower, Bommanahalli, Hosur Main Road, Bengaluru -560068, Rep. through its constituted Attorney

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. . . Applicant

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Versus

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Teja Transports, A registered Proprietary firm Having its office at No. 236, 1^st Floor, Muneshwara Colony, Avalahalli Village, Bangalore 560049, Rep. by its Proprietor Krishna Umesh,

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Umesh K, S/o. Krishna, Residing at Muneshwara Layout, Avalahalli, Virgo Nagar, Bangalore -560049.

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M/s. Bharathi Devadiga, D/o. Krishna Devadiga, Residing at #1-99C, Kombinamane Nagoru, Kirimanjeshwara, Kundapura, Uduppi 570219.

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. . . Defendants

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Ld. Counsels on record / appeared :-

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Counsel for Applicants :- Vidhii Partners Counsel for Defendants :- Exparte

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OA 534/2022

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: - O R D E R - :

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The Application is filed under Section 19(1) of the Recovery of Debt and Bankruptcy Act, 1993, seeking issuance of a Recovery Certificate for a sum of Rs. 27,02,568.92 (Rupees Twenty-Seven Lakh Two Thousand Five Hundred Sixty-Eight and Paise Ninety-Two Only), which is due in respect of three Commercial Vehicle Loans of Rs. 12,45,000/- (Rupees Twelve Lakh Forty-Five Thousand Only), Rs. 12,45,000/- (Rupees Twelve Lakh Forty-Five Thousand Only), and Rs. 4,93,000/- (Rupees Four Lakh Ninety-Three Thousand Only) availed by the Defendants.

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The Applicant contends that Defendant No.1 is a registered proprietary firm and the borrower, owned and managed by Defendant No.2, with Defendant No.3 as co-borrowers. The Defendants had availed three Commercial Vehicle Loans of Rs. 12,45,000/- (Rupees Twelve Lakh Forty-Five Thousand Only), Rs. 12,45,000/- (Rupees Twelve Lakh Forty-Five Thousand Only), and Rs. 4,93,000/- (Rupees Four Lakh Ninety-Three Thousand Only) from the Applicant. It is further stated that the said loan facilities are secured by hypothecation of the schedule property.

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The Applicant further contents that despite availing the credit facility by obliging to pay back the amount, the defendants failed in compliance of the same and all the efforts of the Applicant to make

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OA 534/2022

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the defendants pay back the amount failed forcing the Applicant to file this Application.

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Despite, taking out the summons through paper publication, there was no appearance of Defendants. Hence, they were called absent and set ex parte on 07.02.2024.

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The Applicant let in evidence through AW1, filed proof affidavit in conforming with pleading and got marked Ext A3 to A40.

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Heard, the following issues arise for consideration.

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I. Whether the Applicant had proved the OA claim?

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II. What orders are to be passed?

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Both these issues are decided together

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The Applicant’s evidence remains un-rebutted and is therefore accepted as proved. Although the Applicant has claimed a sum of Rs. 10,67,749.51 (Rupees Ten Lakh Sixty-Seven Thousand Seven Hundred Forty-Nine and Paise Fifty Only) in respect of Loan A/c No. LVBNG00041318572, the statement of account marked as Ext. A21 receivable that only the amount as Rs. 10,21,880.40 (Rupees Ten Lakh Twenty-One Thousand Eight Hundred Eighty and Paise Forty Only) is receivable therein. Likewise, for Loan A/c No. LVBNG00041319140, while the Applicant has claimed Rs. 11,55,858.41 (Rupees Eleven Lakh Fifty-Five Thousand Eight Hundred Fifty-Eight and Paise Forty-One Only), the statement of

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OA 534/2022

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account marked as Ext. A24 shows the receivable amount as Rs. 11,07,121.40 (Rupees Eleven Lakh Seven Thousand One Hundred Twenty-One and Paise Forty Only). For the remaining loan account, the claimed amount and the account statement tally. Hence, the OA claim is liable to be allowed in accordance with the amounts as evidence in the respective statements of account.

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The evidence put forth by the applicant is found admissible and sufficient to prove the averments made in the OA, and the defaults committed by the Defendants in repaying the loan amount due. The liability of the Defendants and the loan amount due are also proved by the above documents. The claim of the applicant is well within the limitation.

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Since the credit facility was availed for business purpose (Commercial vehicle), pendente lite and future interest are awarded at 10.00% per annum (simple interest). The prayer for interest with monthly rests and for penal interest for the future period is hereby declined.

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In view of the above

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i. OA 534 of 2022 stands allowed

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ii. Applicant is permitted to recover an amount of Rs. 26,07,961.80 (Rupees twenty six lakh seven thousand nine hundred sixty one and paisa eighty only) with future and pendent lite interest @ 10.00% from the date of filing of the

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OA 534/2022

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OA till realization from the defendants jointly, severally and personally after giving credit to all the amount recovered and received during the pendency of the OA, and allowed the same to be recovered by proceeding against the defendants jointly, severally and personally and their assets including the schedule movable property. Properties schedule to the OA be the schedule to the Recovery Certificate.

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iii. A Recovery Certificate is to be drawn and issued to the recovery Officer to enable recovery of the as per the above terms.

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iv. Applicant is allowed to realize cost of the proceeding for which cost memo is to be filed in 7 days’ time from the date of receipt of the copy of the order.

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v. Interim application pending, if any, stands disposed of in terms of this final order.

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Communicate a copy of the order to the parties concerned in terms of Section 19(21)(i) of the RDB Act, read with Rule 16 of DRT (Procedure) Rules, 1993.

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(Dictated to PY directly on the Computer, after its transcription, corrected and pronounced by me in the open Court on this the 25^th day of November, 2025)

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Sd/(T. RAJESH) PRESIDING OFFICER

OA 534/2022

ANNEXURES

WITNESSES EXAMINED FOR THE APPLICANT BANK:

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AW-1: Smt. Pramosh G, Collection Manager, of Applicant Bank.

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Exhibits on the part of the Applicant:

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Exhibit Nos.	Date	Particulars of Documents
A1	--	Evidence affidavit
A2	--	List of documents
A3	--	Power of Attorney
A4	23.09.2017	Registration Certificate
A5	--	Sole proprietorship letter
A6	--	Proforma Invoice for two unit of Tata LPT
A7	--	Preliminary Credit facility application
A8	--	Addendum to preliminary credit facility
A9	31.12.2019	Credit facility application
A10	31.12.2019	Annexure to credit facility application
A11	--	Key facts statement and most important information
A12	--	Deed of hypothecation
A13	--	Irrevocable power of attorney
A14	--	Direct debit mandate form
A15	20.08.2021	Recall notice
A16	--	Endorsement
A17	20.08.2021	Recall notice
A18	--	Endorsement
A19	20.08.2021	Recall notice
A20	--	Endorsement
A21	05.01.2022	Foreclosure statement
A22	05.01.2022	Foreclosure statement
A23	05.01.2022	Account statement
A24	05.01.2022	Account statement
A25	--	Emergency Credit Line guarantee scheme self-undertaking
A26	--	Certificate
A27	--	Preliminary Credit facility Application
A28	20.08.2020	Sanction letter
A29	--	Undertaking in relation to security

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OA 534/2022

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A30	--	Deed of Hypothecation
A31	--	Stamp duty payment details
A32	20.08.2021	Recall notice
A33	--	Endorsement
A34	20.08.2021	Recall notice
A35	--	Endorsement
A36	20.08.2021	Recall notice
A37	--	Endorsement
A38	05.01.2022	Foreclosure statement
A39	05.01.2022	Account statement
A40	--	Certificate under Bankers book evidence Act.

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Witness Examined for the Defendants: List of Documents Exhibited for the Defendants:

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-Nil -

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-Nil -

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Sd/(T. RAJESH) PRESIDING OFFICER

Icici Bank Limited v. Teja Transport

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Teja Transport

Case brief

What is this about?

What did the court decide?

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