Allowed

Icici Bank Limited v. Archangle Architectural Products Private Limited

DRT27 Nov 2025OA/539/2023

Case brief

AI extract

What is this about?

Osman in a money recovery case, DRT-II Bangalore allowed the OA filed by ICICI Bank against corporate and individual borrowers for vehicle loan defaults.

What did the court decide?

Recovery Certificate issued for Rs. 38,27,489.91 with 8% simple interest from 29.10.2022.

What the court decided

Icici Bank Limited versus Archangle Architectural Products… — Company and Corporate | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II, BANGALORE

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Dated this 27^th Day of November, 2025

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PRESENT: SHRI T. RAJESH Hon’ble Presiding Officer

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O.A. No. 539 of 2023

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ICICI Bank Limited, 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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Archangle Architectural Products Private Limited, Rep. by its Directors, #126, 1^st Floor, Brigade Gardens, Church Street, Bangalore -560001.

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Sri. Gnanaprakash B S., S/o. Siddagangaiah Agrahara Byrappa, #Door No 2017, 12^th A Cross, 1^st B Main, Vijayanagar, 2^nd Stage, Bengaluru -560040.

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Smt. H. S. Geetha, Director, Archangle Architectual Products Private Limited, #126, 1^st Floor, Brigade Gardens, Church Street, Bangalore -560001.

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. . . Defendants Ld. Counsels on record / appeared :- Counsel for Applicants :- Vidhii Partners Counsel for Defendants :- Exparte

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OA 539/2023

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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. 38,27,489.91 (Rupees thirty-eight lakh twenty-seven thousand four hundred eighty-nine and paisa ninetyone only), which is due in respect of Vehicle Loans of Rs. 40,00,000/- (Rupees forty lakh only) availed by the Defendants.

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The Applicant contends that Defendant No.1 is a company and the borrower, Defendant No.2 and Defendant No.3 are the directors and co-borrowers. The Defendants had availed Vehicle Loans of Rs. 40,00,000/- (Rupees forty lakh 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 the defendants pay back the amount failed forcing the Applicant to file this Application.

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Despite, taking out the summons, there was no appearance of Defendants. Hence, they were called absent and set ex parte on 13.03.2024.

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The Applicant let in evidence through AW1, filed proof affidavit in conforming with pleading and got marked Ext A3 to A14.

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OA 539/2023

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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 evidence remain un-rebutted and hence proved. The documents produced by the Applicant are found to be admissible and are sufficient to produce OA claim. Hence the Applicant is to be found entitled for the OA claim. The OA claim is made within limitation and there is no capitalization of penal interest.

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Hence in view of the above findings this Tribunal comes to the conclusion that the OA is liable to be allowed

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Taking into consideration the fact that the loan is availed was vehicle loan and also the fact that OA claim is arrived at by calculating interest at the agreed rate, pendente lite and future interest is awarded at 8.00% (simple). 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 539 of 2023 stands allowed

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ii. Applicant is permitted to recover an amount of Rs. 38,27,489.91 (Rupees thirty eight lakh twenty seven thousand four hundred eighty nine and paisa ninety one only)

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OA 539/2023

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with future and pendent lite interest @ 8.00% (Simple) from 29.10.2022 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 27^th day of November, 2025)

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Sd/(T. RAJESH) PRESIDING OFFICER

OA 539/2023

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	25.01.2008	General power of attorney
A4	10.08.2010	Certificate of incorporation
A5	--	Copy of Master data
A6 & A7	18.11.2020	Preliminary credit application
A8	15.02.2021	Board of resolution
A9	17.02.2021	Credit facility application
A10	--	Key facts statement and most important information
A11	28.06.2022	Recall notice along with postal receipt
A12 & A13	29.10.2022	Ledger and Foreclosure statement
A14	09.02.2023	Certificate under Bankers books evidence Act, 1891.

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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. Archangle Architectural Products Private Limited

Case brief

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What did the court decide?

What the court decided

Icici Bank Limited v. Archangle Architectural Products Private Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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