Allowed

Icici Bank Limited v. Svb Infra Projects

DRT22 Sept 2025OA/564/2022

Case brief

AI extract

What is this about?

In an exparte hearing, the DTI allowed the application for a recovery certificate of Rs. 1.19 crore plus interest at 10% simple, finding the uncontroverted evidence sufficient to prove loan availment and defaults.

What did the court decide?

Recovery certificate for Rs. 1,19,55,086 with 10% simple interest from filing date till realization; recovery from defendants jointly and severally and personally against Defendant No. 2 and their ass

Icici Bank Limited versus Svb Infra Projects — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL II, KARNATAKA AT BENGALURU

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Dated this 22^nd Day of September, 2025

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Present: Sri. T. RAJESH Presiding Officer

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OA.No.564/2022

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BETWEEN:

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ICICI Bank Limited, Having a Zonal Office at 4/10, Mythree Tower, Bommanahalli, Hosur Main Road, Bengaluru- 560068. Represented through its Constituted Attorney, Sri. Pramodh G.

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…APPLICANT

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AND:

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SVB Infra Projects, A registered proprietorship firm Having its office at 1851/A, 2^nd Cross, 3^rd Stage, Prakash Nagar, Bangalore- 560 021. Represented by its Proprietor, Mukundappa Babunaidu Sunildeep.

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M B Sunil, S/o. Babu Naidu M, Aged about 38 years, Residing at No. 1683, 2^nd Cross, 3^rd Stage, Near Sagar Hotel, Prakash Nagar, Bangalore 560 021. ...DEFENDANTS

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Counsel on record/appeared for:

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Applicant : M/s. Vidhii Partners Defendants : Exparte

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FINAL ORDER

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The present Original Application in short (OA) has been filed under

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OA 564/2022

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section 19 of Recovery of Debts and Bankruptcy Act 1993 seeking issuance of Recovery Certificate against the defendants for Rs. 1,19,55,086/(Rupees One Crore Nineteen Lakh Fifty Five Thousand Eighty Six Only) with further interest thereon from the date of filing the Application till realization. The 1^st defendant is a proprietary concern represented by its proprietor the 2^nd defendant herein.

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It is the case of the applicant that, the defendants availed the following loans from the applicant bank:-

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First construction equipment loan of Rs. 41,00,000/- (Rupees Forty One Lakh Only),

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Second construction equipment loan of Rs. 94,40,000/- (Rupees Ninety Four Lakh Forty Thousand Only),

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Third construction equipment loan under ECGLS of Rs. 25,05,000/(Rupees Twenty Five Lakh Five Thousand Only).

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It is also the case of the applicant that, in view of the above availed loans, the defendants executed the necessary loan documents along with deed of hypothecation and undertaking in relation to security.

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It is further contended that, despite availing the credit facilities, agreeing to service the loan amount promptly and regularly, the defendants failed in complying the same, resulting in default in repayment and consequentially turning the loan accounts as NPA.

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In the above circumstances, the applicant approached this Tribunal

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OA 564/2022

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by filing this OA seeking issuance of Recovery Certificate for the amount due in the account.

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Despite, service of summons on the defendants, they failed to appear, resulting the defendants being set exparte on 22.07.2024.

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The applicant had let in evidence through AW-1, who filed Proof Affidavit reiterating the contentions taken in the OA and also produced Exhibits A-3 to A-46 and got the same marked in evidence.

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Heard the Ld. Counsel for the Applicant and considered the contentions as taken in the OA in the light of documentary evidence and proof affidavit.

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The following issues arise for consideration in this matter:

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i) Whether the applicant had succeeded in proving the OA claim as against the defendants?

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ii) What order are to be passed?

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Both these issues are gone into and decided together.

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The case put forth by the applicant in the Application remains unrebutted as defendant remained exparte. The evidence tendered by the applicant remains uncontroverted and undisputed. The evidences put

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forth by the applicant were found admissible and are sufficient to prove

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availment of credit facilities as stated in the OA, creation of hypothecation

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OA 564/2022

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and the defaults committed in the accounts. The liability of the defendant

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and the claim of the amount due are also proved by the above documents. The claim of the applicant is well within the limitation.

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Hence in view of the findings arrived herein above, the Tribunal

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find both these issues in favour of applicant and hence, this Tribunal is of the view that OA is to be allowed.

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Taking into consideration the facts that the credit facilities are

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availed for Commercial purpose and also that the OA claim is arrived at by calculating interest at the agreed rate, this Tribunal in view of the OA can be allowed with a reduced interest of 10.00% (simple).

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In the result, OA.No.564/2022, stands allowed,

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i) The applicant is allowed to recovery an aggregate sum of Rs.

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1,19,55,086/- (Rupees One Crore Nineteen Lakh Fifty Five Thousand

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Eighty Six Only) with further interest @10.00 % p.a.(simple) from the date of filing OA till the realization, from the defendants jointly, severally

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& personally against defendant No.2, after giving credit to all the amount

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recovered and received during the pendency of the OA and allowed the

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same to be recovered by proceedings against the defendants jointly,

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severally and personally against defendant No.2 and also proceeding

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against their assets including hypothecated movables. Schedule to the OA

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OA 564/2022

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be the schedule to the recovery certificate.

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ii) The applicant bank is allowed cost of the proceedings which

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applicant to file cost memo within 7 days from the date of receipt of the order.

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iii) The Recovery Certificate to be drawn in terms of this order and

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transferred to Recovery for execution.

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iv) Interim application pending, if any, are disposed of with 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)

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Rules, 1993.

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[Dictated to the Stenographer (AJ), transcribed by her, corrected and signed and pronounced by me in the Open Court, this the 22^nd Day of September, 2025].

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Sd/- (T. RAJESH) PRESIDING OFFICER

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ANNEXURES

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WITNESSES EXAMINED FOR THE APPLICANT BANK:

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AW-1: Pramodh G S/o Gurumallappa, Collection Manager, of Applicant

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Bank.

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Exhibits on the part of the Applicant:

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Exhibit	Particulars of Documents
Nos.
A1	Applicant’s Evidence
A2	List of documents
A3	Power of attorney

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OA 564/2022

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A4	Registration certificate of SVB infra projects
A5	Letter of sole proprietorship
A6	Preliminary credit facility application bearing No. CB 000 208715
A7	Addendum to the preliminary credit facility application bearing No. 208715
A8	Credit facility application from dated 29.12.2018
A9	Key facts statement and most important information
A10	Deed of hypothecation
A11	Irrevocable power of attorney
A12	Loan recall notice dated 13.09.2021 in respect of loan bearing No. LQBNG00038414337
A13	Endorsement
A14	Loan recall notice dated 13.09.2021 in respect of loan bearing No. LQBNG00038414337
A15	Endorsement
A16	Foreclosure statement in respect of loan bearing No. LQBNG00038414337
A17	Loan account statement in respect of loan bearing No. LQBNG00038414337
A18	Preliminary credit facility application bearing No. 317813
A19	Addendum to the preliminary credit facility application bearing No. 317813
A20	Delivery order dated 26.12.2019
A21	Credit facility application form dated 26.12.2019
A22	Key facts statement and most important information
A23	Deed of hypothecation
A24	Irrevocable power of attorney
A25	Loan recall notice dated 3.09.2021 in respect of loan bearing No. LQBNG00041279483
A26	Endorsement
A27	Loan recall notice dated 3.09.2021 in respect of loan bearing No. LQBNG00041279483
A28	Endorsement
A29	Foreclosure statement in respect of loan bearing No. LQBNG00041279483
A30	Loan account statement in respect of loan bearing No. LQBNG00041279483
A31	Emergency credit line guarantee scheme- self undertaking by the borrower
A32	Certificate as stipulated by the reserve bank of India
A33	Preliminary credit facility application form bearing No. CB 999 379601

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OA 564/2022

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A34	Addendum to pre
A35	Sanction letter
A36	Undertaking in relation to security
A37 & A38	2 direct debit mandate forms dated 26.08.2020
A39	Hypothecation deed
A40	Loan recall notice dated 02.11.2021 in respect of loan bearing No. UQBNG00041969945
A41	Endorsement
A42	Loan recall notice dated 02.11.2021 in respect of loan bearing No. UQBNG00041969945
A43	Endorsement
A44	Foreclosure statement in respect of loan bearing No. UQBNG00041969945
A45	Loan account statement in respect of loan bearing No. UQBNG00041969945
A46	Certificate under section 2-A of the amended banker’s bops evidence act

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

-Nil -

-Nil -

Sd/- (T. RAJESH)

PRESIDING OFFICER

Icici Bank Limited v. Svb Infra Projects

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Svb Infra Projects

Case brief

What is this about?

What did the court decide?

What the court decided

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Statutes considered

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