Allowed

Icici Bank Limited v. Shiv Kumar

DRT11 Sept 2025OA/599/2024

Case brief

AI extract

What is this about?

The DRT allowed the bank's application for recovery of a defaulted vehicle loan of approx. Rs. 52.89 lacs. The applicant claimed 16% interest, but the Tribunal adjusted it to 8% simple p.a. and directed issue of a Recovery Certificate and enforcement via SARFAESI.

What did the court decide?

Recovery Certificate issued for Rs. 52,89,210.00 plus 8% simple interest; claim enforceable under SARFAESI Act via sale of hypothecated vehicle or personal assets.

Icici Bank Limited versus Shiv Kumar — Execution and Attachment | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.599/2024

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 28.05.2024

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DATE OF DECISION: 11.09.2025

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ICICI Bank Ltd. a body corporate incorporated under the Companies Act, 1956 and bank with the meaning of Banking Regulation Act, 1949 and giving its registered office at ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara-390007 and its Corporate Office at ICICI Bank Towers, Bandra Kurla Complex, Mumbai-400051 and having branches all over India and one of its branch offices situated at 1^st Floor, Near N.K. Sharma Office, Chandigarh Ambala National Highway, Zirakpur, District S.A.S. Nagar, Punjab through its Authorized Signatory, Mohd. Vajid.

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……..Applicant

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Versus

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Sh. Shiv Kumar S/o Sh. Manoj Kumar, R/o Flat No. 403, 4^th Floor, JLPL Sky Garden, Sector 66-A, Mohali, District SAS Nagar, Punjab-140306. 2^nd Address:- C/o The Aussie Education, SCF 123, 2^nd Floor, Phase-7, Mohali, District SAS Nagar, Punjab-160062.

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………. Defendant

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Advocates:

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Argued by Sh. Rahul Garg, Advocate for the applicant Defendant is ex-parte

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, against the defendant for recovery of Rs. 52,89,210.00 (Rupees Fifty Two Lacs Eighty Nine Thousand Two Hundred and Ten Only). The Original Application has been filed through Sh. Mohd. Vajid, Authorized Signatory of the applicant, who is competent to institute the Original

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OA NO. 599/2024 ICICI BANK VS SH. SHIV KUMAR

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Application vide General Power of Attorney dated 18.09.2019, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendant had approached the applicant for the grant of Vehicle Loan of Rs. 68.00 Lacs vide Application form which is Annexure A2 to this OA. 3. The applicant sanctioned the Vehicle Loan of Rs.58.45 Lacs vide Credit Facility Application Form dated 06.02.2023, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendant.

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Defendant had hypothecated his movable asset i.e. Vehicle namely MERCEDES E CLASS 220D bearing Registration no. PB-16E0999, Engine no. 65492080650718, and Chassis no. W1K2131046L030820 vide Deed of Hypothecation dated 06.02.2023, which is Annexure A4 to this OA.

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Documents executed:- Form of particulars which is Annexure A5 to this OA; Recall notice dated 08.05.2024, which is Annexure A6 to this OA and Statement of account which is Annexure A7 to this OA.

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The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs. 52,89,210.00, which is recoverable and the defendant was served recall notices but he did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly. 6. The defendant was served notices to appear before this Tribunal but no one appeared on behalf of defendant and he was proceeded exparte on 25.08.2025.

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In support of the OA, affidavit of Sh. Mohammad Vajid, Manager, ICICI Bank Ltd. h as been filed. 8. Heard ex-arguments and perused record. 9. It was argued by learned counsel that in view of the documentary evidence brought on record which had gone unrebutted,

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OA NO. 599/2024 ICICI BANK VS SH. SHIV KUMAR

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the applicant had proved its case. From the perusal of all the Annexures A1 to A7 to this OA, it is proved that the defendant approached applicant for availing of the loan facility which was granted to him and for that he had executed all the relevant documents in favour of the bank. The defendant failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendant was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs. 52,89,210.00 (Rupees Fifty Two Lacs Eighty Nine Thousand Two Hundred and Ten Only) along with interest from the defendant, from the date of filing of the present Original Application till realization of the accounts.

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In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @16.00% p.a. with monthly rests from 04.05.2024 till the realization.

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The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the mortgaged property/hypothecated assets, undertaking of the defendant, quantum of loan and prevalent market rates of interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @08.00%p.a. in the loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.

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In the result, the application is allowed declaring that the defendant is liable to pay to the applicant a total sum of Rs. 52,89,210.00 (Rupees Fifty Two Lacs Eighty Nine Thousand Two Hundred and Ten Only) with costs, current and future simple interest @08.00%p.a. in the loan account from the date of filing of OA till the

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OA NO. 599/2024 ICICI BANK VS SH. SHIV KUMAR

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date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated vehicle of the defendant in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendant. The applicant is at liberty to enforce the claim through due process of law. 12. Any other application pending stands disposed of. 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 03.10.2025. 15. Copy of this order be given dasti to the applicant and be sent to defendant through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned.

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Pronounced by me in the open Tribunal . Dated: 11.09.2025

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(MRIDULESH KUMAR SINGH)

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Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. Shiv Kumar

Case brief

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Icici Bank Limited v. Shiv Kumar

Case brief

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