Allowed

Icici Bank Limited v. Deepaksingh Harnamsingh Kala

DRT23 Sept 2025OA/626/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by ICICI Bank Ltd. for recovery of outstanding dues from borrowers. The defendants being absent, the unrebutted evidence regarding sanctioned loans, default, and hypothecation deeds was accepted. The court directed the defendants to pay the claim amount plus future interest at 9% per annum.

What did the court decide?

The applicants (bank) was granted the claim of Rs. 1,11,90,647.70 plus future interest at 9% p.a. The hypothecated vehicles were declared secure for the debt, and a Recovery Certificate was issued aut

Icici Bank Limited versus Deepaksingh Harnamsingh Kala — Execution and Attachment | DRT (2025)

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Presented on: 24.04.2024 Registered on: 16.08.2024 Decided on: 23.09.2025 Duration: Y M D 01 04 29

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 626/2024

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TOTAL CLAIM AMOUNT – Rs. 1,11,90,647.70/-

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ICICI Bank Ltd.

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A Registered Company, Having its Registered Office at ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vododara, Gujarat- 390007. And having one of its Branch Office at ICICI Bank Ltd., Hotel Guru Inn Building, Beside Shyam Talkies, Near Shivaji Putla, Station Road, Nanded – 431602.

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Through its Power of Attorney Holder, Shri. Shantanu S/o. Shailesh Naik, Age: 29 years, Occ. Service, R/o. C/o. ICICI Bank Ltd., Cherikar Prestine, Plot No. 4, Opp. LIC Office, Bhagya Nagar, Adalat Road, … Applicant Aurangabad – 431001.

Versus

(OA No.626/2024)

Page 1 of 10

[AMBADAS]

1. Deepaksingh Harnamsingh Kala, Age: Major, Occu.: Business, R/o.: MIDC Tuppa Sunil Road Lines, Opp. Chandasingh Corner, Nanded – 431601.

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AND also

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R/o. Survey No. 109, Plot No., Samarth Nagar, Dhanegaon, Nanded – 431603.

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2. Sunilsingh Raghuvirsingh Kala, R/o.: MIDC Tuppa Sunil Road Lines, Opp. Chandasingh Corner, Nanded – 431601.

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AND also

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R/o. Survey No. 109, Plot No., Samarth Nagar, Dhanegaon, Nanded – 431603. AND also

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R/o. 2178, Hyderabad Road, …Defendants Tuppa, Nanded – 431601.

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APPEARANCES For the Applicant Mr. Umesh N. Shete -Advocate For Defendants Ex-parte

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JUDGMENT Delivered on 23.09.2025

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The Applicant Bank has filed the present application for the

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recovery of a sum of Rs. 1,11,90,647.70/- (Rupees One crore, Eleven Lacs, Ninety Thousand, Six Hundred Forty Seven and

(OA No.626/2024)

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[AMBADAS]

Seventy Paisa only), along with further interest from the date of filing of the Original Application, i.e., 24.04.2024, until the date of realization of the entire outstanding dues from the Defendants. Brief facts of the application are as under:

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The applicant bank states that the defendants, being fully aware of the terms and conditions, had executed loan agreements and deeds of hypothecation. The bank sanctioned and disbursed a total loan facility of Rs. 71,84,571/- across various loan accounts LVNAN00040772937,LVNAN00040772944,LVNAN0004077295 5, and LVNAN00040772951) and Rs. 67,04,342/- for accounts (LVNAN40177999, LVNAN00040201413, LVNAN00040176533, and LVNAN00040177617), with varying amounts for the chassis and bodies of the vehicles. The defendants agreed to pay fixed interest rates of 9.80% and 9.82% respectively, in 60 equated monthly installments. It is further stated that the defendants availed a moratorium period during the COVID-19 pandemic, as

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per RBI guidelines. Consequently, the tenure and monthly

(OA No.626/2024)

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[AMBADAS]

installments of the loan facilities were changed, and the outstanding amounts as of 17/09/2021 were converted into principal.

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In order to secure the aforesaid loan facility, the Defendants executed various loan documents in favour of the Applicant Bank. These included credit application form, deeds of hypothecation, etc.

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The Applicant Bank further contends that, in order to secure the aforesaid loan facility, the Defendants executed hypothecation deeds on 31.07.2019 & 18.09.2019 thereby hypothecating:

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i) Vehicle Ashok Leyland 3718, Registration No. NL01AD9226. ii) Vehicle Ashok Leyland 3718, Registration No. NL01AD8756. iii) Vehicle Ashok Leyland 3718, Registration No. MH26BE6156. iv) Vehicle Ashok Leyland 3718, Registration No. MH26BE6256.

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The applicant bank contended that the defendants have failed to keep their promise and commitments agreed by them with regard to due repayment of the loan amount. The defendants failed to

(OA No.626/2024)

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[AMBADAS]

operate the loan account properly and failed to pay the agreed rate of interest as per terms and conditions of the sanction letter. Thereafter, the applicant bank repeatedly made demand of loan amount and called upon the defendants to pay with the agreed rate of interest thereon, but the defendants failed and neglected to pay the same. The loan account of the defendants became irregular and classified as NPA on 30.06.2023. Therefore on 15.09.2023 the applicant bank issued legal Notice to the defendants. The defendants failed and neglected to repay the outstanding dues of the applicant Bank. Hence, this application is filed.

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The defendants failed to appear in matter though they were duly served. Hence, the defendants were proceeded ex-parte as per Order dated 06.02.2025.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Shantanu S/o. Shailesh Naik, Manager of the applicant Bank, and has produced on record the original loan transaction documents as Exh. AW-1/1 to AW-1/17 along with list of

(OA No.626/2024)

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[AMBADAS]

documents Exh.5 which corroborates the case of the applicant

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Bank.

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8. Particulars of Claim are as under:

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A. Loan No. LVNAN00040177999 (as on 08.01.2024)

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Sr.No.	Particulars	Amount (Rs.)
1	Future Principal	1938515.30
2	Current Outstanding	472652.00
3	Accrued Interest	5517.90
	(A) Total	2416685.20

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B. Loan No. LVNAN00040176533 (as on 08.01.2024)

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Sr.No.	Particulars	Amount (Rs.)
1	Future Principal	243257.50
2	Current Outstanding	75764.00
3	Accrued Interest	721.50
	(B)Total	319743.00

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C. Loan No. LVNAN00040201413 (as on 08.01.2024)

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Sr.No.	Particulars	Amount (Rs.)
1	Future Principal	2001334.70
2	Current Outstanding	470791.00
3	Accrued Interest	5645.40
	(C)Total	247771.10

(OA No.626/2024)

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[AMBADAS]

D. Loan No. LVNAN00040177617 (as on 08.01.2024)

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Sr.No.	Particulars	Amount (Rs.)
1	Future Principal	243998.40
2	Current Outstanding	75764.00
3	Accrued Interest	723.00
	(D)Total	320485.40

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E. Loan No. LVNAN00040772937 (as on 08.01.2024)

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Sr.No.	Particulars	Amount (Rs.)
1	Future Principal	1967544.00
2	Current Outstanding	531334.00
3	Accrued Interest	14389.00
	(E)Total	2513267.00

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F. Loan No. LVNAN0004077295 (as on 08.01.2024)

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Sr.No.	Particulars	Amount (Rs.)
1	Future Principal	250018.00
2	Current Outstanding	65943.00
3	Accrued Interest	1788.00
	(F)Total	317749.00

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G. Loan No. LVNAN0004077294 (as on 08.01.2024)

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Sr.No.	Particulars	Amount (Rs.)
1	Future Principal	1974520.00
2	Current Outstanding	531780.00
3	Accrued Interest	1440.00
	(G)Total	2520740.00

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H. Loan No. LVNAN00040772951 (as on 08.01.2024)

(OA No.626/2024)

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[AMBADAS]

Sr.No.	Particulars	Amount (Rs.)
1	Future Principal	237522.00
2	Current Outstanding	64975.00
3	Accrued Interest	1710.00
	(H)Total	304207.00

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Total Claim (A+B+C+D+E+F+G+H) = Rs. 1,11,90,647.70.00/-

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I have heard arguments of the learned Advocate for the applicant Bank.

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Since the defendants failed to appear and contest the application, I find no reason to disbelieve the unrebutted evidence of the applicant Bank. Therefore, the applicant Bank is entitled for the reliefs as claimed.

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The applicant Bank has claimed charge over hypothecated vehicle & of the borrowers.

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The applicant Bank has claimed future interest @9.80% and 9.82% from the date of filing i.e. 24.04.2024 of this application till realization of the claim amount. However, considering the facts of the case, I am of the opinion that if future interest is granted @ 9

(OA No.626/2024)

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[AMBADAS]

% per annum (simple) on outstanding amount, it would be just and reasonable rate of interest.

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ORDER

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(A) Original Application No. 626/2024 is allowed with costs.

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(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 1,11,90,647.70/- (Rupees One crore, Eleven Lacs, Ninety Thousand, Six Hundred Forty Seven and Seventy Paisa only), along with future interest @ 9% per annum (simple) from the date of filing of the Original Application i.e. 24.04.2024 till full payment/realization of the amount mentioned in this operative order.

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(C) The aforesaid adjudicated amount is secured by the hypothecation of vehicle vide hypothecation deeds dated 31.07.2019 & 18.09.2019 at Exhibit AW-1/5 & AW-1/12 in the list of documents Exh. 5. The hypothecated vehicle are as follows:

(OA No.626/2024)

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[AMBADAS]

i) Vehicle Ashok Leyland 3718, Registration No. NL01AD9226.

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ii) Vehicle Ashok Leyland 3718, Registration No. NL01AD8756.

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iii) Vehicle Ashok Leyland 3718, Registration No. MH26BE6156.

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iv) Vehicle Ashok Leyland 3718, Registration No. MH26BE6256.

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(D) The applicant Bank is entitled to sell the hypothecated articles/goods/vehicles etc., to recover its dues.

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(E) Issue Recovery Certificate accordingly.

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(F) The Registrar is directed to send the copy of the Judgment and Recovery Certificate to the applicant and defendants.

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(G) File be consigned to the record room.

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Sd/-

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Pronounced in open court. Place: Aurangabad Date:.23.09.2025

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(Dr. J. R. Chauhan) Presiding Officer Debts Recovery Tribunal, Aurangabad

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(OA No.626/2024)

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Page 10 of 10

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[AMBADAS]

Icici Bank Limited v. Deepaksingh Harnamsingh Kala

Case brief

What is this about?

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Icici Bank Limited v. Deepaksingh Harnamsingh Kala

Case brief

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