Allowed

Icici Bank Limited v. Messrs Sudhir Enterprises and Others

DRT12 Sept 2025OA/675/2024

Case brief

AI extract

What is this about?

The Tribunal allowed an application by ICICI Bank for recovery of ₹1.03 crores from defaulting borrowers. The court proved the loan and default via documentary evidence and modified the claimed interest rate to 8% per annum.

What did the court decide?

Recovery Certificate issued for Rs.1,03,12,118.68 with simple interest @8% p.a. from filing date till realization; enforcement via sale of mortgaged assets.

Icici Bank Limited versus Messrs Sudhir Enterprises and Others — Banking and Recovery | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.675/2024

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 07.05.2024

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DATE OF DECISION: 12.09.2025

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ICICI BANK Ltd., a body corporate, incorporated under the Companies Act, 1956 and Bank within the meaning of the Banking Regulation Act, 1949 and having its registered office at 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, Sh. Mohd Vajid.

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……..Applicant

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Versus

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M/s Sudhir Enterprises through its Proprietor, Plot No. 100, Saini Colony, Moti Nagar, Ludhiana, Punjab -141010.

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Sh. Sudhir Bansal S/o Sh. Ayodhya Parkash, Proprietor M/s Sudhir Enterprises R/o H. No. 220-D, Model Town Ext., Dugri Road, Model Town, Ludhiana, Punjab -141002. 2^nd Address: R/o Plot No. 100, Saini Colony, Moti Nagar, Ludhiana, Punjab -141010.

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Smt. Ritu Bansal W/o Sh. Sudhir Bansal R/o H. No. 220-D, Model Town Ext., Dugri Road, Model Town, Ludhiana, Punjab -141002. 2^nd Address: R/o Plot No. 100, Saini Colony, Moti Nagar, Ludhiana, Punjab -141010.

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….……Defendants

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Advocates:

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Argued by Sh. Rahul Garg, Advocate for Applicant Defendants already ex parte

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2 OA NO. 675/2024 ICICI BANK LIMITED VS. MESSRS SUDHIR ENTERPRISES AND OTHERS

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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 defendants for recovery of Rs.1,03,12,118.68p (Rupees One Crore Three Lacs Twelve Thousand One Hundred Eighteen and Paise Sixty Eight Only). The Original Application has been filed through Sh. Mohd. Vajid, Authorized Signatory o f the applicant, who is competent to institute the Original Application vide Power of Attorney dated 18.09.2019, which is Annexure A1 to this OA. 2. The brief facts of the OA are that the defendant no. 1 through defendant no. 2 was availing the facility of Overdraft of Rs. 60 Lacs form the applicant since 2016. Defendant nos. 2 and 3 stood as guarantors. The defendant no. 1 through its proprietor approached the applicant for enhancement of this limit from Rs.60.00 Lacs to Rs. 82.00 Lacs and thereafter, for Working Capital Term Loan (WCTL) of Rs. 16.00 Lacs under Emergency Credit Line Guaranteed Scheme (ECLGS). 3. The applicant sanctioned the enhancement of the existing Overdraft Limit from Rs. 60.00 Lacs to Rs. 82 Lacs vide credit arrangement letter dated 13.02.2019, which is Annexure A2 to this OA and the terms and conditions were duly accepted by the defendants. Thereafter, the applicant sanctioned Working Capital Term Loan (WCTL) of Rs. 16.00 Lacs under Emergency Credit Line Guaranteed Scheme (ECLGS) vide sanction letter dated 22.10.2020, which is Annexure A6 to this OA. 4. Defendant no.2 had mortgaged his immovable properties i.e. Plot No. 100 to the extent of 150 Sq. yards situated at Sherpur Kalan, bearing Hadbast No. 176, Inside Corporation Saini Colony, Tehsil and District Ludhiana, vide equitable mortgage of Sale Deed bearing vasika no. 7793 dated 27.01.2003, along with its Translation dated 27.01.2003, which is Annexure A8 to this OA.

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3 OA NO. 675/2024 ICICI BANK LIMITED VS. MESSRS SUDHIR ENTERPRISES AND OTHERS

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Sale deed bearing vasika no. 15102 dated 20.03.2003 as per which 100 sq. yards out of total area of 250 sq. yards of Sale Deed dated 27.01.2003 stands sold by defendant no. 2, along with its Translation, which is Annexure A9 to this OA. Annexure VI-D i.e. Memorandum of Entry dated 16.02.2019 and Annexure VII-B i.e. Declaration, dated 15.02.2019, which are Annexures A10 & A11 to this OA; Documents executed : - Facility Agreement, Deed of Hypothecation and Deed of Guarantee all dated 15.02.2019, which are Annexures A3 to A5 to this OA; Deed of Hypothecation dated 31.07.2020, which is Annexure A7 to this OA; Undertaking dated 22.07.2020, which is Annexure A12 to this OA; Loan Recall Notices dated 02.03.2023, which are Annexures A13 & A14 to this OA and Statement of Accounts, which are Annexures A15 & A16 to this OA.

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The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in loan accounts there was a debit of Rs.1,03,12,118.68p, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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The defendants were served notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte on 26.08.2025. 7. In support of the OA, affidavit of Sh. Mohd. Vajid, Authorized Signatory, ICICI BANK Ltd., h as been filed. 8. Heard ex-parte 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, the applicant had proved its case. From the perusal of all the Annexures A1 to A16 to this OA, it is proved that the defendants approached applicant for availing of the loan facility which were granted to them and for that they had executed all the relevant documents in favour of the applicant. The

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4 OA NO. 675/2024 ICICI BANK LIMITED VS. MESSRS SUDHIR ENTERPRISES AND OTHERS

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defendants failed to pay back the loans as per terms and conditions of the agreement between the parties. Subsequently, accounts of the defendants were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.1,03,12,118.68p (Rupees One Crore Three Lacs Twelve Thousand One Hundred Eighteen and Paise Sixty Eight Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the accounts. 10. In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @15.90% p.a. in overdraft facility and @15.25% p.a. in ECLGS facility, both with monthly rests from 01.02.2024 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, undertaking of the defendants, 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 @8.00%p.a. in both the loan accounts from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly. 11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.1,03,12,118.68p (Rupees One Crore Three Lacs Twelve Thousand One Hundred Eighteen and Paise Sixty Eight Only) jointly and severally, with costs, current and future simple interest @8.00%p.a. in both the loan accounts from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated/mortgaged properties of the defendants in execution proceedings if not sold earlier under the

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5 OA NO. 675/2024 ICICI BANK LIMITED VS. MESSRS SUDHIR ENTERPRISES AND OTHERS

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provisions of the SARFAESI Act, 2002. If the dues of the applicant still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law.

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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 04.10.2025.

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Copy of this order be given dasti to the applicant and be sent to defendants through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned. Pronounced by me in the open Tribunal . Dated: 12.09.2025

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(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. Messrs Sudhir Enterprises and Others

Case brief

What is this about?

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Icici Bank Limited v. Messrs Sudhir Enterprises and Others

Case brief

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