Allowed

Icici Bank Limited v. Sh. Resham Singh and Another

DRT22 Sept 2025OA/711/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by ICICI Bank Ltd. against two borrowers for recovery of an outstanding loan of Rs. 22,67,733.58. The Tribunal imposed simple interest at 8% p.a. instead of the claimed higher rate and directed the issuance of a recovery certificate attached with the hypothecated properties.

What did the court decide?

Liable to pay Rs. 22,67,733.58 with costs and simple interest @8% p.a. Recovery Certificate issued; liberty to attach/sell mortgaged or personal assets.

Icici Bank Limited versus Sh. Resham Singh and Another — Execution and Attachment | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.711/2024

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 25.05.2024

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DATE OF DECISION: 22.09.2025

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ICICI BANK Ltd., company incorporated under the Companies Act, 1956 and a Banking Company within the meaning of Banking Regulation Act, 1949, and is having its Registered Office at Land Mark, Race Course Circle, Vadodra -390007 and inter alia having branch at Moga Road, Kot Isse Khan, District Moga, Punjab -142043, also having Regional office at SCO 132-133-134, Sector 9 C, Chandigarh -160017, through its Manager and authorized signatory Sh. Mohammad Vajid.

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……..Applicant

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Versus

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Sh. Resham Singh S/o Sh. Jageer Singh R/o H. No. 86, Village Mahil, Tehsil Zira District Ferozepur (Punjab).

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Sh. Nachhattar Singh S/o Sh. Resham Singh R/o H. No. 99, Village Mahil, Tehsil Zira District Ferozepur (Punjab).

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….……Defendants

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Advocates:

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Argued by Sh. Himendra Pal Singh, Advocate for Applicant Defendants already 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 defendants for recovery of Rs.22,67,733.58p (Rupees Twenty Two Lacs Sixty Seven Thousand Seven Hundred Thirty Three and Paise Fifty Eight Only). The Original Application has been filed through Sh. Mohammad Vajid, Manager of 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.

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2 OA NO. 711/2024

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ICICI BANK LIMITED VS. SH. RESHAM SINGH AND ANOTHER

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The brief facts of the OA are that the defendants had approached the applicant for KCC Limit of Rs. 20.70 Lacs vide Farmer Finance Facilities Credit Facility Application Form (CFAF) dated 11.01.2018, which is Annexure A2 to this OA. 3. The applicant sanctioned the KCC Limit of Rs.18.70 Lacs vide Sanction letter dated 18.01.2018, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants. 4. Defendant no.1 had mortgaged his immovable properties i.e. Total Land measuring 66K-11M situated at Village Mahal, Tehsil Dharamkot, District Moga, Punjab vide Declaration dated 18.01.2018 under Section 4(1) of Punjab Agricultural Credit Operations and Miscellaneous Provisions (Banks) Act 1978, which is Annexures A5 to this OA; Letter to Tehsildar dated 18.01.2018 for creation of charge, which is Annexure A6 to this OA.

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Documents executed : - Deed of Hypothecation dated 18.01.2018, which is Annexure A4 to this OA; Notices dated 23.04.2024, which is Annexure A7 to this OA; Postal Receipts dated 25.04.2024, which is Annexure A8 to this OA and Statement of Account, which is Annexure A9 to this OA. 5. 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.22,67,733.58p, 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. 6. 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 12.09.2025. 7. In support of the OA, affidavit of Sh. Mohammad Vajid, Authorised Representative ICICI Bank Ltd., h as been filed. 8. Heard ex-parte arguments and perused record.

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3 OA NO. 711/2024

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ICICI BANK LIMITED VS. SH. RESHAM SINGH AND ANOTHER

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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 A9 to this OA, it is proved that the defendants approached applicant for availing of the loan facility which was granted to them and for that they had executed all the relevant documents in favour of the applicant. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.22,67,733.58p (Rupees Twenty Two Lacs Sixty Seven Thousand Seven Hundred Thirty Three and Paise Fifty 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 account. 10. In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @11.55% p.a. with penal interest of 2% p.a. from 01.05.2024 till the realization. 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 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. 11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.22,67,733.58p (Rupees Twenty Two Lacs Sixty Seven Thousand Seven Hundred Thirty Three and Paise Fifty Eight Only) jointly and severally, with costs, current and future simple interest @8.00%p.a. in

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4 OA NO. 711/2024

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ICICI BANK LIMITED VS. SH. RESHAM SINGH AND ANOTHER

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the loan account 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 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. 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 14.10.2025. 15. 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: 22.09.2025

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

Icici Bank Limited v. Sh. Resham Singh and Another

Case brief

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Icici Bank Limited v. Sh. Resham Singh and Another

Case brief

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