Allowed

Icici Bank Limited v. Vikash Bhardwaj

DRT29 Jan 2025OA/72/2024

Case brief

AI extract

What is this about?

In an ex-parte application under the RDB Act, ICICI Bank claimed recovery of a personal loan from Vikash Bharadwaj. The Dhret Recovery Tribunal, Patna admitted jurisdiction, found the claim within limitation, and relied on the bank's documentary evidence as the defendant failed to appear. The debt was determined, and a Recovery Certificate was issued. Subject: Banking & Recovery.

What did the court decide?

Recovery Certificate issued for Rs. 26,22,152/- with interest and costs directed to be recovered by the Recovery Officer via sale of assets.

Icici Bank Limited versus Vikash Bhardwaj — Banking and Recovery | DRT (2025)

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DRT.PATNA

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OA 72 of 20241.J1

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Debts Recovery Tribunal, Patna Karpuri Thakur Sadan, Aashiana Digha Road Patna-800025

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Presiding Officer : Shri Kaushalendra Yadav

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OA Case No. 72 of 2024

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ICICI Bank Limited, Zonal Office at 2ml Floor, Gulabi Place. above Roop Alankar Jewellers. East Boring Canal Road. Patna

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....... Applicant

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Vs.

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Vikash Bharadwaj, Sio Manoj Kumar Bharadwaj. 44 Dhani Tola. Purani Godown, Gaya, Nearby Post Office, Gaya- 82300 I, PAN NO.AFGPB4553C

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....... Defendant

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Present:

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For the Applicant Shri Prabhakar Nath Rai, Advocate For the Defendant None

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Dated:29.01.2025

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JUDGMENT

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I. The Applicant bank has made this application uls 19 of the Recovery'of Debts and Bankruptcy Act, 1993 (here-in-after referred to as Act) on 29.01.2024 against the defendant to recover its debts from defendant of Rs.26,22.152/- as on 03.01.2023 along with pendente-lite and future interest at the contractual rate from 04.01.2023 with costs till realization.

¶16

The application has been filed with the contention that the applicant bank, is a body corporate, carries on the business and is competent to file the suit through various branches including the applicant.

¶17

Defendant is a proprietor ofVikash Store and has availed the lpoan from the bank. Defendant approached the applicant bank for availing personal loan facility through loan applicant and after due consideration. the applicant bank has sanctioned an amount of Rs.25 Lakh on 17.02.2022 on various terms and conditions, as stipulated in the sanction letter, which were duly accepted by the defendant. To secure the loan facility the defendant has executed loan and security documents.

¶18

After availing the sanctioned credit facility. the defendant became irregular in repayment of their dues as per agreed terms and failed to adhere to

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DRT. PATNA

OA 72 of20241.11

the financial norms of the bank and avoiding the repayment of its dues to the bank. in spite of several assurances given by it to the applicant bank resulting in the account turning as NPA on 03.02.2023.

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Since, the defendant failed and neglected in spite of several reminders to make payment of the dues recoverable to the bank. hence this application has been filed by the bank.

¶25

The total liability in the loan account is Rs.26.22,152/- as on 03.01.2023 with pendente-lite and future interest contractual rate from 04.01.2023 till the realization.

¶26

This Tribunal issued summon/notice copies of application & paper book to the defendant by registered/speed post on 29.02.2024, requiring him to show-cause within 30 days of the service U/s 19 (4) of the Act & Rule of the DRT [Procedure] Rules. 1993. But the defendant has not appeared. hence. the Registry of this Tribunal has ordered to publish the notice in newspaper and subsequently. substituted service by publication of notice by way of advertisement in newspaper was also made against the defendant on 03.08.2024 in "Dainik J agran" newspaper.

¶27

Despite the registered summon/notice and publication of notice in newspaper. the defendant has not appeared before this Tribunal to contest the case. The sufficient time has been given to the defendant to defend his case. but he failed to appear and to file WS, hence. the Tribunal has passed an order to proceed ex-parte against the defendant on 23.09.2024.

¶28

To prove its case, the applicant Bank has referred vanous certified photocopies of documents before this Tribunal. The applicant bank has also given evidence on affidavit by way of affidavit by Shri Amit Verma. Relationship Manager-Legal of the applicant bank. The details of documents are as follows:

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r=~--,- SI.No	,-~~------o-r=-----::.- Description of Documents Photocopies	----'-=-------;;' Date of Execution	-:' Amount (In Lakh)	Signature Executants	of	----- Ex.! Ann. No.
	Powerof attome	15.03.2018		Bank

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DRT,PATNA

OA 72 0(2024!.11

2	Loanapplication	--	25.00	Defendant	')-
3	Credit facility application form along with Key fact statement and most important information	16.02.2022	25.00	Defendant	1.,
4	Loanrecallnotice	01.04.2023	--	Bank	4
5	Statementof account and foreclosure statement	--	--	Bank	5 ---

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Heard arguments and perused the case record.

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Ld, Counsel of applicant bank submitted that the defendant has taken the loan and utilized the same and also executed the various loan documents to secure the loan. Further, submitted that the claim of the bank has been proved by documentary evidence. All the transactions were entered in the ledger of the loan accounts in the name of the defendant duly maintained by the applicant bank in its usual course of business. The interest /compound interest has been charged at such rates, and capitalized at such periodical rests as are permitted by and do not run counter to the directives of Reserve Bank ofIndia,

¶37

It is further submitted by ld, Counsel of applicant bank that there is no stay granted by any Higher Court, in respect of the proceedings of the present OA and requested to issue recovery certificate. as claimed for, in OA.

¶38

II. It has been established that defendant is living and carrymg on his business in the state of Bihar. Cause of action also arose in the State of Bihar. The said claim on the date of filing of application exceeded Rs.20 lacs. The applicant bank is functioning within the jurisdiction of this Tribunal. Therefore. this Tribunal has territorial as well as pecuniary jurisdiction to adjudicate upon the present application.

¶39

On the issue of Limitation, to prove it. the applicant bank has submitted that the applicant bank has declared the account as NPA on 03.02.2023. whereas the present application has been tiled on 29.01.2024. Even. it is counted for the purpose of Limitation, then it is established that the applicant bank has filed the case within the limitation period. As such, it is established that the present application has been filed well within the period oflimitation.

DRT,PATNA

OA 72 of 20241,11

Shri Amit Verma, Relationship Manager-Legal of the applicant bank has filed the affidavit in support of contents of application and the documents as evidence and proved on oath the pleadings and documents of the applicant bank as stated above.

¶44

Section 19(3) of the Recovery of Debts and Bankruptcy Act. 1993 provides that the application uls S.19 (I) shall be accompanied with true copies of all the documents relied on in support of the claim.

¶45

The rule 12 (10) of the Debt Recovery Tribunal (Procedure) Rules. 1993.providesthat if the defendantdenies his liabilityto pay the claim made by the applicant.the tribunalmay act upon the affidavitof the applicantwho is acquaintedwith the facts of the case or who has on verification of the record sworn the affidavit in respect of the contents of the applicationand the documentsas evidence.

¶46

The rule 12 (II) of the aforesaid Rules. provides that the provisionscontainedin section4 of the Banker's Booksevidence that Act. 1891(18 of 1891)shall applyto a certifiedcopy of an entry in a Banker's Booksfurnishedalongwith applicationfiled undersubsectionI of section19bythe applicant. Section 4 of Banker's Books evidence Act, 1891 runs as under- S.4. Mode of proof of entries in banker.'books=Subjec: to the provisions of this Act. a certified copy or any entry in a banker's hook shall in all legal proceedings be received as primafacie evidence ofthe existence of such entry. and shall be admitted as evidence or the matters, transactionsand accounts therein recorded in evey ClISf! where. and 10 the same extent as. the original entry itsel] is now by law admissible. bUInotfurther or otherwise.

¶47

As such the certified true copies of the documents are admissible in evidence. The statement of account maintained in the ordinary course of business is not only admissible but shall be taken as the correct statement of account, more so since the entries in the statement of account have not been challenged.

¶48

On perusal of the application, documents. affidavit and on consideration of the arguments. it is proved that the defendant has applied for loan and the bank had sanctioned the loan and to secure the loan and for repayment of loan amount with interests etc., the defendant has executed loan documents. as stated in the application and proved by aforesaid evidence. Defendant has neither denied the utilization of funds advanced by applicant bank nor has pointed out any specific error and discrepancy in the Statement of Account.

DRT,PATNA

OA 72 of20241JI

The evidence discussed above goes to establish that the amount of loan as mentioned in the O.A., was availed by the borrower under the agreed terms and conditions for repayment with interest. The balance amount till 03.01.2023 has been proved to be Rs.26,22,152/- only by way of statement of account. There is nothing to prove the amount more than that disclosed in the aforementioned statement. As such this amount is recoverable till full and tinal realization of the claim.

¶53

In my view, facts of the case stand proved by evidence of the applicant bank. Accordingly, the applicant bank is entitled to recover from defendant of Rs.26,22,152/- along with pendente-lite and future interest (m 10% p.a. with compounded monthly rests from 29.01.2024 (The date of tiling of this OA) till realization. So the final order may be passed accordingly. to meet the ends of justice.

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ORDER

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In the result, the application of the applicant bank is allowed and debt is determined with costs against the defendant. The defendant is hereby, ordered to pay the applicant bank its debt amounting to Rs,26,22,152/- along with pendente-lite and future interest @ 10% p.a. with compounded monthly rests from 29.01.2024 (The date of filing of this OA) till realization of the entire sum due and recoverable with costs.

¶56

It is made clear that any amount deposited by the defendant, be deducted in the claim amount. ifnot deducted.

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Defendant is debarred from transferring, alienating encumbering or otherwise dealing with or disposing of the mortgaged or hypothecated or any other properties and assets without paying the aforesaid adjudicated dues to the applicant bank to secure the ends of justice. The mortgaged or hypothecated assets to secure the loan in question are hereby attached and shall be -subject to the final order under the recovery proceedings in pursuance of the Recovery certificate issued under Section 19(22) of Recovery of Debts and Bankruptcy Act 1993.The applicant may submit the certified copy of this Judgment and the Recovery Certificate before the RegistrarlSub- Registrar to endorse the charge over the secured assets.

DRT.PATNA

OA 72 of 20241.11

Let a certificate of recovery be drawn up forthwith and put up tor signatures in terms of provisions contained in Section 19(22) of the Act to be issued, on the basis of the order of the Tribunal to the Recovery Officer. The Recovery Officer shall realize the amount as per the certi ficate in the manner and mode prescribed under the Act from the defendant. by sale of mortgaged/ hypothecated assets as well as other personal movable/immovable assets of the defendant.

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Parties are directed to appear before the Recovery Officer, DRT. Patna on 10.03.2025. The order be communicated accordingly.

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Judgment signed, sealed, dated and pronounced in the open court on 29 th day of January, 2025.

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Dictated &corrected by me.

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( [Kaushalendra Yadav] Presiding Officer Debts Recovery Tribunal. Patna

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FORM NO. 9 [See Regulation 24( I)]

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DEBTS RECOVERY TRIBUNAL PATNA 2nd Floor, (A. B & F Wing) Karpuri Thakur Sadan, Kendriya Karamchari Parisar (GPOA). Ashiana Digha Road, Patna800025.

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RECOVERY CERTIFICATE UNDER SECTION 19m READ WITH SECTION 191W OF THE RECOVERY OF DEBTS & BANKRUPTCY ACI,.l22l, AS AMENDED FROM TIME TO TIME.

RC No. 2512025

Case No: OAl7212024

In the Matter of: (CH- I) ICICI BANK LIMITED ZONAL OFFICE AT 2ND FLOOR. GULABI PLACE, ABOVE ROOP ALANKAR JEWELLERS, EAST BORING CANAL ROAD, PATNA ,BIHAR -0

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Applicant(s)

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-----Versus -------

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To, (CD- I) VIKASH BHARDWAJ 8/0- Manoj Kumar Bhardwaj, 44 Dhani Tola, Purani Godown, Gaya. Nearby Post Office, Gaya ,BIHAR -823001

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Defendant{s)

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Recovery Certificate for Rs 2622152.00 (--.Rupees twenty. Six Lakhs TwentY.Two Thousands One Hugdred Fifty Two OnIY_1

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In terms of final order dated 2910112025 passed by this Tribunal in the above mentioned case, it is ordered that the Applicant Certificate Holder Bank is entitled to recover a sum of Rs. 2622152.00 along with cost, expenses and interest from the 2910112024 i.e. date of filing 1with effective date of the OAI7212024 and future interest from order date till the date of realisation in full, jointly or severally from the Certificate Debtors, hereinafter referred to as:-

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" ._--- il ,Isf.no	"" CD Name -	Loan Type	I Int. Type/Model - -	1:1 Int.' Rate	- I Effective Date - j	-", ... ..... [ Order Date	__ ._-- .----- Amounl(Rs.) ,	Liability ! Type	Interest (as on Order Date)	RC Amount(Rs.)	Remark
'0	VIKASH BHARDWAJ,		!Conlpound iInterest i(Monthly) , J	!IO '	29/0112024	29/0112025 ~ -	:2622152.00 l	,Fully	Interest As on Order Date	2622152.00

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In case of failure to pay the aforementioned adjudicated amount within 30 days, same shall be recovered from the sale of the mortgagedlhypothecated assets as well as other personal movablel Immovable assets of the certificate debtors.

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The mortgaged or hypothecated assets to secure the loan in question are hereby attached and shall be subject to the final order under the recovery proceeding in pursuance of the Recovery certificate issued WIderSection 19(22) of Recovery of Debts and Bankruptcy Act 1993. . Parties are directed to appear before MANOJ KUMAR , Recovery Officer, DEBTS RECOVERY TRIBUNAL PATNA on ·10/03/2025.

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The Recovery Officer shall realize the amount as per this Certificate in the manner and mode prescribed under Sections 25 to 28 of the Recovery of Debts Due to Banks and Financial Institutions Act. 1993 (as amended from time to time) from the above named Certificate Debtors.

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This Certificate has been issued under my signature and seal of the Tribunal on this 3010112025 . V )-G~.

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. )-G~. . PRESIDING OFFICER lJ.egistrar, Detrts Recovery Tr ibunal DEBTS RECOVERYTRIBUNALPATNA Pc·,:;2,

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•

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FORM NO. 10 [See Regulation 24(2)]

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DEBTS RECOVERY TRIBUNAL PATNA

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2nd Floor, (A. B & F Wing) Karpuri Thakur Sadan, Kendriya Karamchari Parisar (GPOA), Ashiana Digha Road, Patna-800025.

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SCHEDULE TO RECOVERY CERTIFICATE MEMO OF COSTS

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RC No. 25/2025

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Case No: OAl72/2024

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Applicant(s): ICrCI BANK LIMITED

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Versus

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Defendant(s): VlKASH BHARDWAJ

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ISr.No.	IItem of Costs	Amount in Rs.
[I. ___	j Fee on the application	29000
@.	I^{Pr_ocessFees(Inc. Publication)}	0
13. _	jAdvocate Fees -- ....._	0
14.	1Commissioner/ReceiverNaluatloniSecurity Fee	'0
115.	IIMiscellaIleousCharges i	10
!L 'I __j	[i::~tal Costs: Rs. •... - .- ..	129000

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Place: PATNA

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Date: 30/0112025

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PRESIDIN~R DEBTS RECOVERY TRIBUNAL PATNA

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Note: Strike out whichever is not applicable

Icici Bank Limited v. Vikash Bhardwaj

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Vikash Bhardwaj

Case brief

What is this about?

What did the court decide?

What the court decided

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