Allowed

Icici Bank Limited v. Sri.Tauseer Pasha Nidaghatta Salam

DRT28 Apr 2025OA/770/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the applicant bank's Original Application for a recovery certificate against the defaulting borrower. The court held that the uncontroverted evidence proved the loan, defaults, and liability, granting relief for the principal amount at a reduced interest rate.

What did the court decide?

Recovery certificate issued for Rs. 34,31,016/- with further interest at 15% p.a. (simple) from filing date till realization.

Icici Bank Limited versus Sri.Tauseer Pasha Nidaghatta Salam — Banking and Recovery | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL II, KARNATAKA

¶2

AT BENGALURU

¶3

Dated this 28^th Day of April, 2025

¶4

Present: Sri. T. RAJESH Presiding Officer

¶5

OA.No.770/2022

¶6

BETWEEN:

¶7

ICICI Bank Ltd., Having Registered Office at: ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara-390 007 and Having its Corporate office at ICICI Bank Towers, Bandra Kurla Complex, Bandra (East), Mumbai-400051, and its branch office at Mystree Center, # 4/10, Hosur Road, Bommanahalli, Bangalore-560 068 Represented by its Collection Manager & POA Holder Sri. Pramodh Gurumallappa … APPLICANT

¶8

AND:

¶9

Mr. Tauseer Pasha Nidaghatta Salam, S/o Mr. Salam Abdul, Aged about 44 years, A57, 1st Floor, 7th Cross, Salapuria Serenity Towers, Madina Nagar, Mangamma Palya, Bangalore-560 068

¶10

Also at Mr. Tauseer Pasha Nidaghatta Salam, No.215, Nehur Nagara, 8th Cross, Satabdi Badavane, Mysore - 570 019 And also at Mr. Tauseer Pasha Nidaghatta Salam, ANZ Operations and Technology Pvt. Ltd., No.5-B, RMZ Ecoword Campus,

¶11

2 OA/770/2022

¶12

5A Sarjapur, Marathalli Outer Ring Road, Bangalore-560 103 ..DEFENDANT

¶13

Counsel on record/appeared for: Applicant : M/s. S A Associates Defendant : Exparte

¶14

FINAL ORDER

¶15

The present Original Application in short OA has been filed under section 19 of Recovery of Debts and Bankruptcy Act 1993 for seeking issuance of Recovery Certificate against the defendant for Rs.34,31,016/- (Rupees Thirty Four Lakh Thirty One Thousand and Sixteen only) with further interest thereon from the date of filing the Application till realization.

¶16

It is the case of the applicant that, the defendant has availed Personal Loan of Rs.30,00,000/- and the said loan was repayable with interest rate @ 11.29% per annum with monthly installment of Rs.65907/- at tenure of 60 months commencing from 05.09.2020 to 05.08.2025. It is also the case of the applicant that defendant has undertaken to repay the liability, subject to annual review or on Demand to pay with interest for the value received and further to pay the interest at such rate as revised by the bank from time to time.

¶17

It is also the case of the applicant that, in view of the

¶18

3 OA/770/2022

¶19

above financed the amount, the defendant has executed necessary loan documents.

¶20

It is further contended that, despite availing the credit facility, agreeing to service the loan account promptly and regularly, the defendant failed in complying the same, resulting in defaults in repayment and consequentially turning the loan accounts as NPA.

¶21

In the above circumstances, the applicant approached this Tribunal by filing this OA seeking issuance of Recovery Certificate for the amount due in the account.

¶22

Despite, service of summons on the defendant, he failed to appear, resulting the defendant being set exparte on 21.06.2024.

¶23

The applicant let in evidence through AW-1, who filed Proof Affidavit reiterating the contentions taken in the OA and also produced Exhibits A-3 to A7 and got the same marked in evidence.

¶24

Heard the Ld. Counsel for the Applicant and considered the contentions as taken in the OA in the light of documentary evidence and proof affidavit.

¶25

4 OA/770/2022

¶26

The following issues arise for consideration in this matter:

¶27

i) Whether the applicant had succeeded in proving the OA claim as against the defendant?

¶28

ii) What order are to be passed?

¶29

Both these issues are gone into and decided together.

¶30

The case put forth by the applicant in the Application remains unrebutted as defendant remained exparte. The evidence tendered by the applicant remains uncontroverted and undisputed. The evidences put forth by the applicant were found admissible and are sufficient to prove availment of credit facility as stated in the OA, creation of security interest as claimed by the applicant bank and the defaults committed in the account. The liability of the defendants and the claim of the amount due are also proved by the above documents. The claim of the applicant is well within the limitation.

¶31

Hence in view of the above finding which cover both the issues raised in this manner, this Tribunal is of the view that OA is liable to be allowed.

¶32

5 OA/770/2022

¶33

Taking into consideration the facts that the credit facility

¶34

was availed and also that the OA claim is arrived at by calculating interest at the agreed rate, this Tribunal in view of the OA can be allowed with a reduced interest @15.00% p.a. (simple).

¶35

In the result, OA.No.770/2022 stands allowed,

¶36

i) The applicant is allowed to recover an aggregate sum

¶37

of Rs.34,31,016/- (Rupees Thirty Four Lakh Thirty One Thousand and Sixteen only) with further interest of 15.00% p.a.(simple) from the date of filing OA till the realization, after giving credit to all the amount recovered and received during the pendency of the OA.

¶38

ii) In the event of failure of the defendants to pay the

¶39

aforesaid amount, the bank is at liberty to proceed against the defendant personally and his other assets are liable for all such amounts due under the loan account.

¶40

iii) The applicant bank is allowed cost of the proceeding which applicant to file cost memo within 7 days from the date of receipt of the order.

¶41

6 OA/770/2022

¶42

iv) The Recovery Certificate to be drawn in terms of this

¶43

order and transferred to Recovery for execution.

¶44

v) Interim Application pending, if any, stands disposed of

¶45

with this Final Order.

¶46

14. Communicate a copy of the order to the parties concerned

¶47

in terms of Section 19(21)(i) of the RDB Act, read with Rule 16 of

¶48

DRT (Procedure) Rules, 1993.

¶49

[Dictated to the Stenographer (PR), transcribed by her, corrected and signed and pronounced by me in the Open Court, this the 28^th Day of April 2025].

¶50

Sd/-

¶51

(T. RAJESH) PRESIDING OFFICER

¶52

ANNEXURES

¶53

WITNESSES EXAMINED FOR THE APPLICANT BANK:

¶54

AW-1: Sri. Pramodh Gurumallappa, Collection Manager of the applicant bank.

¶55

Exhibits on the part of the Applicant:

¶56

Annexure	Particulars
A1	Applicant Evidence
A2	List of Documents
A3	Personal loan application form duly filled and signed bydefendant
A4	Credit facility application form dated 16.07.2020

¶57

7 OA/770/2022

¶58

A5 Loan recall notice dated 21.05.2021 A6 Postal receipts A7 Foreclosure and statement of account

¶59

Sd/-

¶60

(T. RAJESH) PRESIDING OFFICER

Icici Bank Limited v. Sri.Tauseer Pasha Nidaghatta Salam

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Sri.Tauseer Pasha Nidaghatta Salam

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Punjab and Sind Bank versus Komal Arora

State Bank of India versus Sh. Ajay Kumar Tyagi

Punjab National Bank versus M/S Umaxe Projects

Jacy Fazal versus Kerala State Co-Operative Bank Ltd.

Union Bank of India versus Sri/ Maruti Vaiju Kodalkar

Sri Nagendra Jha versus Central Bank of India