Allowed

Icici Bank Limited v. Sri.a.Sivakumar

DRT24 Apr 2025OA/772/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an application under Section 19 of the RDB Act for a Recovery Certificate. The defendant appeared ex parte. The Tribunal found the claim amount of Rs. 33,49,553 proved and allowed it with interest capped at 12% p.a. simple.

What did the court decide?

Recovery Certificate issued for Rs. 33,49,553 with 12% simple interest from filing date; defendant's assets liable for balance.

Icici Bank Limited versus Sri.a.Sivakumar — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL II, KARNATAKA AT BENGALURU

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Dated this 24^th Day of April, 2025

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Present: Sri. T. RAJESH Presiding Officer OA.No.772/2022

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BETWEEN:

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ICICI Bank Ltd, 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

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AND:

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Sri. A Sivakumar, S/o Sri. Kirthiga, Aged about 45 years, Proprietor of Mitta Papers, No. 441, Mahaveer Fortune Apartment, A Block, 3^rd Magadi Main Road, G Hosahalli, Bangalore North, Viswaneedah, Bangalore- 560 091.

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Also at: Sri. A Sivakumar, Proprietor of Mitta Papers, No. 47/4, BMTC Depo Road, Seegehally, Magadi Main Road, Bengaluru Urban, Bangalore- 560 091. ...DEFENDANT

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Counsel on record/appeared for:

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Applicant : M/s. SA Associates Defendant : Exparte

OA 772/2022

FINAL ORDER

The present Original Application in short (OA) has been filed under section 19 of Recovery of Debts and Bankruptcy Act 1993 seeking issuance of a Recovery Certificate against the defendant for Rs. 33,49,553/- (Rupees Thirty Three Lakh Forty Nine Thousand Five Hundred and Fifty Three Only) with further interest thereon from the date of filing the Application till realization.

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It is the case of the applicant that, the defendant availed a Business Loan Limit of Rs. 38,00,000/- (Rupees Thirty Eight Lakh Only) for the purpose of their business needs and necessities.

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It is also the case of the applicant that, in view of the above amount financed, the defendant had executed the following loan applications.

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

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OA 772/2022

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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.

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Despite, service of summons on the defendant, he failed to appear, resulting the defendant being set exparte on 12.07.2024.

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The applicant had let in evidence through AW-1, who filed Proof Affidavit reiterating the contentions taken in the OA and also produced Exhibits A-3 to A-7 and got the same marked in evidence.

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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.

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The following issues arise for consideration in this matter: i) Whether the applicant had succeeded in proving the OA claim as against the defendant?

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ii) What order are to be passed?

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Both these issues are gone into and decided together.

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OA 772/2022

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The case put forth by the applicant in the Application

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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 the availment of credit

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facilities as stated in the OA, the defaults committed in the accounts. The liability of the defendant and the claim of the amount due is also proved by the above documents. The claim of the applicant is well within the limitation.

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Hence in view of the findings arrived herein above, this

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Tribunal find both these issues in favour of applicant and hence this Tribunal is of the view that OA is liable to be allowed.

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Taking into consideration the facts that the credit facilities

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are availed for Business purpose and also that the OA claim is arrived at by calculating interest at the agreed rate, this Tribunal

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in view of the OA can be allowed with a reduced interest of

12.00% (simple).

OA 772/2022

In the result, OA.No.772/2022, stands allowed,

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i) The applicant is allowed to recovery an aggregate

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sum of Rs. 33,49,553/- (Rupees Thirty Three Lakh Forty Nine

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Thousand Five Hundred and Fifty Three Only) with further interest @ 12.00% p.a.(simple) from the date of filing OA till the realization, from the defendant after giving credit to all the amount recovered and received during the pendency of the OA.

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ii) If the sale proceeds are not found sufficient to cover

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the amount due and payable to the applicant bank, the defendant personally, his assets are liable for all such amounts due under the loan accounts.

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iii) The applicant bank is allowed cost of the proceedings

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which applicant to file cost memo within 7 days from the date of receipt of the order.

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

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order and transferred to Recovery for execution.

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

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with this Final Order.

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Communicate a copy of the order to the parties concerned

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OA 772/2022

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

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of DRT (Procedure) Rules, 1993.

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[Dictated to the Stenographer (AJ), transcribed by her, corrected and signed and pronounced by

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me in the Open Court, this the 24^th Day of April, 2025].

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Sd/- (T. RAJESH)

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PRESIDING OFFICER

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ANNEXURES

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WITNESSES EXAMINED FOR THE APPLICANT BANK:

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AW-1: Pramodh Gurumallappa S/o. Gurumallappa, Collection

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Manager, of Applicant Bank.

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Exhibits on the part of the Applicant:

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Exhibit Nos.	Particulars of Documents
A1	Applicant Evidence
A2	List of Documents.
A3	Business Installment loan application form dated 10.12.2018 duly filled and signed by the defendant
A4	Credit facility application form dated 10.12.2018
A5	Loan recall notice dated 05.10.2021
A6	Postal receipts
A7	Foreclosure and Statement of Account

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Witness Examined for the Defendant:

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-Nil -

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List of Documents Exhibited for the Defendant:

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-Nil -

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Sd/- (T. RAJESH)

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PRESIDING OFFICER

Icici Bank Limited v. Sri.a.Sivakumar

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Sri.a.Sivakumar

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Statutes considered

Parties & counsel

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Case details

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