Allowed

Icici Bank Limited v. Roshni Transport Corporation and Others

DRT3 Sept 2025OA/818/2025

Case brief

AI extract

What is this about?

The DRT adjudicated an Original Application for recovery of a defaulted vehicle loan of Rs. 27,47,007.00. The bank proved its case on documents; defendants appeared ex-parte. The court allowed the application, adjusted interest to 8% p.a., and ordered issue of recovery certificate.

What did the court decide?

Declared defendants jointly and severally liable to pay Rs.27,47,007/- with 8% simple interest; granted relief to recover amount from hypothecated vehicle or personal assets.

Icici Bank Limited versus Roshni Transport Corporation and… — Banking and Recovery | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.818/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 25.06.2025

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DATE OF DECISION: 03.09.2025

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ICICI Bank Ltd. having its registered office at Near Chakli Circle, Old Padra Road, Vadodara, 390007, Gujarat inter Alia having a bank branch at Ludhiana, Punjab through its Attorney Authorized

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Representatives Sh. Jatinder Mishra, Manager.

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……..Applicant

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Versus

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Roshni Transport Corporation, 82 Street, Shahi Mohalla, Backside Handa Hospital, Ludhiana, Punjab-141001.

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Sh. Harjit Singh S/o Sh. Jagir Singh, R/o Near Gurudwara Sahib, Village Budha, Tehsil Baba Bakala, District Amritsar, Punjab143201.

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Sh. Gurmeet Singh S/o Sh. Jagir Singh, R/o 82 Street, Shahi Mohalla, Backside Handa Hospital, Ludhiana, Punjab-141001.

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….……Defendants

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Advocates:

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Argued by Sh. J.S. Sehgal, Advocate for Applicant

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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.27,47,007.00p (Rupees Twenty Seven Lacs Forty Seven thousand Seven Only). The Original Application has been filed through Sh. Jatinder Mishra, Manager of the applicant, who is competent to institute the Original Application vide General Power of Attorney & irrevocable power of Attorney dated 08.01.2025, which is Annexure A1 to this OA.

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2 OA NO.818/2025 ICICI BANK LIMITED Vs. M/S ROSHNI TRANSPORT CORPORATION AND OTHERS

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The brief facts of the OA are that the defendants had approached the applicant for the grant of Vehicle Loan (for Purchase of Commercial Vehicle) of Rs.28.00 Lacs vide Preliminary Credit Facility Application form dated 11.03.2024, which are Annexures A2 to A4 to this OA.

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The applicant sanctioned the Vehicle Loan (for Purchase of Commercial Vehicle) of Rs.28.00 Lacs vide Sanction letter to this OA and the terms and conditions were duly accepted by the defendants. 4. Defendant no.1 through its proprietor defendant no. 2 had hypothecated its movable property i.e. Vehicle namely Ashok Layland Truck Model “N5525/CHASIS BS6” bearing Registration no. OD09AB3934, Engine no. PRPZ511365 and Chassis no. MB1T2VLD0RPPZ3445 vide unattested deed of hypothecation which is Annexure A5 to this OA. Registration certificate of the vehicle, which is Annexure A7 to this OA.

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Documents executed: Irrevocable Power of Attorney dated 11.03.2024, which is Annexure A6 to this OA; Statements of accounts and foreclosure statements of loan, which are Annexures A8 & A9 to this OA and Notice dated 29.04.2025 along with postal receipts, which are Annexures A10 to A19 to this OA.

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The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit Rs.27,47,007.00p, 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 14.08.2025.

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3 OA NO.818/2025 ICICI BANK LIMITED Vs. M/S ROSHNI TRANSPORT CORPORATION AND OTHERS

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7.	In support of the OA, affidavit ofSh. Jatinder Mishra, Manager,
ICICI	Bank Ltd.has been filed.

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8. Heard	ex-parte arguments and perused record.

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It was argued by learned counsel for applicant 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 A19 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.27,47,007.00p (Rupees Twenty Seven Lacs Forty Seven thousand Seven Only) along with interest from the defendants, from the date of filing of the present Original Application till realization of the account.

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In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @13.00%p.a. along with 2%p.a. penal interest with monthly rests from 16.05.2025 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/hypothecated assets, 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

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4 OA NO.818/2025 ICICI BANK LIMITED Vs. M/S ROSHNI TRANSPORT CORPORATION AND OTHERS

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realization of the amount ordered vide this final order. It is ordered accordingly.

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.27,47,007.00p (Rupees Twenty Seven Lacs Forty Seven thousand Seven Only) jointly and severally, with costs, current and future simple interest @8.00%p.a. in 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 vehicle 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 29.09.2025. 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 .

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Dated: 03.09.2025.

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

Icici Bank Limited v. Roshni Transport Corporation and Others

Case brief

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Icici Bank Limited v. Roshni Transport Corporation and Others

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