Allowed

Icici Bank Limited v. Ashish S/o Shivaji Rahere

DRT13 Aug 2025OA/84/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an application filed for recovery of dues amounting to Rs.29,68,967 by ICICI Bank Ltd. from the defendants. The bank claimed recovery following defaults in loan repayments. The tribunal granted the relief even though the defendants did not appear. Future interest was fixed at 9% per annum.

What did the court decide?

Applied Recovery of Rs.29,68,967 along with future interest at 9% per annum simple from 16.07.2023. Issued Recovery Certificate. Directed execution proceedings.

Icici Bank Limited versus Ashish S/o Shivaji Rahere — Banking and Recovery | DRT (2025)

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Presented on: 16.07.2023 Registered on: 15.02.2024 Decided on: 13.08.2025 Duration: Y M D 02 00 28

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J.R. Chauhan, Presiding officer)

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TOTAL CLAIM AMOUNT – Rs. 29,68,967/-

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ORIGINAL APPLICATION No.84/2024

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ICICI Bank Ltd. A Registered Company, Having its Registered Office at ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara , Gujarat- 390007 and having one of its Branch Office at ICICI Bank Ltd, Tara Singh Market, Guru Govind Singh Road, Nanded-431601.Through: it’s Power Of Attorney Holder Shri. Shantanu S/o. Shailesh Naik Age: 47 Years, Occ. Service, R/o: C/o. ICICI Bank Ltd, Cherikar Prestine, Plot No.4, Opp. LIC Office, Bhagya Nagar, Adalat Road, Aurangabad-431001

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… Applicant

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Versus

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Ashish S/o Shivaji Rahere, Age:-30 Years, Occ:- Agri/Business, R/o. A/p. Barul, Tq. Kandhar, District Nanded-431714.

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[SBJ] (OA No.84/2024) Page 1 of 10

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ALSO

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R/o. H.No.98, Uttare Kadil Bhag, Madhya Varti Bank Parisar, Barul, Tq. Kandhar, District Nanded-431746. ALSO

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R/o. C/o. Aai Tours and Travels, Tathagat Nagar, Nanded-431605. ALSO

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R/o. C/o. Vicky Building Material Suppliers, At Barul, Tq. Kandhar, District Nanded-431714. 2. Rekha W/o. Shivaji Rahere, Age:-46 years, Occ: - Self Employed, R/o. A/p. Barul, Tq. Kandhar, District Nanded-431714.

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ALSO R/o. H.No.98, Uttare Kadil Bhag, Madhya Varti Bank Parisar, Barul, Tq. Kandhar, District Nanded-431746. ALSO C/o. Aai Tours and Travels, Tathagat Nagar, Nanded-431605. … Defendants

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APPEARANCES For the Applicant Mr. U.N. Shete - Advocate For Defendants No W.S.

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[SBJ] (OA No.84/2024) Page 2 of 10

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JUDGMENT

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(Delivered on 13^th August, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.29,68,967/- (Rupees Twenty-Nine Lacs Sixty-Eight Thousand, Nine Hundred and SixtySeven Only) alongwith further interest at the contractual rate of interest from 18.04.2023 till the date of realization of the entire dues with all other applicable charges and costs of the application from the defendants jointly and severally. Brief facts of the application are as under :

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As per the loan application dated 23.09.2019 of defendants, the applicant bank sanctioned the hypothecation of the vehicles Loan facility under Loan No.LVNAN00041014085 of Rs.29,66,211/- (Rupees Twenty-Nine Lacs Sixty-Six Thousand Two Hundred Eleven Only) to the defendant for purchasing of vehicle Ashok Leyland 2518T.

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In order to secure the aforesaid loan facilities, The defendants executed the Preliminary Credit Facility Application dated 23.09.2019, Credit facility application form dated 07.10.2019, Unattested Deed of Hypothecation

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[SBJ] (OA No.84/2024) Page 3 of 10

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dated 31.10.2019, Irrevocable Power of Attorney dated 31.10.2019, Key Fact Statement and Most Important Information dated 07.10.2019, in favour of the Applicant bank as is disclosed in Paragraph No.5 of the Original Application. The defendants have agreed to pay rate of interest at the fixed rate of 12.50% per annum. The defendants have also agreed to pay the loan amount in 60 equated monthly installments of 15^th day of each successive month of Rs.19,588/- each without committing any default in the loan account. The installment amount was to be repaid from 15.12.2019 to 15.11.2024. The first installment in the loan account was due on 15.12.2019 and the last installment has to be paid on 15.11.2024.

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In order to secure the aforesaid loan facility of Credit Loan No. LVNAN00041014085 Rs.29,66,211/- (Rupees TwentyNine Lakhs Sixty-Six Thousand Two Hundred Eleven Only), the vehicle Ashok Leyland 2518T is registered with the Registering authority with registration bearing No.MH-26-BE-5323 with an endorsement of Hypothecation in favour of the Applicant Bank, as mentioned in Paragraph No.7 of the OA and in the List of Documents (Exhibit-5)

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[SBJ] (OA No.84/2024) Page 4 of 10

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marked at Exhibit AW-1/8.

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The applicant bank further submitted that the defendants have failed to pay the equated monthly installments regularly and committed defaults of the terms and conditions of the agreement. The defendants were called upon to pay the overdue amount but they failed to pay the same. Despite repeated requests, reminders and demands, the defendants failed to pay the loan amount. The defendants acknowledged their liability by making payment of Rs.40,000/- on 27.07.2022.

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The defendants had expressed their inability to pay the same on time and had given assurance to pay the same in due course of its business.

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The applicant bank further submitted that the defendants have failed and neglected to make payments of the amount due and the interest, which is evident from the statements of accounts of the defendants. As such, the account of the defendants classified as NPA on 14.07.2022. The applicant bank has submitted that the accounts of the defendants are maintained in the usual and ordinary course of its business.

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[SBJ] (OA No.84/2024) Page 5 of 10

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The particulars of the claim are as under:

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Sr.	PARTICULARS	Amount in Rs.
NO.		(As on 17.04.2023)
1	Current Outstanding	6,93,188.00
2	Accrued interest	7,694.00
3	Future Principal	22,68,085.00
	Total	29,68,967.00

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(Rupees Twenty-Nine Lacs Sixty-Eight Thousand Nine Hundred Sixty-Seven Only),

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The applicant bank further contended that since the loan account of the defendants categorized as NPA on 14.07.2022, and the defendants failed to repay the outstanding dues of the applicant bank, the applicant bank issued a Legal Notice through its advocate on 01^st April, 2023 through Registered Post A.D. thereby calling upon the defendants to pay the outstanding amount of Rs.29,68,967/(Rupees Twenty-Nine Lacs Sixty-Eight Thousand Nine Hundred Sixty-Seven only). Despite notice, the defendants have failed to repay the loan amount and thereby violated and committed gross breaches of terms and conditions and failed to repay the loan amount.

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The applicant bank further contended that the account of

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[SBJ] (OA No.84/2024) Page 6 of 10

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the defendants has become irregular and as such the applicant bank has no alternative to file this OA. Hence, the applicant bank has filed this Original Application to recover the outstanding dues from the defendants jointly and severally.

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In this matter the defendants were duly served but failed to appear despite of service and the defendants were proceeded ex-parte vide order dated 28.04.2025.

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The applicant Bank has filed Claim Affidavit of Evidence (Exhibit-04) of Mr. Shantanu Shailesh Naik, Authorised Officer, of the ICICI Bank Ltd., Cherikar Prestine, Plot No.4, Opp. LIC Office, Bhagya Nagar, Adalat Road, Aurangabad431001 i.e. the applicant Bank, and has produced on record the loan documents alongwith List (Exhibit-5), The applicant bank has also filed Affidavit of marking Evidence / Documents vide Diary No.5369/2025 (Exhibit-10) marked as Exhibit-AW-1/2 to AW-1/8. which corroborates the case of the applicant Bank.

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I have heard arguments of the learned Advocate for the applicant bank.

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Since the defendants failed to appear and contest the

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[SBJ] (OA No.84/2024) Page 7 of 10

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application, I find no reason to disbelieve the un-rebutted evidence of the applicant bank. Therefore, the applicant Bank is entitled for reliefs as claimed.

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In this matter the applicant bank has claimed the relief for Rs.29,68,967.00Ps. (Rupees Twenty-Nine Lacs Sixty-Eight Thousand, Nine Hundred and Sixty-Seven Only) alongwith further interest at the contractual rate of interest from 18.04.2023 till the date of realization of the entire dues with all other applicable charges and costs of the application from the defendants jointly and severally. However, considering the facts of the case, I am of the opinion that if future interest is granted @9% per annum (simple), it would be just and reasonable rate of interest.

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Hence, I pass the following order.

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ORDER

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(A) Original Application No.84/2024 is allowed with costs.

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(B) Defendants are hereby ordered and directed to pay jointly and severally to the applicant the sum

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[SBJ] (OA No.84/2024) Page 8 of 10

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of Rs.29,68,967.00Ps. (Rupees Twenty-Nine Lacs Sixty-Eight Thousand, Nine Hundred and SixtySeven Only) along with future interest @9% per annum (simple) from the date of filing of the original application i.e. 16^th July, 2023 till full payment/realization of the amount.

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(C) The aforesaid adjudicated amount is secured by the Loan Cum Guarantee Agreement, executed by defendant i.e. vehicles Ashok Leyland 2518T registered with the Registering authority with registration bearing No.MH-26-BE-5323 in favour of the applicant bank, as mentioned in Paragraph No.3-A of the OA and in the List of Documents (Exhibit-10) marked at Exhibit-AW-1/5 and Exhibit-AW-1/8.

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(D) The applicant Bank is entitled to sell the hypothecated properties, to recover its dues.

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(E)
(F)

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(E) Issue Recovery Certificate accordingly.

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(F) The Registry is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendants.

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[SBJ] (OA No.84/2024) Page 9 of 10

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(G) File be consigned to the Record Room after due compliance.

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Sd/(Dr. J.R. Chauhan) Presiding Officer Debts Recovery Tribunal, Aurangabad

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Pronounced in open Court. Date :13.08.2025

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[SBJ] (OA No.84/2024) Page 10 of 10

Icici Bank Limited v. Ashish S/o Shivaji Rahere

Case brief

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Icici Bank Limited v. Ashish S/o Shivaji Rahere

Case brief

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