Allowed

Icici Bank Limited v. Messrs Partap Singh Commission Agent and Others

DRT27 Aug 2025OA/853/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Original Application filed by ICICI Bank for recovery of a loan of Rs.24.26 lakhs against the defendants. The court set the interest rate at 8.00% per annum and directed the issuance of a Recovery Certificate.

What did the court decide?

Directing the defendants to pay Rs.24,26,089.55 p with current and future simple interest @8.00% p.a., and directing the issuance of a Recovery Certificate.

Icici Bank Limited versus Messrs Partap Singh Commission Agent… — Banking and Recovery | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.853/2024

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 29.06.2024

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DATE OF DECISION: 27.08.2025

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ICICI Bank Ltd. a Body Corporate, incorporated under the Companies Act, 1956 and Bank within the meaning of the Banking Regulation Act, 1949 and having its registered office at Near Chakli Circle, Old Padra Road, Vadodara-390007 and its corporate office at ICICI Bank Towers, Bandra Kurla Complex, Mumbai-400051 and having branches all over India and one of its branch offices situated at 1^st Floor, Near N.K. Sharma Office, Chandigarh Ambala National Highway, Zirakpur, District S.A.S. Nagar, Punjab, through its authorized signatory, Sh. Mohd Vajid.

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……..Applicant

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Versus

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M/s Partap Singh Commission Agent through its Proprietor, Dana Mandi, Harike Focal Point, Ratta Gudda Harike Pattan, Village Harike, Tehsil and District Tarn Taran, Punjab-143412.

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Sh. Partap Singh S/o Sh. Harbans Singh Proprietor M/s Partap Singh Commission Agent, R/o Thathian Khurd, Tehsil and District Tarn Taran, Punjab-143412.

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Smt. Jasbir Kaur W/o Sh. Partap Singh R/o Thathian Khurd, Tehsil and District Tarn Taran, Punjab-143412.

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….……Defendants

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Advocates:

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Argued by Sh. Manav Singal, Advocate for Applicant ( through VC ) Defendants are ex parte

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2 OA NO.853/2024 ICICI BANK LIMITED Vs. M/S PARTAP SINGH COMMISSION AGENT AND OTHERS

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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 Due to Banks and Bankruptcy Act, 1993, against the defendants for recovery of Rs.24,26,089.55p (Rupees Twenty Four Lacs Twenty Six Thousand Eighty Nine and Fifty Five Paise Only). The Original Application has been filed through Sh. Mohd Vajid, Authorized Signatory of the applicant, who is competent to institute the Original Application vide General Power of Attorney dated 18.09.2019, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendant no.1 through its Proprietor defendant no. 2 had approached the applicant for the grant of Working Capital Limit of Rs.25.00 Lacs, vide Preliminary Application form, dated 11.03.2019, and 26.03.2019 which are Annexures A2 and A5 to this OA. The defendant no. 3 stood as guarantor.

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The applicant sanctioned the Working Capital Limit of Rs.25.00 Lacs, vide intimation letter dated 28.03.2019, which is Annexure A4 to this OA; and the terms and conditions were duly accepted by the defendants.

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Defendant no. 2 had hypothecated his immovable property i.e. Land measuring 2 Marla 86 Feet Situated at Village Harike, Tehsil Patti, District Tarn Taran, Punjab, vide equitable Mortgage of Sale Deed bearing vasika no. 2018-19/188/1/98 dated 29.10.2018, along with its translations, which is Annexure A7 to this OA. Documents executed: Letter from Sole Proprietor, Deed of guarantee, Annexure VII-B i.e. Declaration, all dated 26.03.2019, which are Annexures A3, A6 and A8 to this OA; Loan Recall Notice dated 30.11.2023, which is Annexure A9 to this OA and Statement of account, which is Annexure A10 to this OA.

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3 OA NO.853/2024 ICICI BANK LIMITED Vs. M/S PARTAP SINGH COMMISSION AGENT AND OTHERS

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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.24,26,089.55p, 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 05.11.2024. Sh. Rahi Mehra, Advocate appeared on behalf defendant nos. 1 and 2 on 07.11.2024 and filed his Power of Attorney on behalf of defendant nos. 1 and 2. He filed an IA no. 1783/2024 vide diary no. 17426 on 07.11.2024 on behalf of defendant nos. 1 and 2 for setting aside ex-parte order dated 05.11.2024. This IA was dismissed on 05.08.2025.

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Thereafter, ex-parte arguments were heard on 06.08.2025 and case was posted for final order.

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Later, Sh. Rahi Mehra, Advocate for defendant nos. 1 and 2 filed an IA no. 1321/2025 vide diary no. 13022 dated 18.08.2025, on behalf of defendant nos. 1 and 2 for setting aside ex-parte order dated 06.08.2025. Sh. Rahi Mehra, Advocate appeared on behalf of defendants today through Video Conferencing . The above IA was heard and vide separate order of even date, the IA was dismissed today.

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In support of the OA, affidavit of Sh. Mohd Vajid, Authorized Signatory, ICICI Bank Ltd. h as been filed. 8. Heard 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 A10 to this OA, it is proved that the defendants

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4 OA NO.853/2024 ICICI BANK LIMITED Vs. M/S PARTAP SINGH COMMISSION AGENT AND OTHERS

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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.24,26,089.55p (Rupees Twenty Four Lacs Twenty Six Thousand Eighty Nine and Fifty Five Paise Only) rest from the defendants, jointly and severally, 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 @16.50%p.a. with monthly rests from 03.06.2024 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, 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 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.24,26,089.55p (Rupees Twenty Four Lacs Twenty Six Thousand Eighty Nine and Fifty Five Paise 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.

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5 OA NO.853/2024

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ICICI BANK LIMITED Vs. M/S PARTAP SINGH COMMISSION AGENT AND OTHERS

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Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated/mortgaged properties 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.

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Any other application pending stands disposed of.

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Issue Recovery Certificate accordingly.

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Parties to appear before Learned Recovery Officer of this Tribunal on 23.09.2025.

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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.

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Pronounced by me in the open Tribunal .

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Dated: 27.08.2025

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(MRIDULESH KUMAR SINGH)

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Presiding Officer,

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DRT-III, Chandigarh

Icici Bank Limited v. Messrs Partap Singh Commission Agent and Others

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Messrs Partap Singh Commission Agent and Others

Case brief

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What did the court decide?

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