DRT-III, Chandigarh allowed an OA by ICICI Bank against three respondents for recovery of Rs.1.48 Crore outstanding on an irregular home loan account, deeming the case proved ex-parte, and fixed interest at 8% p.a.
Declaration of joint and several liability to pay Rs.1,48,92,058.00 plus costs and simple interest at 8% p.a.; issuance of Recovery Certificate.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.929/2022
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 24.05.2022
DATE OF DECISION: 25.04.2025
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 ICICI Bank Tower, 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 1st Floor, Near N.K. Sharma Office, Chandigarh Ambala National Highway, Zirakpur, Distt. Mohali, Punjab through its authorized signatory, Sh. Ashwini Verma.
……..Applicant
Versus
….……Defendants
Advocates:
Argued by Sh. Rahul Garg, Advocate for the applicant
2 OA NO.929-2022 ICICI BANK LIMITED VS DAMNISH KUMAR AND OTHERS
Defendants are ex-parte
FINAL ORDER
3 OA NO.929-2022 ICICI BANK LIMITED VS DAMNISH KUMAR AND OTHERS
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.
4 OA NO.929-2022 ICICI BANK LIMITED VS DAMNISH KUMAR AND OTHERS
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. 11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.1,48,92,058.00 (Rupees One Crore Forty Eight Lacs Ninety Two Thousand And Fifty Eight 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/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.
Pronounced by me in the open Tribunal.
Dated: 25.04.2025
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
5 OA NO.929-2022 ICICI BANK LIMITED VS DAMNISH KUMAR AND OTHERS
2 issues framed by the court
Whether the applicant is entitled to recover the outstanding loan amount jointly and severally from the defendants.
Whether to grant uniform simple interest at 8.00% per annum instead of the claimed 24.00% per annum for the pending and future period of the loan account.
2 provisions across 2 enactments
ICICI Bank Ltd.
Damnish Kumar
Vandana Singh
Rise Projects Pvt. Ltd.
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
