Allowed

Icici Bank Limited v. Sh. Raowinder Singh

DRT23 Sept 2025OA/977/2025

Case brief

AI extract

What is this about?

In an ex-parte application for recovery of Rs. 32.92 lakhs sanctioned as a vehicle loan and credit card facility, the Tribunal allowed the claim after finding no defense. The awarded interest rate was reduced to a uniform 8% per annum.

What did the court decide?

Recovery of Rs. 32,92,855.00 p with costs and uniform simple interest @ 8% p.a. from filing date till realization; Recovery Certificate issued.

Icici Bank Limited versus Sh. Raowinder Singh — Banking and Recovery | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.977/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 25.07.2025

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DATE OF DECISION: 23.09.2025

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ICICI Bank Ltd., having its registered office at Near Chakli Circle, Old Padra Road, Vadodra, 390-007, Gujarat Inter Alia having a bank branch at Sangrur, through its attorney/authorized representative Sh. Jatinder Mishra, Manager.

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……..Applicant Versus Sh. Raowinder Singh S/o Sh. Janak Singh R/o Near Gurudwara Sahib, Gurdaspura Bairon, Hadud, Sangrur -148001. ….……Defendant Advocates:

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Argued by Sh. J.S. Sehgal, Advocate for Applicant Defendant 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 & Bankruptcy Act, 1993, against the defendant for recovery of Rs.32,92,855.00p (Rupees Thirty Two Lakh Ninety Two Thousand Eight Hundred Fifty Five Only). The Original Application has been filed through Sh. Jatinder Mishra, Manager of the applicant, who is competent to institute the Original Application vide Power of Attorney dated 08.01.2025, which is Annexure A1 to this OA. 2. The brief facts of the OA are that the defendant had approached the applicant for the grant of Vehicle Loan of Rs.38.90 Lacs vide Preliminary Credit Facility Application Form dated 29.07.2023, which is Annexure A2 to this OA and Credit Facility Application form dated 07.08.2023 which is Annexure A3 to this OA. Thereafter, defendant again approached the applicant for grant of credit card facility with a credit limit of Rs. 2.50 Lacs vide Credit Card Application form dated 08.08.2020, which is Annexure A6 to this OA.

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2 OA NO.977/2025 ICICI BANK LIMITED VS. SH. RAOWINDER SINGH

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The applicant sanctioned the Vehicle Loan of Rs.38.90 Lacs and issued credit card with credit limit of Rs. 2.50 Lacs and the terms and conditions were duly accepted by the defendant.

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Defendant had hypothecated his movable asset i.e. Vehicle namely “ TOYOTA FORTUNER” having Registration No. PB-92-1444, Engine No. 1GDA738279 & Chassis No. MBJAA3GS300593744~0723 vide Deed of Hypothecation dated 07.08.2023, which is Annexure A4 to this OA; FOP/registration details of vehicle, which is Annexure A5 to this OA.

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Documents executed :- Statement of Account and foreclosure statement, which are Annexures A7 to A9 to this OA and Notice dated 31.07.2024 & 26.03.2025, along with postal receipts, which are Annexures A10 to A12 to this OA.

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The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in loan accounts there was a debit of Rs.32,92,855.00p, which is recoverable and the defendant was served recall notice but he 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 defendant was served notice to appear before this Tribunal but no one appeared on behalf of defendant and he was proceeded exparte on 12.09.2025.

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In support of the OA, affidavit of Sh. Jatinder Mishra, Manager, Manager, ICICI Bank Limited h as been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned counsel 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 A12 to this OA, it is proved that the defendant approached applicant for availing of the loan facilities which were granted to him and for that he had executed all the relevant documents in favour of the applicant. The

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3 OA NO.977/2025 ICICI BANK LIMITED VS. SH. RAOWINDER SINGH

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defendant failed to pay back the loans as per terms and conditions of the agreement between the parties. Subsequently, accounts of the defendant were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.32,92,855.00p (Rupees Thirty Two Lakh Ninety Two Thousand Eight Hundred Fifty Five Only) along with interest from the defendant, from the date of filing of the present Original Application till realization of the accounts.

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In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @09.25%p.a. with @2% penal interest in vehicle loan with monthly rests from 27.06.2025 and @18.00% p.a. in credit card with monthly rests from 06.06.2025 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 defendant, 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 both the loan accounts 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 defendant is liable to pay to the applicant a total sum of Rs.32,92,855.00p (Rupees Thirty Two Lakh Ninety Two Thousand Eight Hundred Fifty Five Only) with costs, current and future simple interest @8.00%p.a. in both the loan accounts 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

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OA NO.977/2025 ICICI BANK LIMITED VS. SH. RAOWINDER SINGH

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vehicle of the defendant 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 defendant. 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 15.10.2025. 15. Copy of this order be given dasti to the applicant and be sent to defendant 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 . Dated: 23.09.2025 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. Sh. Raowinder Singh

Case brief

What is this about?

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Icici Bank Limited v. Sh. Raowinder Singh

Case brief

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What did the court decide?

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