Allowed

Icici Bank Limited v. Sh. Ravideep Singh and Another

DRT23 Sept 2025OA/985/2025

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the banks application for recovery of a defaulting loan. The court declared the defendants jointly and severally liable to pay the principal sum with interest and costs, ordering recovery from mortgaged or personal assets.

What did the court decide?

Recovery of Rs. 27,90,602 including interest at 8% p.a. and costs from sale of mortgaged or personal assets.

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

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.985/2025

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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, Vadodara, 390-007, Gujarat Inter Alia having a bank branch at Chabal, District Tarn Taran, through its attorney/authorized representative Sh. Jatinder Mishra, Manager.

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……..Applicant

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Versus

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Sh. Ravideep Singh S/o Sh. Rajinder Singh R/o Village Bharawal, Tehsil Khadoor Sahib, District Tarn Taran -143401.

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Smt. Paramjit Kaur W/o Sh. Rajinder Singh R/o Village Bharawal, Tehsil Khadoor Sahib, District Tarn Taran -143401.

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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.27,90,602.00p (Rupees Twenty Seven Lacs Ninety Thousand Six Hundred Two Only). The Original Application has been filed through Sh. Jatinder Mishra, Manager o f 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.

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The brief facts of the OA are that the defendants had approached the applicant for KCC Limit of Rs. 25.00 Lacs vide Credit Facility Application Form dated 07.11.2022, which is Annexure A2 to this OA.

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The applicant sanctioned the KCC Limit of Rs.22.00 Lacs vide Sanction letter dated 23.11.2022, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants.

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2 OA NO. 985/2025

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ICICI BANK LIMITED VS. SH. RAVIDEEP SINGH AND ANOTHER

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Defendant no.1 had mortgaged his immovable property i.e. Land measuring 56K-14M situated at Village Gagoobua, Hadbast No. 194, Sub Tehsil Chabal Kalan, District Tarn Taran, Punjab vide Schedule Declaration under Section 4(1) dated 16.12.2022, which is Annexure A5 to this OA. Documents executed : -Declaration-cum-Undertaking-cum-Indemnity dated 29.11.2022, which is Annexure A4 to this OA; Notices along with postal receipts dated 02.04.2025, which are Annexures A6 & A8 to this OA and Statement of Account, which is Annexure A9 to this OA. 5. The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs.27,90,602.00p, 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. 6. 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 17.09.2025. 7. In support of the OA, affidavit of Sh. Jatinder Mishra, Manager, ICICI BANK Ltd., 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 A9 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.27,90,602.00p (Rupees Twenty Seven Lacs Ninety Thousand Six

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3 OA NO. 985/2025

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ICICI BANK LIMITED VS. SH. RAVIDEEP SINGH AND ANOTHER

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Hundred Two Only) with interest 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 pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @11.50% p.a. with penal interest of @2% p.a. with half yearly rests from 01.05.2025 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, 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.27,90,602.00p (Rupees Twenty Seven Lacs Ninety Thousand Six Hundred Two 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.

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12. Any other application pending stands disposed of.

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Issue Recovery Certificate accordingly.

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4 OA NO. 985/2025

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ICICI BANK LIMITED VS. SH. RAVIDEEP SINGH AND ANOTHER

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Parties to appear before Learned Recovery Officer of this Tribunal on 15.10.2025.

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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: 23.09.2025

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(MRIDULESH KUMAR SINGH)

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Presiding Officer,

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DRT-III, Chandigarh

Icici Bank Limited v. Sh. Ravideep Singh and Another

Case brief

What is this about?

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Icici Bank Limited v. Sh. Ravideep Singh and Another

Case brief

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