Allowed

Icici Bank Limited v. Sh. Mahinder Singh and Others

DRT24 Sept 2025OA/986/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed under Section 19 of the RDB Act, 1993. The court declared the respondents liable to pay the applicant Rs. 39,88,220 along with interest, allowing recovery via sale of mortgaged properties.

What did the court decide?

Declaration of liability for Rs. 39,88,220 with costs and simple interest at 8% p.a.; Recovery Certificate issued.

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

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.986/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 29.07.2025

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DATE OF DECISION: 24.09.2025

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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 Dera Bassi, District S.A.S. Nagar (Mohali), through its Attorney/Authorized Representative Sh. Jatinder Mishra, Manager.

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……..Applicant

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Versus

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Sh. Mahinder Singh S/o Sh. Sher Singh R/o H. No. 160, Village Batoli, Tehsil Dera Bassi, District S.A.S. Nagar -140507.

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Sh. Navtej Singh S/o Sh. Mahinder Singh R/o H. No. 160, Village Batoli, Tehsil Dera Bassi, District S.A.S. Nagar -140507.

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Sh. Satgurdial Singh S/o Sh. Bachan Singh R/o Village Batoli, Tehsil Dera Bassi, District S.A.S. Nagar -140507.

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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.39,88,220.00p (Rupees Thirty Nine Lacs Eighty Eight Thousand Two Hundred Twenty 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.

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The brief facts of the OA are that the defendant nos. 1 and 2 had approached the applicant for KCC Limit of Rs. 28.00 Lacs vide Credit Facility Application Form dated 07.08.2015, which is Annexure A2 to this OA. Defendant no. 3 stood as guarantor.

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2 OA NO. 986/2025

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ICICI BANK LIMITED VS. SH. MAHINDER SINGH AND OTHERS 3. The applicant sanctioned the KCC Limit of Rs.22.00 Lacs (1^stYear)
and Rs. 32.21 Lacs (for 5^thYear) vide Sanction letter dated 31.08.2015, which isAnnexure A3to this OA and the terms and conditions were
duly accepted by the defendants.
4. Defendant no.1 had mortgaged his immovable property i.e. Land
measuring 26Bhigha-00Biswa situated at Village Batoli, Tehsil
Derabassi, District S.A.S. Nagar (Mohali) vide Schedule Declaration under Section 4(1) dated 28.08.2015, along with its Translation, which areAnnexures A6 & A7to this OA.
Documents executed:- Hypothecation Deed dated 07.08.2015, which
isAnnexure A4to this OA; Deed of Guarantee dated 31.08.2015, which
areAnnexure A5to this OA; Notices dated 10.07.2025, along with
postal receipts, which areAnnexures A8 to A13to this OA and
Statement of Account, which isAnnexure A14to 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.39,88,220.00p, 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 ofSh. Jatinder Mishra, Manager,
ICICI Bank Ltd.,has 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 theAnnexures A1 to A14
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

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3 OA NO. 986/2025

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ICICI BANK LIMITED VS. SH. MAHINDER SINGH AND OTHERS

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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.39,88,220.00p (Rupees Thirty Nine Lacs Eighty Eight Thousand Two Hundred Twenty Only) along 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 @12.00% 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.39,88,220.00p (Rupees Thirty Nine Lacs Eighty Eight Thousand Two Hundred Twenty 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

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IC	4 OA NO. 986/2025 ICI BANK LIMITED VS. SH. MAHINDER SINGH AND OTHERS
entitl	ed to recover the same by attachment and sale of personal assets
of th due p	e defendants. The applicant is at liberty to enforce the claim through rocess 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 16	.10.2025.
15.	Copy of this order be given dasti to the applicant and be sent to
defen uploa	dants through registered/speed post and this order be also ded on the official website of this Tribunal and record be consigned.
Pron Date	ounced by me in the open Tribunal. d: 24.09.2025
	(MRIDULESH KUMAR SINGH)
	Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. Sh. Mahinder Singh and Others

Case brief

What is this about?

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Icici Bank Limited v. Sh. Mahinder Singh and Others

Case brief

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