The Tribunal allowed an original application by ICICI Bank against two defendants for recovery of a loan amount. The court adjusted interest rates ex parte and ordered the issuance of a recovery certificate.
Recovery certificate issued; defendants ordered to pay Rs. 22,94,052.00 with interest at 8% p.a.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.995/2025
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 26.07.2025
DATE OF DECISION: 13.10.2025
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 Khanauri, Distt. Sangrur, through its attorney/Authorized Representative Sh. Jatinder Mishra, Manager.
……..Applicant
Versus
Advocates:
Argued by Sh. J.S. Sehgal, Advocate for Applicant
Defendants already ex parte
FINAL ORDER
Annexure A1 to this OA.
OA/955/2025 ICICI BANK LTD. VS SH. SONU RAM AND ANOTHER
the documentary evidence brought on record which had gone unrebutted, the applicant bank had proved its case. From the perusal of all the Annexure 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 bank. The defendants failed to pay back the loan as per terms and conditions of the agreement between the
OA/955/2025 ICICI BANK LTD. VS SH. SONU RAM AND ANOTHER
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.22,94,052.00p (Rupees Twenty Two Lacs Ninety Four Thousand Fifty Two 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.
The Tribunal is of the considered opinion that sometimes inappropriate 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 @08.00%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.
OA/955/2025 ICICI BANK LTD. VS SH. SONU RAM AND ANOTHER
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.
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 23.10.2025 15. 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. Pronounced by me in the open Tribunal . Dated: 13.10.2025
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant was entitled to recover the outstanding loan amount from the defendants.
Whether the recovery certificate should be issued against the defendants.
2 provisions across 2 enactments
ICICI Bank Ltd.
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
