Allowed

Icici Bank Limited v. Virendra Singh

DRT28 Apr 2025TA/101/2023

Case brief

AI extract

What is this about?

The Tribunal disposed of an original application filed by a bank for recovery of loan dues. As defendants appeared absent, the case was decided ex-parte based on documented evidence. The order directed recovery from the sale of hypothecated commercial vehicle.

What did the court decide?

Directed defendants to pay Rs.25,03,037.48 with interest; authorised recovery from sale of hypothecated vehicle and other assets.

Icici Bank Limited versus Virendra Singh — Execution and Attachment | DRT (2025)

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T.A. No.101 of 2023

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Debts Recovery Tribunal-I, Delhi 4th floor, Jeevan Tara Building, Parliament Street, New Delhi

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Presiding Officer: Shri Govind Ballabh Sharma T.A. No. 101 of 2023
ICICI Bank Limited R-846, Rajinder Nagar New Delhi - 110060 Applicant
Versus
1.Sh.Virender Singh s/o Mahendra Singh (Borrower) R/o 59, Lakhnawali, Gautambudh Nagar, Near Primary School, Noida, UP-201306
2. Ms. Kavita Devi w/o Sh.Virender Singh (Guarantor) R/o 59, Lakhnawali, Gautambudh Nagar,
Near Primary School, Noida, UP-201306 Defendants
Present: Shri Rachit Bigghe, Counsel for the applicant bank
Date of Institution: 30.06.2021 Date of Pronouncement: 28.04.2025

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FINAL ORDER

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This original application has been filed by the applicant bank on 30.06.2021 before DRT-III Delhi and then transferred to DRT-I Delhi through Shri Dinesh Sharma, authorized representative of the applicant bank under Section 19 of the

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5d-

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T.A. No.101 of 2023

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Debts Due to Banks and Financial Institutions Act, 1993 read with Rule 8 of Debt Recovery Tribunal (Procedure) Rules 1993 against the defendants for recovery of Rs.25,03,037.48 (Rupees Twenty Five Lacs Three Thousand Thirty Seven and paisa Forty Eight only) as on 17.02.2021 along with pendentelite and future interest @11.04% per annum with monthly rest from date of filing of this application till the date of realization and costs.

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The brief facts of the case are that at the request of defendants, the applicant bank sanctioned Commercial Equipment Loan of Rs.23,79,000/- and disbursed the amount of Rs.23,46,999.99 to M/s "A and A Earthmovers Pvt.Ltd. on 08.08.2019 for purchase of commercial vehicle namely "JCB 3DX" @11.04% interest per annum repayable in 47 monthly installments of Rs.63,134/-. The defendant further agreed to pay penal interest @24% p.a. on the outstanding equated monthly installments amount and applicant bank entitled to take possession of commercial vehicle having Serial No. UP16GT-2940.

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That in order to avail the said loan facility, the defendants executed Credit Facility Application along with Terms and Conditions of the Loan, Irrevocable Power of Attorney, Unattested Deed of Hypothecation, Deed of Guarantee, etc. on 06.08.2019 in favour of applicant bank.

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That in order to secure the loan facility, the defendants hypothecated the vehicle namely "JCB 3DX having Engine No. H00229976 and Chasis No. HAR3DXSST02812711 having Registration No.UP-16GT-2940 in favour of applicant bank.

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T.A. No.101 of 2023

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It has been submitted by the applicant bank that after availing the aforesaid loan facility, the defendants failed to comply with the terms and conditions and despite several request and reminders failed to pay the outstanding dues and failed to make the vehicle available for inspection by the applicant bank. The applicant bank terminated the agreements and recall notice dated 17.02.2021 to adjust the outstanding amount along with interest and handover the possession of commercial vehicle but defendants did not reply and failed to comply the notice issued. Hence, the applicant bank has approached this Tribunal for recovery of their dues.

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Notices of this O.A. were issued to the defendmts and despite proper service, the defendants chose to absent from the proceedings. As per order dated 27.02.2025, the defendants have been proceeded ex-parte as not appeared before the Tribunal and even no written statement, evidence and affidavit of assets have been filed by the defendants.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Dinesh Sharma, authorized representative of the applicant bank who has proved the documents as Power of Attorney Ex-AW1/A, Credit Facility Application along with Terms and Conditions of the Loan ExAW1/B, Unattested Deed of Hypothecation Ex-AW1/C, Irrevocable Power of Attorney Ex-AW1/D, Deed of Guarantee Ex-AW1/E, Notice Ex-AW1/F & Receipt Ex-AW1/G, Statement of Account Ex-AW1/H.

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The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the

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T.A. No.101 of 2023

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applicant bank is based on the documents and the same have been duly proved.

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The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.

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In the light of the above discussions and documents on record, the Original Application deserves to be allowed,

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ORDER

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I, allow this OA and direct the defendants, jointly or severally, to pay to the applicant bank within a period of 30 days, a sum of Rs.25,03,037.48 (Rupees Twenty Five Lacs Three Thousand Thirty Seven and paisa Forty Eight only) along with pendentelite and future interest @11.04% per annum with monthly rests from date of filing of this application and costs failing which the aforesaid amount shall be recovered from sale of hypothecated commercial vehicle namely "JCB 3DX" having Engine No. H00229976 and Chasis No. HAR3DXSST02812711 having Registration No.UP-16GT-2940. In case of shoe tfall the same shall be recovered from the sale of movable and immovable assets of the defendants.

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(II) The recovery certificate be issued forthwith and be sent the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

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(III)^{Parties are directed to appear before the Recovery} Officer, DRT I, Delhi on 26.06.2025.

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T.A. No.101 of 2023

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(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

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5-7 -(GOVIND BALLAtHARMA) PRESIDING OFFICER^. DRT-I, DELHI (Dictated and pronounced in open court) Dated: 28.04.2025

Icici Bank Limited v. Virendra Singh

Case brief

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Icici Bank Limited v. Virendra Singh

Case brief

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