The Debts Recovery Tribunal allowed the applicant bank's application for recovery of dues against the absent defendant. The Tribunal directed payment of the principal sum plus interest at 12% p.a.
Allowed; directed defendant to pay Rs.20,17,365.79 with 12% p.a. interest and costs within 30 days; recovery certificate issued.
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.
T.A. No. 1119 of 2022
Debts Recovery Tribunal-I, Delhi 4th floor, Jeevan Tara Building, Parliament Street, New Delhi
Presiding Officer: Shri Govind Ballabh Sharma
T.A. No.1119 of 2022
ICICI Bank Ltd.
Shell Tower 65, 7,
New Rohtak Road, Block 65, Karol Bagh, Delhi-110005 Applicant
Versus
Mr. Vaibhav Jain s/o Sh.Vinod Kumar Jain B-1203, 12th floor Lord Krishna Co-operative Group Housing Society GH-22, Sector-43 Gurugram-122002
Also at: E-227, Saraswati Kunj Society Plot No.25, Patparganj Delhi-110092 Defendant
Present: Sh.B.K.Jha, Counsel for the applicant bank
Date of Institution: 28.03.2022 Date of Pronouncement: 02.07.2025
FINAL ORDER
This original application has been filed by the applicant bank on 28.03.2022 before DRT-III Delhi and then transferred to DRT-I, Delhi through Sh.Nitesh Vashisht, authorized representative of the applicant bank under Section 19 of
1
T.A. No. 1119 of 2022
Recovery of Debts and Bankruptcy Act, 1993 against the defendant for recovery of a sum of Rs.20,17,365.79 (Rupees Twenty Lacs Seventeen Thousand Three Hundred Sixty Five & paisa Seventy Nine only) along with pendentelite and future interest @24% per annum from 13.01.2022 till the date of realization along with costs.
2
T.A. No. 1119 of 2022
3
T.A. No. 1119 of 2022
Court/Tribunal has a discretion to award the same depending upon the circumstances of each case. Same principle has been laid down by the Hon'ble Apex Court in the case of Central Bank of India Vs. Ravindra & Others. Taking stock of all the circumstances and keeping in view that there is a drastic fall in rates of interest globally and domestically, I am of the opinion that interest of justice will be served if the interest at the rate of 12% p.a. is awarded.
ORDER
I, allow this OA and direct the defendant to pay to the applicant bank, within a period of 30 days, a sum of Rs.20,17,365.79 (Rupees Twenty Lacs Seventeen Thousand Three Hundred Sixty-Five and paisa Seventy-Nine only) together with pendentelite and future interest @12% per annum with monthly rests from 13.01.2022 till the date of realization and costs; failing which the aforesaid amount shall be recovered from the sale of movable and immovable properties of the defendant.
(II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.
(III) Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 01.09.2025.
4
T.A. No. 1119 of 2022
(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.
(GOVIND BALLABH \SHARMA) PRESIDING OFFICER DRT-I, DELHI
(Dictated and pronounced in open court) Dated: 02.07.2025
5
2 issues framed by the court
Whether the applicant bank is entitled to recovery of dues and interest given the defendant's absence?
What rate of interest should be awarded considering the drastic fall in global interest rates?
Colour shows how this judgement treated each authority
Central Bank of India Vs. Ravindra & OthersReferred¶30
Central Bank of India Vs. Ravindra & Others
1 provisions across 1 enactments
ICICI Bank Ltd.
Mr. Vaibhav Jain
Govind Ballabh Sharma
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
