Allowed

Icici Bank Limited v. Mrs. Anita

DRT3 May 2025TA/1147/2022

Case brief

AI extract

What is this about?

The DRT allowed the applicant bank's original application for recovery of Rs. 24,60,645.73 with interest at 12% p.a. The court proved the bank's case ex-parte and directed recovery from the sale of hypothecated vehicles, with further recovery from assets in case of shortfall.

What did the court decide?

Payment of Rs. 24,60,645.73 with 12% annual interest and costs within 30 days; recovery via sale of hypothecated vehicles if unpaid.

Icici Bank Limited versus Mrs. Anita — Specific Performance | DRT (2025)

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T.A. No.1147 of 2022

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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

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T.A. No. 1147 of 2022

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CICI Bank Ltd. d Floor, Videocon Tower lock-El, Jhandewalan Extn. ew Delhi-110055 Applicant

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ersus

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Mrs. Anita w/o Sh. Sunder Singh ear Shiv Mandir, andora Patti Aharwan 32, alwal, Haryana-121102

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Mr. Sunder Singh s/o Sh. Dharampal ear Shiv Mandir andora Patti Aharwan 32, alwal, Haryana-121102 resent: Shri B.K.Jha, Counsel for the applicant bank Date of Institution: 12.10.2021 Date of Pronouncement: 03.05.2025 FINAL ORDER

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This original application has been filed by the applicant ank on 12.10.2021 before DRT-III, Delhi and then transferred t• DRT-I through Ms. Alka Sharma, authorized representative f the applicant bank under Section 19 of Recovery of Debts nd Bankruptcy Act, 1993 against the defendants for recovery

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T.A. No.1147 of 2022

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0 f a sum of Rs.24,60,645.73 (Rupees Twenty Four Lacs Sixty housand Six Hundred Forty Five and paisa Seventy Three I o^{nly) along with pendentelite and future interest @24% per} nnum with monthly rest from 08.07.2021 till the date of ealization and costs.

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The brief facts of the case are that at the request of efendants, the applicant bank sanctioned Two Commercial ehicle Loan (Chasis and Body) of Rs.31,46,822/- (Rupees hirty One Lacs Forty Six Thousand Eight Hundred Twenty Two nly) on 30.06.2018 @9.56% fixed rate of interest per annum ith monthly rests for purchase of PRO 5016 vehicles. Two loan mounts of Rs.13,47,211/- each was to be repayable in 59 quated monthly installments of Rs.28,942/- which was odified to be repayable in 68 installments due to Covid andemic. The loan amount of Rs.2,26,200/- was to be epayable in 47 equated monthly installments of Rs.5,835/ach which was modified to 48 installments. Both the loans ere sanctioned against hypothecation of vehicles (Chasis and ody).

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That in order to avail the commercial vehicle loan acilities, the defendants submitted loan application and xecuted Preliminary Credit Application Form, Credit pplication Form and Unattested deed of hypothecation in avour of the applicant bank on 18.06.2018.

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That in order to secure the loan facility, the defendants hypothecated the "PRO 5016" vehicles bearing Registration no.HR73A1008 and HR73A9257 in favour of the applicant bank.

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T.A. No.1147 of 2022

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It has been submitted by the applicant bank that after availing the commercial vehicle loan facilities, the defendants failed to comply with the terms and conditions despite several requests and defendants failed to pay the outstanding dues and monthly installments in time to the applicant bank. The applicant bank issued recall notice dated 05.02.2021 calling upon defendant to pay the outstanding amount but def3ndants neglected the same and failed to regularize the account. 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 defendants and despite proper service through publication in newspapers, the defendants have chosen to absent from the proceedings. As per order dated 26.07.2024, 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 Ms. Alka Sharma, authorized representative of the applicant bank who has proved the documents as Power of Attorney Ex.AW-1/1(OSR), Copy of PAN cards and Aadhar cards Mark-A to D, Preliminary Credit Facility Application Form Ex.AW-1/2, Credit Facility Application form Ex.AW-1/3, Unattested deed of Hypothecation Ex.AW:14, Irrevocable Power of attorney Ex.AW-1/5, Disbursement memos Ex.AW-1/6 to Ex.AW-1/9, Copy of vehicles registration Mark E & Mark F, Loan Recall Notice Ex.AW-1/10 (Colly), Foreclosure statements, Statement . of account, Repayment schedule and Certificate u/s 2A Ex.AW-1/11 to Ex.AW-1/22

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T.A. No.1147 of 2022

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The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly proved.

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As per the provision of Section 19(20) of the Recovery of Debts Due to Banks and Financial Institution Act, 1993 which is analogous to Section 34 of CPC, on filing of the suit/claim, the contract between the parties comes to an end and the 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.

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10.^{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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11.^{In the light of the above discussions and documents on} 'ecord, the Original Application deserves to be allowed.

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ORDER

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I, allow this OA and direct the defendants to pay to the applicant bank within a period of 30 days, jointly or severally, a sum of Rs.24,60,645.73/- (Rupees Twenty Four Lacs Sixty 5°1--

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T.A. No.1147 of 2022

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Thousand Six Hundred Forty Five and Paisa Seventy Three only) along with pendentelite and future interest @12% per annum with monthly rests and costs from 08.07.2021 failing which the aforesaid amount shall be recovered from sale of hypothecated vehicles "PRO 5016" bearing Registration no.HR73A1008 and HR73A9257. In case of shortfall 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 o 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 02.07.2025. IV) Copies of final order as well as Recovery Certificate be ent to all concerned free of cost.

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(GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 03.05.2025

Icici Bank Limited v. Mrs. Anita

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Mrs. Anita

Case brief

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