Allowed

Icici Bank Limited v. Sh. Balkishan

DRT18 Jan 2025TA/1303/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an application filed by ICICI Bank Limited for recovery of dues from respondent Sh. Bal Kishan. Following an ex-parte hearing, the Tribunal directed recovery of principal plus interest at the reduced rate of 12% per annum.

What did the court decide?

Directing the defendant to pay Rs. 21,96,624.25 as on 10.08.2021 along with 12% p.a. interest and costs within 30 days, failing which recovery shall be effected through sale of property.

Icici Bank Limited versus Sh. Balkishan — Banking and Recovery | DRT (2025)

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T.A No.1303 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

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T.A. No. 1303 of 2023

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ICICI Bank Limited Having it branch at: Shell Tower, 65, 7 New Rohtak Road Block 65, Karol Bagh New Delhi-110005

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Applicant

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Versus

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Sh.Bal Kishan s/o Sh.Prem Dass R/o S-608, F/F Old Plot No.96 Gali No.4, Nehru Enclave School Block, Delhi-110092

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Also at:

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Sh.Bal Kishan s/o Sh.Prem Dass Indian Oil Corporation Limited IOCL Refinery, Near Quarter Core-2 Scope Complex, 67, Institutional Area Lodhi Road, New Delhi-110003 Defendant

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Present: Sh.B.K. Jha, Counsel for the applicant bank

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Date of Institution: 29.09.2021 Date of Pronouncement: 18.01.2025

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FINAL ORDER

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This original application has been filed by the applicant (oank on 29.09.2021 before DRT-II Delhi & then transferred to DRT-I, Delhi through Shri Nitesh Vashisht, authorized representative of the applicant bank under Section 19 of

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T.A No.1303 of 2023

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Recovery of Debts and Bankruptcy Act, 1993 against the defendant for recovery of a sum of Rs.21,96,624.25 (Rupees Twenty One lacs Ninety Six Thousand Six Hundred Twenty Four and paisa Twenty Five only) as on 10.08.2021 together with pendentelite and future interest @24% per annum with monthly rests from 10.08.2021 till the date of realization with costs.

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The brief facts of the case are that at the request of defendant, the applicant bank sanctioned Personal Loan facility for a sum of Rs.20,00,000/- (Rs. Twenty Lacs only) on 05.09.2019 to be repayable in 60 EMI of Rs.43,735/- from 05.10.2019 for personal needs which was restructured and modified to be repayable in 69 EMI of Rs.43,735/- (out of which 5 installments as NIL and 69th installment of Rs.21,405/-).

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That in order to avail the said personal loan facility, the defendant submitted Loan application dated 30.08.2019 along with copy of Aadhar Card and PAN Card, Preliminary Credit Facility Application Form, Credit Facility Application Form and Loan Disbursement Memo etc. dated 03.09.2019 with the applicant bank.

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It has been submitted by the applicant bank that after availing the aforesaid loan facility, the defendant failed to comply with the terms and conditions despite-several requests and reminders, failed to pay the outstanding dues and monthly installments in time to the applicant bank. Ultimately, the applicant bank issued the loan recall notice dated 28.01.2021 terminating the facility and calling upon the defendant to pay the entire outstanding dues to the applicant bank but the defendant did not clear the dues of the applicant bank

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T.A No.1303 of 2023

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therefore neglected to pay and 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 defendant and despite proper service the defendant has chosen to absent from the proceedings. As per order dated 15.10.2024, the defendant has been proceeded ex-parte due to non filing of written statement, evidence and affidavit of assets before this Tribunal.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Sh.Nitesh Vashisht, authorized representative of the applicant bank who has proved the documents as Power of Attorney of AR Ex. AW1/1, Copy of PAN Card — Mark A, Aadhar Card Mark B, Preliminary Credit Facility Application Ex.AW-1/2, Credit Facility Application Form Ex.AW1/3, Loan Disbursement Memo Ex. AW-1/4, Loan Recall Notice dated 28.01.2021 Ex.AW-1/5(colly), Loan Foreclosure Statement Ex.AW-1/6, Statement of account Ex.AW-1/7, Repayment Schedule Ex.AW-1/8, Certificate under section 2A of Bankers' Book of Evidence Act Ex.AW-1/9, Certificate u/s 65B of Indian Evidence Act Ex.AW-1/10.

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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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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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T.A No.1303 of 2023

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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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In the light of the above discussions, the Original Application deserves to be allowed.

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ORDER

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I, allow this OA and direct the defendant to pay to the applicant bank within 30 days, a sum of Rs.21,96,624.25 (Rupees Twenty One lacs Ninety Six Thousand Six Hundred Twenty Four and paisa Twenty Five only) as on 10.08.2021 together with pendentelite and future interest ©12.00% per annum with monthly rest from 10.08.2021 till the date of realization with costs, failing which the aforesaid amount shall be recovered from the sale of the immovable and immovable property of defendant.

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

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T.A No.1303 of 2023

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(III) Parties are directed to appear before Recovery Officer, DRT I, Delhi on 19.03.2025. (IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. 5-c( (GOVIND BALLABA SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 18.01.2025 .

Icici Bank Limited v. Sh. Balkishan

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Sh. Balkishan

Case brief

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