Allowed

Icici Bank Limited v. Sh. Abdesh Chourahsia

DRT18 Jan 2025TA/24/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the original application filed by ICICI Bank Limited against two borrowers for recovery of outstanding dues of Rs.21,70,578. The court ruled in favor of the bank as the defendants appeared absent and failed to rebut the evidence of default and breach of hypothecation terms.

What did the court decide?

Allowed the original application directing defendants to pay Rs.21,70,578 with interest and costs; recovery from sale of hypothecated vehicles and other assets if dues are not paid.

Icici Bank Limited versus Sh. Abdesh Chourahsia — Execution and Attachment | DRT (2025)

¶1

T.A. No.24 of 2022

¶2

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

¶3

Presiding Officer: Shri Govind Ballabh Sharma

¶4

T.A. No. 24 of 2022

¶5

ICICI Bank Limited R-846, New Rajinder Nagar New Delhi - 110060

¶6

Applicant

¶7

Versus

¶8

Sh.Abdesh Chourashia s/o Sh.Ram Lagan Proprietor M/s V.K.Enterprises (Borrower) R/o RZ-368, Kirari Extn. Part II Kirari Suleman Nagar Near Govt. Dispensary Delhi-110086

¶9

Also at: M/s V.K.Enterprises Inder Enclave, Block C, Plot No.158, Khasra No.42/5/1 Phase I, Kirari Suleman Nagar Near A-1 International School, Delhi-86

¶10

Sh.Ram Lagan s/o Sh.Darogi Chaurasiya (Co-Borrower) R/o RZ-368, Kirari Extn. Part II Kirari Suleman Nagar Near Govt. Dispensary Delhi-110086 Defendants

¶11

Present: Shri Rachit Bigghe, Counsel for the applicant bank

¶12

Date of Institution: 13.01.2022 Date of Pronouncement: 18.01.2025

T.A. No.24 of 2022

FINAL ORDER

This original application has been filed by the applicant bank before DRT-III Delhi and then transferred to DRT-I Delhi on 13.01.2022 through Ms Alka Sharma, authorized representative of the applicant bank under Section 19 of the Debts Due to Banks and Financial Institutions Act, 1993 against the defendants for recovery of a sum of Rs.21,70,578/(Rupees Twenty One Lacs Seventy Thousand Five Hundred Seventy Eight only) as on 30.08.2021 along with pendentelite and future interest @10.00% per annum with monthly rest from date of filing of this application till the date of realization and costs.

¶17

The brief facts of the case are that at the request of defendants vide their loan application dated 27.10.2019, the applicant bank sanctioned Commercial Loan of Rs.23,44,000/(Rupees Twenty Three lacs Forty Four Thousand only) under loan-cum-hypothecation scheme and disbursed the amount of Rs.23,09,257/- to the dealer "Cargo Motors Pvt.Ltd." on 24.10.2019 for purchase of two commercial vehicles namely "TATA 407" to be repayable in 47 EMI of Rs.30,224/- for each loan @10.00% interest per annum. The defendants 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 vehicles having Registration No. DL-1LAD-2562 and DL-1LAD-2534.

¶18

That in order to avail the said loan facilities, the defendants executed Credit Facility Application along with Terms and Conditions of the Loan, Unattested Deed of

¶19

T.A. No.24 of 2022

¶20

Hypothecation and Irrevocable Power of Attorney on 15.10.2019 in favour of applicant bank.

¶21

That in order to secure the loan facility, the defendants hypothecated the commercial vehicles namely "TATA 407" in favour of applicant bank having Registration No. DL-1LAD-2562 and DL-1LAD-2534, Engine No.3.8SG172GPY824301 and 3.8SG172HPY828309, Chasis No. MAT505417K8G15254 and MAT505417K8G17677.

¶22

It has been submitted by the applicant bank that after availing the aforesaid loan facilities, 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 vehicles available for inspection by the applicant bank. The applicant bank terminated the agreements and recall the loan through legal notice dated 30.06.2021 to adjust the outstanding amount along with interest and handover the possession of commercial vehicles to applicant bank but defendants failed to comply the notice issued. Hence, the applicant bank has approached this Tribunal for recovery of their dues.

¶23

Notices of this O.A. were issued to the defendants and despite proper service, the defendants chose to absent from the proceedings. As per order dated 09.10.2024, 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.

¶24

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

¶25

T.A. No.24 of 2022

¶26

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, Loan Recall Notice Ex-AW1/E, Postal Receipts Ex-AW1/F, Statement of Account Ex-AW1/G.

¶27

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.

¶28

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.

¶29

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

¶30

ORDER

¶31

I, allow this OA and direct the defendants to pay to the applicant bank within a period of 30 days, a sum of Rs.21,70,578/- (Rupees Twenty One Lacs Seventy Thousand Five Hundred Seventy Eight only) along with pendentelite and future interest ©10.00% 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 vehicles namely "TATA 407" having Registration No. Registration No. DL-1LAD-2562 and DL-1LAD-2534, Engine

¶32

T.A. No.24 of 2022

¶33

No.3.8SG172GPY824301 and 3.8SG172HPY828309, Chasis No.MAT505417K8G15254 and MAT505417K8G17677. In case of shortfall the same shall be recovered from the sale of movable and immovable assets of the defendants.

¶34

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

¶35

(III) Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 19.03.2025.

¶36

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

¶37

(GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI

¶38

(Dictated and pronounced in open court) Dated: 18.01.2025

Icici Bank Limited v. Sh. Abdesh Chourahsia

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Sh. Abdesh Chourahsia

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Hdfc Bank Limited versus Shankar Ganpati Engineering Consultancy Pvt. Ltd.

Ms Bhaavya Pipe Pvt. Ltd. versus Indian Bank

Bank of India versus Ms Moti Construction

Uco Bank versus M/S P.R.Creation Enterprises

Icici Bank Limited versus M/S Hitani Enterprises Pvt. Ltd.

Icici Bank Limited versus Shri Manish Dhanda