Allowed

Icici Bank Limited v. Mr.Alok Kumar

DRT25 Apr 2025TA/2535/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by ICICI Bank Ltd. for recovery of a personal loan from defendants who defaulted. The case was heard ex-parte, and the Tribunal awarded recovery at 12% p.a. interest.

What did the court decide?

Recovery certificate issued directing payment of Rs.23,31,999.61 plus pendentelite and future interest at 12% p.a. within 30 days, recoverable from sale of properties.

Icici Bank Limited versus Mr.Alok Kumar — Banking and Recovery | DRT (2025)

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T.A. No. 2535 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 Shama

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T.A. No.2535 of 2022

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ICICI Bank Ltd. Shell Tower, 65, 7, New Rohtak Road, Block 65 Karol Bagh, Delhi-110005

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Applicant

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Versus

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Mr. Alok Kumar sio Sh. Gouri Shankar A-7, 3 Opp. V3S Mall Guru Nanak Pura, Laxmi Nagar Nirman Vihar, East Delhi Delhi-110092

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Also at:

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Mr. Alok Kumar sic) Sh. Gouri Shankar Johns Software Pvt Ltd. B-38. 1st Floor, Sector-64 Noida, UP-201301 Defendants

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Present: Shri Aditya Mishra, Counsel for the applicant bank

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Date of Institution: 29.09.2021 Date of Pronouncement: 25.04.2025

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FINAL ORDER

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This original application has been filed by the applicant bank before DRT-II, Delhi on 29.09.2021 and then transferred to DRT-III through Sh.Nitesh Vashisht, authorized representative of the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 against the

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T.A. No. 2535 of 2022

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defendant for recovery of a sum of Rs.23,31,999.61 (Rupees Twenty Three Lacs Thirty One Thousand Nine Hundred Ninety Nine and paisa Sixty One only) along with pendentelite and future interest @24% per annum from the 09.08.2021 till the date of realization along with costs.

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The brief facts of the case are that on the request of the defendant, the applicant bank sanctioned Personal loan facility for a sum of Rs.20,00,000/- (Rupees Twenty Lacs only) on 09.01.2020 @24% rate of interest with monthly rests to be repaid in 60 EMI of Rs.43,681/- (Rupees Forty Three Thousand Six Hundred Eighty One) which was restructured to be paid in 66 monthly installments of Rs.43,681/- due to Covid 19 pandemic and Govt. of India & RBI guidelines.

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In order to avail the personal loan facility, the defendant submitted Loan Application Form with Aadhar card and PAN card etc. and executed Preliminary Credit Facility Application, Credit Facility Application Form, Loan Disbursement Memo on 09.01.2020 in favour of 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 of sanction and failed to regularize the account with the applicant bank. Ultimately, the applicant bank sent notice dated 28.01.2021 informing that their facility has been terminated and called upon to make the payment of contractual dues along with interest and other default charges, but the defendant failed to regularize the account and hence the applicant bank has approached this Tribunal for recovery of their dues.

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T.A. No. 2535 of 2022

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Notices of this O.A. were issued to the defendant and despite of proper service, the defendant has chosen to absent from the proceedings. As per order dated 13.12.2024, the defendant has been proceeded ex-parte as not adpeared before the Tribunal and even written statement, evidence and affidavit of assets have not been filed by the defendant.

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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 submitted the documents as Power of Attorney Ex.AW-1/1, Copy of PAN Card of Respondent Mark-A, Copy of Aadhar card of Respondent Mark-B, Preliminary Credit Facility Application of respondent Ex.AW-1/2, Credit Facility Application Forms Ex.AW-1/3, Loan Disbursement Memo Ex.AW-1/4, Loan Recall Notice dated 28.01.2021 along with POD 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 Banker's 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 approved.

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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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As per the provision of Section 19(20) of the Recovery of Debts Due to Banks and Financial Institution Act, 1993 which

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T.A. No. 2535 of 2022

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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 a period of 30 days, a sum of Rs.23,31,999.61 (Rupees Twenty Three Lacs Thirty one Thousand Nine Hundred Ninety Nine only) together with pendentelite and future interest @12% per annum with monthly rests from the 09.08.2021 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 defendants.

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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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(III) Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 24.06.2025.

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T.A. No. 2535 of 2022

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

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(Dictated and pronounced in open court) Dated: 25.04.2025

Icici Bank Limited v. Mr.Alok Kumar

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Mr.Alok Kumar

Case brief

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What did the court decide?

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