Allowed

Icici Bank Limited v. Sh. Deepak

DRT22 Jan 2025TA/3205/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by ICICI Bank Limited for recovery of outstanding loan dues of approximately Rs. 25.33 lakhs along with interest and costs from co-borrowers who failed to respond to the proceedings.

What did the court decide?

Allowed application; defendants directed to pay Rs.25,33,156.96 with interest and costs within 30 days; recovery certificate to be issued with direction for recovery from hypothecated vehicle.

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

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T.A. No. 3205 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. 3205 of 2022

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ICICI Bank Limited E Block, Videocon Tower Jhandewalan Extension New Delhi - 110055

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Applicant

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Versus

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Sh.Deepak s/o Sh.Vijay Pal (Borrower)

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R/o: House No.135 Near Sarpanch Ke Ghar Nawada (Tigaon), Tigaon (84)

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Neemka, Faridabad, Haryana-121004

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Sh.Sandeep s/o Sh.Vijay Pal

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(Co-borrower)

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R/o: Near Sarpanch Ke Ghar Village Nawada (Tgaon), Tigaon (84) Neemka, Faridabad, Haryana-121004 Defendants

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Present: Shri Rachit Bigghe, Counsel for the applicant bank

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Date of Institution: 15.10.2019 Date of Pronouncement: 22.01.2025

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FINAL ORDER

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This original application has been filed by the applicant bank on 15.10.2019 before DRT-III Delhi and then transferred to DRT-I Delhi through Shri Arun Chaudhary, authorized representative of the applicant bank under Section 19 of the Debts Due to Banks and Financial Institutions Act, 1993 read

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T.A. No. 3205 of 2022

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with Rule 8 of the Debt Recovery Tribunal (Procedure) Rules 1993 against the defendants for recovery of a sum of Rs.25,33,156.96 (Rupees Twenty Five Lacs Thirty Three Thousand One Hundred Fifty Six and paisa Ninety Six )nly) as on 08.08.2019 along with pendentelite and future interest @11.02% per annum with monthly rest from date of filing of this application till the date of realization and costs.

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The brief facts of the case are that at the request of defendants vide their loan application dated 20.04.2018, the applicant bank sanctioned Commercial Vehicle L oan of Rs.29,18,000/- (Rupees Twenty Nine Lacs Eighteen Thousand only) under loan-cum-hypothecation scheme and disbursed an amount of Rs.28,96,449/- to the dealer GRD Trucks Pvt.Ltd. on 19.05.2018 for purchase of commercial vehicle namely "AL 4923 (Chasis & body)" to be repayable in 47 EMI of Rs.77,433/@11.02% interest per annum. The defendants further agreed to pay penal interest @24% p.a. on outstanding equated monthly installments amount and applicant bank entitled to take possession of commercial vehicle.

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That in order to avail the said loan facility, the defendants executed Credit Facility Application along with Terms and Conditions of the Loan, Unattested Deed of Hypothecation and Irrevocable Power of Attorney on 20.04.2018 in favour of applicant bank.

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That in order to secure the loan facility, the defendants hypothecated the commercial vehicle namely "AL 4923" having Registration No. HR-38Y-7546 in favour of applicant bank and duly registered with the authority.

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T.A. No. 3205 of 2022

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It has been submitted by the applicant bank that after availing loan facilities, the defendants failed to comply with the terms and conditions despite several reminders & failed to pay the dues and make the vehicles available for inspection. The applicant bank terminated the agreement and issued legal notice dated 24.06.2019 to adjust the account along with interest and handover the possession of commercial vehicle but defendants failed to comply. Hence, the applicant bunk 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, the defendants have chosen to absent from the proceedings. As per order dated 20.08.2024, the defendants have been proceeded ex-parte as they failed to file written statement and failed to file written statement, evidence and affidavit of assets.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Arun Chaudhary, authorized representative of the applicant bank who has proved the 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.

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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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T.A. No. 3205 of 2022

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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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In the light of the above discussions and documents on record, 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, jointly or severally, within a period of 30 days, a sum of Rs.25,33,156.96 (Rupees Twenty Five Lacs Thirty Three Thousand One Hundred Fifty Six and paisa Ninety Six only) along with pendentelite and future interest @11.02% per annum with monthly rests from date of filing of this application and costs failing which the aforesaid amount shall be re-,overed from sale of hypothecated commercial vehicle namely "AL 4923" having Registration No.HR-38Y-7546. 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 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 24.03.2025.

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T.A. No. 3205 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: 22.01.2025

Icici Bank Limited v. Sh. Deepak

Case brief

What is this about?

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Icici Bank Limited v. Sh. Deepak

Case brief

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What did the court decide?

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