Allowed

Icici Bank Limited v. Shri Manish Dhanda

DRT18 Jan 2025TA/452/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an application filed by ICICI Bank for recovery of outstanding loan dues, interest, and costs against a borrower who defaulted on vehicle loans and failed to appear in proceedings. The court sanctioned sale of the hypothecated vehicle to recover the debt.

What did the court decide?

Direct payment of Rs. 25,27,632.58 plus interest within 30 days; sale of hypothecated vehicle to recover dues; issuance of recovery certificate.

Icici Bank Limited versus Shri Manish Dhanda — Contract and Commercial Disputes | DRT (2025)

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T.A. No. 452 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. 452 of 2023

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

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Applicant

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Versus

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Shri Manish Dhanda s/o Sh.Suresh Dhanda (Borrower) R/o H.No.BG-6/201 (B) Paschim Vihar, Near Gurudwara Delhi-110063 Defendant

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Present: Shri Dinesh Sharma, Counsel for the applicant bank

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Date of Institution: 25.08.2021

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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 bank on 25.08.2021 before DRT-III Delhi & then transferred to DRT-I Delhi through Shri Dinesh Sharma, authorized representative of the applicant bank under Section 19 of Debts Due to Banks and Financial Institutions Act, 1993 against the defendant for recovery of a sum of Rs.25,27,632.58 (Rupees Twenty Five Lacs Twenty Seven Thousand Six Hundred Thirty Two & paisa Fifty Eight only) as on 06.03.2021 along with pendentelite and future interest on Rs.15,18,487.01 @9.35%,

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T.A. No. 452 of 2023

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and on Rs.10,09,145.57 @13.85% rate of Interest from the date of filing of the application till its realization and costs.

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The brief facts of the case are that at the request of defendant vide application dated 25.10.2016, the applicant bank sanctioned & disbursed a Vehicle Loan of Rs.29,99,000/(Rupees Twenty Nine Lacs Ninety Nine Thousand only) in order to purchase TOYOTA FORTUNER/4 X4 AT Car on 28.10.2016 @9.35% interest per annum to be repayable in 60 equated monthly installments of Rs.63,645/-. Further, on the request of defendant, Top up Loan of Rs.10,00,000/- was sanctioned and disbursed Rs.9,94,277/- in the name of Kadambri Fabrics under Auto Loan cum Hypothecation Scheme on 23.01.2019 to be repayable in 48 EMI of Rs.27,169/- @13.85% rate of interest. Due to Covid-19, EMIs were enhanced to 65 and 55 EMIs respectively with same amount of installment as per request of defendant. The defendant agreed to pay penal interest @24% p.a. on the outstanding equated monthly installments amount and applicant bank entitled to take possession of commercial vehicle purchased.

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That in order to avail the said loan facilities, the defendant submitted application dated 25.10.2016 and 23.01.2019 and executed Credit Facility Application along with Terms and Conditions of the Loan, Unattested Deed of Hypothecation, Hypothecation Confirmation Letter and Irrevocable Power of Attorney all dated 25.10.2016 and 23.01.2019 in favour of applicant bank.

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That in order to secure the loan facility, the defendant hypothecated the Toyota Fortuner/4 x 4 AT Car having Registration No. DL-10CH-3660, Engine No. IGDA044233,

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T.A. No. 452 of 2023

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Chasis No. MBJBA3FS100800136 duly registered with Regional Transport Office in favour of applicant bank and agreed for takeover the possession of vehicle by the applicant bank in case of unpaid installments.

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It has been submitted by the applicant bank that after availing loan facility, the defendant failed to adhere to the financial discipline of the terms and conditions despite several requests and reminders failed to pay the outstanding dues and make the vehicle available for inspection by the applicant bank. The applicant bank terminated the agreement and issued legal notice dated 20.02.2021 to adjust the outstanding amount along with interest and handover the possession of vehicles but defendant failed to comply the notice issued. 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 09.10.2024, the defendant has been proceeded ex-parte as he has 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 Dinesh Sharma (AW1), authorized representative of the applicant bank who has proved the documents as Power of Attorney Ex.AW1/A, Credit Facility Application Form along with Terms & Conditions of the Loan Ex-AW1/B, Unattested Deed of Hypothecation Ex.AW1/C, Irrevocable Power of Attorney Ex.AW1/D, Loan Recall Notice Ex.AW1/E, Receipts Ex.AW1/F, Statement of Account Ex.AW1/G.

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T.A. No. 452 of 2023

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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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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 defendant to pay to the applicant bank, within a period of 30 days, a sum of Rs.25,27,632.58 (Rupees Twenty Five Lacs Twenty Seven Thousand Six Hundred Thirty Two & paisa Fifty Eight only) along with pendentelite and future interest as per following details:

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Rs.15,18,487.01 @9.35% rate of interest

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Rs.10,09,145.57 @13.85% rate of interest

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from the date of filing of this application along with costs failing which the aforesaid amount shall be recovered from sale of hypothecated vehicle namely TOYOTA FORTUNER/4 X 4 AT having Registration No. DL-10CH-3660, Engine No. IGDA044233, Chasis No. MBJBA3FS100800136. In case of shortfall, the same shall be recovered from the sale of movable and immovable assets of the defendant.

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T.A. No. 452 of 2023

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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 19.03.2025.

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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: 18.01.2025

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Icici Bank Limited v. Shri Manish Dhanda

Case brief

What is this about?

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Icici Bank Limited v. Shri Manish Dhanda

Case brief

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