Allowed

Icici Bank Limited v. M/S Webwork Trade Links Pvt. Ltd.

DRT25 Aug 2025TA/630/2023

Case brief

AI extract

What is this about?

On an ex-parte application transferred to DRT-I, Delhi, the Tribunal allowed the bank to recover loan dues of Rs. 36.92 lakhs reduced to 12% interest per annum, directing recovery from the hypothecated vehicle or other properties.

What did the court decide?

Defendants directed to pay Rs. 36,92,201.06 with future interest @12% p.a. from 24.05.2019, recoverable from sale of hypothecated vehicle or other properties.

Icici Bank Limited versus M/S Webwork Trade Links Pvt. Ltd. — Banking and Recovery | DRT (2025)

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T.A. No.630 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.630 of 2023

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ICICI Bank Limited 2nd Floor, Videocon Extn., Central District, New Delhi-110055

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And its Corporate Office at: ICICI Bank Towers, Bandra Kurla Complex, Mumbai 400 051 Applicant Versus 1. M/s Webwork Trade Links Pvt. Ltd. Flat No. B-93 B, Sector-2, Opp. SBI Bank, Noida-201301 2. Sh. Anurag Garg S/o Sh. Satya Prakash Garg R/o Flat no. C-304, 3rd Floor Proview Laboni Crossing Republik, Uttar Pradesh Defendants

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Present: Mr. Aditya Mishra, Ld. Counsel for the applicant bank

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Date of Institution: 23.07.2019 Date of Pronouncement: 25.08.2025

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T.A. No.630 of 2023

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FINAL ORDER

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This original application has been filed by the applicant bank before DRT-III, Delhi, and then transferred to DRT-I, Delhi, through order dated 11.10.2022 through its authorized representative under Section 19 of Recovery of Debts Due to Banks and Bankruptcy Act, 1993 against the defendants for recovery of a sum of Rs.36,92,201.06/- (Rupees Thirty Six Lacs Ninety Two Thousand Two Hundred One And Paisa Six only) along with pendentelite and future interest @24% per annum with monthly rests from 24.05.2019 till the date of realization and costs.

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The brief facts of the case are that on the request of the defendants and vide his loan application dated 23.11.2016, the applicant bank sanctioned loan Facility of Rs.66,50,000/- ( Sixty Six Lacs Fifty Thousand Only) on 23.11.2016 with interest @24% per annum , which was to be repayable in 48 Equated Monthly Installments of Rs.1,66,594/- each starting from 10.12.2016 till 10.11.2020, against hypothecation of vehicle.

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In order to avail the loan facility, the defendants submitted loan application, deed of hypothecation and irrevocable power of attorney duly executed by the Respondents in favour of the Applicant bank.

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That in order to secure the loan facility, the defendants hypothecated the vehicle namely Mercedes Benz/GLE 250 CDI bearing No.UK 07 BX 8000 in favour of applicant bank.

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T.A. No.630 of 2023

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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 sanctioned loan. Therefore, the account of the defendants became irregular and issued recall notice dated 16.03.2019 which was neglected by the defendants. Hence, the applicant bank 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 defendant has chosen to absent from the proceedings. As per order dated 14.02.2025, the defendants have been proceeded ex-parte as they have not appeared before the Tribunal.

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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 as, authorized representative of the applicant bank who has proved the documents as General Power of Attorney, copy of PAN Card and Aadhar Card of Respondent No.1 and 2, Preliminary Credit Facility Application Form, Facility Agreement, Loan Agreement dated 23.11.2016, Unattested Deed of Hypothecation , Irrevocable Power of Attorney ,Loan Disbursement Memo, Copy of Vehicle Registration, Loan Recall Notice, Loan Foreclosure Statement, Statement of Account, Certificate U/s 2A of Bankers Book of Evidence Act, Certificate U/s 65B of Indian Evidence Act , Post dated cheque as exhibit AW-1/1 to AW-1/11.

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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.630 of 2023

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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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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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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 TA and direct the defendants to pay to the applicant bank, jointly or severally, within a period of 30 days, a sum of Rs.36,92,201.06/- (Rupees Thirty Six Lacs Ninety Two Thousand Two Hundred One and Paisa Six Only) together with pendentelite and future interest @12% per annum with

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sd,

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T.A. No.630 of 2023

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monthly rests from 24.05.2019 till the date of realization and costs; failing which the amount shall be recovered from sale of hypothecated vehicle namely Mercedes Benz/GLE 250 CDI bearing No.UK 07 BX 8000. In case of shortfall, the same 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 27.10.2025.

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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: 25.08.2025

Icici Bank Limited v. M/S Webwork Trade Links Pvt. Ltd.

Case brief

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Icici Bank Limited v. M/S Webwork Trade Links Pvt. Ltd.

Case brief

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