Disposed

Icici Bank Limited v. Om Impex

DRT13 Jan 2026MA/12/2026

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application to close recovery proceedings after the applicant bank certified that the debtor was a missing person with no traceable assets, resulting in the recovery certificate being returned to the bank.

What did the court decide?

Recovery proceedings under Recovery Certificate No. 51/2013 closed; certificate consigned to record and original documents returned to the bank.

Icici Bank Limited versus Om Impex — Banking and Recovery | DRT (2026)

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Court of the Presiding Officer Debts Recovery Tribunal, Jaipur

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Item No. 9

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Case No.MA/12/2026 IN OA/33/2010

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ICICI BANK LIMITED Vs OM IMPEX

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Date: 13.01.2026.

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Proceedings through hybrid mode Present:

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Shri Deepak Sarawagi, Counsel for the Applicant

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Counsel for the applicant has filed this Misc. Application in OA no. 33/2010 which was decided by this Tribunal on 14.06.2023. It is submitted that the certificate holder bank has made a lot of efforts, so as to ascertain and workout for recovery of the decreetal amount. However, it has been realized by the certificate holder bank that there is no point to pursue the matter as not only whereabouts of the CD have not been known but also no details of the assets/properties owned by them have been traced out in spite of putting best efforts. Thus, in case, further efforts would be undertaken in the aforesaid direction, the same would result into drain of public money without any corresponding return. Accordingly, continuation of the proceedings before this Tribunal has been found to be not in the overall interest of the certificate holder bank as the same would bleed financial health of the certificate holder bank.

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It is further submitted that keeping in view chances of recovery very bleak, the certificate holder bank has decided to drop the legal proceedings against the CD before this Tribunal and write off the outstanding decreetal amount Thus, the certificate holder bank does not intend to continue with the Recovery Proceedings. Therefore, the Recovery Certificate may please be consigned to record.

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Heard arguments.

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The Ld. Recovery Officer is directed to close the proceedings of Recovery Certificate No. 51/2013 and Registry is directed to return the original documents, if any, to the Authorized Officer of the applicant bank after acknowledgement of the same.

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Court of the Presiding Officer

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Debts Recovery Tribunal, Jaipur

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Accordingly, file of Misc. Application and Recovery Certificate be consigned to record. Copy of order be uploaded on website and sent to the Ld. Recovery Officer.

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(Vimal Gupta) Presiding Officer Debts Recovery Tribunal, Jaipur

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Icici Bank Limited v. Om Impex

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Om Impex

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

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