Allowed

Icici Bank Ltd. v. Sh. Lovepreet Singh and Another

DRT7 Sept 2026OA/1006/2026

Case brief

AI extract

What is this about?

DRT-III Chandigarh adjudicated an ex-parte original application under Section 19 RDB Act for recovery of a USD.33 lakhs KCC loan. The court allowed the application, granted simple interest at 8% p.a., directed issuance of a Recovery Certificate, and empowered the applicant to sell mortgaged or personal assets.

What did the court decide?

Declare defendants liable to pay Rs.33,23,973.80 with interest at 8% p.a.; issue Recovery Certificate; empower applicant to recover dues via sale of mortgaged property or personal assets.

Icici Bank Ltd. versus Sh. Lovepreet Singh and Another — Specific Performance | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1006/2026

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 04.07.2026

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DATE OF DECISION: 07.09.2026

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ICICI Bank Ltd, having its Registered Office at Land Mark, Race Course Circle, Vadodara, 390007, having its Branch Office at SCO 132, 133, 134, Sector 9-C, Chandigarh, through its Manager Sh. Jatinder Mishra.

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……..Applicant

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Versus

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Sh. Lovepreet Singh S/o Sh. Paramjeet Singh, R/o Village Danewala, District Muktsar, Punjab - 152107.

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Smt. Kulwinder Kaur W/o Sh. Paramajt Singh, R/o Village Danewala, District Muktsar, Punjab - 152107.

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…….. Defendants

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Advocates:

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Argued by Sh. Kaveesh, Advocate for the applicant None for defendants (Already ex-parte vide order dated 31.08.2026).

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts & Bankruptcy Act 1993, against the defendants for recovery of Rs.33,23,973.80 (Rupees Thirty Three Lacs Twenty Three Thousand Nine Hundred Seventy Three and Paise Eighty Only). The Original Application has been filed through Sh. Jatinder Mishra, Manager of the applicant, who is competent to institute the Original Application vide Power of Attorney, dated 08.01.2025, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendants approached the applicant for grant of Kisan Credit Card Limit of Rs.18,00,000.00 vide Credit Facility Application Form, dated 06.06.2019, which is Annexure A2 to this OA.

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2 OA NO.1006/2026 ICICI BANK LTD. VS SH. LOVEPREET SINGH AND ANOTHER

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The applicant sanctioned the Kisan Credit Card Limit of Rs.18,00,000.00 vide Intimation Letter, dated 02.08.2024, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants.

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Defendant no. 1 mortgaged his Immovable Property i.e., Total Agriculture Land measuring 51K 5M, as per Jamabandi for the year of 2020-2021, situated at Village Danewala, Hadbast No. 165, Tehsil Malout, District Sri Muktsar Sahib, vide Request Letter for creation of charge on land in revenue records and Declaration u/s 4(1), dated 21.08.2024, which are Annexures A5 & A6 to this OA.

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Documents executed: Hypothecation Deed, which is Annexure A4

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to this OA; Recall Notice, dated 22.01.2026, along with postal receipts, which is Annexure A7 to this OA; Statement of Account, which is

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Annexure A8 to this OA.

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The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in the loan account there was a debit of Rs.33,23,973.80, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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The defendants were served summons to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte vide order dated 31.08.2026.

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In support of the OA, affidavit of Sh. Jatinder Mishra, Manager, ICICI Bank Ltd. has been filed.

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Heard ex-parte arguments and perused record.

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It was argued by learned counsel for applicant that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case.

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From the perusal of all the Annexures A1 to A8 to this OA, it is proved that the defendants approached applicant for availing of loan facility which was granted to them and for that they had executed all

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3 OA NO.1006/2026 ICICI BANK LTD. VS SH. LOVEPREET SINGH AND ANOTHER

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the relevant documents in favour of the bank. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, loan account was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.33,23,973.80 (Rupees Thirty Three Lacs Twenty Three Thousand Nine Hundred Seventy Three and Paise Eighty Only), along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the amount.

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In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @10.25%p.a. with penal interest @2% till the realization.

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The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the mortgaged property, undertaking of the defendants, quantum of loan and prevalent market rates of interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant simple interest @8.00%p.a. in the loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant sum of Rs.33,23,973.80 (Rupees Thirty Three Lacs Twenty Three Thousand Nine Hundred Seventy Three and Paise Eighty Only), jointly and severally, with costs, current and future simple interest @8.00%p.a. in the loan account from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of mortgaged property of defendant no. 1 in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the applicant still remain unsatisfied, it shall

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4 OA NO.1006/2026 ICICI BANK LTD. VS SH. LOVEPREET SINGH AND ANOTHER

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be entitled to recover the same by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law. 12. Any other application pending stands disposed of . 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 18.09.2026. 15. Copy of this order be given dasti to the applicant and be sent to defendants through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned. Pronounced by me in the open Tribunal . Dated: 07.09.2026 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Icici Bank Ltd. v. Sh. Lovepreet Singh and Another

Case brief

What is this about?

What did the court decide?

Icici Bank Ltd. v. Sh. Lovepreet Singh and Another

Case brief

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What did the court decide?

What the court decided

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