Debts Recovery Tribunal allowed ICICI Bank's application for recovery of a defaulted KCC loan against three defendants, jointly and severally liable, and issued a Recovery Certificate.
Order for recovery of Rs.31,06,031.00 plus 8% p.a. interest; Direction to issue Recovery Certificate.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO. 1009/2026
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 06.07.2026
DATE OF DECISION: 19.08.2026
ICICI Bank Limited, a Body Corporate, incorporated under the Companies Act, 1956 and Bank within the meaning of the Banking Regulation Act, 1949 and having its Registered Office at Near Chakli Circle, Old Padra Road, Vadodara-390007, and its Corporate Office at ICICI Bank Towers, Bandra Kurla Complex, Mumbai-400051 and having branches all over India and one of its Branch Offices, situated at SCO No. 132-134, Sector 9-C, Chandigarh, through its Authorized Signatory, Sh. Jatinder Mishra.
Versus
Advocates:
Argued by Sh. Jatin Khullar, Advocate for Applicant.
None for Defendants (already ex-parte vide order dated 17.08.2026)
FINAL ORDER
2 OA/1009/2026 ICICI BANK LIMITED VS. SH. DILSHER SINGH AND OTHERS
is competent to institute the Original Application vide Power of Attorney dated 08/01/2025, which is Annexure A1 to this OA.
Documents executed: Indemnity Cum Declaration dated 06/01/2017, which is Annexure A4 to this OA; Fitment Certificate dated 04/01/2017, which is Annexure A5 to this OA; Hypothecation Deed dated 12/10/2016, which is Annexure A6 to this OA; Creation of Charge and Intimation Letter dated 27/12/2016, which is Annexure A8 to this OA; Loan Recall Notice along with its postal receipts dated 22/01/2026 and 24/01/2026, which is Annexure A9 to this OA; Statement of Accounts from 20/01/2017 to 03/03/2026, which is Annexure A10 to this OA.
3 OA/1009/2026 ICICI BANK LIMITED VS. SH. DILSHER SINGH AND OTHERS
From the perusal of all the Annexures A1 to A10 to this OA, it is proved that the defendant nos. 1 & 2, approached the applicant for availing of the loan facility, which was granted to them. Defendant no.3 stood as guarantor. The defendants had executed all 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, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.31,06,031.00 (Rupees Thirty One Lac Six Thousand Thirty One 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. 10. In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @18.00% p.a. with half yearly rests from 04.03.2026 till the realization.
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 @08.00% 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.
4
OA/1009/2026 ICICI BANK LIMITED VS. SH. DILSHER SINGH AND OTHERS
Rs.31,06,031.00 (Rupees Thirty One Lac Six Thousand Thirty One Only), jointly and severally, with costs, current and future simple interest @08.00%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 the defendants 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 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 03.09.2026
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
3 issues framed by the court
Whether the applicant is entitled to recovery of the outstanding loan amount after service of notice and default.
Whether the Tribunal can exercise discretion to alter the rate of interest claimed by the applicant.
Whether the Recovery Certificate should be issued and the application allowed for recovery from mortgaged assets.
2 provisions across 2 enactments
ICICI Bank Limited
Sh. Dilsher Singh
Sh. Gurpreet Singh
Smt. Harwant Kaur
Mridulesh Kumar Singh
As recorded by the court registry
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