Allowed

Icici Bank Limited v. Sh. Kuldeep Singh and Others

DRT29 Aug 2026OA/1024/2026

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an original application filed by ICICI Bank Ltd. for recovery of a loan amount of Rs. 27,02,164 from three respondents who defaulted on a Kisan Credit Card facility. The appellant was granted a recovery certificate and simple interest at 8% per annum instead of the claimed 18%. The order was pronounced ex-parte.

What did the court decide?

Recovery Certificate issued; Defendants ordered to pay Rs. 27,02,164 with simple interest at 8% p.a. payable jointly and severally.

Icici Bank Limited versus Sh. Kuldeep Singh and Others — Banking and Recovery | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1024/2026

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 08.07.2026

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DATE OF DECISION: 29.08.2026

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ICICI Bank Ltd. 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. 132134, Sector 9-C, Chandigarh through its Authorized Signatory, Sh. Jatinder Mishra.

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……..Applicant

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Versus

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Sh. Kuldeep Singh S/o Sh. Major Singh, R/o Village Mehna (10), Sri Muktsar Sahib, Tehsil Malout, Muktsar – 152113.

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Smt. Jaswinder Kaur W/o Sh. Major Singh, R/o Village Mehna (10), Sri Muktsar Sahib, Tehsil Malout, Muktsar – 152113.

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Sh. Major Singh S/o Sh. Tek Singh, R/o Village Mehna (10), Sri Muktsar Sahib, Tehsil Malout, Muktsar - 152113.

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……. .Defendants

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Advocates:

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Argued by Sh. Jatin Khullar, Advocate for the applicant

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None for defendants (Already ex-parte vide order dated 25.08.2026).

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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.27,02,164.00 (Rupees Twenty Seven Lacs Two Thousand One Hundred and Sixty Four Only). The Original Application has been filed through Sh. Jatinder Mishra, Authorized Signatory of the applicant, who is competent to institute

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2 OA NO.1024/2026 ICICI BANK LTD. VS SH. KULDEEP SINGH AND OTHERS

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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 a pproached the applicant for grant of Kisan Credit Card Limit of Rs.25,00,000.00 vide Preliminary Application Form, dated 06.09.2023 and Credit Facility Application Form, dated 11.09.2023, which are Annexures A2 & A3 to this OA.

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The applicant sanctioned the Kisan Credit Card Limit of Rs.22,80,000.00 vide Intimation Letter, dated 27.10.2023, which is Annexure A4 to this OA and the terms and conditions were duly accepted by the defendants.

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Defendant nos. 1 & 3 mortgaged their Immovable Property i.e., Land measuring 40 Kanals as per Jamabandi for the year 2019-2020, situated at Village Mehna, Tehsil Malout, District Sri Muktsar Sahib, vide Declaration u/s 4(1) and Request Letter of creation of charge on mortgage land in revenue records in favour of Bank, dated 18.12.2023, which are Annexures A6 & A7 to this OA.

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Documents executed: Hypothecation Deed, dated 11.10.2023, which is Annexure A5 to this OA; Recall Notice, dated 01.06.2026, along with postal receipts, which is Annexure A8 to this OA; Statement of Account along with certificate, which is Annexure A9 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.27,02,164.00, 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. 6. 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 25.08.2026.

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3 OA NO.1024/2026 ICICI BANK LTD. VS SH. KULDEEP SINGH AND OTHERS

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7.	In support of the OA, affidavit ofSh. Jatinder Mishra, Authorized
Sign	atory, ICICI Bank Ltd. has been filed.
8.	Heard ex-parte arguments and perused record.
9.	It was argued by learned counsel for applicant that in view of
the	documentary evidence brought on record which had gone
unre	butted, the applicant had proved its case.

¶27

From the perusal of all the Annexures A1 to A9 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 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.27,02,164.00 (Rupees Twenty Seven Lacs Two Thousand One Hundred and Sixty Four 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 @18.00%p.a. with half yearly rests, from 05.06.2026 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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4 OA NO.1024/2026 ICICI BANK LTD. VS SH. KULDEEP SINGH AND OTHERS

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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.27,02,164.00 (Rupees Twenty Seven Lacs Two Thousand One Hundred and Sixty Four 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 nos. 1 & 3 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.

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12. Any other application pending stands disposed of .

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Issue Recovery Certificate accordingly.

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Parties to appear before Learned Recovery Officer of this Tribunal on 14.09.2026.

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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: 29.08.2026

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(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. Sh. Kuldeep Singh and Others

Case brief

What is this about?

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Icici Bank Limited v. Sh. Kuldeep Singh and Others

Case brief

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