Allowed

Icici Bank Limited v. Sh. Gurpreet Singh and Others

DRT29 Aug 2026OA/1039/2026

Case brief

AI extract

What is this about?

Defects recovery tribunal allowed the applicants application for recovery of an outstanding loan of Rs. 24.96 lakhs. It directed defendants to pay principal, costs, and simple interest at 8% p.a., permitting recovery from mortgaged assets or personal assets.

What did the court decide?

Declaration of liability to pay Rs. 24,96,599.03 with costs and simple interest at 8% p.a.; issuance of Recovery Certificate; liberty to enforce via sale of assets.

Icici Bank Limited versus Sh. Gurpreet Singh and Others — Specific Performance | DRT (2026)

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DEBTS RECOVERY TRIBUNAL- III, CHANDIGARH

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ORIGINAL APPLICATION NO. 1039/2026

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 13.07.2026

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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 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-

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134, Sector 9C, Chandigarh through its Authorized Signatory, Sh. Jatinder Mishra

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……..Applicant

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Versus

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Sh. Gurpreet Singh, S/o Sh. Rachpal Singh, R/o Village Dhadrian, Longewal Sangrur, Punjab- 148106

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Sh. Rachpal Singh, S/o Sh. Banta Singh, R/o Village Dhadrian, Longewal Sangrur, Punjab- 148106

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Sh. Kuldeep Singh, S/o Sh. Bakshish Singh, R/o Village Dhadrian, Longewal Sangrur, Punjab- 148106

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……….Defendants

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Advocates:

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Argued by Sh. Jatin Khullar, Advocate for 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 and Bankruptcy Act, 1993, against the defendants for recovery of Rs. 24,96,599.03 (Rupees Twenty Four Lacs Ninety Six Thousand Five Hundred Ninety Nine and Paise Three Only). The Original Application has been filed through Sh.

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Jatinder Mishra, Authorized Signatory o f the applicant, who is

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2 OA NO. 1039/2026 ICICI BANK LIMITED VS. GURPEET SINGH AND OTHERS

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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 defendants approached the applicant for grant of KCC Limit of Rs. 20.00 Lacs vide Credit Facility Application Form dated 12.03.2019, which is Annexure A2 to this OA. 3. The applicant sanctioned KCC Limit of Rs. 18.00 Lacs vide Sanction Letter dated 30.04.2019, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants.

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Defendant nos. 2 and 3 mortgaged their immovable properties i.e. Land measuring 50K 00M situated at Dhaddrian, Tehsil and District Sangrur, Punjab vide Declaration u/s 4 (1) of the Punjab Agricultural Credit Operations and Miscellaneous Provisions (Banks) Act, 1978 and Creation of Charge dated 29.08.2019, which are Annexure A5 and A6 to this OA.

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Defendants hypothecated their crops wheat/paddy vide Hypothecation Deed dated 12.03.2019, which is Annexure A4 to this OA.

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Documents executed: Loan Recall Notices dated 22.01.2026 and 24.01.2026 along with postal receipts, which is Annexure A7 to this OA and Statement of Account, which is 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 loan account there was a debit of Rs. 24,96,599.03, which is recoverable and the defendants were served recall notice 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 25.08.2026.

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In support of the OA, affidavit of Sh. Jatinder Mishra, Authorized Signatory, ICICI Bank Limited h as been filed. 8. Heard ex-parte arguments and perused record.

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3 OA NO. 1039/2026 ICICI BANK LIMITED VS. GURPEET SINGH AND OTHERS

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It was argued by learned counsel 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 Annexure A1 to A8 to this OA, it is proved that the defendants approached applicant for availing of the 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, 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.24,96,599.03 (Rupees Twenty Four Lacs Ninety Six Thousand Five Hundred Ninety Nine and Paise Three 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. w.e.f. 04.03.2026 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 hypothecated assets/mortgaged properties, 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.

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a sum of Rs.24,96,599.03 (Rupees Twenty Four Lacs Ninety Six Thousand Five Hundred Ninety

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4 OA NO. 1039/2026 ICICI BANK LIMITED VS. GURPEET SINGH AND OTHERS

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Nine and Paise Three 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 hypothecated assets of defendants and mortgaged properties of defendant nos. 2 and 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. 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.

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Pronounced by me in the open Tribunal .

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Dated: 29.08.2026

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

Icici Bank Limited v. Sh. Gurpreet Singh and Others

Case brief

What is this about?

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Icici Bank Limited v. Sh. Gurpreet Singh and Others

Case brief

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