Debts Recovery Tribunal, Chandigarh allowed the applicant bank's application for recovery of a loan. The court exercised discretion to grant simple interest at 8% p.a. instead of the claimed rate and ordered issuance of a Recovery Certificate.
Declaration of liability to pay Rs. 52,57,588.92 with interest at 8% p.a.; issuance of 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.1052/2026
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 14.07.2026
DATE OF DECISION: 01.09.2026
ICICI Bank Ltd. having its Registered Office at Land Mark, Race Course Circle, Vadodara, Gujarat- 390007, having its Branch Office at ICICI Bank Ltd., SCO 143A, City Emporium Mall, Industrial Area, Phase 1, Chandigarh- 160002 and also at ICICI Bank, Panniwala, District Mukatsar, Punjab through its Authorized Representative, Sh. Jatinder Mishra
……..Applicant
Versus
……….Defendants
Advocates:
Argued by Ms. Pinki, Advocate proxy for Ms. Dipti Toni, Advocate for applicant
None for defendants (already ex-parte vide order dated 29.08.2026)
FINAL ORDER
2 OA NO. 1052/2026 ICICI BANK LIMITED VS. GURSHARAN SINGH AND OTHERS
competent to institute the Original Application vide Power of Attorney dated 08.01.2025, which is Annexure A1 to this OA.
Defendants hypothecated theirs crops vide Deed of Hypothecation dated 17.07.2024, which is Annexure A5 to this OA. Documents executed: Notice dated 01.06.2026 along with posting receipts, which are Annexure A8 and A9 to this OA and Statement of Account, which is Annexure A10 to this OA.
3 OA NO. 1052/2026 ICICI BANK LIMITED VS. GURSHARAN SINGH AND OTHERS
From the perusal of all the Annexure A1 to A10 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.52,57,588.92 (Rupees Fifty Two Lacs Fifty Seven Thousand Five Hundred Eighty Eight and Paise Ninety Two 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.
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.
4
OA NO. 1052/2026 ICICI BANK LIMITED VS. GURSHARAN SINGH AND OTHERS
(Rupees Fifty Two Lacs Fifty Seven Thousand Five Hundred Eighty Eight and Paise Ninety Two 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. 1 and 2 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.
Tribunal on 16.09.2026.
Pronounced by me in the open Tribunal .
Dated: 01.09.2026
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant is entitled to recover the outstanding loan amount of Rs. 52,57,588.92 from the defaulting borrowers?
What rate of interest should be awarded pendent lite given the decline in market rates?
1 provisions across 1 enactments
ICICI Bank Ltd.
Sh. Gursharan Singh
Sh. Swaran Singh
Smt. Jaswinder Kaur
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
