Allowed

Icici Bank Limited v. Sh. Jora Singh and Another

DRT7 Feb 2026OA/1083/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an original application by ICICI Bank Limited against two defendants for recovery of Rs. 20,85,811. The court issued a recovery certificate and directed the issuance of a uniform simple interest rate of 8% p.a. pending realization.

What did the court decide?

Recovery Certificate issued; Defendants liable to pay Rs.20,85,811 with interest @8%p.a.; realization via sale of mortgaged/hypothecated properties.

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

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1083/2024

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 06.09.2022

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DATE OF DECISION: 07.02.2026

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ICICI Bank limited, having its Registered Office at Land Mark, Race Course, Circle Vadodara-390007, having its Branch Office at SCO-237238, Sector-20, Panchkula, Through its Authorized Representative Sh. Parveen Kumar.

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……..Applicant

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Versus

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Sh. Jora Singh Son of Sh. Naranjan Singh, R/o Safuwala, Tehsil Moga, District Moga, Punjab-142048.

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Sh. Shinder Pal Singh Son of Sh. Jora Singh, R/o Safuwala, Tehsil Moga, District Moga, Punjab-142048.

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………. Defendants

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Advocates:

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Argued by Sh. Kaveesh, Advocate proxy for Sh. Puneet Tuli, Advocate for Applicant

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Defendants already ex parte vide order dated 31.10.2025.

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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. 20,85,811.00 (Rupees Twenty Lacs Eighty Five Thousand Eight Hundred Eleven Only). The Original Application has been filed through Sh. Parveen Kumar, Authorized Representative of the applicant, who is competent to institute the Original Application vide Power of Attorney dated 09.03.2021, 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 KCC Limit of Rs.15.00 Lacs vide Credit Facility Application Form dated 07.06.2016, which is Annexure A2 to this OA.

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OA NO. 1083/2024 ICICI BANK LIMITED VS. JORA SINGH AND ANOTHER

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The applicant sanctioned the KCC Limit of Rs.17.20 Lacs and terms and conditions duly accepted by the defendants. Deed of hypothecation dated 30.06.2016, along with sanction letter dated 30.06.2016, which is Annexure A3 to this OA.

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Defendant no.1 mortgaged his immoveable property i.e. land measuring 24K-11M situated at Village Saffuwala, Tehsil & District Moga, Punjab vide Declaration dated 02.09.2016 u/s 4(1) of Punjab Agricultural Credit Operations and Miscellaneous Provisions (Banks) Act, 1978, which is Annexure A4 to this OA; Letter to Sub Registrar for creation of charge, which is Annexure A5 to this OA.

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Documents executed : Demand Notice dated 07.05.2022, along with postal receipts, which are Annexures A6 & 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.20,85,811.00, 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.

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The defendants were served notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte vide order dated 31.10.2025.

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In support of the OA, affidavit of Sh. Parveen Kumar, Authorized Representative, ICICI Bank Limited, has been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned proxy counsel that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexures 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

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OA NO. 1083/2024 ICICI BANK LIMITED VS. JORA SINGH AND ANOTHER

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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.20,85,811.00 (Rupees Twenty Lacs Eighty Five Thousand Eight Hundred Eleven Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account.

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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 @12.00%p.a. with 2 % penal interest with monthly rests from 05.05.2022 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/hypothecated assets, 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 uniform 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 total sum of Rs.20,85,811.00 (Rupees Twenty Lacs Eighty Five Thousand Eight Hundred Eleven 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

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OA NO. 1083/2024 ICICI BANK LIMITED VS. JORA SINGH AND ANOTHER

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sale of hypothecated/mortgaged properties 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.

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12. Any other application pending stands disposed of.

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Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 19.02.2026. 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 . Dated: 07.02.2026.

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

Icici Bank Limited v. Sh. Jora Singh and Another

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Icici Bank Limited v. Sh. Jora Singh and Another

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