The Tribunal allowed the application for recovery of Rs. 29,20,846.93 claimed by ICICI Bank Ltd. against the loan-defaulting respondents, who were absent. The court granted recovery along with simple interest at 8% p.a. instead of the claimed 24% p.a.
Recovery of Rs. 29,20,846.93 with simple interest at 8% p.a. from filing till realization.
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. 1088/2026
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 23.07.2026
DATE OF DECISION: 09.09.2026
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 ICICI Bank Tower, near Chakli Circle, Old Padra Road, Vadodara, Gujarat- 390007 and its Corporate Office at ICICI Bank Towers, Bandra Kurla Complex, Mumbai, Maharashtra- 400051 and having Branches all over India and one of its Branch Offices situated at SCO no. 132-133-134, Sector 9C, Chandigarh- 160017 through its Authorized Signatory, Sh. Jatinder Mishra
……..Applicant
Versus
Colony, Samana, District Patiala, Punjab- 147101
……….Defendants
Advocates:
Argued by Sh. Himendra Pal Singh, Advocate for applicant (through VC)
None for defendants (already ex-parte vide order dated 07.09.2026)
FINAL ORDER
2 OA NO. 1088/2026 ICICI BANK LIMITED VS. RAJBIR SINGH AND ANOTHER
competent to institute the Original Application vide Power of Attorney dated 08.01.2025, which is Annexure A1 to this OA.
3 OA NO. 1088/2026 ICICI BANK LIMITED VS. RAJBIR SINGH AND ANOTHER
From the perusal of all the Annexure A1 to A7 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.29,20,846.93 (Rupees Twenty Nine Lacs Twenty Thousand Eight Hundred Forty Six and Paise Ninety 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. 10. In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @24%p.a. with monthly rests w.e.f. 02.03.2026 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. 11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a sum of Rs.29,20,846.93 (Rupees Twenty Nine Lacs Twenty Thousand Eight Hundred Forty Six and Paise Ninety 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
4 OA NO. 1088/2026
ICICI BANK LIMITED VS. RAJBIR SINGH AND ANOTHER
from the sale of mortgaged property of defendant no. 1 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 21.09.2026. 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. Pronounced by me in the open Tribunal . Dated: 09.09.2026 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant is entitled to recovery of loan dues together with interest.
What rate of interest should be granted on the outstanding loan amount.
1 provisions across 1 enactments
ICICI Bank Ltd.
Sh. Rajbir Singh
Smt. Balwant Kaur
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
