Allowed

Icici Bank Limited v. Sh. Harpinder Singh and Others

DRT5 Feb 2026OA/12/2024

Case brief

AI extract

What is this about?

The Tribunal allowed an original application filed by ICICI Bank Ltd. for recovery of Rs. 27.54 lakhs against three respondents, joint borrowers and a guarantor. The court reduced the claimed interest from 10.10% to 8.00% per annum and directed issuance of a recovery certificate.

What did the court decide?

Recovery of Rs. 27,54,705.99 with simple interest @8.00% p.a.; issuance of recovery certificate.

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

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.12/2024

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 26.12.2023

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DATE OF DECISION: 05.02.2026

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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 1^st Floor, Near N. K. Sharma Office, Chandigarh Ambala National Highway, Zirakpur, District S.A.S. Nagar, Punjab through its Authorized Signatory Sh. Mohd. Vajid.

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……..Applicant

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Versus

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Sh. Harpinder Singh s/o Sh. Bhim Singh, R/o Village Bhatian Khurd, Tehsil Malerkotla, District Sangrur, Punjab-148018

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Smt. Amarjit Kaur w/o Sh. Bhim Singh R/o Village Bhatian Khurd, Tehsil Malerkotla, District Sangrur, Punjab-148018

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Sh. Sukhjinder Singh s/o Sh. Gurcharan Singh r/o Village Bhatian Khurd, Tehsil Malerkotla, District Sangrur, Punjab148018.

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….……Defendants

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Advocates:

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Argued by, Sh. Rahul Garg, Advocate for Applicant (through VC) Defendants already ex parte vide order dated 14.01.2026.

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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.27,54,705.99 (Rupees Twenty Seven Lacs Fifty Four Thousand Seven Hundred Five & Paise Ninety Nine only). The Original Application has been filed through Sh. M ohd. Vaji d, Authorized Signatory o f the applicant who is

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2 OA/12/2024 ICICI BANK LIMITED VS. HARPINDER SINGH AND OTHERS

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competent to institute the Original Application vide Power of Attorney dated 18.09.2019, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendant nos. 1 and 2 approached the applicant for the grant of KCC Limit of Rs.35.00 Lacs vide loan application dated 08.07.2022, which is Annexure A2 to this OA. Defendant no. 3 stood as guarantor. 3. The applicant sanctioned the KCC Limit of Rs.35.00 Lacs vide sanction letter dated 29.07.2022, which is Annexure A3 to this OA. and the terms and conditions were duly accepted by the defendants. 4. Defendant nos. 1 and 2 had mortgaged his immovable properties i.e. total land measuring 29Bigha-12Biswa (18Bigha00Biswa in the name of defendant no. 1 and 11Bigha-12Biswa in the name of defendant no. 2) situated at Village Rampur Bhinder, Tehsil Amargarh, District Malerkotla, Punjab vide declaration u/s 4(1) of Punjab Agricultural Credit Operations and Miscellaneous Provisions (Banks) Act, 1978, which is Annexure A5 to this OA. Letter to SubRegistrar for creation of charge, which is Annexure A6 to this OA.

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Documents executed: Deed of guarantee dated 29.07.2022, which is Annexure A4 to this OA; Loan recall notice dated 01.12.2023, which is Annexure A7 to this OA and statement of account, which is Annexure A8 to this OA. 5. 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.27,54,705.99, 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 notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex parte vide order dated 14.01.2026. 7. In support of the OA, affidavit of Sh. Mohd. Vaji d, Authorized Signatory, ICICI BANK LTD h as been filed. 8. Heard ex-parte arguments and perused record.

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3 OA/12/2024

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ICICI BANK LIMITED VS. HARPINDER SINGH AND OTHERS

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It was argued by learned counsel through video conferencing 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 favour of the applicant. 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.27,54,705.99 (Rupees Twenty Seven Lacs Fifty Four Thousand Seven Hundred Five & Paise Ninety Nine 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 pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed [email protected]%p.a. with half yearly rests from 01.11.2023 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 @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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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.27,54,705.99 (Rupees Twenty Seven Lacs Fifty Four Thousand

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OA/12/2024

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ICICI BANK LIMITED VS. HARPINDER SINGH AND OTHERS

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Seven Hundred Five & Paise Ninety Nine 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 hypothecated assets/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. 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 17.02.2026. 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. Pronounced by me in the open Tribunal . Dated: 05.02.2026. (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. Sh. Harpinder Singh and Others

Case brief

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Icici Bank Limited v. Sh. Harpinder Singh and Others

Case brief

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