Allowed

Icici Bank Limited v. M/S Swami Nityanand Ji Maharaj Stones

DRT28 Jan 2026OA/1222/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed ICICI Bank's application under Section 19 of the RDB Act to recover Rs. 20,49,720/- with interest from a partnership firm and its partners for vehicle loans. The order mandated issuance of a recovery certificate for sale of assets.

What did the court decide?

Recovery of Rs. 20,49,720/- with interest and costs; recovery certificate issued for distribution of sale proceeds.

Icici Bank Limited versus M/S Swami Nityanand Ji Maharaj Stones — Company and Corporate | DRT (2026)

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IN THE DEBTS RECOVERY TRIBUNAL-II, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER OA No: 1222/2023 Date of Institution: 06.09.2023 Date of Decision: 28.01.2026 ICICI Bank at 1^ST Floor, Near NK Sharma Office, Chandigarh ……..Applicant Vs. 1. M/s Swami Nityanand Ji Maharaj Stones through its partners, Nasal Pahadi, Deeg, District Bharatpur, Rajasthan-321204 2. Sh. Lalit Panghal s/o Sh. Balwant Singh, Partner, r/o 975-976, Sector 13, HUDA, Ditsrict Bhiwani, Haryana-127021 3. Sh. Naveen Kumar s/o Sh. Satbir Singh, Partner, r/o Village Kheri Bura, District Bhiwani, Haryana-127306 ……….Defendants Advocates Sh. Rahul Garg, Counsel for the applicant bank. Defendants- ex parte . OA for the Recovery of Rs.20,49,720/- with interest @8.40% per annum with monthly rests from 06.09.2023. ORDER 1. ICICI Bank (Applicant Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.20,49,720/- with interest against M/s Swami Nityanand Ji Maharaj Stones and others (defendants).

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Defendant No.1 is a partnership firm and defendant No.2 and 3 are its partners. Bank’s case is that on 28.03.2018, it had granted a loan of Rs.12,32,600/- in the form of Term Loan I and on 11.06.2018, Rs.7.63 Lacs in the form of Term Loan II and on 17.01.2020, Rs.11,80,394/- in the form of Term Loan III to the defendants for purchase of different vehicles. The Term loan I was chargeable to interest @8.40% per annum with monthly rests, The Term loan II was chargeable to interest @8.90% per annum with monthly rests, and Term loan III was chargeable to interest @10.50% per annum with monthly rests. On 30.05.2023, a sum of Rs.20,49,720/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 25.09.2023, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 09.11.2023, defendant No.3 was proceeded ex parte and Vide order dated 17.05.2024, defendant Nos.1 and 2 were proceeded ex parte .

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4. In order to prove its case, the Bank has placed on record the
affidavit of Sh. Mohd. Vajid, Authorized Signatory along with the loan
and security documents and marked them as Exhibit A-1 to A-23.
5. I have perused the evidence on the record. I am of the considered
view that the Bank has proved its case that it had advanced the loan of
Rs. 31,75,994 /- and on 30.05.2023, a sum of Rs.20,49,720/- was due.
6. Accordingly, the application of the bank for the recovery of
Rs.20,49,720/- (Rupees Twenty Lacs Forty Nine Thousand Seven
Hundred and Twenty Only) with interest @8.40% per annum with
monthly rests from 06.09.2023, till the date of payment is hereby
allowed with costs. The liability of all the defendants would be joint and

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several. Bank can recover its dues by the sale of hypothecated vehicles as well as from the personal movable and immovable property(ies) of the defendants.

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7.	Pending IAs, if any, stand disposed of.
8.	Recovery Certificate be issued accordingly.
9.	Parties are directed to appear before	Recovery Officer on
20.03.	2026, who is directed to distribute the	sale proceeds of the
mortg	age property(ies) as per the provisions of Se	ction 19(20-AB) of the
Act.
10.	A Copy of this order along with Recovery	Certificate be sent to
the Re	covery Officer as well as the parties.
Prono Dated	unced in the open Court. : 28.01.2026	(A S Narang) Presiding Officer DRT-2, Chandigarh (Additional charge)

Icici Bank Limited v. M/S Swami Nityanand Ji Maharaj Stones

Case brief

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Icici Bank Limited v. M/S Swami Nityanand Ji Maharaj Stones

Case brief

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