Allowed

Icici Bank Limited v. Sh. Narinder Singh and Another

DRT1 Jan 2026OA/1232/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application by ICICI Bank to recover Rs. 24.79 lakhs from two defendants who defaulted on a KCC loan. The Tribunal issued a recovery certificate and fixed simple interest at 8% per annum.

What did the court decide?

Directing recovery of Rs. 24,79,839.08 plus 8% p.a. interest; issuing recovery certificate; directing attachment/sale of assets if dues remain unsatisfied.

Icici Bank Limited versus Sh. Narinder Singh and… — Contract and Commercial Disputes | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1232/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 02.09.2025

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DATE OF DECISION: 01.01.2026

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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 ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara, Gujarat-390007 and having branches all over India and one of its branch offices situated at ICICI Bank Ltd., Tepla, District Patiala, Punjab through its Authorized Signatory Sh. Jatinder Mishra.

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……..Applicant

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Versus

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Sh. Narinder Singh S/o Sh. Kanwar Singh, R/o Village Tepla, Tehsil Rajpura, District Patiala, Punjab-140417.

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Smt. Anju Rani W/o Sh. Narinder Singh, R/o Village Tеpla, Patiala, Punjab-140417.

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….……Defendants

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Advocates:

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Argued by Sh. Rakesh Gupta, Advocate proxy for Sh. Rajiv Sharma, Advocate for Applicant

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Defendants already ex parte vide order dated 15.12.2025.

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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 & Bankruptcy Act, 1993, against the defendants for recovery of Rs.24,79,839.08 (Rupees Twenty Four Lacs Seventy Nine Thousand Eight Hundred Thirty Nine & Paise Eight Only). The Original Application has been filed through Sh. Jatinder Mishra, Authorized Signatory, of the applicant, who is competent to institute the Original Application vide Power of Attorney dated 08.01.2025, which is Annexure A1 to this OA.

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OA NO.1232/2025 ICICI BANK LIMITED VS. NARINDER SINGH AND ANOTHER

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The brief facts of the OA are that the defendants approached the applicant for grant of KCC Limit Rs.12.00 Lacs vide Loan application dated 02.06.2016, which is Annexure A2 to this OA. 3. The applicant sanctioned the KCC Limit of Rs. 11,10,000/- for first year and Rs.16,25,100/- for fifth year vide Sanction letter dated 29.06.2016, which is Annexure A3 to this OA and terms and conditions were duly accepted by the defendants. 4. Defendant no.1 mortgaged his immovable property i.e. land measuring 12Bigha situated at Village Tepla, Tehsil Rajpura, District Patiala, Punjab vide Declaration under section 4(1) of Punjab Agricultural Credit Operations and Miscellaneous Provisions (Banks) Act, dated 26.05.2016, which is Annexure A5 to this OA. Documents executed: Hypothecation deed dated 30.06.2016, which is Annexure A4 to this OA; Loan recall notice dated 30.07.2025, which is Annexure A6 to this OA and statement of account along with certificate under Bankers' Books Evidence Act, which is Annexure A7 to this OA. 5. The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in the loan accounts there was a debit of Rs.24,79,839.08, 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 15.12.2025. 7. In support of the OA, affidavit of Sh. Jatinder Mishra, Authorized Signatory, ICICI Bank Ltd., has been filed. 8. Heard ex-parte arguments and perused record.

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OA NO.1232/2025 ICICI BANK LIMITED VS. NARINDER SINGH AND ANOTHER

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It was argued by learned Proxy counsel that in view of the documentary evidence brought on record which had gone unrebutted, the applicant bank had proved its case. From the perusal of all the Annexures A1 to A7 to this OA, it is proved that the defendants approached applicant for availing of the loan facility which were 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 bank is entitled to recover a sum of Rs.24,79,839.08 (Rupees Twenty Four Lacs Seventy Nine Thousand Eight Hundred Thirty Nine & Paise Eight 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% with half yearly rests from 01.05.2025 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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OA NO.1232/2025 ICICI BANK LIMITED VS. NARINDER SINGH AND ANOTHER

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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.24,79,839.08 (Rupees Twenty Four Lacs Seventy Nine Thousand Eight Hundred Thirty Nine & Paise Eight 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/mortgaged property of 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 14.01.2026. 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: 01.01.2026. (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. Sh. Narinder Singh and Another

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Icici Bank Limited v. Sh. Narinder Singh and Another

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