Original application filed under the RDB Act to recover a personal loan amount. No defense was substantiated. The Tribunal allowed the application and granted simple interest at 8% p.a.
Recovery of Rs. 23,96,062.58 with simple interest @8% p.a. from filing date till realization, by attachment and sale of personal assets.
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.1298/2025
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 17.09.2025
DATE OF DECISION: 16.05.2026
ICICI Bank Ltd. having its Registered Office at Land Mark, Race Course Circle, Vadodara, Gujarat- 390007 having its Branch Office at SCO 132, 133, 134, Sector 9C, Chandigarh through its Manager, Sh. Jatinder Mishra
……..Applicant
Versus
Ms. Madhulika Sagaram, D/o Sh. Sudhir Naidu, R/o Plaksha University, Alpha, Sector 101, IT City, SAS Nagar, Mohali, Punjab- 140306
Also at: Flat no. 304, Sri Prabha Siri Sampada Apartments, Old
Nallakunta Musheerabad, Hyderabad, Telangana- 500044
……….Defendant
Advocates:
Argued by Ms. Seerat Sharma, Advocate proxy for Sh. Puneet Tuli, Advocate for applicant
Sh. Sunil Salotra, Advocate proxy for Sh. Munish Khanngwali, Advocate for defendant
FINAL ORDER
2 OA NO. 1298/2025 ICICI BANK LIMITED VS. MADHULIKA SAGARAM
Form dated 05.10.2023 and Credit Facility Application Form dated 07.10.2023, which are Annexure A2 and A3 to this OA.
From the perusal of all the Annexure A1 to A7 to this OA, it is proved that the defendant approached applicant for availing of the loan facility which was granted to her and for that she had executed all the relevant documents in favour of the bank. The defendant failed to pay
3 OA NO. 1298/2025 ICICI BANK LIMITED VS. MADHULIKA SAGARAM
back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendant was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs. 23,96,062.58 (Rupees Twenty Three Lacs Ninety Six Thousand Sixty Two and Paise Fifty Eight Only), along with interest from the defendant, from the date of filing of the present Original Application till realization of the amount.
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 undertaking of the defendant, 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. Any other application pending stands disposed of.
4 OA NO. 1298/2025
ICICI BANK LIMITED VS. MADHULIKA SAGARAM
Pronounced by me in the open Tribunal . Dated: 16.05.2026
(MRIDULESH KUMAR SINGH)
Presiding Officer,
DRT-III, Chandigarh
1 provisions across 1 enactments
ICICI Bank Ltd.
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
