Allowed

Icici Bank Limited v. M/S Hind Builders and Others

DRT30 Apr 2026OA/1314/2024

Case brief

AI extract

What is this about?

In an ex-parte application under Section 19 RDB Act, 1993, the Debt Recovery Tribunal allowed the bank's claim for recovery of dues of Rs. 29.13 lakhs. The court ordered simple interest at 8% p.a. and issued a recovery certificate, granting liberty to enforce via SARFAESI Act provisions.

What did the court decide?

Recovery of Rs.29,13,118.24 with simple interest @8% p.a. from date of filing; issue of Recovery Certificate.

Icici Bank Limited versus M/S Hind Builders and… — Contract and Commercial Disputes | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO. 1314/2024

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 29.10.2024

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DATE OF DECISION: 30.04.2026

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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-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 SCO No.132-134, Sector 9-C, Chandigarh, through its Authorized Signatory, Sh. Mohd. Vajid.

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……..Applicant Versus 1. M/s Hind Builders through its proprietor, Village Saidpura, District Fatehgarh Sahib, Punjab-140406.

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Sh. Lawinder Kumar Singh S/o Sh. Sadhu Ram, proprietor M/s Hind Builders, R/o Village Saidpura, District Fatehgarh Sahib, Punjab-140406. 3. Ms. Diksha D/o Sh. Kamal Kishore Bhasin, R/o Village Saidpura, District Fatehgarh Sahib, Punjab-140406.

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….……Defendants

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Advocates:

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Argued by Sh. Rahul Garg, Advocate for applicant

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None for Defendants (already ex parte vide order dated 30.03.2026)

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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 and Bankruptcy Act, 1993, against the defendants for recovery of Rs.29,13,118.24 (Rupees Twenty Nine Lacs Thirteen Thousand One Hundred Eighteen and Paise Twenty Four Only). The Original Application has been filed through Sh. Mohd. Vajid, Authorized Signatory of the applicant, who is competent to institute the

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2 OA/1314/2024 ICICI BANK LIMITED VS HIND BUILDERS AND OTHERS

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

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2. The brief facts of the OA that the Defendants approached the applicant for grant of Term Loan of Rs.40.00 Lacs vide Application Form dated 18.04.2022, which isAnnexure A2to this OA.
3. The applicant sanctioned the Term Loan of Rs. 40,00,00 of
purchased of single unit of Commercial Vehicle vide Credit Facility
Application Form dated 18.04.2022, which isAnnexure A3to this OA and terms and conditions were duly accepted by the defendants.
4. Defendants hypothecated their Commercial Vehicle i.e., ASHOK LEYLAND UJ3525 bearing Registration No. PB11DA2801, Engine
No. NLPZ106611, Chassis No. MB1JJLHD2NPLR2318 vide Deed of
Hypothecation dated 18.04.2022 which isAnnexure A4to this OA; Virtual Registration Certificate of Vehicle, which isAnnexure A5to this OA.
Documents executed:Loan Recall Notice dated 31.07.2024, which is
Annexure A6to this OA; Statement of Account with certificate, which
isAnnexure A7to 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.29,13,118.24, 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 summons to appear before this
Tribunal but no one appeared on behalf of defendants and they were
proceeded ex-parte vide order dated 30.03.2026.
7. In support of the OA, affidavit of Sh. Mohd Vajid,Authorized
Signatory, ICICI Bank Ltd,has been filed. 8. Heard ex-parte arguments and perused record.

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3 OA/1314/2024 ICICI BANK LIMITED VS HIND BUILDERS AND OTHERS

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It was argued by learned counsel that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case.

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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 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 of Rs.29,13,118.24 (Rupees Twenty Nine Lacs Thirteen Thousand One Hundred Eighteen and Paise Twenty Four 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. 10. In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @24.00% p.a. with monthly rests from 26.09.2024 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 hypothecated asset, 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 total sum of Rs.29,13,118.24 (Rupees Twenty Nine Lacs Thirteen Thousand One Hundred Eighteen and Paise Twenty Four Only), jointly and severally, with costs, current and future simple interest @08.00% p.a. in the loan

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OA/1314/2024

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ICICI BANK LIMITED VS HIND BUILDERS AND OTHERS

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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 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.

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12. Any other application pending stands disposed of.

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Issue Recovery Certificate accordingly.

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Parties to appear before Learned Recovery Officer of this Tribunal on 21.05.2026

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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.

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Pronounced by me in the open Tribunal .

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Dated: 30.04.2026

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(MRIDULESH KUMAR SINGH)

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Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. M/S Hind Builders and Others

Case brief

What is this about?

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Icici Bank Limited v. M/S Hind Builders and Others

Case brief

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What did the court decide?

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