Allowed

Icici Bank Limited v. Ms. Seema Sharma

DRT28 Aug 2026OA/1335/2025

Case brief

AI extract

What is this about?

In this Debt Recovery Tribunal case, the applicant bank seeking recovery of loan dues filed an application ex parte. The court allowed the application, confirming the defendant's liability and reducing the substantive interest rate from the claim to 8% per annum.

What did the court decide?

Deferred the applicant a sum of Rs. 26,32,386.00 with simple interest at 8% per annum and issued a Recovery Certificate.

Icici Bank Limited versus Ms. Seema Sharma — Contract and Commercial Disputes | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO. 1335/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 18.09.2025

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DATE OF DECISION: 28.08.2026

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ICICI Bank Ltd. having its Registered Office at Near Chakli Circle, Old Padra Road, Vadodara, 390-007, Gujarat, inter alia having a Bank Branch at Patiala, Punjab, through its Attorney/Authorized Representative Sh. Jatinder Mishra, Manager. .…..Applicant Ms. Seema Sharma D/o Sh. Desraj Sharma R/o H. No. 10, Jagdish Colony, Near Tej Bagh Colony, Patiala-147001. ………. Defendant Advocates:

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Argued by Sh. J.S. Sehgal, Advocate for Applicant

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None for Defendant (Already ex parte vide order dated 24.08.2026)

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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 defendant for recovery of Rs.26,32,386.00 (Rupees Twenty Six Lac Thirty Two Thousand Three Hundred Eighty Six Only). The Original Application has been filed through Sh. Jatinder Mishra, Manager, of the applicant, who is competent to institute the Original Application vide Power of Attorney in favour of Jatinder Mishra dated 08.01.2025, which is Annexure A1 to this OA. 2. The brief facts of the OA are that the defendant approached the applicant for grant of Vehicle Loan of Rs.19.50 Lacs vide Preliminary Credit Facility Application Form dated 23.08.2023, which is Annexure A2 to this OA. Thereafter, the defendant again approached the applicant for grant of Personal Loan of Rs.12.87 Lacs.

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2 OA/1335/2025 ICICI BANK LIMITED VS MS. SEEMA SHARMA

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The applicant sanctioned the Vehicle Loan of Rs.19.50 Lacs vide Credit Facility Application Form dated 23.08.2023, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendant.

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Thereafter, the applicant sanctioned the Personal Loan of Rs.12.87 Lacs vide Credit Facility Application Form dated 05.09.2023, which is Annexure A6 to this OA.

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Defendant hypothecated her vehicle namely Toyota Innova Crista, bearing Registration No. PB11DC9125, Engine No. 2GDA399941, Chassis No. MBJGB8EM402073937, vide Deed of Hypothecation dated 23.08.2023, which is Annexure A4 to this OA; Form of Particulars, which is Annexure A5 to this OA; Documents executed : Statement of Account dated 31.07.2025, which is Annexure A7 to A10 to this OA; Notice and Postal Receipt dated 19.05.2025, which are Annexure A11 & A12 to this OA. 5. The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in loan accounts there was a debit of Rs.26,32,386.00 (Rupees Twenty Six Lac Thirty Two Thousand Three Hundred Eighty Six Only), which is recoverable and the defendant was served recall notices but she did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly. 6. The defendant was served summons to appear before this Tribunal but no one appeared on behalf of defendant and she was proceeded ex-parte on 24.08.2026 7. In support of the OA, affidavit of Sh. Jatinder Mishra, Manager, ICICI Bank Limited, has been filed. 8. Heard ex-parte arguments and perused record. 9. 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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3 OA/1335/2025 ICICI BANK LIMITED VS MS. SEEMA SHARMA

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From the perusal of all the Annexures A1 to A12 to this OA, it is proved that the defendant approached applicant for availing of the loan facilities, which were granted to her and for that she had executed all the relevant documents in favour of the bank. The defendant failed to pay back the loans as per terms and conditions of the agreement between the parties. Subsequently, both the accounts of the defendant were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.26,32,386.00 (Rupees Twenty Six Lac Thirty Two Thousand Three Hundred Eighty Six Only) along with interest from the defendant, from the date of filing of the present Original Application till realization of the amount.

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In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @15.50% p.a. along with 2.00%p.a. penal interest with monthly rests from 01.08.2025 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 hypothecated vehicle, 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 both the loan accounts 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 defendant is liable to pay to the applicant a total sum of Rs.26,32,386.00 (Rupees Twenty Six Lac Thirty Two Thousand Three Hundred Eighty Six Only), with costs, current and future simple interest @08.00% p.a. in both the loan accounts 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 vehicle of defendant in execution proceedings if not sold earlier under the

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OA/1335/2025 ICICI BANK LIMITED VS MS. SEEMA SHARMA

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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 defendant. 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 10.09.2026 15. Copy of this order be given dasti to the applicant and be sent to defendant 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:28.08.2026

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(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. Ms. Seema Sharma

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Ms. Seema Sharma

Case brief

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