Allowed

Icici Bank Limited v. Sh. Gurlal Singh and Another

DRT27 May 2026OA/1415/2025

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an ex-parte application filed by ICICI Bank Ltd. against two defendants for recovery of Rs.42,14,330. The debt arose from a defaulted Kisan Credit Card. The Tribunal granted simple interest at 08.00% p.a. and directed issuance of a recovery certificate executed against mortgaged properties or personal assets.

What did the court decide?

Recovery of Rs.42,14,330 with costs and simple interest @08.00% p.a. from defendants; Issuance of Recovery Certificate.

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

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1415/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 20.09.2025

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DATE OF DECISION: 27.05.2026

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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 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. 132134, Sector 9-C, Chandigarh through its Authorized Signatory Sh. Jatinder Mishra.

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........A pplicant

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Versus

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Sh. Gurlal Singh S/o Sh. Sukhdev Singh, R/o Village Valtoha, District Tarn Taran, Punjab-143416.

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Sh. Sukhdev Singh S/o Sh. Gopal Singh, R/o Village Valtoha,

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District Tarn Taran, Punjab-143416.

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........Defendants

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Advocates:

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Argued Sh. Rahul Garg, Advocate for the applicant

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None for defendants (Already ex-parte vide order dated 25.05.2026).

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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.42,14,330.00 (Rupees Forty Two Lacs Fourteen Thousand Three Hundred and Thirty Only). The Original Application has been filed through Sh. Jatinder Mishra, Authorized Signatory, 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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2 OA NO.1415/2025 ICICI BANK LTD. VS SH. GURLAL SINGH AND ANOTHER

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The brief facts of the OA are that the defendants approached the applicant for grant of Kisan Credit Card Limit of Rs.45,00,000.00 vide Credit Facility Application Form dated 04.02.2022, which is Annexure A2 to this OA.

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The applicant sanctioned the Kisan Credit Card Limit of Rs.33,00,000.00 vide Sanction Letter dated 10.03.2022, which is Annexure A3 to this OA and terms and conditions were duly accepted by the defendants.

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Defendant no. 2 mortgaged his Immovable Properties i.e., Total Land measuring 110 Kanals 8 Marlas as detailed under: A. Land measuring 74 Kanalas 17 Marlas situated at Village Kotli Wasava Singh, Hadbast No. 200, Sub Tehsil Khem Karan, District Tarn Taran as per Jamabandi for the year 2014-15, B. Land measuring 22 Kanals 17 Marlas situated at Village Valtoha-I, Hadbast No. 85, Sub Tehsil Khem Karan, District Tarn Taran as per Jamabandi for the year 2018-2019, C. Land measuring 12 Kanals 14 Marlas situated at Village Valtoha-2, Hadbast No. 85, Sub Tehsil Khem Karan, District Tarn Taran as per Jamabandi for the year 2018-2019,

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Vide Declaration under Punjab Agricultural Credit Operations and Miscellaneous Provisions (Banks) Act 1978, Section 4(1) and Request for creation of charge on Land in favour of Bank dated 29.03.2022, which are Annexures A5 & A6 to this OA. Documents executed : Hypothecation Deed, which is Annexure A4 to this OA; Overdue Notice dated 02.04.2025, along with postal receipts, which is Annexure A7 to this OA; Statement of account along with certificate, which is Annexure A8 to 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.42,14,330.00, 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.

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3 OA NO.1415/2025 ICICI BANK LTD. VS SH. GURLAL SINGH AND ANOTHER

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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 25.05.2026.

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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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It was argued by learned counsel for applicant 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 A8 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, loan account was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.42,14,330.00 (Rupees Forty Two Lacs Fourteen Thousand Three Hundred and Thirty Only), along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the amount.

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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 @10.50% with half yearly rests from 30.04.2025 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 assets/mortgaged properties, 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

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OA NO.1415/2025 ICICI BANK LTD. VS SH. GURLAL SINGH AND ANOTHER

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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 defendants are liable to pay to the applicant a total sum of Rs.42,14,330.00 (Rupees Forty Two Lacs Fourteen Thousand Three Hundred and Thirty Only), jointly and severally, with costs, current and future simple interest @08.00%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 mortgaged properties of the defendant no. 2 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 18.06.2026.

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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: 27.05.2026

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(MRIDULESH KUMAR SINGH)

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Presiding Officer,

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DRT-III, Chandigarh

Icici Bank Limited v. Sh. Gurlal Singh and Another

Case brief

What is this about?

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Icici Bank Limited v. Sh. Gurlal Singh and Another

Case brief

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