Allowed

Icici Bank Limited v. M/S. Madhava Indane

DRT20 Jul 2026OA/142/2026

Case brief

AI extract

What is this about?

DRT allowed OA filed by ICICI Bank against defendants for recovery of Rs.83.18 lakhs principal plus future interest arising from a defaulted overdraft facility and mortgage deed. Court held bank established claim on evidence.

What did the court decide?

Defendants jointly and severally liable to pay Rs.83.18,456 with future interest; Recovery Certificate issued.

Icici Bank Limited versus M/S. Madhava Indane — Contract and Commercial Disputes | DRT (2026)

¶1

IN THE DEBTS RECOVERY TRIBUNAL - I AT HYDERABAD

¶2

DATED THIS THE 2OIh DAY OF JULY, 2026

¶3

PRESENT: SRI GUMMADI cOPIcHAND, PREStDING OFFTCER

¶4

OA. No. 142OF 2026

¶5

Between :

¶6

lClCl Bank Ltd, lClCl Towers, Gachibowli Serilingampally Mandal, Ranga Reddy District Represented by its Authorised Signatory

¶7

Applicant

¶8

VERSUS

¶9

M/s. Madhava lndane Rep By its Proprietor, Bhagyamma Sathineni No.5-22, Gangadhara X Road, Karim Nagar - 505445

¶10

Also at:

¶11

Madhava lndane

¶12

H.No.538/30, Gangadhara X Road, Karim Nagar - 505445

¶13

Bhagyamma Sathinbni

¶14

House No. 1-80, Mallapur Bolnapelli, Mandal Elagandal t''# Karimnagar Telangana - 505401 I

¶15

(OA. No. 1.a2/2026)

¶16

3. VenkateshwarluSathineni
No.21122-5,
NearRBVRSchool, ArepalleRural,
KarimNagar-50500'l
Counsel forthe^parties:
For TheApplicant	AnilVydya
Forthe Defendants	Exparte
Reservedon	17.07.2026
Pronouncedon	20.o7.2026
Uploadinwebsiteon	20.07.2026

¶17

Defendants

¶18

ORDER

¶19

The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.83,18,455.00. (Rupees Eighty Three Lakhs Eighteen Thousand Four Hundred And Fifty Six Only) with future rate of interest @9.85%^p.a compounded Irom 24.12.2025 till the date of r sale of Mortgaged Property as perty to OA.

¶20

21JULlffi

¶21

(oA. No. 742/2026)

¶22

As per the averments in the application, the Applicant Bank states that Defendants no. 1 to 3 availed overdraft loan facility of Rs.50.00 Lacs with interest @9.85% p.a which is extended to Rs.80.00 Lacs and executed necessary documents such as Final Credit Application form dated 25.04.2023 Guarantee Deed dated 25.04.2023 in favor of the Applicant Bank. The Defendants created equitable mortgaged morefully mentioned in the Schedule of property to OA and executed Memorandum of Entry dated 25.04.2023 and Mortgage Deed dated25.O4.2023 in favor of the Applicant Bank.. After availing the loan facility, the defendants failed to comply the terms of sanction, hence the applicant bank classified the account as NPA and issue Loan Recall Notice/ Demand Notice 18.03.2024 to the defendants. lnspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

¶23

Defendants called absent and set exparte on 21 .04.2026 and 17.07.2026.

¶24

Sri. Kalva Raja Yashwanth, Debt Manager of the Applicant Bank examined himself as AW. 1 and exhibited relevant documents, which are marked as Ex.A.1 to A.12.

¶25

Heard the Ld.

¶26

,iJ r\ r:1 2 1 ,tuL mzn
\#. .W,.SW,r

¶27

(OA. No. 142l2026)

¶28

The point that arise for consideration is whether the Applicant bank is entitled for the claim made in the OA against the Defendants as prayed for?

¶29

Defendants remained exparte. To substantiate the case of the Applicant Bank, AW.1 , official of the Applicant Bank was examined and he exhibited relevant documents as Ex.A.1 to A.12. ln view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendants and hence the Applicant Bank is entitled to recover the claim made in the OA with future interest and costs.

¶30

ln the result, the present OA is allowed with costs, as under^.

¶31

The Defendants no. 1 to 3 are^jointly and severally liable to^pay to the Applicant Bank a total sum of Rs.83,18,456.00. (Rupees Eighty Three Lakhs Eighteen Thousand Four Hundred And Fifty Six Only) with future rate of interest @9.85o/, p.a from 24.12.2025 till the date of realization.

¶32

The Applicant Bank is entitled to proceed against the Mortgaged Property as mentioned in the Schedule of Property to the OA of the debt due.

¶33

also entitled to proceed against the Defendants no. 2 and 3 and properties

¶34

towards realization of the debt due.

¶35

,^{tf petenoant No.;!} +-1"r",oeflS S?#fr&e

¶36

(oA. No. 142/2026)

¶37

That Applicant Bank is entitled to the costs of the OA.

¶38

The Applicant shall file a cost memo within two weeks from the date of receipt of order.

¶39

lssue Recovery Certificate accordingly.

¶40

communicate a copy of the order to the parties concerned.

¶41

(Dictated to the P.A , transcribed by her, corrected, signed and pronounced by me in the open court on this the 20th day of Jul, 2026)

¶42

sd/(G. GOPTCHAND) PRESIDING OFFICER

¶43

,-ru<br>\
''
2 1 JUL 7,pr :
,>/HYDqi$y.
,#V"$,€s

¶44

ff,W,

¶45

Icici Bank Limited v. M/S. Madhava Indane

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. M/S. Madhava Indane

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Indian Bank versus Mr. Sarvasetty Suresh

Hdfc Bank Limited versus Sheshu Sarikonda

Canara Bank versus M/S. Vinayaka Textiles

Thumolla Radhakishan versus Omprakash Deora People Cooperative Bank

State Bank of India versus Mr. Peddapaka Ramesh

State Bank of India versus M/s Vivimed Labs Limited