Allowed

Icici Bank Limited v. Sh. Amar Singh and Others

DRT29 May 2026OA/1490/2024

Case brief

AI extract

What is this about?

The Tribunal allowed the Original Application filed by ICICI Bank Ltd. against three respondents for recovery of a defaulted KCC limit of Rs. 20,68,635.00, declaring the respondents jointly and severally liable to repay the principal sum with simple interest at 8% p.a.

What did the court decide?

The defendant respondents are directed to pay Rs. 20,68,635.00 jointly and severally with costs and simple interest @ 08.00% p.a. from the date of filing of the Original Application till realization.

Icici Bank Limited versus Sh. Amar Singh and Others — Execution and Attachment | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1490/2024

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 25.04.2023

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DATE OF DECISION: 29.05.2026

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ICICI Bank Ltd. having its Registered Office at Landmark, Race Course Circle, Vadodara, Gujarat- 390007 and having its Branch Office at SCO 237-238, Sector 20, Panchkula, Haryana through its Authorized Representative, Sh. Parveen Kumar

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……..Applicant

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Versus

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Sh. Amar Singh, S/o Sh. Thakar Singh, R/o Bhateri, Bhapal, Patiala, Rajpura, Punjab- 140401

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Sh. Paramjit Singh, S/o Sh. Amar Singh, R/o Bhateri, Bhapal, Patiala, Rajpura, Punjab- 140401

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Sh. Gurbaaj Singh, S/o Sh. Jarnail Singh, R/o Pilkhana, Patiala, Rajpura, Punjab- 140401

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……….Defendants

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Advocates:

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Argued by Sh. Kaveesh, Advocate for applicant (through VC)

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None for defendants (already ex-parte vide order dated 26.05.2026)

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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. 20,68,635.00 (Rupees Twenty Lacs Sixty Eight Thousand Six Hundred Thirty Five Only). The Original Application has been filed through Sh. Parveen Kumar, Authorized Representative o f the applicant, who is competent to institute the Original Application vide Resolution dated 09.03.2021, which is Annexure A1 to this OA.

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The brief facts of the OA are that defendant nos. 1 and 2 approached the applicant for grant of KCC Limit of Rs. 20,49,700.00

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2 OA NO. 1490/2024 ICICI BANK LIMITED VS. AMAR SINGH AND OTHERS

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vide Credit Facility Application Form dated 18.09.2015, which is Annexure A2 to this OA.

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The applicant sanctioned KCC Limit of Rs. 20,49,700.00 and the terms and conditions were duly accepted by the defendants. Defendant no. 3 stood as guarantor. 4. Defendant no. 1 mortgaged his immovable property i.e. Land measuring 12 Bighe situated at Village Bhateri, Tehsil Rajpura, District Patiala, Punjab vide Declaration u/s 4 (1) of the Punjab Agricultural Credit Operations and Miscellaneous Provisions (Banks) Act, 1978 dated 28.10.2015 along with its translation and Letter, which are Annexure A4 and A5 to this OA.

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Documents executed: Deed of Hypothecation and Deed of Guarantee dated 30.10.2015, which is Annexure A3 (Colly) to this OA; Demand Notice dated 27.01.2023 along with postal receipts, which are Annexure A6 and A7 to this OA and Statement of Account, which is Annexure A8 to this OA.

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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. 20,68,635.00, which is recoverable and the defendants were served recall notice 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 26.05.2026. 7. In support of the OA, affidavit of Sh. Parveen Kumar, Authorized Representative, ICICI Bank Limited h as been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned counsel (through VC) 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 NO. 1490/2024 ICICI BANK LIMITED VS. AMAR SINGH AND OTHERS

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From the perusal of all the Annexure A1 to A8 to this OA, it is proved that defendant nos. 1 and 2 approached applicant for availing of the loan facility which was granted to them. Defendant no. 3 stood as guarantor. Defendants 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 Rs. 20,68,635.00 (Rupees Twenty Lacs Sixty Eight Thousand Six Hundred Thirty Five 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 @9.34%p.a. plus @2% penal interest from 22.01.2023 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 mortgaged property, 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.

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a sum of Rs.20,68,635.00 (Rupees Twenty Lacs Sixty Eight Thousand Six Hundred Thirty Five 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

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4 OA NO. 1490/2024 ICICI BANK LIMITED VS. AMAR SINGH AND OTHERS

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till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of mortgaged property of defendant no. 1 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. 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 19.06.2026. 15. 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. Pronounced by me in the open Tribunal . Dated: 29.05.2026 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. Sh. Amar Singh and Others

Case brief

What is this about?

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Icici Bank Limited v. Sh. Amar Singh and Others

Case brief

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