Allowed

Icici Bank Limited v. Dinesh Sharma

DRT3 Jun 2026OA/1595/2024

Case brief

AI extract

What is this about?

DRT Jaipur allowed the bank's original application for recovery of a loan default classified as NPA. The court declared defendants jointly liable for dues with future interest and ordered the issuance of a recovery certificate to proceed against mortgaged and personal assets.

What did the court decide?

Recovery of Rs. 2,26,84,629.63 plus interest @ 10%; issuance of Recovery Certificate; recovery from mortgaged property and personal assets of defendants.

Icici Bank Limited versus Dinesh Sharma — Banking and Recovery | DRT (2026)

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“ORIGINAL APPLICATION” No. 1595 of 2024

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BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR

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PRESENT- SHRI VIMAL GUPTA

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PRESIDING OFFICER

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O.A. NO. 1595 OF 2024

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DATE OF DELIVERY OF ORDER 03.06.2026

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ICICI Bank Limited , Registered Office at ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara - 390007, Gujarat and Branch Office at JSEL Building, 3rd Floor, Behind Gaurav Tower, JLN Marg, Malviya Nagar, Jaipur- 302017, Rajasthan, through its Authorized Signatory Sh. Abhishek Tulsian.

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…..Applicant Bank…..

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VERSUS

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1. Mr. Dinesh Sharma , R/o B-56 Anita Colony, Bajaj Nagar, Gandhi Nagar, Bapu Nagar, Jaipur 302015.

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2. M/s Future Infotech through its proprietor Mr. Dinesh Sharma, R/o B-56 Anita Colony Gandhi Nagar Railway Station, Bajaj Nagar Jaipur 302015.

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3. M/s. Brand At Home through its proprietor Mrs. Neelam Sharma, R/o B-56 Anita Colony Bajaj Nagar Gandhi Nagar Jaipur- 302015, Rajasthan.

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4. Mrs. Neelam Sharma , R/o B-56 Anita Colony Bajaj Nagar Gandhi Nagar Jaipur- 302015, Rajasthan.

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……Defendants…..

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Counsel for the Applicant Bank Sh. Vineet Sharma Defendant in person Sh. Dinesh Sharma, on behalf of all the Defendants

OA No. 1595 of 2024

JUDGMENT

This Original Application was filed by the applicant bank on 28.10.2024 for recovery of outstanding amount of Rs. 2,26,84,629.63/- from the Defendants.

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As per the pleadings, Defendants in the capacity of borrower and co-borrower had approached the applicant bank for availing loan against property facilities. After due consideration, the said loan facility was sanctioned by the Applicant Bank in favour of Defendants in the year 2023 for a total sum of Rs. 2,09,91,000/- vide loan agreement letter dated 06.07.2023.

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It is submitted that looking to the regular defaults committed by the Defendants, the Applicant Bank issued loan recall notice dated 14.08.2024, despite of which the Defendants failed to clear the due amount of the Applicant Bank.

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It is submitted that loan was sanctioned in the year 2023 and was classified as NPA on 01.01.2024. Therefore, this OA is well within the limitation.

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Defendants failed to maintain financial discipline and therefore, their loan account was classified as NPA on 01.01.2024. Applicant Bank has therefore, filed this original application for recovery of its dues against the Defendants.

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Summons were issued to the Defendants on 05.02.2025. Shri Dinesh Sharma, Defendant No. 1 and Proprietor of Defendant No. 2, in person was appeared on behalf of all the Defendants, but reply to the OA has not been filed.

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OA No. 1595 of 2024

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Heard arguments and perused the record.

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As stated supra, the Applicant Bank filed the evidence affidavit of Shri Abhishek Tulsian coupled with the recitals in the documents, viz Exhibit Aw/1 to Aw/8 marked on behalf of the applicant bank, clinches the claim of the applicant bank against the Defendants. Hence, I hold that the Defendants are jointly & severally liable to pay to the applicant bank the claim made in O.A. with future interest and costs.

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In the result, this O.A. No. 1595 of 2024 is allowed declaring that:-

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a) The Defendants are jointly & severally liable to pay to the applicant bank a sum of Rs. 2,26,84,629.63/(Rupees Two Crore Twenty Six Lac Eighty Four Thousand Six Hundred Twenty Nine and Sixty Three Paisa Only) with pendente lite and future interest @ 10% (simple) from 26.10.2024 till the date of realization.

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b) The applicant bank is entitled to recover the above amount from the sale of hypothecated assets and mortgaged property –

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Plot No. B 56, Scheme No. 01, Anita Colony, Bajaj Nagar, Near Gandhi Nagar Railway Station, Jaipur 302015, Rajasthan admeasuring 222.95 Sq. Mtr. in the name of defendant no. 1.

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OA No. 1595 of 2024

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as well as from the personal movable and immovable properties/assets of Defendants. The applicant bank is entitled to proceed against the same towards recovery of its debt.

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c) The applicant bank is entitled to the costs of the O.A.

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10.The recovery certificate be issued forthwith and be sent to the Recovery Officer, DRT, Jaipur.

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11.Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 03.07.2026 .

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12.Prepare Recovery Certificate accordingly.

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13.A copy of the Judgment and Recovery Certificate be given or sent by registered post to each of the parties free. A copy of the Recovery Certificate be sent to the Recovery Officer of this Tribunal for necessary action as per the law.

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(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

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Order pronounced in the open court today i.e. 03.06.2026 .

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(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

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OA No. 1595 of 2024

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BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR

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PRESENT- SHRI VIMAL GUPTA

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PRESIDING OFFICER

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O.A. NO. 1595 OF 2024

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DATE OF DELIVERY OF ORDER 03.06.2026

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RECOVERY CERTIFICATE

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(UNDER SUB Section 22 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993 (Act 51 of 1993)

…..Applicant Bank…..

VERSUS

1. Mr. Dinesh Sharma , R/o B-56 Anita Colony, Bajaj Nagar, Gandhi Nagar, Bapu Nagar, Jaipur 302015.

¶57

2. M/s Future Infotech through its proprietor Mr. Dinesh Sharma, R/o B-56 Anita Colony Gandhi Nagar Railway Station, Bajaj Nagar Jaipur 302015.

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3. M/s. Brand At Home through its proprietor Mrs. Neelam Sharma, R/o B-56 Anita Colony Bajaj Nagar Gandhi Nagar Jaipur- 302015, Rajasthan.

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4. Mrs. Neelam Sharma , R/o B-56 Anita Colony Bajaj Nagar Gandhi Nagar Jaipur- 302015, Rajasthan.

……Defendants…..

OA No. 1595 of 2024

Recovery Certificate for Rs. 2,26,84,629.63/-

¶64

In terms of final order dated 03.06.2026 passed by this Tribunal in the above mentioned case, it is ordered that the-

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a) The Defendants are jointly & severally liable to pay to the applicant bank a sum of Rs. 2,26,84,629.63/(Rupees Two Crore Twenty Six Lac Eighty Four Thousand Six Hundred Twenty Nine and Sixty Three Paisa Only) with pendente lite and future interest @ 10% (simple) from 26.10.2024 till the date of realization.

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b) The applicant bank is entitled to recover the above amount from the sale of hypothecated assets and mortgaged property –

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Plot No. B 56, Scheme No. 01, Anita Colony, Bajaj Nagar, Near Gandhi Nagar Railway Station, Jaipur 302015, Rajasthan admeasuring 222.95 Sq. Mtr. in the name of defendant no. 1.

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as well as from the personal movable and immovable properties/assets of Defendants. The applicant bank is entitled to proceed against the same towards recovery of its debt.

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c) The applicant bank is entitled to the costs of the O.A. Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 03.07.2026 .

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The Recovery Officer shall realize the amount as per this Certificate in the manner and mode prescribed under Section 25

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OA No. 1595 of 2024

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and 28 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (as amended from time to time) from the above named Certificate Debtor.

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This Certificate has been issued under my signatures and seal of the Tribunal on this 03.06.2026 .

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(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

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OA No. 1595 of 2024

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BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR

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PRESENT- SHRI VIMAL GUPTA

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PRESIDING OFFICER

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O.A. NO. 1595 OF 2024

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DATE OF DELIVERY OF ORDER 03.06.2026

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SCHEDULE TO RECOVERY CERTIFICATE

MEMO OF COST

…..Applicant Bank…..

VERSUS

1. Mr. Dinesh Sharma , R/o B-56 Anita Colony, Bajaj Nagar, Gandhi Nagar, Bapu Nagar, Jaipur 302015.

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2. M/s Future Infotech through its proprietor Mr. Dinesh Sharma, R/o B-56 Anita Colony Gandhi Nagar Railway Station, Bajaj Nagar Jaipur 302015.

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3. M/s. Brand At Home through its proprietor Mrs. Neelam Sharma, R/o B-56 Anita Colony Bajaj Nagar Gandhi Nagar Jaipur- 302015, Rajasthan.

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4. Mrs. Neelam Sharma , R/o B-56 Anita Colony Bajaj Nagar Gandhi Nagar Jaipur- 302015, Rajasthan.

……Defendants…..

OA No. 1595 of 2024

S.No.	Item of Costs	Amount (Rs.)
1	Fee on the Application	1,50,000.00
2	Process Fee (Inc. Publication)	NIL
3	Advocate Fee	1,250.00
4	Court Commissioner’s Fees	NIL
5	Commission/Receiver/Valuation	NIL
6	Miscellaneous Charges	NIL
	Total	1,51,250.00

¶96

(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 1595 of 2024

03.06.2026

Counsel:

Sh. Vineet Sharma, Counsel for Applicant Bank Sh. Dinesh Sharma, Defendant in person, on behalf of all the Defendants

¶102

Judgment dictated separately and pronounced in the open court. As per order the O.A. is allowed. Recovery Certificate be prepared accordingly and the Registry is directed to verify the Recovery Certificate as per Regulation 22(1) of Debts Recovery Tribunal Regulation 2024 and after verification place the same before the Tribunal.

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(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 1595 of 2024

03.06.2026

Counsel: Sh. Vineet Sharma, Counsel for Applicant Bank Sh. Dinesh Sharma, Defendant in person, on behalf of all the Defendants

¶108

The Tribunal vide order dated 03.06.2026 , directed the Registrar to verify the Recovery Certificate as per Regulation 22(1) of Debts Recovery Tribunal Regulation 2024.

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The Registrar vide order dated 03.06.2026 verified the Recovery Certificate as per Regulation 22(1) of Debts Recovery Tribunal Regulation 2024. Recovery Certificate be prepared accordingly. Copy of the Judgment and Recovery Certificate be given free to the concerned parties as well as be sent to the Recovery Officer for further proceedings. File be put up before the Registrar for compliance. After compliance file be consigned to record.

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(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

Icici Bank Limited v. Dinesh Sharma

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Dinesh Sharma

Case brief

What is this about?

What did the court decide?

What the court decided

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