Allowed

Icici Bank Limited v. M/S Manveer Trading Company and Others

DRT29 Jun 2026OA/1625/2025

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an ex-parte application filed by ICICI Bank for recovery of Rs.31,00,296.36. The court declared defendants liable and allowed interest at 8% p.a. instead of the claimed 17.85% p.a.

What did the court decide?

Declaring liability to pay Rs.31,00,296.36 plus interest at 8% p.a.; issuance of Recovery Certificate; liberty to enforce claim via sale of mortgaged or personal assets.

Icici Bank Limited versus M/S Manveer Trading Company and Others — Specific Performance | DRT (2026)

¶1

DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

¶2

ORIGINAL APPLICATION NO.1625/2025

¶3

PRESIDED OVER BY MRIDULESH KUMAR SINGH

¶4

DATE OF INSTITUTION: 21.11.2025

¶5

DATE OF DECISION: 29.06.2026

¶6

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.

¶7

……..Applicant

¶8

Versus

¶9

M/s Manveer Trading Company through its proprietor Smt. Paramjit Kaur, Patti Road, Dana Mandi, Near Bank of Baroda, Tehsil Patti, District Tarn Taran, Punjab - 143416.

¶10

Smt. Paramjit Kaur W/o Sh. Sajjan Singh, Proprietor M/s Manveer Trading Company, R/o 280, Ward No.12, Tehsil Patti, District Tarn Taran, Punjab - 143416.

¶11

Sh. Gurpreet Singh S/o Sh. Gurmeet Singh, R/o Sarhali Kalan, Pangota, Tehsil Patti, District Tarn Taran, Punjab - 143410.

¶12

……..Defendants

¶13

Advocates:

¶14

Argued by Sh. Rakshit Gupta, Advocate proxy for Sh. Rahul Garg, Advocate for the applicant

¶15

None for Defendants (Already ex-parte vide order dated 24.06.2026).

¶16

FINAL ORDER

¶17

Present Original Application was instituted by the applicant bank under Section 19 of the Recovery of Debts and Bankruptcy Act 1993, against the defendants for recovery of Rs.31,00,296.36 (Rupees Thirty One Lacs Two Hundred Ninety Six and Paise Thirty Six Only). The

¶18

2 OA NO.1625/2025 ICICI BANK LTD. VS M/S MANVEER TRADING CO. AND OTHERS

¶19

Original Application has been filed through Sh. Jatinder Mishra, Authorized Signatory of the applicant bank, who is competent to institute the Original Application vide Power of Attorney dated 08.01.2025, which is Annexure A1 to this OA.

¶20

The brief facts of the OA are that the defendant no. 1 through its proprietor defendant no. 2 approached the applicant for grant of Cash Credit Limit of Rs.30,00,000.00 vide Application Form dated 20.09.2019, which is Annexure A2 to this OA.

¶21

The applicant sanctioned the Cash Credit Limit of Rs.31,00,000.00 vide Sanction Letter and Final Credit Application Form, both dated 30.09.2019, which are Annexures A3 & A4 to this OA and terms and conditions were duly accepted by the defendant no. 1 through its proprietor defendant no. 2. Defendant no. 3 stood as guarantor.

¶22

Defendant no. 2 mortgaged her Immovable Property i.e., Land measuring 1 Kanal 0 Marla situated at Ward No. 13, Patti-2, District Tarn Taran, Punjab as per Jamabandi for the year 2008-09 vide Transfer Deed No. 1423 dated 19.09.2016 along with its translation and Memorandum of Entry (Annexure VI-D) & Confirmation of Deposit of Title Deeds (Annexure VII-B) both dated 30.09.2019, which are Annexures A5 to A7 to this OA.

¶23

Documents executed : Intimation Letter dated 04.07.2024, which is Annexure A8 to this OA; Deed of Guarantee dated 10.07.2024, which is Annexure A9 to this OA; Recall Notice dated 14.05.2025, along with postal receipts, which is Annexure A10 to this OA; Statement of account along with certificate, which is Annexure A11 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.31,00,296.36, 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.

¶24

3 OA NO.1625/2025 ICICI BANK LTD. VS M/S MANVEER TRADING CO. AND OTHERS

¶25

The defendants were served summons to appear before this Tribunal, but no one appeared on behalf of the defendants and they were proceeded ex-parte vide order dated 24.06.2026.

¶26

In support of the OA, affidavit of Sh. Jatinder Mishra, Authorized Signatory, ICICI Bank Ltd. h as been filed.

¶27

Heard ex-parte arguments and perused record. 9. It was argued by learned proxy counsel for applicant that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case.

¶28

From the perusal of all the Annexures A1 to A11 to this OA, it is proved that the defendant no. 1 through its proprietor defendant no. 2 approached applicant for availing of the loan facility, which was granted to them, defendant no. 3 stood as guarantor 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.31,00,296.36 (Rupees Thirty One Lacs Two Hundred Ninety Six and Paise Thirty Six 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.

¶29

In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @17.85%p.a. with monthly rests from 02.08.2025 till the realization. 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

¶30

4 OA NO.1625/2025 ICICI BANK LTD. VS M/S MANVEER TRADING CO. AND OTHERS

¶31

account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.

¶32

In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.31,00,296.36 (Rupees Thirty One Lacs Two Hundred Ninety Six and Paise Thirty Six 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 property 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.

¶33

12. Any other application pending stands disposed of.

¶34

Issue Recovery Certificate accordingly.

¶35

Parties to appear before Learned Recovery Officer of this Tribunal on 14.07.2026.

¶36

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.

¶37

Pronounced by me in the open Tribunal .

¶38

Dated: 29.06.2026

¶39

(MRIDULESH KUMAR SINGH)

¶40

Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. M/S Manveer Trading Company and Others

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. M/S Manveer Trading Company and Others

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Punjab National Bank versus Sh. ravinder singh

State Bank of India versus Sh. Sikander Singh

Prince and Another versus Dcb Bank Limited

State Bank of India versus Sh. Gurnoor Singh

Union Bank of India versus Sh. Balvir Singh and Others

Icici Bank Limited versus Sh. Rishab Goyal