Allowed

Icici Bank Limited v. M/S Ambika High Tech Motors

DRT20 May 2026OA/1719/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the application filed by ICICI Bank Ltd. for recovery of dues against two defendants, who were proceeded ex parte for failing to appear. The court granted recovery of principal and interest, directed issuance of a recovery certificate, and scheduled a hearing for distribution of sale proceeds.

What did the court decide?

Recovery of ₹36,77,455/- with interest at 10.50% per annum with monthly rests; issuance of Recovery Certificate; disposal of hypothecated asset proceeds as per RDB Act.

Icici Bank Limited versus M/S Ambika High Tech Motors — Banking and Recovery | DRT (2026)

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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 1719 of 2024 Date of Institution: 14.10.2024 Date of Decision: 20.05.2026

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ICICI Bank Ltd. having its branches all over India and a branch at Mandi, Himachal Pradesh.

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……..Applicant

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Vs.

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M/S Ambika High Tech Motors, Panarsa Aut Mandi, through its proprietor Anshul Thakur.

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Anshul Thakur S/o Ramesh Kumar Thakur, sole proprietor of M/S Ambika High Tech Motors, R/o 412 5, Mutt Bari Gumanu Sadar Mandi, Himachal Pradesh.

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……….Defendants

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Advocates

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Sh. J.S. Sehgal, Counsel for the applicant bank. Defendants - ex parte .

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OA for the Recovery of ₹36,77,455/- with interest @10.50% per annum with monthly rests from 14.10.2024.

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ORDER

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ICICI Bank Ltd. (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of ₹36,77,455/- with interest against M/s Ambika High Tech Motors and another (defendants).

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Bank’s case is that on 28.11.2022, it had granted a loan of ₹37,25,945/- to defendant no.1 through its proprietor Defendant no.2 in the form of Vehicle Loan. To secure the loan, Defendant no. 1 had hypothecated asset (fully detailed in para No.5ii of the application). The loan was chargeable to interest @10.50% per annum with monthly rests. On 12.04.2024, a sum of ₹36,77,455/- was due from the defendants.

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Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 24.01.2025, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 19.08.2025, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Mohammad Vajid, Manager along with the loan and security documents and marked them as Exhibit A-1 to A-12. 5. I have perused the evidence on the record. I am of the considered view that the Bank has proved its case that it had advanced the loan of ₹37,25,945/- and on 12.04.2024, a sum of ₹36,77,455/- was due. 6. Accordingly, the application of the bank for the recovery of ₹36,77,455/- (Rupees Thirty Six Lacs Seventy Seven Thousand Four Hundred and Fifty Five Only) with interest @10.50% per annum with monthly rests from 14.10.2024, till the date of payment is hereby allowed with costs. The liability of all the defendants would be joint and several. Bank can recover its dues by the sale of hypothecated asset fully detailed in para No.5ii of the application as well as from the personal movable and immovable property(ies) of the defendants. 7. Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 24.06.2026, who is directed to distribute the sale proceeds of the hypothecated asset as per the provisions of Section 19(20-AB) of the Act .

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A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties. Pronounced in the open Court. (A S Narang) Dated: 20.05.2026 Presiding Officer DRT-1, Chandigarh

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(Law Researcher)

Icici Bank Limited v. M/S Ambika High Tech Motors

Case brief

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Icici Bank Limited v. M/S Ambika High Tech Motors

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