Allowed

Icici Bank Limited v. Subhash Kumar

DRT22 May 2026OA/184/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the original application filed under Section 19 of the RDDBFI Act, 1993. It directed identical respondents to jointly and severally pay the outstanding loan amount of Rs. 24,82,597.65 with future interest within 30 days or face realization from the mortgaged flat and other assets.

What did the court decide?

Direct payment of Rs. 24,82,597.65 with future interest within 30 days; recovery from mortgaged flat and other properties in case of shortfall; issuance of recovery certificate.

Icici Bank Limited versus Subhash Kumar — Banking and Recovery | DRT (2026)

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O.A. No. 184 of 2023

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Debts Recovery Tribunal-I, Delhi 4th floor, Jeevan Tara Building, Parliament Street, New Delhi

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Presiding Officer: Shri Govind Ballabh Sharma

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O.A. No.184 of 2023

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ICICI Bank Ltd.

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Videocon Tower, Rani Jhansi Road Block E1, Jhandewalan Extension New Delhi-110055

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Applicant

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Versus

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Sh.Subhash Kumar s/o Harpal Singh Flat No.1601, 16th Floor, Tower B Gayatri Aura, Plot No.GH-11 Sector-1, Noida, UP-201307

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Mrs.Rakhi Saini w/o Subhash Kumar House No.00, Baraula, Sector-49 Noida, P.S.Tec Dadri, UP-201301

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M/s Gayatri Hospitality and Realcon Ltd. Through its Managing Director 9/5298, Old Seelampur, Gandhi Nagar Delhi-110031 Defendants

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Present: Ms Tanisha Arora, Counsel for the applicant bank.

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Date of Reserve: 06.05.2026

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Date of Pronouncement: 22.05.2026

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FINAL ORDER

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This original application has been filed by the applicant bank on 11.01.2023 through Shri Dinesh Sharma, authorized representative of the applicant bank, under section 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 against the defendants for recovery of a sum of Rs.24,82,597.65 (Rupees Twenty Four Lacs Eighty Two Thousand Five Hundred Ninety Seven & paisa Sixty Five only)

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O.A. No. 184 of 2023

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as on 18.10.2022 alongwith pendentelite and future interest @8.25% per annum with monthly rest from 19.10.2022 till its realization with cost and expenses.

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The brief facts of the case are that at the request of defendants no.1 and 2 vide their loan application along with Flat Allotment Letter dated 29.01.2015 issued by defendant no.3, the applicant bank sanctioned Housing Loan of Rs.30,55,034/- and disbursed loan of Rs.19,46,224/- on 17.02.2015 @8.25% interest per annum to be repayable in 216 EMIs of Rs.30,145/- in order to purchase under construction Flat no. 1601, 16th Floor, Tower B, Gayatri Aura, Plot No.GH11, Sector-1, Noida, UP which was developed and constructed by the defendant no.3.

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That in order to avail the housing loan facility, the defendants no.1 and 2 submitted loan application with Flat Allotment Agreement date 29.01.2015 and executed Housing Loan Agreement, Facility Agreement dated 13.02.2015, Loan Disbursement Memo dated 17.02.2015. The respondents executed Tripartite Agreement with applicant bank on 01.12.2014 and Permission to Mortgage Letter dated 02.02.2015 issued by defendant no.3 in favour of applicant bank.

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It has been submitted by the applicant bank that in order to secure the loan facility, the defendant no.1 created equitable mortgage of Flat no. 1601, 16th Floor, Tower B, Gayatri Aura, Plot No.GH-11, Sector-1, Noida, UP as per Permission to Mortgage issued by defendant no.3 in favour of the applicant bank

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As per Tripartite Agreement dated 01.12.2014, the defendant no. 3 created Security Interest in said Flat and sd-

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0.A. No. 184 of 2023

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marked Lien and undertook to handover original sale deed of flat directly to applicant bank when registered. The defendant no.3 assured that in case booking is cancelled for any default committed by borrower or otherwise flat is cancelled, applicant bank shall have priority over the amount advanced to defendant no.1 & 2 and also undertook to refund the money without demur.

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It has been submitted by the applicant bank that after availing the housing loan facility, the defendants failed to comply with the terms and conditions and despite of several requests and reminders, the defendants failed to pay the outstanding dues in time to the applicant bank. Ultimately, the applicant bank classified the account as NPA on 31.01.2021 as per RBI guidelines and issued recall notice dated 19.06.2018 to liquidate the outstanding of loan with interest.

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Notices of this O.A. were issued to the defendants and despite of proper service, the defendants have chosen to absent from the proceedings. As per order dated 06.04.2026, the defendants have been proceeded ex-parte as they have not appeared before the Tribunal nor written statement, evidence and affidavit of assets has been filed.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Dinesh Sharma, authorized representative of the applicant bank who has proved the documents such as Power of Attorney Exhibit AW-1/1, Loan Application Form Exhibit AW-1/2, Flat Allotment Letter Exhibit AW-1/3, Permission to Mortgage Exhibit AW-1/4, Loan Disbursement Memo Exhibit AW-1/5, Tripartite Agreement Exhibit AW-1/6, Facility Agreement Exhibit AW-1/7, NPA Certificate Exhibit AW-1/8, Loan Recall Notice Exhibit AW-1/9, Certificate u/s 65-B of Indian Evidence Act Exhibit AW-1/10,

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O.A. No. 184 of 2023

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Certificate u/s 2(A) of Banker's Book Evidence Act Exhibit AW1/11 and Statement of Account along with Foreclosure Letter Exhibit AW-1/12.

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The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly approved.

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The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant bank has proved its case beyond reasonable doubts.

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In the light of the above discussions, the Original Application deserves to be allowed.

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ORDER

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I, allow this OA and direct the defendants to pay to the applicant bank, jointly or severally, within a period of 30 days, a sum of Rs.24,82,597.65 (Rupees Twenty Four Lacs Eighty Two Thousand Five Hundred Ninety Seven & paisa Sixty Five only) as on 18.10.2022 together with costs and future interest @8.25% per annum from the date of filing of this O.A. till the date of realization; failing which the aforesaid amount shall be recovered from the sale of mortgaged Flat no. 1601, 16th Floor, Tower B, Gayatri Aura, Plot No.GH-11, Sector-1, Noida, UP. In case of shortfall, the same shall be recovered from the sale of movable and immovable properties of the defendants.

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II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

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O.A. No. 184 of 2023

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III) Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 21.07.2026.

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IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

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(GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 22.05.2026

Icici Bank Limited v. Subhash Kumar

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Subhash Kumar

Case brief

What is this about?

What did the court decide?

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