Allowed

Icici Bank Limited v. M/S Badri Vishal Knitwears

DRT17 Jun 2026OA/1918/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the ICICI Bank's application for recovery of Rs.27,22,700.71 against the borrowers and guarantors for unpaid working capital and term loan facilities, granting 8% simple interest and directing enforcement through property sale.

What did the court decide?

Recovery of Rs.27,22,700.71 with costs and simple interest at 8% p.a. Granted; Recovery Certificate issued; Enforcement via sale of mortgaged property or personal assets directed.

Icici Bank Limited versus M/S Badri Vishal Knitwears — Execution and Attachment | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1918/2022

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 05.09.2022

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DATE OF DECISION: 17.06.2026

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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 Plot No. 143-A, City Emporium, Industrial Area, Phase-I, Chandigarh-160002 through its Authorized Signatory Sh. Vikas Kaundal.

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........A pplicant Versus

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M/s Badri Vishal Knitwears, through its proprietor Sh. Chandandeep Bansal, 332 Prem Nagar, Near Baba Balak Nath Mandi, Ludhiana, Punjab-141001.

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2^nd Address: B-30, Hira Nagar, Beantpura, Ludhiana, Punjab - 141010.

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3^rd Address: 4118/2, 3^rd Floor, Beantpura, Chandigarh Road, Ludhiana-141010.

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4^th Address: B-3/23, Army Flats, Dugri, Phase-III, Ludhiana - 141001.

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Sh. Chandandeep Bansal S/o Sh. Karandeep Bansal, Proprietor M/s Badri Vishal Knitwears, R/o House No.332, Prem Nagar, Near Baba Balak Nath Mandir, Ghumar Mandi, Ludhiana, Punjab141001.

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2nd Address: 4118/2, 3^rd Floor, Beantpura, Chandigarh Road, Ludhiana-141010. 3rd Address: B-3/23, Army Flats, Dugri, Phase-III, Ludhiana - 141001.

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2 OA NO.1918/2022 ICICI BANK LTD. VS M/S BADRI VISHAL KNITWEARS AND OTHERS

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Smt. Rajni Bansal W/o Sh. Chandandeep Bansal, R/o House No.332, Prem Nagar, Near Baba Balak Nath Mandir, Ghumar Mandi, Ludhiana, Punjab- 141001. 2nd Address: 4118/2, 3^rd Floor, Beantpura, Chandigarh Road, Ludhiana-141010. 3^rd Address: B-3/23, Army Flats, Dugri, Phase-III, Ludhiana141001.

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........Defendants

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Advocates:

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Argued Sh. Rahul Garg, Advocate for the applicant None for defendants (Already ex-parte vide order dated 15.06.2026).

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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.27,22,700.71 (Rupees Twenty Seven Lacs Twenty Two Thousand Seven Hundred and Paise Seventy One Only). The Original Application has been filed through Sh. Vikas Kaundal, Authorized Signatory, who is competent to institute the Original Application vide Power of Attorney dated 09.03.2021, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendant no. 1 through its proprietor defendant no. 2 approached the applicant for grant of Working Capital facility of Rs.70,00,000.00. Thereafter, the defendant no. 1 through its proprietor defendant no. 2 approached the applicant for grant of Term Loan under Emergency Credit Line Guaranteed Scheme of Rs.14,00,000.00. Thereafter, the defendant no. 1 through its proprietor defendant no. 2 approached the applicant for renewal of Working Capital facility of Rs.70,00,000.00.

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The applicant sanctioned the Working Capital facility of Rs.70,00,000.00 vide Credit Arrangement Letter dated 31.05.2019, which is Annexure A2 to this OA. Thereafter, the applicant sanctioned Term Loan under Emergency Credit Line Guaranteed Scheme of

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3 OA NO.1918/2022 ICICI BANK LTD. VS M/S BADRI VISHAL KNITWEARS AND OTHERS

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Rs.14,00,000.00. Thereafter, the applicant renewed the Working Capital facility of Rs.70,00,000.00 vide Credit Arrangement Letter dated 14.08.2020, which is Annexure A7 to this OA and terms and conditions were duly accepted by the defendant no.1 through its proprietor defendant no.2. Defendant nos. 2 & 3 stood as guarantors.

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Defendant no. 2 mortgaged his Immovable Property i.e., Property No. B-30-4118/2 admeasuring 400 Sq. Yards situated at Gali No. 3, Heera Nagar, Village Sherpur Kalan, Hadbast No.176, Tehsil and District Ludhiana, Punjab Vide Deed No 15495, dated 13.02.2015 along with Annexure VII-B i.e. declaration dated 04.07.2019 for confirming the deposit of Title Deed with the applicant bank and Annexure VII-B i.e. declaration dated 18.07.2020 for confirming the extension of charge of the applicant bank, which are Annexures A4 to A6 to this OA.

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Documents executed : Deed of Guarantee, dated 11.06.2019, which is Annexure A3 to this OA; Recall Notice dated 24.12.2021, which is Annexure A8 to this OA; Statement of accounts along with certificate, which are Annexures A9 & A10 to this OA.

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The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in loan accounts there was a debit of Rs.27,22,700.71, 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.

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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 15.06.2026.

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7.	In support of the OA, affidavit ofSh. Vikas Kaundal, Authorized
Sign	atory, ICICI Bank Ltd. has been filed.
8.	Heard ex-parte arguments and perused record.
9.	It was argued by learned counsel for applicant that in view of
the	documentary evidence brought on record which had gone
unr	ebutted, the applicant had proved its case.

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4 OA NO.1918/2022 ICICI BANK LTD. VS M/S BADRI VISHAL KNITWEARS AND OTHERS

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From the perusal of all the Annexures A1 to A10 to this OA, it is proved that the defendant no. 1 through its proprietor defendant no. 2 approached applicant for availing of the loan facilities which were granted to them, defendant nos. 2 & 3 stood as guarantors and for that they had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loans as per terms and conditions of the agreement between the parties. Subsequently, loan accounts were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.27,22,700.71 (Rupees Twenty Seven Lacs Twenty Two Thousand Seven Hundred and Paise Seventy One 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 @11.45%p.a. with monthly in both the loan accounts from 01.01.2022 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 loans 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 both the loan accounts 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 total sum of Rs.27,22,700.71 (Rupees Twenty Seven Lacs Twenty Two Thousand Seven Hundred and Paise Seventy One Only), jointly and severally, with costs, current and future simple interest @08.00%p.a. in both the loan accounts from the date of filing of OA till the date of realization of

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OA NO.1918/2022 ICICI BANK LTD. VS M/S BADRI VISHAL KNITWEARS AND OTHERS

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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.

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12. Any other application pending stands disposed of.

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Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 01.07.2026. 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: 17.06.2026

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(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. M/S Badri Vishal Knitwears

Case brief

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Icici Bank Limited v. M/S Badri Vishal Knitwears

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