Allowed

Icici Bank Limited v. M/S Vibhuthi Trading

DRT30 Jun 2026OA/1969/2024

Case brief

AI extract

What is this about?

In an original application filed under Section 19 of the RDB Act, the Tribunal allowed the bank's claim for a recovery certificate. The defendants appeared exparte. The Tribunal reduced interest to 10% p.a. and ordered recovery from joint and several liability.

What did the court decide?

Issuance of a Recovery Certificate for Rs. 4,01,08,538.60 with interest @ 10% p.a. (simple) recoverable jointly, severally, and personally, with further liability on other assets.

Icici Bank Limited versus M/S Vibhuthi Trading — Contract and Commercial Disputes | DRT (2026)

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IN THE DEBTS RECOVERY TRIBUNAL II, BENGALURU

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Dated this 30^th Day of June, 2026

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Present: Sri. T. RAJESH Presiding Officer OA.No.1969/2024

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BETWEEN:

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ICICI Bank Limited

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And Also Having Bommanahalli Branch Office At ICICI Bank Ltd, 4/10, Mythree Tower, Bommanahalli, Hosur Main Road, Benglauru-68 Represented by its

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…APPLICANT

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AND:

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M/s. vibhuthi trading Repredented By Its Proprietor Basavaraj Shilpa Aged About 47 Years,

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R/at-No 29/2A 4^th Floor, K H Road, Shanthi Nagar Bangalore, Karnataka-560027

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M/s. BNH Infra Projects India Pvt Ltd

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A company incorporated under the provision of companies act 2013 Having its Registered Office At 4^th Floor, Nanjappa Mansion, 29,K H Road, Shanthinagar Bangalore-560027

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Basavaraj Shilpa, wife Of D.G.Lokesh Director, M/s. BNH Infra Projects India Pvt Ltd Aged about major, Registered office at 4^th floor, Najappa Mansion, 29,K H Road, Shanthinagar Bangalore-560027

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OA 1969/2024

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Gaurav sharma Director, M/s. BNH Infra Projects India Pvt Ltd Aged about major, Registered office at 4^th floor, Najappa Mansion, 29,K H Road, Shanthinagar Bangalore-560027

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...DEFENDANTS

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Counsel on record/appeared for:

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Applicant : B.S. Jeevan Kumar Defendants : Exparte

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FINAL ORDER

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The present Original Application in short (OA) has been filed under section 19 of Recovery of Debts and Bankruptcy Act

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1993 seeking issuance of Recovery Certificate for Rs.4,01,08,538.60/- (Rupees Four Crores One Lakh Eight Thousand Five Hundred and Thirty Eight and Sixty Paisa Only) with further interest thereon from the date of filing the Application till realization from the Defendants.

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It is the case of the applicant that the defendants availed an

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following credit facilities from the applicant bank:

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OA 1969/2024

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LAN	Dated Of Sanction	Sanctioned Amount
LVBNG00045975810	29.06.2022	Rs. 6,421,500.00/-
LVBNG00045975808	29.06.2022	Rs. 6,421,500.00/-
LVBNG00045975818	29.06.2022	Rs. 6,421,500.00/-
LVBNG00045975814	29.06.2022	Rs. 6,421,500.00/-
LVBNG00045975817	29.06.2022	Rs. 6,421,500.00/-
LQBNG00045975897	29.06.2022	Rs.15,399,000.00/-

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It is also the case of the applicant that, in view of the above amount financed, the defendants executed necessary loan documents along with simple Power Of Attorney and Preliminary Credit Facility.

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It is further contended that, the defendants despite availing the credit facilities, agreeing to service the loan account promptly and regularly, failed in complying the same, resulting in defaults in repayment and consequentially turning the loan accounts as NPA.

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In the above circumstances, the applicant approached this Tribunal by filing this OA seeking issuance of Recovery Certificate for the amount due in the account.

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Despite, service of summons on the defendants, they failed to appear, resulting the defendants being set exparte on 24.10.2025.

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The applicant had let in evidence through AW-1, who filed

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OA 1969/2024

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Proof Affidavit reiterating the contentions taken in the OA and also produced Exhibits A-1 to A-25 and got the same marked in evidence.

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Heard the Ld. Counsel for the Applicant and considered the contentions as taken in the OA in the light of documentary evidence and the proof affidavit.

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The following issues arise for consideration in this matter:

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i) Whether the applicant had succeeded in proving the

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OA claim as against the defendants?

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ii) What order are to be passed?

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Both these issues are gone into and decided together.

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The case put forth by the applicant in the Application

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remains unrebutted as defendants remained exparte. The evidence tendered by the applicant remains uncontroverted and undisputed. The evidences put forth by the applicant were found admissible and are sufficient to prove availment of credit facilities as stated in the OA, creation of mortgage as claimed by the applicant bank and the defaults committed in the accounts.

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The liability of the defendants and the claim as the amount due is also proved by the above documents. The claim of the

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applicant is well within the limitation.

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OA 1969/2024

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11. Hence in view of the finding arrived herein above, this

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Tribunal find both these issues in favour of applicant and hence this Tribunal is of the view that OA is to be allowed.

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Taking into consideration the facts that the credit facilities

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are availed by defendants for Commercial purpose and also that OA claim is arrived at by calculating interest at the agreed rate, this Tribunal, in view of the OA can be allowed with a reduced interest @10% p.a. (Simple).

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In the result, OA.No.1969/2024, stands allowed,

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i) The applicant is allowed to recovery an aggregate

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sum of Rs.4,01,08,538.60/- (Rupees Four Crores One Lakh Eight Thousand Five Hundred and Thirty Eight and Sixty Paisa Only) with further interest @10% p.a. (Simple),from the date of filing OA till the realization, from the defendants jointly severally and personally after giving credit to all the amount recovered and received during the pendency of the OA and allowed the same

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to be recovered by proceedings against the schedule property. Properties schedule to the OA be the schedule to the recovery certificate.

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(ii) If the sale proceeds are not sufficient, the defendants

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OA 1969/2024

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jointly severally and personally and their other assets are liable

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to be proceeded against for the balance amount.

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iii) The applicant bank is allowed cost of the proceedings

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which applicant to file cost memo within 7 days from the date of receipt of the order.

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iv) The Recovery Certificate to be drawn in terms of this order and transferred to Recovery for execution.

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v) Interim application pending, if any, stands disposed of

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in terms of this final order.

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Communicate a copy of the order to the parties concerned

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in terms of Section 19(21)(i) of the RDB Act, read with Rule 16

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of DRT (Procedure) Rules, 1993.

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[Dictated to the Stenographer (ms), transcribed by him, corrected and signed and pronounced by me in the Open Court, this the 30^th day of June, 2026].

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Sd/(T. RAJESH)

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ANNEXURES WITNESSES EXAMINED FOR THE APPLICANT BANK:

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AW-1: Harish E, Manager, of the Applicant Bank.

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OA 1969/2024

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Exhibits on the part of the Applicant:

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Exhibit Nos.	Particulars of Documents
A1	Preliminary credit facility application No. CB000107434 dated 22.06.2022
A2 to A7	Copies of (Six) annexures to credit applications dated 29.06.2022
A8 to A11	One-line copies of the stamp duty payment 29.06.2022
A12	Declaration cum idemnity of BNH Infra Projects India Pvt ltd dated NIL
A13	Details of the Shareholders of BNH Infra Projects India Pvt Ltd dated NIL
A14	Letter from company confirming the resolutions dated 29.06.2022
A15	Key facts statement dated NIL
A16	Key facts statement dated NIL
A17	Copy of the loan recall notices issued to the defendant dated 06.03.2024 along with an endorsement
A18 and A23	Ledger extract and foreclosure statement dated 15.05.2024 in respect of loan accounts bearing No. LVBNG00045975810 LVBNG00045975808 LVBNG00045975818 LVBNG00045975814 LVBNG00045975817 LQBNG00045975897
A24	Certificate under section 2-A of the bankers books Evidence Act, 1891 dated 31.07.2024
A25	Consolidated statement of claim amount dated 31.07.2024
Witness E	xamined for the Defendants: -Nil -
List of Do	cuments Exhibited for the Defendants: -Nil -

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Sd/(T. RAJESH)

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PRESIDING OFFICER

Icici Bank Limited v. M/S Vibhuthi Trading

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. M/S Vibhuthi Trading

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

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Case details

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