Allowed

Icici Bank Limited v. Sardar Singh

DRT20 Mar 2026OA/1991/2022

Case brief

AI extract

What is this about?

DRT allowed the applicant bank's recovery application for ₹24,76,965 with 12% p.a. interest against three defendants who mortgaged land and stood as guarantors for a defaulted agricultural loan, directing issuance of a Recovery Certificate and sale of mortgaged assets.

What did the court decide?

Recovery of ₹24,76,965 with 12% per annum interest; sale of mortgaged land; issuance of Recovery Certificate.

Icici Bank Limited versus Sardar Singh — Insurance | 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: 1991/2022 Date of Institution: 20.09.2022 Date of Decision: 20.03.2026

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ICICI Bank Limited having its branches all over India and a branch at SCO.237-238, Sector-20, Panchkula, Haryana.

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……..Applicant

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Vs.

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Sardar Singh s/o Sh. Gian Singh, r/o Village Kohali, Tehsil Dera Baba Nanak, Gurdaspur, Punjab.

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Kirpal Singh s/o Sh. Sardar Singh, r/o Village Nogawan, Tehsil Rajpura, Distt. Patiala, Punjab.

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Jaspal Singh s/o Sh. Rattan Singh, r/o Village Khawaja Wardag, Tehsil Dera Baba Nanak, Gurdaspur, Punjab.

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……….Defendants

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Advocates

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Sh. Kaveesh proxy counsel for Sh. Puneet Tuli, Counsel for the applicant bank.

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Defendants - ex parte vide order dated 06.05.2025 .

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OA for the Recovery of ₹24,76,965/- with interest @12% per annum with yearly rests from 20.09.2022. ORDER

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ICICI Bank Limited has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of ₹24,76,965/- with interest against Sh. Sardar Singh and others (defendants).

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Bank’s case is that on 10.03.2016, it had granted a loan of ₹12,87,500/- to defendant Nos.1 and 2 in the form of K.C.C Limit for agricultural purpose. To secure the loan, Defendant No.1 had mortgaged his agricultural land (fully detailed in para No.3A of the application). Defendant No.3 stood as the guarantor. The loan was chargeable to interest @12% per annum with yearly rests. On 02.07.2022, a sum of ₹24,76,965/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 14.10.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 06.05.2025, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Sh. Parveen Kumar, Authorized Officer along with the loan and security documents and marked them as Exhibit A-1 to A-8. 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 ₹12,87,500/- and on 02.07.2022, a sum of ₹24,76,965/- was due. 6. Accordingly, the application of the bank for the recovery of ₹24,76,965/- (Rupees Twenty Four Lacs Seventy Six Thousand Nine Hundred Sixty Five Only) with interest @12% per annum with yearly rests from 20.09.2022, 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 mortgaged land fully detailed in para No.3A 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 29.04.2026, who is directed to distribute the sale proceeds of the mortgaged land and standing crops as per the provisions of Section 19(20-AB) of the Act . 10. 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: 20.03.2026 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Icici Bank Limited v. Sardar Singh

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Sardar Singh

Case brief

What is this about?

What did the court decide?

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