Allowed

Icici Bank Limited v. Mr. Ansar Nabi Shaikh

DRT19 May 2026OA/211/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by ICICI Bank Ltd. for recovery of a credit loan facility. The single Defendant respondents did not appear or file a written statement. The Tribunal adjudicated the claim, granting recovery of the principal amount and future interest at 9% p.a.

What did the court decide?

Recovery of Rs. 47,95,091.76/ with future interest at 9% p.a.; authorization to sell hypothecated vehicles.

Icici Bank Limited versus Mr. Ansar Nabi Shaikh — Banking and Recovery | DRT (2026)

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Presented on: 11.03.2025 Registered on: 07.04.2025 Decided on: 19.05.2026 Duration: Y M D 01 02 08

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Shri Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 211/2025

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TOTAL CLAIM AMOUNT – Rs. 47,95,091.76/-

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ICICI Bank Ltd.

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A Registered Company, Having its Registered Office at ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara, Gujarat-390007. And having one of its Branch Office at ICICI Bank Ltd, Plot No. 99A & 100A, Sr. No. 301, BL Avenue, Basmat Road, Ramkrishna Nagar, Parbhani- 431401. Through: it’s Power of Attorney Holder Shri. Pravin Bhausaheb Gadekar, Age: 30 Years, Occ: Service, R/o: C/o. ICICI Bank Ltd, Cherikar Prestine, Plot No. 4, Opp. LIC Office, Bhagya Nagar, Adalat Road, Aurangabad- 431001.

… Applicant

(OA No.211-2025)

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[Ambadas]

Versus

Mr. Ansar Nabi Shaikh, … Defendants

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Age: 45 Years, Occ. : Business, R/o: H. No. 126/2, Gavthan, Padali, Jamkhed, Ahmednagar – 413201.

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Mobile:- 8693799797.

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PAN:- DCXPS1764P.

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Mr. Akbar Nabi Shaikh, Age: 42 Years, Occ. : Business, R/o: H. No. 126/2, Gavthan, Padali, Jamkhed, Ahmednagar – 413201. Mobile:- 8421818818. PAN:- HJAPS9295H.

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APPEARANCES For the Applicant Mr. Agarwal K D - Advocate For Defendants Ex-parte

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J U D G M E N T Delivered on (19.05.2026)

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The Applicant Bank has filed the present application for recovery of the sum of Rs. 47,95,091.76/- (Rs. Forty-Seven Lakhs, Ninety-Five Thousand, Ninety-One and Seventy-Six Paisa

(OA No.211-2025)

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[Ambadas]

Only) together with contractual rate of interest on Credit Loan facility from 05.01.2025 till the full realization of the entire dues and costs from the Defendants.

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Brief facts of the application are as under:

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That the Defendants approached the Applicant Bank and requested sanction of a Credit Loan Facility. Upon considering the Defendant’s representations, requests and financial needs, the Applicant Bank sanctioned the First Vehicle loan Facility of Rs. 33,00,718/- for purchase of commercial vehicle namely, Ashok Leyland Model AL 3520 bearing Registration No. MH-16CE-8777, vide Power of Attorney dated 09.09.2020. The Applicant Bank sanctioned the Second Loan Facility of Rs. 38,64,500/- and Rs. 2,00,000/- for the purchase of a Vehicle Tata Tipper Model LPT 4225 bearing Registration No. MH-16-CD7477, vide Power of Attorney dated 29.12.2021. The Applicant Bank further sanctioned a Third Loan Facility of Rs. 2,00,000/under the Vehicle Body Loan account vide Power of Attorney dated 29.12.2021 to Defendants on certain terms & conditions.

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The agreed rate of interest for the Vehicle loan facility was

(OA No.211-2025)

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[Ambadas]

@10% p.a. with monthly rests. The agreed rate of interest for the Tata Tipper Loan facility was @10% p.a. with monthly rests and the agreed rate of interest for vehicle Body Loan facility was likewise @10% p.a. with monthly rests.

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In order to secure the aforesaid Credit Loan facility, the Defendants executed loan documents in favour of the Applicant Bank namely sanction letter, demand promissory note, request letter, hypothecation agreement, letter of undertaking etc.

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The Applicant Bank contended that to secure the Credit Loan facility, the Defendants have executed Unattested Deed of Hypothecation and Irrevocable Power of Attorney dated 09.09.2020 for the First Loan Facility, Unattested Deed of Hypothecation and Irrevocable Power of Attorney dated 29.12.2021 for the Second Loan facility of the following hypothecation in favour of the Applicant Bank:

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Description of Hypothecated Vehicles:-

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Commercial Vehicle Ashok Leyland Model AL 3520 is registered with the Registering Authority With bearing

(OA No.211-2025)

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[Ambadas]

Registration NO. MH-16-CE-8777.

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Tata Tipper Model LPT 4225 is registered with the Registering Authority With bearing Registration NO. MH-16-CD-7477.

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The Applicant Bank further contended that the Defendants failed to keep their promises and commitments agreed by them with regard to the due repayment of the loan amount. The Defendants failed to operate the loan account properly and failed to pay the agreed rate of interest as per terms and conditions of the sanction letter. Thereafter the Applicant Bank repeatedly made demand of loan amount and called upon the Defendants to pay with the agreed rate of interest thereon, but the Defendants failed and neglected to pay the same. The loan account of the Defendants became irregular and classified as NPA on 05.02.2024. Therefore on 13.05.2024, the Applicant Bank issued legal notice to the Defendants through their Advocate. Despite service of Notice, the Defendants failed and neglected to repay the outstanding dues of the Applicant Bank. Hence, this application is filed.

(OA No.211-2025)

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[Ambadas]

The Defendants served through court commissioner but they neither appeared nor filed WS. Hence, they proceeded ex-parte vide Order dated 27.11.2025.

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The Applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Mr. Pravin Bhausaheb Gadekar, Officer of the Applicant Bank and has produced on record the original loan transaction documents as per Exh. AW-1/1 to AW-1/21 alongwith List of documents Exh.5, which corroborates the case of the Applicant Bank.

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I have heard arguments of the learned Advocate for the Applicant Bank.

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Since the Defendants failed to file a written statement and did not contest the application, I find no reason to disbelieve the unrebutted evidence of the Applicant Bank. Therefore, the Applicant Bank is entitled for the reliefs as claimed.

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The Applicant Bank has claimed future interest at @10% p.a. with monthly rests on loans from 05.01.2025 till the full realization of the entire dues and costs from the Defendants.

(OA No.211-2025)

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[Ambadas]

However, considering the facts of the case, I am of the opinion that awarding future interest at @9% per annum (simple) on outstanding amount, it would be just and reasonable.

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Hence, I pass the following order.

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ORDER

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(A) Original Application No. 211/2025 is allowed with costs.

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(B) The Defendants shall pay jointly and severally to the Applicant Bank a sum of Rs. 47,95,091.76/- (Rs. FortySeven Lakhs, Ninety-Five Thousand, Ninety-One and Seventy-Six Paisa Only), along-with future interest at @9% per annum (simple) from the date of filing of the Original Application, i.e., 11.03.2025, till full payment/ realization of the said amount.

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(C) The aforesaid adjudicated amount is secured by Hypothecation Agreement in favour of the Applicant Bank vide document Exh. AW-1/5 and AW-1/12, in list

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of Documents Exh.5. The Hypothecated vehicles are

(OA No.211-2025)

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[Ambadas]

described as follows:

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Commercial Vehicle Ashok Leyland Model AL 3520 is registered with the Registering Authority With bearing Registration NO. MH-16-CE-8777.

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Tata Tipper Model LPT 4225 is registered with the Registering Authority With bearing

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Registration NO. MH-16-CD-7477.

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(D) The Applicant Bank is entitled to sell the hypothecated Vehicles/ articles/goods etc., to recover its dues.

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(E) Issue Recovery Certificate accordingly.

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(F) The Registrar is directed to send the copy of the Judgment and Recovery Certificate to the applicant and Defendants.

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(G) File be consigned to the record room.

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Sd/-

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(Dr. J. R. Chauhan) Presiding Officer Debts Recovery Tribunal, Aurangabad

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Place : Aurangabad Date : 19.05.2026

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(OA No.211-2025)

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[Ambadas]

Icici Bank Limited v. Mr. Ansar Nabi Shaikh

Case brief

What is this about?

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Icici Bank Limited v. Mr. Ansar Nabi Shaikh

Case brief

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