Allowed

Icici Bank Limited v. Sh. Sarwan Saini and Another

DRT15 May 2026OA/242/2026

Case brief

AI extract

What is this about?

The Tribunal allowed an application under RD & BA for recovery of Rs. 22,77,821.44. The defendants failed to repay a commercial loan and appeared ex-parte. The tribunal ordered recovery from hypothecated and personal assets and reduced the pending interest rate.

What did the court decide?

Recovery of Rs. 22,77,821.44 with 08% p.a. interest; direction to issue Recovery Certificate; attachment and sale of personal assets if hypothecated assets insufficient.

Icici Bank Limited versus Sh. Sarwan Saini and Another — Execution and Attachment | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.242/2026

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 05.02.2026

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DATE OF DECISION: 15.05.2026

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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 ICICI Bank Tower, near Chakli Circle, Old Padra Road, Vadodara, Gujarat- 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 SCO no. 132-133, Sector 9C, Chandigarh through its Authorized Signatory, Sh. Jatinder Mishra

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……..Applicant

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Versus

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Sh. Sarwan Saini, S/o Sh. Thuru Ram, R/o Village Pathan Chak, Post Office Jhakholari, District Pathankot, Punjab- 145025

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Sh. Thuru Ram, S/o Sh. Parkash Chand Saini, R/o Village Pathan Chak, Post Office Jhakholari, District Pathankot, Punjab- 145025

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………. Defendants

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Advocates:

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Argued by Sh. Rahul Garg, Advocate for applicant (through VC) None for defendants (already ex-parte vide order dated 08.05.2026)

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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. 22,77,821.44 (Rupees Twenty Two Lacs Seventy Seven Thousand Eight Hundred Twenty One and Paise Forty Four Only). The Original Application has been filed through Sh. Jatinder Mishra, Authorized Signatory o f the applicant, who is competent to institute the Original Application vide Power of Attorney dated 08.01.2025, which is Annexure A1 to this OA.

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2 OA NO. 242/2026

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ICICI BANK LIMITED VS. SARWAN SAINI AND ANOTHER

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The brief facts of the OA are that defendants approached the applicant for grant of Commercial Business Loan of Rs. 27.00 Lacs vide Application Form and Credit Facility Application Form, both dated 18.01.2024, which are Annexure A2 and A3 to this OA. 3. The applicant sanctioned Commercial Business Loan of Rs. 27.00 Lacs and the terms and conditions were duly accepted by the defendants.

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Defendants hypothecated their commercial vehicle namely Tata Motors Ltd. 1916 LPT bearing Registration no. PB06BG0748, Engine no. 3.3LNGD11JWX524474 and Chassis no. MAT843207P7J19177 vide Form of Particulars, which is Annexure A5 to this OA.

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Documents executed: Deed of Hypothecation dated 18.01.2024, which is Annexure A4 to this OA; Loan Recall Notice dated 14.11.2025, which is Annexure A6 to this OA and Statement of Account, which is Annexure A7 to this OA.

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The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs. 22,77,821.44, which is recoverable and the defendants were served recall notice but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly. 6. 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 08.05.2026. 7. In support of the OA, affidavit of Sh. Jatinder Mishra, Authorized Signatory, ICICI Bank Limited h as been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned counsel (through VC) that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexure A1 to A7 to this OA, it is proved that the defendants approached applicant for availing of the

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3 OA NO. 242/2026 ICICI BANK LIMITED VS. SARWAN SAINI AND ANOTHER

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loan facility which was granted to them and for that they had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.22,77,821.44 (Rupees Twenty Two Lacs Seventy Seven Thousand Eight Hundred Twenty One and Paise Forty Four 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. 10. In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @24.00%p.a. w.e.f. 30.11.2025 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 hypothecated assets, undertaking of the defendants, quantum of loan 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 the loan account 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 sum of Rs.22,77,821.44 (Rupees Twenty Two Lacs Seventy Seven Thousand Eight Hundred Twenty One and Paise Forty Four Only), jointly and severally, with costs, current and future simple interest @08.00% p.a. in the loan account from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated assets of the defendants in execution proceedings if not sold earlier under the

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4 OA NO. 242/2026 ICICI BANK LIMITED VS. SARWAN SAINI AND ANOTHER

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provi	sions of the SARFAES	I Act, 2002. If th	e dues of the applicant still
rema	in unsatisfied, it sh	all be entitled	to recover the same by
attac	hment and sale of	personal assets	of the defendants. The
appli 12.	cant is at liberty to en Any other applicat	force the claim th ion pending sta	rough due process of law. nds disposed of.
13.	Issue Recovery Certi	ficate accordingly	.
14.	Parties to appear	before Learned	Recovery Officer of this
Tribu	nal on 06.06.2026.
15.	Copy of this order b	e given dasti to t	e applicant and be sent to
defen	dants through regis	tered/speed post	and this order be also
uploa consi Pron Date	ded on the official gned. ounced by me in th d: 15.05.2026	website of this e open Tribunal.	Tribunal and record be
		(MRI	DULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. Sh. Sarwan Saini and Another

Case brief

What is this about?

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Icici Bank Limited v. Sh. Sarwan Saini and Another

Case brief

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