Allowed

Icici Bank Limited v. Sh. Gurvel Singh and Another

DRT17 Jun 2026OA/261/2024

Case brief

AI extract

What is this about?

The Tribunal allowed an Original Application filed by ICICI Bank Limited for recovery of Rs.30,36,552.00 from deceased defendants. The Tribunal granted uniform simple interest at 08% p.a. and directed the issuance of a Recovery Certificate with liberty to enforce the claim through Sale under SARFAESI Act.

What did the court decide?

Recovery of Rs.30,36,552.00 with interest @08% p.a. via Recovery Certificate issued and liberty to enforce under SARFAESI Act.

Icici Bank Limited versus Sh. Gurvel Singh and Another — Banking and Recovery | DRT (2026)

¶1

DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

¶2

ORIGINAL APPLICATION NO.261/2024

¶3

PRESIDED OVER BY MRIDULESH KUMAR SINGH

¶4

DATE OF INSTITUTION: 26.02.2024

¶5

DATE OF DECISION: 17.06.2026

¶6

ICICI Bank Limited, having its Registered Office at Land Mark, Race Course Circle, Vadodara, 390007. Having its Branch Office at Panniwala, Muktsar, Punjab. Also at ICICI Bank Ltd, SCO No.143, A City Emporium Mall, Industrial Area, Phase-1 Chandigarh – 160002 through its Authorized Representative Sh. Mohd Vajid.

¶7

........A pplicant

¶8

Versus

¶9

Sh. Gurvel Singh S/o Sh. Harmeet Singh, R/o Village Dhipaniwali, Fazilka, Punjab-152124 (since deceased)

¶10

(i) Smt. Manpreet Kaur W/o Late Sh. Gurvel Singh, R/o Village Dhipaniwali, Fazilka, Punjab - 152124.

¶11

Smt. Gurcharan Kaur W/o Sh. Harmeet Singh, R/o Village Dhipaniwali, Fazilka, Punjab-152124 (since deceased)

¶12

(i) Manpreet Kaur W/o Late. Gurvel Singh, R/o Village Dhipaniwali, Fazilka, Punjab-152124.

¶13

........Defendants

¶14

Advocates:

¶15

Argued Sh. Anirudh Gupta, Advocate proxy for Sh. Amit Rishi, Advocate for the applicant

¶16

None for defendants (Already ex-parte vide order dated 15.06.2026).

¶17

FINAL ORDER

¶18

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.30,36,552.00 (Rupees Thirty Lacs Thirty Six Thousand Five Hundred and Fifty Two Only). The Original Application has been filed through Sh. Mohd Vajid, Authorized Representative, who is competent to institute the Original Application vide Power of Attorney dated 18.09.2019, which is Annexure A1 to this OA.

¶19

2 OA NO.261/2024 ICICI BANK LTD. VS SH. GURVEL SINGH AND ANOTHER

¶20

The brief facts of the OA are that Sh. Gurvel Singh and Smt. Gurcharan Kaur (both deceased and Husband and Mother-in-law of defendant no. 1(i) & 2 (i), who are one and the same person) approached the applicant for grant of Kisan Credit Card Limit of Rs.25,00,000.00 vide Credit Facility Application Form dated 16.02.2021, which is Annexure A2 to this OA. 3. The applicant sanctioned the Kisan Credit Card Limit of Rs.25,00,000.00 vide Sanction Letter dated 19.02.2021, which is Annexure A3 to this OA and terms and conditions were duly accepted by Sh. Gurvel Singh and Smt. Gurcharan Kaur (since deceased) . 4. Sh. Gurvel Singh and Smt. Gurcharan Kaur (since deceased) mortgaged their Immovable Properties i.e., Total Land measuring 85 Kanal 14 Marla situated at Village Dhipanwali, Hadbast No. 184, Sub Tehsil Fazilka, Tehsil and District Fazilka, vide Jamabandi for the year 2017-18 vide Declaration under section 4(1), dated 22.02.2021, which is Annexure A5 to this OA.

¶21

Documents executed : Hypothecation Deed dated 22.02.2021, which is Annexure A4 to this OA; Demand Notice dated 20.01.2024 along with postal receipts, which is Annexure A6 to this OA; Statement of account along with certificate, which is Annexure A7 to this OA. 5. 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.30,36,552.00, which is recoverable and the both deceased 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. 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 15.06.2026. 7. In support of the OA, affidavit of Sh. Mohd Vajid, Authorized Representative, ICICI Bank Ltd. has been filed. 8. Heard ex-parte arguments and perused record.

¶22

3 OA NO.261/2024 ICICI BANK LTD. VS SH. GURVEL SINGH AND ANOTHER

¶23

It was argued by learned proxy counsel for applicant that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case.

¶24

From the perusal of all the Annexures A1 to A7 to this OA, it is proved that Sh. Gurvel Singh and Smt. Gurcharan Kaur (both deceased) approached applicant for availing of the 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, loan account was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.30,36,552.00 (Rupees Thirty Lacs Thirty Six Thousand Five Hundred and Fifty Two Only), along with interest from the defendant, from the date of filing of the present Original Application till realization of the amount.

¶25

In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @11.50%p.a. with half yearly rests till the realization.

¶26

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 properties, 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 uniform 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.

¶27

In the result, the application is allowed declaring that the defendants (who are one and the same person) are liable to pay to the applicant a total sum of Rs.30,36,552.00 (Rupees Thirty Lacs Thirty Six Thousand Five Hundred and Fifty Two Only), 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.

¶28

¶29

OA NO.261/2024 ICICI BANK LTD. VS SH. GURVEL SINGH AND ANOTHER

¶30

Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of mortgaged properties of Sh. Gurvel Singh and Smt. Gurcharan Kaur (both deceased and Husband and Mother-in-law of defendant no. 1(i) & 2 (i), who are one and the same person) 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 (who are one and the same person) to the extent, she inherited from the properties of deceased defendants. The applicant is at liberty to enforce the claim through due process of law.

¶31

12. Any other application pending stands disposed of.

¶32

Issue Recovery Certificate accordingly.

¶33

Parties to appear before Learned Recovery Officer of this Tribunal on 01.07.2026.

¶34

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.

¶35

Pronounced by me in the open Tribunal .

¶36

Dated: 17.06.2026

¶37

(MRIDULESH KUMAR SINGH)

¶38

Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. Sh. Gurvel Singh and Another

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Sh. Gurvel Singh and Another

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

Coram

Case details

Similar cases

Icici Bank Limited versus Sh. Shamsher Singh and others

Idfc First Bank Limited versus M/S S Singh and Sons and Another

Punjab National Bank versus Smt. Jagir Kaur @Jagiro through Her Legal Heirs

Hdfc Bank Limited versus Sh. Lovepreet Singh and Another

Union Bank of India versus Sh. Satish Kumar Gupta

Icici Bank Limited versus M/S Badri Vishal Knitwears