This tribunal allowed a recovery application filed by a bank against a loan debtor who failed to appear. The court disallowed requested penal interest but ordered payment of principal corpus along with simple future interest and issuance of a recovery certificate.
Recovery of Rs. 12,15,427/- plus simple future interest at 9% p.a. and issuance of Recovery Certificate.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
Page 1 of 3 O.A. No. 29/2024
PRESENTED ON : 30.12.2023 REGISTERED ON : 08.02.2024
Exh. No. 10
BEFORE THE PO, DEBTS RECOVERY TRIBUNAL, NAGPUR Delivered by Pankaj Kumar
O.A. No. 29/2024
ICICI Bank Ltd
: Applicant
A Company incorporated under the provisions of the Companies Act, 1956 and Licensed as a Bank under the Banking Regulation Act, 1949 and having its Registered Office at Near Chakli Circle, Old Padra Road, Vadodra390007 while its Corporate Office at ICICI Bank Tower, Bandra Kurla Complex, Mumbai 400051 and Branch Office at Ground Floor, Shriram Tower, S.V Patel Marg, Near NIT Building, Kingsway, Sadar, Nagpur-440001 through its Manager Mr. Shivshankar S/o. Prakash Khadode, Aged about 34 Years R/o. Nagpur (Mobile No. 7028922798)
Versus
Mr. Murali S/o. Balsundaram Kasiammal,
: Defendant
Aged about 54 Years, Occu: Doctor R/o. 207, Kamptee Road, Residential Complex of
Girish Heights, Sadar, Nagpur-440001
Also At,
R/o. 51, Hope Hospital, Beside Jalpuriya Palace,
Lokmat Square, Dhantoli, Nagpur-440001
(PAN No. ABUPK3997P)
| Learned Counsel for Applicant | Adv. Jatinkumar V. Patil |
|---|---|
| Defendant Set Exparte On | 17.02.2025 |
Page 2 of 3 O.A. No. 29/2024
JUDGMENT (Delivered on 03rd Day of July, 2026)
Page 3 of 3 O.A. No. 29/2024
Hence, it is ordered as under:-
ORDER
A] O.A. No. 29/2024 is allowed to the extent as under with costs.
B] Defendant to pay to the applicant bank an amount of Rs. 12,15,427/- (Rupees Twelve Lakh Fifteen Thousand Four Hundred Twenty Seven Only) outstanding in Personal Loan Account No. LPBNA00044810765 with simple future interest @9% p.a. from the date of filing of O.A. till its realization.
D] The Registrar is directed to send the copy of Judgment and Recovery Certificate to the parties to this O.A at once.
Nagpur (Pankaj Kumar) Presiding Officer Date: 03.07.2026 Debts Recovery Tribunal Nagpur
2 issues framed by the court
Whether the bench can decide the loan claim in absence of defendant proceeding ex parte.
Whether the court can disallow penal interest charged on the loan account while allowing recovery of principal and future interest.
ICICI Bank Ltd
Pankaj Kumar
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
