Allowed

Icici Bank Limited v. Mr. Ashok Laxman Garje

DRT25 Jun 2026OA/359/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank Applicant's recovery application filed under the SARFAESI Act due to the failure of borrowers to repay a vehicle loan. The claim was accepted without contest, and an order for recovery was passed.

What did the court decide?

Directed borrowers to pay Rs. 37,87,139.44/- with future simple interest at 8% p.a. from the filing date, secured by hypothecation agreement, and issue of Recovery Certificate.

Icici Bank Limited versus Mr. Ashok Laxman Garje — Banking and Recovery | DRT (2026)

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Presented on: 29.04.2025 Registered on: 19.06.2025 Decided on: 25.06.2026 Duration: Y M D 01 01 27

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Shri Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 359/2025

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TOTAL CLAIM AMOUNT – Rs. 37,87,139.44/-

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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

Versus

(OA No. 359-2025)

Page 1 of 8

[Ambadas]

Mr. Ashok Laxman Garje,

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… Defendants

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Age: 37 Years, Occ: Business, R/o: Post Patsara, Tal. Ashti,

Beed- 411203.

Mobile:- 9766946767.

PAN:- ATYPG2868D.

Mrs. Kavita Ashok Garje, Age: 31 Years, Occ: Business, R/o: Post Patsara, Tal. Ashti,

Beed- 411203.

Mobile:- 9579289393.

PAN:- CMUPG8269G.

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 (25.06.2026)

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The Applicant Bank has filed the present application for recovery of the sum of Rs. 37,87,139.44/- (Rs. Thirty-Seven

(OA No. 359-2025)

Page 2 of 8

[Ambadas]

Lakhs, Eighty-Seven Thousand, One Hundred Thirty-Nine and Forty-Four Paisa Only) together with contractual rate of interest on Term Loan facility from 15.03.2025 till the full realization of

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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 for the sanction of a Credit Loan Facility. Upon considering the Defendant’s representation, request and financial needs, the Applicant Bank sanctioned the Vehicle Loan facility of Rs. 44,84,400/- for the purchase of vehicle Ashok Leyland, vide sanction letter dated 31.03.2022 on certain terms & conditions.

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The agreed rate of interest for the Vehicle loan facility was @8.25% p.a. with monthly rests.

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In order to secure the aforesaid Term Loan facility, the Defendants executed loan documents in favour of the Applicant Bank namely sanction letter, demand promissory note, request

(OA No. 359-2025)

Page 3 of 8

[Ambadas]

letter, hypothecation agreement, letter of undertaking etc.

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The Applicant Bank contended that, in order to secure the said loan facility, the Defendants have executed Unattested Deed of Hypothecation dated 30.03.2022 of the following property/hypothecation in favour of the Applicant Bank:

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Description of Hypothecated Asset:Ashok Leyland Vehicle Model No. AL-GP-4825 is Registered with the Registration bearing

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No. MH-16-CD-7167.

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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

(OA No. 359-2025)

Page 4 of 8

[Ambadas]

failed and neglected to pay the same. The loan account of the Defendants became irregular and classified as NPA on 03.02.2024. 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.

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Despite Service, the defendants neither appeared nor filed their WS. Hence, they proceeded ex-parte vide Order dated 22.01.2026.

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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 Exh. AW-1/1 to AW-1/11 along-with 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.

(OA No. 359-2025)

Page 5 of 8

[Ambadas]

Since the Defendants failed to file 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 @8.25% p.a. with monthly rests on loan from 15.03.2025 till the full realization of the entire dues and costs from the Defendants. However, considering the facts of the case, I am of the opinion that awarding future interest at @8% 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. 359/2025 is allowed with costs.

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(B) The Defendants shall pay jointly and severally to the Applicant Bank a sum of Rs. 37,87,139.44/- (Rs. ThirtySeven Lakhs, Eighty-Seven Thousand, One Hundred Thirty-Nine and Forty-Four Paisa Only), along-with

(OA No. 359-2025)

Page 6 of 8

[Ambadas]

future interest at @8% per annum (simple) from the date of filing of the Original Application, i.e., 29.04.2025, till full payment/ realization of the said amount.

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(C) The aforesaid adjudicated amount is secured by Hypothecation Agreement executed in favour of the Applicant Bank vide document as Exh. AW-1/5 in list of Documents Exh.5. The hypothecated asset is describe as follow:

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Description of Hypothecated Asset :- Ashok Leyland Vehicle Model No. AL-GP-4825 is Registered with the Registration bearing No. MH-16-CD-7167. (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.

(OA No. 359-2025)

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[Ambadas]

(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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Place : Aurangabad Date : 25.06.2026

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

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(OA No. 359-2025)

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Page 8 of 8

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[Ambadas]

Icici Bank Limited v. Mr. Ashok Laxman Garje

Case brief

What is this about?

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Icici Bank Limited v. Mr. Ashok Laxman Garje

Case brief

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