Allowed

Icici Bank Limited v. Sh. Manjeet Singh and Another

DRT26 May 2026OA/405/2025

Case brief

AI extract

What is this about?

The adjudicating officer allowed the bank's original application for recovery of dues classified as NPA after an ex-parte hearing. The court ruled that defendants are jointly and severally liable to pay the principal amount, current, and future simple interest at a uniform rate.

What did the court decide?

Application allowed; defendants liable to pay Rs. 27,26,726.88 jointly and severally with costs and uniform simple interest @08.00%p.a.; Recovery Certificate issued; recovery from sale of hypothecated

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

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.405/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 26.03.2025

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DATE OF DECISION: 26.05.2026

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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 Towers, Near Chakli Circle, Old Padra Road, Vadodara - 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 Feroze Gandhi Market, District Ludhiana, Punjab through its Authorized Signatory Sh. Jatinder Mishra.

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…….A pplicant Versus

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Sh. Manjeet Singh S/o Sh. Harpal Singh, R/o H.no.2860/1, Street no. 6- 1/2, Gill Road, Chet Singh Nagar, Ludhiana, Punjab-141003.

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M/s Sky Blue International through its proprietor Sh. Manjeet Singh S/o Sh. Harpal Singh, R/o Plot no.3, Kailash Nagar Road, Basti Jodhewal, Street no.1, Ludhiana, Punjab-141007.

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…….Defendants

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Advocates:

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Argued Sh. Gurnam Singh, Advocate proxy for Sh. Rajiv Sharma, Advocate for applicant

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None for Defendants (Already ex-parte vide order dated 22.05.2026).

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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.27,26,726.88 (Rupees Twenty Seven Lacs Twenty Six Thousand Seven Hundred Twenty Six and Paise Eighty Eight Only). The Original Application has been filed through Authorized Signatory Sh. Jatinder Mishra, who is competent to

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2 OA/405/2025 ICICI BANK LTD. VS SH. MANJEET SINGH AND ANOTHER

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institute the Original Application vide Power of attorney dated 08.01.2025, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendant no. 2 through its proprietor defendant no. 1 approached the applicant for grant of Business Loan Facility of Rs.15,00,000.00 vide Application Form dated 18.04.2023, which is Annexure A2 to this OA. Thereafter, the defendant no. 1 approached the applicant for grant of Car Loan of Rs.10,00,000.00 vide Application Form dated 06.06.2023, which is Annexure A3 to this OA. 3. The applicant sanctioned the Business Loan Facility of Rs. 18,50,000.00 and conditions were duly accepted by the defendant no.2 through its proprietor defendant no. 1 vide Credit Facility Application Form dated 18.04.2023, which is Annexure A4 to this OA. Thereafter, the applicant sanctioned Car Loan of Rs.10,20,000.00 and conditions were duly accepted by the defendant no. 1 vide Car Loan Agreement dated 06.06.2023, which is Annexure A5 to this OA.

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Defendant no. 1 hypothecated his Movable Asset i.e., vehicle namely Hyundai Verna 1.5 CRDI MT, bearing Registration No. PB08EH0034, Engine No. D4FALM001310, Chassis No. MALC041FLLM221610 vide copy of E Vahan details, which is Annexure A6 to this OA.

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Documents executed : Loan Recall Notices Dated 17.08.2024, 31.01.2025 along with dispatched proof, which is Annexure A7 to this OA; Statement of Accounts along with certificate, which are Annexures A8 & A9 to this OA.

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The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in loan accounts there was a debit of Rs.27,26,726.88, which is recoverable and the 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 on 22.05.2026.

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3 OA/405/2025 ICICI BANK LTD. VS SH. MANJEET SINGH AND ANOTHER

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7.	In support of the OA	, affidavit of Sh. Jatinder Mishra, Authorized
Sign	atory, ICICI Bank Ltd.	has been filed.

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8. Heard	ex-parte arguments and perused record.

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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.

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From the perusal of all the Annexures A1 to A9 to this OA, it is proved that the defendant no 2 through its proprietor defendant no.1 and defendant no.1 in individual capacity approached applicant for availing of the loan facilities which were 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 loans as per terms and conditions of the agreement between the parties. Subsequently, loan accounts were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.27,26,726.88 (Rupees Twenty Seven Lacs Twenty Six Thousand Seven Hundred Twenty Six and Paise Eighty Eight 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.

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In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @16.50%p.a. with monthly rests in Business Loan Account and interest @12.00%p.a. with monthly rests in Car Loan Account from 01.02.2025 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 loans 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

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4 OA/405/2025 ICICI BANK LTD. VS SH. MANJEET SINGH AND ANOTHER

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both the loan accounts from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly. 11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.27,26,726.88 (Rupees Twenty Seven Lacs Twenty Six Thousand Seven Hundred Twenty Six and Paise Eighty Eight Only), jointly and severally, with costs, current and future simple interest @08.00%p.a. in both the loan accounts 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 vehicle of the defendant no. 1 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. The applicant is at liberty to enforce the claim through due process of law. 12. Any other application pending stands disposed of. 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 17.06.2026. 15. 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. Pronounced by me in the open Tribunal . Dated: 26.05.2026 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. Sh. Manjeet Singh and Another

Case brief

What is this about?

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Icici Bank Limited v. Sh. Manjeet Singh and Another

Case brief

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