Allowed

Icici Bank Limited v. Jitender Kumar

DRT17 Jan 2026OA/418/2023

Case brief

AI extract

What is this about?

The court allowed an original application filed by ICICI Bank Limited under Section 19 of the RDBFI Act for recovery of outstanding dues from a defaulting borrower. Though the bank claimed interest at 24%, the court awarded interest at 12% per annum. A recovery certificate was issued directing the sale of hypothecated vehicles for recovery.

What did the court decide?

Recovery certificate issued directing payment of principal and future interest @12% p.a. from sale of hypothecated vehicles and other assets.

Icici Bank Limited versus Jitender Kumar — Contract and Commercial Disputes | DRT (2026)

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O.A. No.418 of 2023

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Debts Recovery Tribunal-I, Delhi 4th floor, leevan Tara Building, Parliament Street, New Delhi

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Presiding Officer: Shri Govind Ballabh Sharma

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O.A. No. 418 of 2023

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ICICI Bank Limited Plot no.7, Community Centre S.D Tower Sector-8, Rohini, Delhi-110085

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Applicant

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Versus

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Sh. Jitender Kumar s/o Ajipal Konga Mohalla Near Tikla Chowk Vill: Pali (13) Faridabad, Haryana-121004

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Defendant

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Present: Sh.Manish Yadav, Counsel for the applicant bank

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Date of Reserve: 22.12.2025

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Date of Pronouncement: 17.01.2026

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FINAL ORDER

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This original application has been filed by the applicant bank on 01.04.2023 through Ms. Alka Sharma, authorized representative of the applicant bank under Section 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 against the defendant for recovery of Rs.29,80,111/(Rupees Twenty Nine Lacs Eighty Thousand One Hundred Eleven only) as on 04.03.2023 along with interest @24% per annum with monthly rest from date of filing of this application till the date of realization and costs.

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O.A. No.418 of 2023

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The brief facts of the case are that at the request of defendant, the applicant bank sanctioned Commercial Vehicle loans for a sum of Rs.70,14,738/- on 13.08.2019 @10.76% interest per annum under loan cum hypothecation scheme for purchasing two vehicles namely TATA LPK 3118 which was to be repayable in 47 Equated Monthly Installments of Rs.95,446/- each. The period of repayment was extended to 53 and 54 EMIs due to pandemic Covid 2019.

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That in order to avail the loan facilities, the defendants executed Sanction Letter, Credit Facility Application Form along with Terms & Conditions of Loan, Unattested Deed of Hypothecation and Irrevocable Power of Attorney with the applicant bank on 13.08.2019.

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That in order to secure the loan facilities, the defendant hypothecated the Commercial vehicles namely TATA LPK 3118 having Registration numbers HR-38AA-9113 and HR-38AA1262.

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It has been submitted by the applicant bank that after availing the loan facilities, the defendants failed to comply with the terms and conditions of sanction despite several requests and failed to pay the outstanding dues and monthly installments in time to the applicant bank. Several cheques issued by the defendant were dishonored. Ultimately, the applicant bank issued loan recall cum demand notice dated 07.09.2022 calling upon defendant to repay the outstanding dues but defendant neglected the same. Hence, the applicant bank has approached this Tribunal for recovery of their dues.

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O.A. No.418 of 2023

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Notices of this O.A. were issued to the defendant and 6. despite proper service through publication in newspapers, the defendant has chosen to absent from the proceedings. As per order dated 29.10.2024, defendant has been proceeded exparte as not appeared before the Tribunal and even no written statement, evidence and affidavit of assets have been filed by the defendant.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Ms. Alka Sharma, authorized representative of the applicant bank who has proved the documents such as Power of Attorney, Preliminary Credit Facility Application Forms, Unattested Deed of Hypothecation, Irrevocable Power of Attorney, Sanctioned Letter, Loan Disbursal Memos, ID Proofs, Loan Recall notices alongwith Postal Receipts, Foreclosure Statement & Statement of Account alongwith Certificate under Section 65-B of Indian Evidence Act marked as Ex.AW-1/1 to Ex.AW-1/15.

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The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly proved.

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The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.

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10.^{As per the provision of Section 19(20) of the Recovery of} Debts Due to Banks and Financial Institution Act, 1993 which is analogous to Section 34 of CPC, on filing of the suit/claim,

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O.A. No.418 of 2023

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the contract between the parties comes to an end and the Court/Tribunal has a discretion to award the same depending upon the circumstances of each case. Same principle has been laid down by the Hon'ble Apex Court in the case of Central Bank of India Vs. Ravindra & Others. Taking stock of all the circumstances and keeping in view that there is a drastic fall in rates of interest globally and domestically, I am of the opinion that interest of justice will be served if the interest at the rate of 12% p.a. is awarded.

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In the light of the above discussions and documents on record, the Original Application deserves to be allowed.

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ORDER

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allow this OA and direct the defendant to pay to the applicant bank within a period of 30 days, a sum of Rs.29,80,111/- (Rupees Twenty Nine Lacs Eighty Thousand One Hundred Eleven only) as on 04.03.2023 alongwith pendentelite and future interest @12% per annum with monthly rests from the date of filing of this application failing which the aforesaid amount shall be recovered from sale of hypothecated Commercial vehicles namely TATA LPK 3118 having Registration Numbers HR-38AA-9113 and HR-38AA1262. In case of shortfall, the same shall be recovered from the sale of movable and immovable assets of the defendant.

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(II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

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O.A. No.418 of 2023

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(III)^{Parties are directed to appear before the Recovery} Officer, DRT I, Delhi on 18.03.2026.

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(IV)^{Copies of final order as well as Recovery Certificate be} sent to all concerned free of cost.

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(GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 17.01.2026

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Icici Bank Limited v. Jitender Kumar

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Jitender Kumar

Case brief

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