Allowed

Icici Bank Limited v. M/s J P Petroleum

DRT19 Jun 2026OA/438/2025

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the bank's application under Section 19 for recovery of sum of Rs. 72.33 lacs along with interest and costs. The tribunal proceeded in-exparte as the defendant failed to appear after notice by publication, confirming liability based on bank documentary evidence.

What did the court decide?

Debt of Rs. 72,33,935.56 with pendente-lite and future interest @ 10% p.a. with monthly rests from 12.06.2025 till realization, along with costs; issuance of Recovery Certificate.

Icici Bank Limited versus M/s J P Petroleum — Banking and Recovery | DRT (2026)

OA 438 of20251JI

DRT. PATN A

Debts Recovery Tribunal, Patna

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Karpuri Thakur Sadan, Aashiana Digha Road Patna-800025

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Presiding Officer : Shri Kaushalendra Yadav

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OA Case No. 438 of 2025

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ICICI Bank Limited, Zonal Office at 2nd and 3rd Floor, Gulab Palace, near Panchmukhi Hanuman Mandir. East Boring Canal Road. Patna 800001

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M/s J.P. Petroleum (Borrower), represented through its sole proprietor Sri Jai Prakash, S/o Ramprit Prasad Yadav, R/o Chakdhari Dheria, Maksudpur, Muzaffarpur, Bihar 843 118. PAN No. BSUPP6309N

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. . . . . . . Defendant

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Present:

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For the Applicant Shri Prabhakar Nath Rai, Advocate For the Defendant None

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Dated : 19.06.2026

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JUDGMENT

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The Applicant bank has made this application u/s 19 of the Recovery of Debts and Bankruptcy Act. 1993 (here-in-after referred to as Act) on 12.06.2025 against the defendant to recover its debts from defendant of Rs.72,33.935.56 as on 25.04.2025 along with pendente-lite and fbture interest at the contractual rate from 26.04.2025 with costs till realization.

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The application has been filed with the contention that the applicant bank, is a body corporate, carries on the business and is competent to file the suit through various branches including the applicant.

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3 . Defendant in need of fund for his business expansion has approached the applicant bank through digital login on 11.08.2021 and fblfil led all steps towards availing the Insta OD facility by filing and submitting online loan application forms and accepting the terms and conditions for the loan including accepting the loan account, tenure of repayment, rate of interest etc. After authenticating the loan transaction through OTP sent to the registered mobile number of the defendant, an amount of Rs.2.50 Lakh was disbursed to the defendant by setting an overdraft limit in his existing current account no.250705000963 on various terms and conditions, as stipulated in the sanction R\„

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letter! which were duly accepted by the defendant. To secure the loan facilities defendant has executed various loan and security documents in favour of the applicant bank, details of which are given in OA

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Further the defendant approached the applicant bank for sanction of business loan by submitting application form and after due consideration, the applicant bank has sanctioned a sum of Rs.15 Lakh on 21.05.2022 and the said amount was disbursed on 24.05.2022.

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Further the defendant approached the applicant bank as dealer of Indian Oil Corporation Ltd. and applied through digital login on 09.10.2024 for sanction of revolving line of credit in the nature of overdraft facility to be used exclusively for the purpose of making payments to the Corporate towards purchase of Petroleum products from time to time during the tenure of the facility and after due consideration and after authenticating the loan transaction documents through Aadhaar based C)TP authentication process, an amount of Rs.75 Lakh was credited to the defendant by setting an overdraft limit in OD account no.010205016570 on various terms and conditions, as stipulated in the sanction letter, which were duly accepted by the defendant. To secure the loan facilities defendant has executed various loan and security documents in favour of the applicant bank, details of which are given in OA. The defendant digitally signed the application form through Aadhaar based OTP authentication process, which was duly audited and authenticated through the document trail certificate. Document trail certificate and audit trail is secured by Signzy’s digital encryption, which is tamper-proof

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After availing the sanctioned credit facilities, the defendant became irregular in repayment of their dues as per agreed terms and failed to adhere to the financial norms of the bank and avoiding the repayment of its dues to the bank, in spite of several assurances given by it to the applicant bank resulting in the account turning as NPA on 04.12.2024.

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Since, the defendant failed and neglected in spite of several reminders to make payment of the dues recoverable to the bank, hence this application has been filed by the bank. n / N\'

DRTl PATN A

OA 438 of 20251 Jl

The total liability in the loan account is Rs.72,33,935.56 as on 25.04.2025 with pendente-lite and future interest contractual rate from 26.04.2025 till the realization.

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This Tribunal issued summon/notice copies of application & paper book to the defendant by registered/speed post on 05.07.2025, requiring him to show-cause within 30 days of the service U/s 19 (4) of the Act & Rule of the DRT [Procedure] Rules, 1993. The summon was also served by way of affixation of the copy of the summon on conspicuous part of the resident of the defendant. But the defendant has not appeared, hence, the Registry of this Tribunal has ordered to publish the notice in newspaper and subsequently, substituted service by publication of notice by way of advertisement in newspaper was also made against the defendant on 13.11.2025 in “Dainik Jagran” and “Hindustan Times” newspapers.

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Despite the registered summons/notices and publication of notice in newspaper, the defendant has not appeared before this Tribunal to contest the case. The sufficient time has been given to the defendant to defend his case, but he failed to appear and to file WS, hence, the Tribunal has passed an order to proceed ex-parte against the defendant on 17.02.2026.

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To prove its case, the applicant Bank has referred various certified photocopies of documents before this Tribunal. The applicant bank has also given evidence on affidavit by way of affidavit by Shri Ashish Kumar, Relationship Manager-Legal of the applicant bank. The details of documents are as follows:

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of Description Documents Photocopies	of Date Execution	Amount n Lakh	Signature Executants of	1Ex./ Ann No
PowerofAttorne-	08.01.2025		Bank
Overdraft Insta facility application form	11.08.2021	2.50	Defendant	2
Annexure-I
Soleproprietorship letter
Standard termsand conditions
ADDlicationform	26.04.2022	e

OA 438 of2025jJl

DRT, PATNA

facilitv Credi application form Key fact statement and most important information	21 .05.2022	15.00
Standardtermsand conditions
Applicationform Mandate letterfor OD accounts	09.10.2024	e
trail Document certificate	09.10.2024
Loan recallnotice	07.01.2025 03.04.2025 28.03.2025
Statement accounts

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Heard arguments and perused the case record.

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Ld. Counsel of applicant bank submitted that the defendant has taken the loan and utilized the same and also executed the various loan documents to secure the loan. Further, submitted that the claim of the bank has been proved by documentary evidence. All the transactions were entered in the ledger of the loan accounts in the name of the defendant duly maintained by the applicant bank in its usual course of business. The interest /compound interest has been charged at such rates, and capitalized at such periodical rests as are permitted by and do not run counter to the directives of Reserve Bank of India.

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It is further submitted by Id. Counsel of applicant bank Brat there is no stay granted by any Higher Court, in respect of the proceedings of the present OA and requested to issue recovery certificate, as claimed for, in OA.

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It has been established that defendant is living and carrying on the business in the state of Bihar. Cause of action also arose in the State of Bihar. The said claim on the date of filing of application exceeded Rs.20 lacs. The applicant bank is functioning within the jurisdiction of this Tribunal. Therefore, this Tribunal has territorial as well as pecuniary jurisdiction to adjudicate upon the present application.

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On the issue of Limitation, to prove it. the applicant bank has submitted that the applicant bank has declared the account as NPA on 04.12.2024, whereas the present application has been filed on 12.06.2025. Even, it is

OA 438 of2025jJI

DRT, PATNA

counted for the purpose of Limitation, then it is established that the applicant bank has filed the case within the limitation period. As such, it is established that the present application has been filed well within the period of limitation.

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13 Shri Ashish Kumar, Relationship Manager-Legal of the applicant bank has filed the affidavit in support of contents of application and the documents as evidence and proved on oath the pleadings and documents of the applicant bank as stated above.

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Section 19(3) of the Recovery of Debts and Bankruptcy Act, 1993 provides that the application u/s S.19 (1) shall be accompanied with true copies of all the documents relied on in support of the claim.

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The rule 12 (10) of the Debt Recovery Tribunal (Procedure) Rules, 1993, provides that if the defendant denies his liability to pay the claim made by the applicant, the tribunal may act upon the affidavit of the applicant who is acquainted with the facts of the case or who has on verification of the record sworn the affidavit in respect of the contents of the application and the documents as evidence.

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The rule 12 (11) of the aforesaid Rules, provides. that the provisions contained in section 4 of the Banker’s Books evidence that Act, 1891 (18 of 1891) shall apply to a certified copy of an entry in a Banker’s Books furnished along with application filed under sub section 1 of section 19 by the applicant.

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Section 4 of Banker’s Books evidence Act, 1891 runs as underS.4. Mode of proof of entries in bankers’ books.–Subject to the provisions of this Act, a certifIed copy of any entry in a banker’s book shall in all legal proceedings be received as prima facie evidence of the existence of such entry, and shall be admitted as evidence of the matters, transactions and accounts therein recorded in every case where, and to the same extent as, the original entry itself is now by law admissible, but not further or otherwise.

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As such the certified true copies of the documents are admissible in evidence. The statement of account maintained in the ordinary course of business is not only admissible but shall be taken as the correct statement of account, more so since the entries in the statement of account have not been challenged.

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On perusal of the application, documents, affidavit and on consideration of the arguments, it is proved that the defendant has applied for loan and the bank had sanctioned the loan and to secure the loan and for repayment of loan amount with interests etc., the defenchnt hi executed various loan documents,

OA 438 of 20251 Jl

DRT, PATNA

as stated in the application and proved by aforesaid evidence. Defendant has neither denied the utilization of funds advanced by applicant bank nor have pointed out any specific error and discrepancy in the Statement of Accounts.

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The evidence discussed above goes to establish that the amount of loan as mentioned in the O. A., was availed by the borrower under the agreed terms and conditions for repayment with interest. The balance amount till 25.04.2025 has been proved to be Rs.72,33,935.56 only by way of statement of accounts as well as evidence on affidavit. There is nothing to prove the amount more than that disclosed in the aforementioned statement. As such this amount is recoverable till hIll and final realization of the claim.

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In my view, facts of the case stand proved by evidence of the applicant bank. Accordingly, the applicant bank is entitled to recover from defendant of Rs.72,33,935.56 along with pendente-lite and future interest @ 10% p.a. with compounded monthly rests from 12.06.2025 (The date of filing of this OA) till realization. So the final order may be passed accordingly, to meet the ends of }ustrce.

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ORDER

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In the result, the application of the applicant bank is allowed and debt is determined with costs against the defendant. The defendant is hereby, ordered to pay the applicant bank its debt amounting to Rs.72,33,935.56 along with pendente-lite and future interest @ 10% p.a. with compounded monthly rests from 12.06.2025 (The date of filing of this OA) till realization of the entire sum due and recoverable with costs.

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It is made clear that any amount deposited by the defendant, be deducted in the claim amount, if not deducted.

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Defendant is debarred from transferring, alienating encumbering or otherwise dealing with or disposing of the mortgaged or hypothecated or any other properties and assets without paying the aforesaid adjudicated dues to the applicant bank to secure the ends of justice. The mortgaged or hypothecated assets to secure the loan in question are hereby attached and shall be subject to the final order under the recovery proceedings in pursuance of the Recovery certificate issued under Section 19(22) of Recovery of Debts and Bankruptcy

OA 438 of 20251 Jl

DRT, PATN A

Act 1993. The applicant may submit the certified copy of this Judgment and the Recovery Certificate before the Registrar/Sub- Registrar to endorse the charge over the secured assets.

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Let a certificate of recovery be drawn up forthwith and put up for signatures in terms of provisions contained in Section 19(22) of the Act to be issued, on the basis of the order of the Tribunal to the Recovery Officer. The Recovery Officer shall realize the amount as per the certificate in the manner and mode prescribed under the Act from the defendant, by sale of mortgaged/ hypothecated assets as well as other personal movable/immovable assets of the defendant . The Recovery Of$cer will issue demand notice to the CertifIcate debtors only after the proof of compliance under rule 16 of DRT (Procedure) Rules 1993, is submitted by the applicant. If The Applicant /CertifIcate holder fails to comply with directions of the Recovery Of$cer, the execution may be dismissed for non-prosecution. The copy of this judgment be uploaded in the website of the Tribunal.

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Parties are directed to appear before the Recovery Officer. DRT, Patna on 03.08.2026. The order be communicated accordingly.

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Judgment signed, sealed, dated and pronounced in the open court on 19th day of June, 2026.

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Dictated &corrected by me.

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[KaushalendraYadav] Presiding Officer Debts Recovery Tribunal, Patna

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FORM NO. P [See Regulation 24( 1 )]

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DEBTS RECOVERY TRIBUNAL PATNA 2nd Noor! (A. B & F Wing) Karpuri Thakur Sadan, Kendriya Karamchari Parisar (GPOA)) Ashiana Digha Road, Patna800025.

RC No. 154/2026

Case No: OA/438/2025

In the Matter of:

(CH- 1) ICICI BANK LIMITED ZONAL OFFICE AT 2ND AND 3RD FLOOR GULAB PALACE, NEAR PANCHMUKHI HANUMAN MANDIR, EAST BORING CANAL ROAD PATNA ,BIHAR -800001

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Applicant(s)

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––-- Versus -––-

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To (CD- 1) M/S J P PETROLEUM Represented Through its Sole Proprietor Sri Jai Prakash S/o Ramprit Prasad Yadav, R/O Chakdhari Dheria, Maksudpur,

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Defendant(s)

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MuzafFarpur ,BIHAR -843 1 1 8

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Recovery Certificate for Rs 7233935.56 1 Rupees Seventy Two Lakhs Thirty Three Thousands Nine Hundred My Five And raise Fi{ty_£ixOnjy_]

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In terms of final order dated 19/06/2026 passed by this Tribunal in the above mentioned case, it is ordered that the Applicant Certificate Holder Bank is entitled to recover a sum of Rs. 7233935.56 along with cost, expenses and interest from the 12/06/2025 i.e. date of filing / with effective date of the OAJr438/2025 and future interest from order date till the date of realisation in full, jointly or severally from the Certificate Debtors, hereinafter referred to as:-

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Sr.no	CDName	ILoan }lype	Int. Type/ModeF	,Int. Rate	Effective Date	Order Date	J!!\1[1rIO U ntONELS•}	1Interest }][Ji:1:1hrf;doe: Date)	JI&m0:=(Rss)Remark
	M/SJP : ;PETROLEUM i		;Compound Interest (Monthly)	10	12/06/2025	19/06/2026	7233935.56	Interest Ason iFuny Order Date	7233935.56

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In case of failure to pay the aforementioned adjudicated amount within 30 days, same shall be recovered from the sale of the mortgaged/hypothecated assets as well as other personal movable/ Immovable assets of the certificate debtors.

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The mortgaged or hypothecated assets to secure the loan in question are hereby attached and shall be subject to the final order under the recovery proceeding in pursuance of the Recovery certificate issued under Section 19(22) of Recovery of Debts and Bankruptcy Act 1993. Parties are directed to appear before MANOJ KUMAR , Recovery Officer, DEBTS RECOVERY TRIBUNAL PATNA on 03/08/2026.

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The Recovery Officer shall realize the amount as per this Certificate in the manner and mode prescribed under Sections 25 to 28 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (as amended from time to time) from the above named Certificate Debtors.

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This Certificate has been issued under my signature and seal of the Tribunal on this 20/06/2026

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( t

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I\ / PRESIUNG OFFICER DEBTS RECOVERY TRIBUNAL PATNA

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/ IIn

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FORM NO. 10 [See Regulation 24(2)]

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S ','

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DEBTS RECOVERY TRIBUNAL PATNA

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2nd Floor9 (A. B & F Wing) Karpuri Thakur Sadan, Kendriya Karamchari Parisar (GPOA), Ashiana Digha Road, Patna-800025 .

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SCHEDULE TO RECOVERY CERTIFICATE MEMO OF COSTS

RC No. 154/2026

Case No: OA/438/2025

Applicant(s): ICICI BANK LIMITED Versus

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Defendant(s): M/S J P PETROLEUM

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temofCosts	!AmountinRs
Feeontheapplication	75000
;;icILI ted;(I llc. Publication)	:0
AdvocateFees	10
Commissioner/Receiver/Valuation/SecurityFee	10
MiscellaneousCharges	to
TotalCosts: Rs	!75000

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Place: PATNA

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Date: 20/06/2026

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PRESIDIMOFFICER DEBTS RECOVERY TRIBUNAL PATNA

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Note: Strike out whichever is not applicable

Icici Bank Limited v. M/s J P Petroleum

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. M/s J P Petroleum

Case brief

What is this about?

What did the court decide?

What the court decided

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