Allowed

Icici Bank Limited v. Mr. Angad Nagar

DRT21 Feb 2026OA/450/2023

Case brief

AI extract

What is this about?

This appeal arises from a debt recovery proceeding where the bank sought recovery of dues amounting to Rs. 45.73 lakhs along with interest. The Tribunal allowed the application ex-parte, directing the defendants to pay the amount and recover the balance from the sale of hypothecated assets.

What did the court decide?

Directed defendants to pay Rs.45,73,418/- plus pending and future interest at 11% per annum with monthly rests within 30 days, recoverable from hypothecated equipment on default.

Icici Bank Limited versus Mr. Angad Nagar — Specific Performance | DRT (2026)

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O.A. No.450 of 2023

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

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Presiding Officer: Shri Govind Ballabh Sharma

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O.A. No. 450 of 2023

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ICICI Bank Limited Central Square, DCM Plaza-II Manohar Lal Khurana Marg Delhi-110006

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Applicant

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Versus

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Mr. Angad Nagar s/o Mr. Dheer Singh S-175M Pandav Nagar, Shakarpur, Baramad, East Delhi-110092

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Also at:

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Mr. Angad Nagar s/o Mr. Dheer Singh C-447, Alpha-I, Greater Noida G.B.Nagar, Mian Chowk, U.P-201310

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M/s Dinesh Enterprises Through its prop. Sh. Angad Nagar S-175M Pandav Nagar, Shakarpur, Baramad, East Delhi-110092

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Also at: M/s Dinesh Enterprises C-447, Alpha-I, Greater Noida G.B.Nagar, Mian Chowk, U.P-201310

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Ms. Santa d/o Mr. Pratap Singh S-175M, Pandav Nagar, Shakarpur, Baramad, East Delhi-110092 Defendants

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Present: Ms. Usha Singh, Counsel for the applicant bank Date of Reserve: 03.02.2026 Date of Pronouncement: 21.02.2026

so( -

O.A. No.450 of 2023

FINAL ORDER

This original application has been filed by the applicant bank on 14.04.2023 through Ms. Alka Sharma, authorized representative of the applicant bank under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (as amended upto date) against the defendants for recovery of Rs.45,73,418/(Rupees Forty Five Lacs Seventy Three Thousand Four Hundred Eighteen only) as on 25.11.2022 along with pendentelite and future interest @11.00% per annum with monthly rests from 25.11.2022 till the date of realization and costs.

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The brief facts of the case are that at the request of defendants being borrower and co-borrowers/guarantor, the applicant bank sanctioned and disbursed the loan for a sum of Rs.43,20,000/- on 23.07.2021 @11.00% rate of interest per annum in order to purchase Commercial Equipment namely Hydraulic Crawler Excavator SANY SY:210C-9 against hypothecation.

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That in order to avail the said loan facility, the defendants executed Loan Agreement / Credit Facility Agreement, Memorandum of Hypothecation, Irrevocable Power of Attorney, Unattested Deed of Hypothecation on 22.06.2021 along with Guarantee Deed executed by defendant no.1 to 3 in favour of applicant bank on 22.06.2021.

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That in order to secure the loan facility, the defendants hypothecated the vehicle namely Excavator/SY210-9, Registration no. ORGGTCFB2122143 manufactured by Sany Heavy Industry India Pvt.Ltd. from the dealer M/s Global

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O.A. No.450 of 2023

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Trading Corporation in favour of applicant bank duly registered with RTO records.

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It has been submitted by the applicant bank that after availing the loan facility, the defendants failed to comply with the terms and conditions. Ultimately, the applicant bank classified the account as NPA and issued recall notice dated 10.01.2022 but the defendants neglected the same, hence, the applicant bank has approached this Tribunal for recovery of their dues.

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Notices of this O.A. were issued to the defendants and despite proper service, the defendants chose to absent from the proceedings. As per order dated 28.11.2025, the defendants have been proceeded ex-parte as not appeared before the Tribunal and even no written statement, evidence and affidavit of assets have been filed by the defendants.

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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 Affidavit in Evidence, Power of Attorney, Loan Application, Unattested Deed of Hypothecation, Irrevocable Power of Attorney, Guarantee Deed, Invoice and Hypothecation Details, Notice, Statement of Accounts alongwith Foreclosure Statement, Repayment schedules, Certificate u/s 2A of the Bankers' Books Evidence Act marked as Ex.AW-1/1 to Ex.AW-1/9.

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The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the

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O.A. No.450 of 2023

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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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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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I, allow this OA and direct the defendants, to pay to the applicant bank within a period of 30 days, jointly or severally, a sum of Rs.45,73,418/- (Rupees Forty Five Lacs Seventy Three Thousand Four Hundred Eighteen only) as on 25.11.2022 along with pendentelite and future interest @11% per annum with monthly rests from 25.11.2022 till the date of realization alongwith costs failing which the aforesaid amount shall be recovered from sale of hypothecated commercial equipment namely Excavator/SY210-9 having Registration no.ORGGTCFB2122143. In case of shortfall, the same shall be recovered from the sale of movable and immovable assets of the defendants.

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

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(III)^{Parties are directed to appear before the Recovery} Officer, DRT I, Delhi on 23.04.2026.

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O.A. No.450 of 2023

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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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-2, (GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 21.02.2026

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Icici Bank Limited v. Mr. Angad Nagar

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Mr. Angad Nagar

Case brief

What is this about?

What did the court decide?

What the court decided

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