Allowed

Icici Bank Limited v. M/S S.S. Sandhu Trading Company

DRT2 Mar 2026OA/52/2024

Case brief

AI extract

What is this about?

An application filed by ICICI Bank Ltd. under Section 19 of the RDB Act for recovery of dues totaling ₹42,73,286.20p along with interest against M/s S. S. Sandhu Trading Co., its proprietor, and a guarantor. The Tribunal allowed the application, directed the issuance of a recovery certificate, and ordered recovery from mortgaged and personal assets.

What did the court decide?

Recovery of ₹42,73,286.20p with interest allowed; issue of Recovery Certificate; direction to appear for distribution of sale proceeds.

Icici Bank Limited versus M/S S.S. Sandhu Trading Company — Company and Corporate | DRT (2026)

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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 52/2024 Date of Institution: 29.11.2023 Date of Decision: 02.03.2026

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ICICI Bank Ltd. having its branches all over India and a branch at 1st Floor, Near N. K. Sharma Office, Chandigarh Ambala National Highway, Zirakpur, District S.A.S. Nagar, Punjab.

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……..Applicant

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Vs.

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M/s S. S. Sandhu Trading Co. through its Proprietor, Anaj Mandi, Bhagtanwala, Amritsar, Punjab.

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Sukhbir Singh s/o Sh. Kirpal Singh, Proprietor M/s S. S. Sandhu Trading Co., r/o Village Tera Khurd, Amritsar, Punjab. 2^nd Address: - Anaj Mandi, Bhagtanwala, Amritsar, Punjab.

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Ramandeep Kaur w/o Sh. Sukhbir Singh r/o Village Tera Khurd, Amritsar, Punjab.

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2nd Address: - Anaj Mandi, Bhagtanwala, Amritsar, Punjab. ……….Defendants

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Advocates

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Sh. Lovish proxy counsel for Sh. D.K. Singhal, Counsel for the applicant bank.

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Defendants - ex parte vide order dated 05.08.2025 .

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OA for the Recovery of ₹42,73,286.20p with interest @11.50% per annum with monthly rests from 29.11.2023.

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ORDER

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ICICI Bank Ltd. has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of ₹42,73,286.20p with interest against M/s S. S. Sandhu Trading Co. and others (defendants).

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Bank’s case is that on 24.01.2020, it had granted C.C. Limit of ₹40.00 Lacs to defendant No.1 through its proprietor i.e. defendant No.2 for Business purpose. The aforementioned C.C. Limit was renewed from

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¶19

time to time and lastly on 21.01.2021, at ₹40.00Lacs. To secure the loan, Defendant No.3 had mortgaged his property (fully detailed in para No.3A of the application). Defendant No.3 stood as guarantor also vide deed of guarantee dated 24.01.2020. The loan was chargeable to interest @11.50% per annum with monthly rests. On 20.10.2023, a sum of ₹42,73,286.20p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 30.01.2024, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 05.08.2025, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Mohammad Vajid, Branch Manager along with the loan and security documents and marked them as Exhibit A-1 to A-10.

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I have perused the evidence on the record. I am of the considered view that the Bank has proved its case that it had advanced the loan of ₹40.00 Lacs and on 20.10.2023, a sum of ₹42,73,286.20p was due.

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Accordingly, the application of the bank for the recovery of ₹42,73,286.20p (Rupees Forty Two Lacs Seventy Three Thousand Two Hundred Eighty Six and Paise Twenty Only) with interest @11.50% per annum with monthly rests from 29.11.2023, till the date of payment is hereby allowed with costs. The liability of all the defendants would be joint and several. Bank can recover its dues by the sale of mortgaged property fully detailed in para No.3A of the application as well as from the personal movable and immovable property(ies) of the defendants.

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Pending IAs, if any, stand disposed of.

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Recovery Certificate be issued accordingly.

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Parties are directed to appear before Recovery Officer on 09.04.2026, who is directed to distribute the sale proceeds of the mortgaged property as per the provisions of Section 19(20-AB) of the Act . 10. A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties. Pronounced in the open Court. (A S Narang) Dated: 02.03.2026 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Icici Bank Limited v. M/S S.S. Sandhu Trading Company

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. M/S S.S. Sandhu Trading Company

Case brief

What is this about?

What did the court decide?

What the court decided

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