Allowed

Icici Bank Limited v. Madansing Karbhari Dulhat

DRT25 Jun 2026OA/560/2025

Case brief

AI extract

What is this about?

In Debts Recovery Tribunal proceedings, the bank secured recovery of outstanding dues of Rs. 23,53,519 along with future interest and right to sell hypothecated vehicle from defaulting borrowers who were absent and proceeded ex-parte.

What did the court decide?

Defendants to pay Rs. 23,53,519 plus 8% simple interest; bank entitled to sell hypothecated vehicle; Recovery Certificate issued.

Icici Bank Limited versus Madansing Karbhari Dulhat — Contract and Commercial Disputes | DRT (2026)

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Presented on: 06.08.2025 Registered on: 25.08.2025 Decided on: 25.06.2026 Duration: Y M D 00 10 19

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 560/2025

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TOTAL CLAIM AMOUNT – Rs. 23,53,519/-

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ICICI Bank Ltd.

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A Registered Company, Having its Registered Office at ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara-Gujarat-390007, and having one of its Branch Office at ICICI Bank Ltd., House No. 1/12/134, Khadkikar Building, Mama Chowk, Jalna431203. Through it’s Power of Attorney Holder, Shri. Pravin Bhausaheb Gadekar Age: 28 yrs., Occ.: Service, R/o.: C/o. ICICI Bank Ltd., Cherikar Prestine, Plot No. 4, Opp. LIC Office, Bhagya Nagar, Adalat Road, Aurangabad-431001.

… Applicant

(OA No.560/2025)

Page 1 of 7

[AMBADAS]

Versus

1. Madansing Karbhari Dulhat, Age: Major, Occupation: Business, Residing at 371, Ibrahimpur Teh, Bhokardan, Jalna-431114. AND

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Ibrahimpur, Silod Road, Bhokardan, Jalna-431114.

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2. Shanta Madansing Dulhat,

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Age: Major, Occupation: Business, Residing at 371, Ibrahimpur Teh, Bhokardan, Jalna-431114.

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…Defendants

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APPEARANCES

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For the Applicant For Defendants

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Mr. Atul A. Mishra -Advocate Ex-parte

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JUDGMENT

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Delivered on 25.06.2026

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The Applicant Bank has filed the present application for the recovery of a sum of Rs. 23,53,519/- (Rupees Twenty Three Lacs, Fifty Three Thousand, Five Hundred and Nineteen only), along with further interest from the date of filing of the Original Application, i.e.,06.08.2025, until the date of realization of the entire outstanding dues from the Defendants.

(OA No.560/2025)

Page 2 of 7

[AMBADAS]

Brief facts of the application are as under:

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The Applicant Bank submits that Defendant No. 1 & 2 approached the Applicant Bank with a request for sanction for financial assistance. Upon due consideration of the said request and the financial requirements of Defendants, the Applicant Bank was pleased to sanction Credit Facility of Rs. 42,16,417/- for purchase of vehicle on certain terms and conditions. The agreed rate of interest for the aforesaid loan was @8.50% p.a. with monthly rests. The Defendants also agreed to pay additional interest @ 2% by way of liquidated damages in the event of any default in repayment.

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In order to secure the aforesaid loan facility, the Defendants executed various loan documents in favour of the Applicant Bank. These included credit facility, deed of hypothecation, irrevocable power of attorney etc. in favour of the Applicant Bank

(OA No.560/2025)

Page 3 of 7

[AMBADAS]

The Applicant Bank further contends that in order to secure the aforesaid loan facility, the Defendant No. 1 & 2 executed deed of hypothecation thereby hypothecating vehicle Ashok Leyland Ltd., Registration No. MH21BH9157, Engine No. MDPZ114488, Chassis No. MB 1 NECHD7MPCN7200, Model GP4825/66HCO is registered with the Registering authority.

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The applicant bank contended that the defendants have failed to keep their promise and commitments agreed by them with regard to due repayment of the loan amount. The defendants failed to operate the loan account properly and failed to pay the agreed rate of interest as per terms and conditions of the sanction letter. Thereafter, the applicant bank repeatedly made demand of loan amount and called upon the defendants to pay with the agreed rate of interest thereon, but the defendants failed and neglected to pay the same. The loan account of the defendants became irregular and classified as NPA on 20.08.2024. Therefore, on 09.11.2024 the applicant bank issued recall Notice to the defendants. The defendants failed and neglected to repay the

(OA No.560/2025)

Page 4 of 7

[AMBADAS]

outstanding dues of the applicant Bank. Hence, this application is filed.

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The defendants failed to appear in matter though they were served through RPAD. Hence, the defendants were proceeded exparte as per Order dated 13.04.2026.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Pravin Bhausaheb Gadekar, Power of Attorney Holder of the applicant Bank, and has produced on record the original loan transaction documents as Exh. AW-1/1 to AW-1/10 along with list of documents Exh.5 which corroborates the case of the applicant Bank.

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I have heard arguments of the learned Advocate for the applicant Bank.

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Since the defendants failed to appear and did not contest the application, I find no reason to disbelieve the unrebutted evidence of the applicant Bank. Therefore, the applicant Bank is entitled for the reliefs as claimed.

(OA No.560/2025)

Page 5 of 7

[AMBADAS]

The applicant Bank has claimed charge over hypothecated property of the borrowers.

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The applicant Bank has claimed future interest at contractual rates from the date of filing i.e. 06.08.2025 of this application till realization of the claim amount. However, considering the facts of the case, I am of the opinion that if future interest is granted @

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8% per annum (simple), it would be just and reasonable rate of interest.

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ORDER

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(A) Original Application No. 560/2025 is allowed with costs.

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(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 23,53,519/- (Rupees Twenty Three Lacs, Fifty Three Thousand, Five Hundred and Nineteen only), along with future interest @ 8% per annum (simple) from the date of filing of the Original Application i.e. 06.08.2025 till full payment/realization of the amount mentioned in this operative order.

(OA No.560/2025)

Page 6 of 7

[AMBADAS]

(C) The aforesaid adjudicated amount is secured by the hypothecation of vehicle Ashok Leyland Ltd., Registration No. MH21BH9157, Engine No. MDPZ114488, Chassis No. MB 1 NECHD7MPCN7200, Model GP4825/66HCO is registered with the Registering authority vide document at Exh. AW-1/5 in list of documents Exh. 5.

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(D) The applicant Bank is entitled to sell the mortgaged hypothecated articles/goods/vehicles to recover its dues.

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(E) Issue Recovery Certificate accordingly.

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(F) The Registrar is directed to send the copy of the Judgment and Recovery Certificate to the applicant and defendants.

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(G)

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(G) File be consigned to the record room.

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Sd/- (Dr. J. R. Chauhan) Presiding Officer Debts Recovery Tribunal, Aurangabad

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Pronounced in open court. Place: Aurangabad Date:.25.06.2026

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(OA No.560/2025)

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Page 7 of 7

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[AMBADAS]

Icici Bank Limited v. Madansing Karbhari Dulhat

Case brief

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Icici Bank Limited v. Madansing Karbhari Dulhat

Case brief

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