Allowed

Icici Bank Limited v. Sh. Gurwinder Singh and Another

DRT26 May 2026OA/568/2026

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal disposed of an ex-parte original application by ICICI Bank Ltd. against two respondents for recovery of a defaulted loan. The bank proved its case via documentary evidence as respondents did not appear. The Court allowed the application, directed issuance of a Recovery Certificate, and granted simple interest at 8% p.a., permitting recovery from mortgaged or personal as

What did the court decide?

Issuance of Recovery Certificate; declared liability to pay Rs.30,10,549.61 plus interest at 8% p.a.; permission to recover from sale of mortgaged or personal assets.

Icici Bank Limited versus Sh. Gurwinder Singh and… — Contract and Commercial Disputes | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.568/2026

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 10.04.2026

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DATE OF DECISION: 26.05.2026

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ICICI Bank Ltd. a Body Corporate, incorporated under the Companies Act, 1956 and Bank within the meaning of the Banking Regulation Act, 1949 and having its Registered Office at ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara - 390007 and its Corporate Office at ICICI Bank Towers, Bandra Kurla Complex, Mumbai - 400051 and having branches all over India and one of its Branch Offices situated at SCO 132-133-134, Sector 9 C, Chandigarh - 160017 through its Authorized Signatory, Sh. Jatinder Mishra.

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…….A pplicant

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Versus

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Sh. Gurwinder Singh S/o Sh. Sukhdev Singh, R/o Village Mari Megha, Tehsil Bhikhiwind, District Tarn Taran, Punjab143305.

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Sh. Sukhdev Singh S/o Sh. Sulakhan Singh, R/o Village Mari

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Megha, Tehsil Bhikhiwind, District Tarn Taran, Punjab143305.

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…….Defendants

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Advocates:

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Argued Sh. Himendra Pal Singh, Advocate for the applicant (through

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VC)

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None for Defendants (Already ex-parte vide order dated 22.05.2026).

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, against the defendants for recovery of Rs.30,10,549.61 (Rupees Thirty Lacs Ten Thousand Five Hundred Forty Nine and Paise Sixty One Only). The Original Application has been filed through Authorized Signatory,

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Sh. Jatinder Mishra, who is competent to institute the Original

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2 OA/568/2026 ICICI BANK LTD. VS SH. GURWINDER SINGH AND ANOTHER

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Application vide Power of Attorney dated 08.01.2025, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendants approached the applicant for grant of Kisan Credit Card Limit of Rs.25,00,000.00 vide Credit Facility Application Form dated 16.02.2021, which is Annexure A2 to this OA.

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The applicant sanctioned the Kisan Credit Card Limit of Rs.22,00,000.00 vide Sanction Letter dated 18.02.2021, which is Annexure A3 to this OA and terms and conditions were duly accepted by the defendants.

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Defendant no. 2 mortgaged his immovable property i.e. total Land measuring 81 Kanal 8 Marlas situated at Village Marri Magha II, Hadbast No. 100, Tehsil Bhikhiwind, District Tarn Taran as per Jamabandi for the year 2017-2018 vide Declaration under Section 4(1) of Punjab Agricultural Credit Operations & Miscellaneous Provisions (Banks) Act, 1978 along with true translation & Letter to Sub Registrar for Creation Charge on Land dated 23.02.2021, which are Annexures A5 & A6 to this OA.

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Documents executed : Hypothecation Deed dated 23.02.2021, which is Annexure A4 to this OA; Loan Recall Notice dated 07.08.2025 along with postal receipts, which is Annexure A7 to this OA; Statement of Account along with certificate, which is Annexure A8 to this OA.

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The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs.30,10,549.61, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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The defendants were served summons to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte vide order dated 22.05.2026.

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3 OA/568/2026 ICICI BANK LTD. VS SH. GURWINDER SINGH AND ANOTHER

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In support of the OA, affidavit of Sh. Jatinder Mishra, Authorized Signatory, ICICI bank Ltd. has been filed.

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Heard ex-parte arguments and perused record.

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It was argued by learned counsel for applicant through video conferencing that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case.

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From the perusal of all the Annexures A1 to A8 to this OA, it is proved that the defendants approached applicant for availing of the loan facility which was granted to them and for that they had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, loan account was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.30,10,549.61 (Rupees Thirty Lacs Ten Thousand Five Hundred Forty Nine and Paise Sixty One Only), along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the amount.

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In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @11.50%p.a. with penal interest @2% with monthly rests from 31.10.2025 till the realization.

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The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the mortgaged property, undertaking of the defendants, quantum of loan and prevalent market rates of interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant simple interest @08.00%p.a. in the loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.

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4 OA/568/2026 ICICI BANK LTD. VS SH. GURWINDER SINGH AND ANOTHER

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.30,10,549.61 (Rupees Thirty Lacs Ten Thousand Five Hundred Forty Nine and Paise Sixty One Only), jointly and severally, with costs, current and future simple interest @08.00%p.a. in the loan account from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of mortgaged property of the defendant no. 2 in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the applicant still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law.

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12. Any other application pending stands disposed of.

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Issue Recovery Certificate accordingly.

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Parties to appear before Learned Recovery Officer of this Tribunal on 17.06.2026.

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Copy of this order be given dasti to the applicant and be sent to defendants through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned.

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Pronounced by me in the open Tribunal .

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Dated: 26.05.2026

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(MRIDULESH KUMAR SINGH)

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Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. Sh. Gurwinder Singh and Another

Case brief

What is this about?

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Icici Bank Limited v. Sh. Gurwinder Singh and Another

Case brief

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