Allowed

Icici Bank Limited v. Ms High Voltage Builders

DRT29 Jan 2026OA/603/2025

Case brief

AI extract

What is this about?

The Tribunal allowed an application filed by ICICI Bank for recovery of outstanding loan dues amounting to approximately Rs. 69.80 lakh from construction company partners who defaulted on credit facilities and refused service of summons. A recovery certificate was issued targeting hypothecated assets and other properties.

What did the court decide?

Recovery certificate issued for Rs. 69,80,853.38 with interest, recoverable from sale of hypothecated assets and other properties of the Defendants.

Icici Bank Limited versus Ms High Voltage Builders — Banking and Recovery | DRT (2026)

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“ORIGINALAPPLICATION” No. 603 of 2025

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BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR PRESENT- SHRI VIMAL GUPTA

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PRESIDING OFFICER

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O.A. NO. 603 OF 2025

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DATE OF DELIVERY OF ORDER 29.01.2026

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ICICI Bank Limited Registered Office at ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara - 390007, Gujarat and Branch Office at JSEL Building, 3rd Floor, Behind Gaurav Tower, JLN Marg, Malviya Nagar, Jaipur- 302017, Rajasthan, through its Authorized Signatory Sh. Abhishek Tulsian.

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…..Applicant Bank…..

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VERSUS

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1. M/s High Voltage Builders Through It’s Proprietor Mr. Virendra Singh Chundawat, Add: Bus Stand Pakhand, Nathdwara, Rajsamand- 313323, Rajasthan.

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2. Mr. Virendra Singh Chundawat S/o Mr. Shanker Singh Chundawat, Add: Bus Stand Pakhand, Nathdwara, Rajsamand — 313323, Rajasthan.

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3. Mr. Rajendra Singh Chundawat S/o Mr. Shanker Singh Chundawat, Add: 11 Sadar Bazar, Village Pakhand, Rajsamand- 313323, Rajasthan.

¶12

……Defendants…..

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Counsel for the Applicant Bank Sh. Vineet Sharma Counsel for the Defendants None

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Order signed and uploaded on 31.01.2026.

OA No. 603 of 2025

JUDGMENT

This Original Application was filed by the applicant bank on 07.03.2025 for recovery of outstanding amount of Rs. 69,80,853.38/- from the Defendants.

¶19

As per the pleadings, Defendant No. 1 represented as principal borrower and Defendant no. 2 & 3 in the capacity of co-borrower had approached the applicant bank for availing Commercial Equipment Loan facility. The applicant bank after perusal of the defendants paying capacity and on agreeing of various terms and conditions and covenants sanctioned a total sum of Rs. 45,95,675 vide agreement dated 15.12.2022 under the loan account bearing no. LQRSMO00046957889 & LQRSM00046958084.

¶20

It is submitted that again in the year 2023 Defendants had approached the applicant bank for availing Commercial Equipment Loan Facility which was sanctioned for a sum of Rs. 55,04,000/- vide agreement dated 27.03.2023 under the loan account bearing no. LQRSM00047737685 & LQRSM00047737700.

¶21

It is submitted that, while seeking the aforesaid Loan Facility, the Defendants had agreed to avail the said Loan facility on the terms & conditions stated in the loan documents and also agreed to repay interest along with other charges as stated in the loan documents. That further the Defendants agreed to abide by all the terms & conditions, mentioned in the facility agreement, and also agreed to pay

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Order signed and uploaded on 31.01.2026.

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OA No. 603 of 2025

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all the charges & interests leviable in case of any default made by Defendants in repaying the bank dues.

¶26

It is submitted that, the Defendants failed to maintain proper financial discipline and committed defaults on regular basis. That, as a result of defaults committed by the Defendants on regular basis, and as per the Statement of Accounts bearing Loan Account No. LQRSM00046957889, LQRSMO00046958084, LQRSMO00047737685 & LQRSMO00047737700 pertaining to the aforesaid loan accounts, a total sum of RS. 69,80,853.38/- is outstanding against the Defendants.

¶27

It is submitted that, looking to the regular defaults committed by the Defendants, the counsel for the applicant bank issued Loan Recall Notice dated 13.01.2025 pertaining to the aforesaid loan accounts, despite of which the Defendants failed to clear the due amount to the applicant bank.

¶28

Defendants failed to maintain financial discipline and therefore, their loan account was classified as NPA. Applicant Bank has therefore, filed this original application for recovery of its dues against the Defendants.

¶29

Summons were issued to the Defendants on 05.05.2025. Counsel for the Applicant Bank filed proof of dasti along with affidavit of service on 25.08.2025. As per Affidavit filed by Shri Tribhuvan Singh Rathore, Relationship Manager of ICICI Bank Limited, summons were not accepted by defendant and they have also refused intentionally to accept the summons, their father did not permit to affix the notices.

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Order signed and uploaded on 31.01.2026.

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OA No. 603 of 2025

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Photograph was taken standing outside the premises. In view of the above, this OA stands decreed.

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Heard arguments and perused the record.

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As stated supra, the Applicant Bank filed the evidence affidavit of Shri Abhishek Tulsian coupled with the recitals in the documents, viz Exhibit Aw/1 to A/7 marked on behalf of the applicant bank, clinches the claim of the applicant bank against the Defendants. Hence, I hold that the Defendants are jointly & severally liable to pay to the applicant bank the claim made in O.A. with future interest and costs.

¶36

In the result, this O.A. No. 603 of 2025 is allowed declaring that:-

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a) The Defendants are jointly & severally liable to pay to the applicant bank a sum of Rs. 69,80,853.38/- (Rupees Sixty Nine Lac Eighty Thousand Eight Hundred Fifty Three and Thirty Eight Paisa Only) with pendente lite and future interest @ 10% (simple) from 25.02.2025 till the date of realization.

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b) The applicant bank is entitled to recover the above

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amount from the sale of hypothecated assets

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Loan Account No.	Hypothecated Vehicle	Registration No.
LQRSM00046957889	Excavator/Ex130 Super Plus	ORGREM2223135
LQRSM00046958084	Rock Breaker/B145	ORGRE22232555
LQRSM00047737685	Hydraulic Excavator/Sy215c9	ORGWS1593

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Order signed and uploaded on 31.01.2026.

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OA No. 603 of 2025

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LQRSM00047737700	Rock	Breaker/Syb	ORGWS1594
	250

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as well as from the personal movable and immovable properties/assets of Defendants. The applicant bank is entitled to proceed against the same towards recovery of its debt.

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c) The applicant bank is entitled to the costs of the O.A.

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12.The recovery certificate be issued forthwith and be sent to the Recovery Officer, DRT, Jaipur.

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13.Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 17.03.2026 .

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14.Prepare Recovery Certificate accordingly.

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15.A copy of the Judgment and Recovery Certificate be given or sent by registered post to each of the parties free. A copy of the Recovery Certificate be sent to the Recovery Officer of this Tribunal for necessary action as per the law.

¶51

(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

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Order pronounced in the open court today i.e. 29.01.2026 .

¶53

(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

¶54

Order signed and uploaded on 31.01.2026.

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OA No. 603 of 2025

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BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR

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PRESENT- SHRI VIMAL GUPTA

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PRESIDING OFFICER

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O.A. NO. 603 OF 2025

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DATE OF DELIVERY OF ORDER 29.01.2026

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RECOVERY CERTIFICATE

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(UNDER SUB Section 22 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993 (Act 51 of 1993)

…..Applicant Bank…..

VERSUS

1. M/s High Voltage Builders Through It’s Proprietor Mr. Virendra Singh Chundawat, Add: Bus Stand Pakhand, Nathdwara, Rajsamand- 313323, Rajasthan.

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2. Mr. Virendra Singh Chundawat S/o Mr. Shanker Singh Chundawat, Add: Bus Stand Pakhand, Nathdwara, Rajsamand — 313323, Rajasthan.

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3. Mr. Rajendra Singh Chundawat S/o Mr. Shanker Singh Chundawat, Add: 11 Sadar Bazar, Village Pakhand, Rajsamand- 313323, Rajasthan.

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……Defendants…..

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Order signed and uploaded on 31.01.2026.

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OA No. 603 of 2025

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Recovery Certificate for Rs. 69,80,853.38/-

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In terms of final order dated 29.01.2026 passed by this Tribunal in the above mentioned case, it is ordered that the-

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a) The Defendants are jointly & severally liable to pay to the applicant bank a sum of Rs. 69,80,853.38/- (Rupees Sixty Nine Lac Eighty Thousand Eight Hundred Fifty Three and Thirty Eight Paisa Only) with pendente lite and future interest @ 10% (simple) from 25.02.2025 till the date of realization.

¶77

b) The applicant bank is entitled to recover the above amount from the sale of hypothecated assets

¶78

Loan Account No.	Hypothecated Vehicle	Registration No.
LQRSM00046957889	Excavator/Ex130 Super Plus	ORGREM2223135
LQRSM00046958084	Rock Breaker/B145	ORGRE22232555
LQRSM00047737685	Hydraulic Excavator/Sy215c9	ORGWS1593
LQRSM00047737700	Rock Breaker/Syb 250	ORGWS1594

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as well as from the personal movable and immovable properties/assets of Defendants. The applicant bank is entitled to proceed against the same towards recovery of its debt.

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c) The applicant bank is entitled to the costs of the O.A.

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Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 17.03.2026 .

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Order signed and uploaded on 31.01.2026.

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OA No. 603 of 2025

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The Recovery Officer shall realize the amount as per this Certificate in the manner and mode prescribed under Section 25 and 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 Debtor.

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This Certificate has been issued under my signatures and seal of the Tribunal on this 29.01.2026 .

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(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

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Order signed and uploaded on 31.01.2026.

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OA No. 603 of 2025

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BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR

¶92

PRESENT- SHRI VIMAL GUPTA

¶93

PRESIDING OFFICER

¶94

O.A. NO. 603 OF 2025

¶95

DATE OF DELIVERY OF ORDER 29.01.2026

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SCHEDULE TO RECOVERY CERTIFICATE

MEMO OF COST

…..Applicant Bank…..

VERSUS

1. M/s High Voltage Builders Through It’s Proprietor Mr. Virendra Singh Chundawat, Add: Bus Stand Pakhand, Nathdwara, Rajsamand- 313323, Rajasthan.

¶102

2. Mr. Virendra Singh Chundawat S/o Mr. Shanker Singh Chundawat, Add: Bus Stand Pakhand, Nathdwara, Rajsamand — 313323, Rajasthan.

¶103

3. Mr. Rajendra Singh Chundawat S/o Mr. Shanker Singh Chundawat, Add: 11 Sadar Bazar, Village Pakhand, Rajsamand- 313323, Rajasthan.

¶104

……Defendants…..

¶105

Order signed and uploaded on 31.01.2026.

¶106

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OA No. 603 of 2025

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S.No.	Item of Costs	Amount (Rs.)
1	Fee on the Application	72,005.00
2	Process Fee (Inc. Publication)	NIL
3	Advocate Fee	1,250.00
4	Court Commissioner’s Fees	NIL
5	Commission/Receiver/Valuation	NIL
6	Miscellaneous Charges	NIL
	Total	73,255.00

¶109

(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

¶110

Order signed and uploaded on 31.01.2026.

OA No. 603 of 2025

29.01.2026

Counsel:

Sh. Vineet Sharma, Counsel for Applicant Bank None for the Defendants

¶116

Judgment dictated separately and pronounced in the open court. As per order the O.A. is allowed. Recovery Certificate be prepared accordingly and the Registry is directed to verify the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015 and after verification place the same before the Tribunal.

¶117

(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

¶118

Order signed and uploaded on 31.01.2026.

OA No. 603 of 2025

29.01.2026

Counsel:

Sh. Vineet Sharma, Counsel for Applicant Bank None for the Defendants

¶124

The Tribunal vide order dated 29.01.2026 , directed the Registrar to verify the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015.

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The Registrar vide order dated 29.01.2026 verified the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015. Recovery Certificate be prepared accordingly. Copy of the Judgment and Recovery Certificate be given free to the concerned parties as well as be sent to the Recovery Officer for further proceedings. File be put up before the Registrar for compliance. After compliance file be consigned to record.

¶126

(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

¶127

Order signed and uploaded on 31.01.2026.

Icici Bank Limited v. Ms High Voltage Builders

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Ms High Voltage Builders

Case brief

What is this about?

What did the court decide?

What the court decided

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