Allowed

Icici Bank Limited v. M/S Swastika Granite and Minerals

DRT27 Apr 2026OA/609/2025

Case brief

AI extract

What is this about?

The Tribunal allowed the bank's original application for recovery of Rs. 27,55,467.10 plus interest against the borrower and co-borrowers, declaring them jointly and severally liable and enabling recovery from hypothecated assets and personal properties.

What did the court decide?

Declaration of joint and several liability of defendants to pay Rs. 27,55,467.10 plus interest; entitlement to recover from sale of hypothecated assets and personal properties; costs awarded.

Icici Bank Limited versus M/S Swastika Granite and Minerals — Banking and Recovery | DRT (2026)

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“ORIGINAL APPLICATION” No. 609 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. 609 OF 2025

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DATE OF DELIVERY OF ORDER 27.04.2026

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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 Swastika Granite and Minerals through its proprietor Sukh Lal Choudhary C/O Ramakant Chokriwal, Resident of Chokriwal Bhawan, Chokriwal Gali, Sadar Bazar, Kekri, Ajmer - 305404, Rajasthan.

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2. Mr. Sukh Lal Choudhary S/o Mr. Ram Dayal, Resident of Chokriwal Bhawan, Chokriwal Gali, Sadar Bazar, Kekri, Ajmer - 305404, Rajasthan.

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3. Mrs. Neetu Chokriwal D/O Mr. Ramakant Chokriwal, Resident of Chokriwal Bhawan, Chokriwal Gali, Sadar Bazar, Kekri, Ajmer - 305404, Rajasthan.

¶12

4. Mrs. Renu Kataria D/O Sanajay Kataria Resident of Chokriwal Bhawan, Chokriwal Gali, Sadar Bazar, Kekri, Ajmer - 305404, Rajasthan.

……Defendants…..

OA No. 609 of 2025

Counsel for the Applicant Bank Sh. Vineet Sharma Counsel for the Defendant No. 1 & 2 Sh. Hansraj Bairwa Counsel for the Defendant No. 3 & 4 None

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JUDGMENT

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This Original Application was filed by the applicant bank on 12.03.2025 for recovery of outstanding amount of Rs. 27,55,467.10/- from the Defendants.

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As per the pleadings, Defendant No. 1 in the capacity of Borrower and Defendant no. 2 to 4 in the capacity of CoBorrower had approached the applicant bank for availing commercial equipment loan facility. After due consideration, the said commercial equipment loan facility was sanctioned by the Applicant Bank in favour of Defendants in the year 2022 vide agreement letter dated 12.05.2022 for a total sum of Rs. 48,68,325/-.

¶20

It is submitted that looking to the regular defaults committed by the Defendants, the counsel for the applicant bank issued Loan Recall Notice dated 21.01.2025 pertaining to the aforesaid loan accounts, despite of which the Defendants failed to clear the due amount to the applicant bank.

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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.

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OA No. 609 of 2025

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Summons were issued to the Defendants on 05.05.2025. Counsel for the Applicant Bank filed affidavit of service dated 10.10.2025. Sh. Hansraj Bairwa undertook to file Vakalatnama on behalf of remaining defendant no. 1 & 2, but reply has not been filed. None were appeared on behalf of the Defendant No. 3 & 4 therefore, their right to file reply was closed on vide order dated 17.11.2025.

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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 Aw/5 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.

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In the result, this O.A. No. 609 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. 27,55,467.10/- (Rupees Twenty Seven Lac Fifty Five Thousand Four Hundred Sixty Seven and Ten Paisa Only) with pendente lite and future interest @ 10% (simple) from 19.02.2025 till the date of realization.

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

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OA No. 609 of 2025

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Loan Account No.	Hypothecated Vehicle	Registration No.
LQKEK00045741031	Hydraulic Excavator	ORGMHO222309
	/Robex230lm

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

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10.Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 29.05.2026 .

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11.Prepare Recovery Certificate accordingly.

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12.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.

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

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Order pronounced in the open court today i.e. 27.04.2026 .

¶41

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

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¶43

OA No. 609 of 2025

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

¶45

PRESIDING OFFICER

¶46

O.A. NO. 609 OF 2025

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DATE OF DELIVERY OF ORDER 27.04.2026

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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 Swastika Granite and Minerals through its proprietor Sukh Lal Choudhary C/O Ramakant Chokriwal, Resident of Chokriwal Bhawan, Chokriwal Gali, Sadar Bazar, Kekri, Ajmer - 305404, Rajasthan.

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2. Mr. Sukh Lal Choudhary S/o Mr. Ram Dayal, Resident of Chokriwal Bhawan, Chokriwal Gali, Sadar Bazar, Kekri, Ajmer - 305404, Rajasthan.

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3. Mrs. Neetu Chokriwal D/O Mr. Ramakant Chokriwal, Resident of Chokriwal Bhawan, Chokriwal Gali, Sadar Bazar, Kekri, Ajmer - 305404, Rajasthan.

¶56

4. Mrs. Renu Kataria D/O Sanajay Kataria Resident of Chokriwal Bhawan, Chokriwal Gali, Sadar Bazar, Kekri, Ajmer - 305404, Rajasthan.

……Defendants…..

OA No. 609 of 2025

Recovery Certificate for Rs. 27,55,467.10/-

¶61

In terms of final order dated 27.04.2026 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. 27,55,467.10/- (Rupees Twenty Seven Lac Fifty Five Thousand Four Hundred Sixty Seven and Ten Paisa Only) with pendente lite and future interest @ 10% (simple) from 19.02.2025 till the date of realization.

¶63

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

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Loan Account No.	Hypothecated Vehicle	Registration No.
LQKEK00045741031	Hydraulic Excavator	ORGMHO222309
	/Robex230lm

¶65

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 29.05.2026 .

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

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OA No. 609 of 2025

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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 27.04.2026 .

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

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OA No. 609 of 2025

¶76

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

¶77

PRESIDING OFFICER

¶78

O.A. NO. 609 OF 2025

¶79

DATE OF DELIVERY OF ORDER 27.04.2026

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SCHEDULE TO RECOVERY CERTIFICATE

MEMO OF COST

…..Applicant Bank…..

VERSUS

1. M/S Swastika Granite and Minerals through its proprietor Sukh Lal Choudhary C/O Ramakant Chokriwal, Resident of Chokriwal Bhawan, Chokriwal Gali, Sadar Bazar, Kekri, Ajmer - 305404, Rajasthan.

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2. Mr. Sukh Lal Choudhary S/o Mr. Ram Dayal, Resident of Chokriwal Bhawan, Chokriwal Gali, Sadar Bazar, Kekri, Ajmer - 305404, Rajasthan.

¶87

3. Mrs. Neetu Chokriwal D/O Mr. Ramakant Chokriwal, Resident of Chokriwal Bhawan, Chokriwal Gali, Sadar Bazar, Kekri, Ajmer - 305404, Rajasthan.

¶88

4. Mrs. Renu Kataria D/O Sanajay Kataria Resident of Chokriwal Bhawan, Chokriwal Gali, Sadar Bazar, Kekri, Ajmer - 305404, Rajasthan.

……Defendants…..

OA No. 609 of 2025

S.No.	Item of Costs	Amount (Rs.)
1	Fee on the Application	30,005.00
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	31,255.00

¶93

(Vimal Gupta)

¶94

Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 609 of 2025

27.04.2026

Counsel:

Sh. Vineet Sharma, Counsel for Applicant Bank Sh. Hansraj Bairwa, Counsel for the Defendant No. 1 & 2 None for the Defendant No. 3 & 4

¶100

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 22(1) of Debts Recovery Tribunal Regulation 2024 and after verification place the same before the Tribunal.

¶101

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

OA No. 609 of 2025

27.04.2026

Counsel:

Sh. Vineet Sharma, Counsel for Applicant Bank Sh. Hansraj Bairwa, Counsel for the Defendant No. 1 & 2 None for the Defendant No. 3 & 4

¶107

The Tribunal vide order dated 27.04.2026 , directed the Registrar to verify the Recovery Certificate as per Regulation 22(1) of Debts Recovery Tribunal Regulation 2024.

¶108

The Registrar vide order dated 27.04.2026 verified the Recovery Certificate as per Regulation 22(1) of Debts Recovery Tribunal Regulation 2024. 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.

¶109

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

Icici Bank Limited v. M/S Swastika Granite and Minerals

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. M/S Swastika Granite and Minerals

Case brief

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What did the court decide?

What the court decided

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