Allowed

Icici Bank Limited v. Sh. sahil Nangla

DRT9 Jun 2026OA/631/2026

Case brief

AI extract

What is this about?

Debts Recovery Tribunal, Chandigarh allowed an original application filed by ICICI Bank Ltd. against a borrower for recovery of outstanding loan dues. The court declined the claimed 24% interest, exercising discretion to grant simple interest at 8% p.a. from the date of filing, and ordered the issuance of a recovery certificate.

What did the court decide?

Ordered declaration that defendant liable to pay Rs. 1,08,46,693.00 with costs and simple interest @08% p.a. Issued Recovery Certificate.

Icici Bank Limited versus Sh. sahil Nangla — Contract and Commercial Disputes | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.631/2026

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 28.04.2026

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DATE OF DECISION: 09.06.2026

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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 Towers, 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 no. 132-133, Sector 9C, Chandigarh through its Authorized Signatory, Sh. Jatinder Mishra

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……..Applicant Versus Sh. Sahil Nangla, S/o Sh. Ashok Kumar, Proprietor M/S Nangla Traders, R/o Plot no. 51, Top Floor, Divine Eco City, Aadarsh Nagar, Near Landran Road, Sector- 115, Kharar, District SAS Nagar, Punjab140307

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2^nd Address: C/o M/S Nangla Traders through its Proprietor, Near TM Engineering Works, Village Saheri, Near Sugar Mill, Morinda, District Rupnagar, Punjab- 140101

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3^rd Address: House no. 264, Near Balmik Mandir, Village Rajjipur, Tehsil Kalka, District Panchkula, Haryana- 133302

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……….Defendant

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Advocates:

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Argued by Sh. Gaurav Thakur, Advocate proxy for Sh. Rahul Garg, Advocate for applicant

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None for defendant (already ex-parte vide order dated 06.06.2026)

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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,

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2 OA NO. 631/2026 ICICI BANK LIMITED VS. SAHIL NANGLA

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against the defendant for recovery of Rs. 1,08,46,693.00 (Rupees One Crore Eight Lacs Forty Six Thousand Six Hundred Ninety Three Only). The Original Application has been filed through Sh. Jatinder Mishra, Authorized Signatory o f the applicant, who is competent to institute the Original 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 defendant approached the applicant for grant of Commercial Vehicle Loan of Rs. 46.00 Lacs vide Application Form, which is Annexure A2 to this OA. Thereafter, defendant approached the applicant for grant of Commercial Vehicle Loan of Rs. 48.15 Lacs vide Application Form, which is Annexure A6 to this OA. Thereafter, defendant again approached the applicant for grant of Commercial Vehicle Loan of Rs. 17,48,995.00 vide Credit Facility Application Form dated 07.09.2023, which is Annexure A10 to this OA. Thereafter, defendant approached the applicant for grant of Commercial Vehicle Loan of Rs. 51.75 Lacs vide Application Form, which is Annexure A14 to this OA.

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The applicant sanctioned Commercial Vehicle Loan of Rs. 46.00 Lacs vide Credit Facility Application Form dated 03.03.2023, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendant. Thereafter, the applicant sanctioned Commercial Vehicle Loan of Rs. 48.15 Lacs vide Credit Facility Application Form dated 25.08.2023, which is Annexure A7 to this OA. Thereafter, the applicant sanctioned Commercial Vehicle Loan of Rs.17,48,995.00 vide Credit Facility Application Form dated 07.09.2023, which is Annexure A11 to this OA. Thereafter, the applicant sanctioned Commercial Vehicle Loan of Rs. 51.75 Lacs vide Credit Facility Application Form dated 25.04.2024, which is Annexure A15 to this OA.

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Defendant hypothecated his Commercial Vehicles namely: i. Tata Signa 3530 bearing Registration no. PB65BH9841, Engine no. B67B6A250D06232A64262404 and Chassis no.

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OA NO. 631/2026 ICICI BANK LIMITED VS. SAHIL NANGLA

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MAT777012P3A01624 vide Virtual RC, which is Annexure A5 to this OA;

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ii. Tata Signa 5530.S BSVI 4X2 bearing Registration no. PB65BF6441, Engine no. B67B62300D02132G64312392 and Chassis no. MAT828045P3G22148 vide Virtual RC, which is Annexure A9 to this OA; iii. Scorpio Classic S11 MT 7S CC bearing Registration no. PB27K4100, Engine no. YSP4J68555 and Chassis no. MA1TA2YS2P2J200039 vide Virtual RC, which is Annexure A13 to this OA;

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iii.

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iv. Tata Signa 3525 bearing Registration no. PB65BD9841, Engine no. B6.7B62300D03142C64369654 and Chassis no. MAT569002R3C07411 vide Virtual RC, which is Annexure A17 to this OA.

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Documents executed: Deeds of Hypothecation dated 03.03.2023, 25.08.2023, 07.09.2023 and 25.04.2024, which are Annexure A4, A8, A12 and A16 to this OA; Loan Recall Notices dated 15.03.2025 and 03.10.2025, which are Annexure A18 to A20 and Statement of Accounts, which are Annexure A21 to A24 to this OA.

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The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in loan accounts there was a debit of Rs. 1,08,46,693.00, which is recoverable and the defendant was served recall notices but he did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly. 6. The defendant was served summons to appear before this Tribunal but no one appeared on behalf of defendant and he was proceeded ex-parte vide order dated 06.06.2026.

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In support of the OA, affidavit of Sh. Jatinder Mishra, Authorized Signatory, ICICI Bank Limited h as been filed. 8. Heard ex-parte arguments and perused record.

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4 OA NO. 631/2026 ICICI BANK LIMITED VS. SAHIL NANGLA

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It was argued by learned proxy counsel 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 Annexure A1 to A24 to this OA, it is proved that the defendant approached applicant for availing of the loan facilities which were granted to him and for that he had executed all the relevant documents in favour of the bank. The defendant failed to pay back the loans as per terms and conditions of the agreement between the parties. Subsequently, accounts of the defendant were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.1,08,46,693.00 (Rupees One Crore Eight Lacs Forty Six Thousand Six Hundred Ninety Three Only) along with interest from the defendant 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 @24%p.a. w.e.f. 07.03.2026 till the realization. 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 hypothecated vehicles, undertaking of the defendant, quantum of loans 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 all the loan accounts from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly. 11. In the result, the application is allowed declaring that the defendant is liable to pay to the applicant a total sum of Rs.1,08,46,693.00 (Rupees One Crore Eight Lacs Forty Six Thousand Six Hundred Ninety Three Only) with costs, current and future simple

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5 OA NO. 631/2026 ICICI BANK LIMITED VS. SAHIL NANGLA

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interest @08.00% p.a. in all the loan accounts 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 hypothecated vehicles of the defendant 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 defendant. The applicant is at liberty to enforce the claim through due process of law. 12. Any other application pending stands disposed of. 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 23.06.2026. 15. Copy of this order be given dasti to the applicant and be sent to defendant through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned. Pronounced by me in the open Tribunal . Dated: 09.06.2026 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. Sh. sahil Nangla

Case brief

What is this about?

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Icici Bank Limited v. Sh. sahil Nangla

Case brief

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