Allowed

Icici Bank Limited v. Smt. Harsharan Kaur and Another

DRT27 Mar 2026OA/647/2025

Case brief

AI extract

What is this about?

This DRT order, heard ex-parte, allowed a recovery application filed by ICICI Bank Ltd. against defendants who defaulted on a car loan. The Tribunal accepted the claim of Rs. 36 Lakhs plus interest, ordered an eight percent simple interest rate, and granted a recovery certificate for execution against the hypothecated vehicle.

What did the court decide?

Recovery of Rs.36,71,961/- plus simple interest at 8% p.a.; recovery certificate issued.

Icici Bank Limited versus Smt. Harsharan Kaur and… — Contract and Commercial Disputes | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.647/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 21.05.2025

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DATE OF DECISION: 27.03.2026

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ICICI Bank Ltd. having its Registered Office near Chakli Circle, Old Padra Road, Vadodara- 390007, Gujarat, inter alia having a Bank Branch at Feroze Gandhi Market, Ludhiana, Punjab through its Authorized Representative, Sh. Jatinder Mishra, Manager

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…..Applicant

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Versus

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Smt. Harsharan Kaur, W/o Sh. Ranbir Singh, R/o Ghiniwala,

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Ferozepur Canal Colony, Ferozepur- 152003

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Sh. Simranbir Singh Deol, S/o Sh. Ranbir Singh Deol, R/o Ghiniwala, Ferozepur Canal Colony, Ferozepur- 152003

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…Defendants Advocates:

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Argued by Sh. J.S. Sehgal, Advocate for applicant

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Defendants already ex parte vide order dated 12.03.2026

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FINAL ORDER

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Present Original Application was instituted by the applicant bank under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, against the defendants for recovery of Rs.36,71,961/- (Rupees Thirty Six Lacs Seventy One Thousand Nine Hundred Sixty One Only). The Original Application has been filed through Sh. Jatinder Mishra, Manager 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 defendants approached the applicant for grant of Car Loan of Rs. 35.00 Lacs vide Preliminary Credit Facility Application Forms, which are Annexure A2 and Annexure A3 to this OA.

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2 OA NO.647/2025 ICICI BANK LTD. VS. HARSHARAN KAUR AND ANOTHER

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The applicant sanctioned the Loan of Rs. 35.00 Lacs vide Credit Facility Application Form dated 27.05.2022, which is Annexure A4 to this OA. 4. Defendants hypothecated their Used Commercial Vehicle namely “BMW 520D Luxury Line W Automatic” bearing Engine no. 0111Y196, Chassis no. WBAJC3708KWA12206, Registration no.CH01CF9537 vide Deed of Hypothecation dated 27.05.2022 and FOP, which are Annexure A5 and A6 to this OA.

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Documents executed : - Statement of Account and Foreclosure Statement with certificate, which are Annexure A7 and Annexure A8 to this OA and Notice dated 05.08.2024 along with postal receipts, which are Annexures A9 to A12 to this OA.

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The account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs.36,71,961/- (Rupees Thirty Six Lacs Seventy One Thousand Nine Hundred Sixty One Only) 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 notices to appear before this Tribunal, but no one appeared on behalf of defendants and they were proceeded ex-parte on 12.03.2026. 7. In support of the OA, affidavit of Sh. Jatinder Mishra, Manager, ICICI Bank Ltd. h as been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned counsel that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexures A1 to A12 to this OA, it is proved that the defendants approached applicant for grant of Car Loan 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

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3 OA NO.647/2025 ICICI BANK LTD. VS. HARSHARAN KAUR AND ANOTHER

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conditions of the agreement between the parties. Subsequently, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.36,71,961/- (Rupees Thirty Six Lacs Seventy One Thousand Nine Hundred 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. 10. In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @13.51%p.a. plus 2% penal with monthly rests from the date of filing of the application 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 hypothecated vehicle, 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 uniform 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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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.36,71,961/- (Rupees Thirty Six Lacs Seventy One Thousand Nine Hundred Sixty One Only) with costs, jointly and severally, 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 hypothecated vehicle of the defendants 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

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4 OA NO.647/2025 ICICI BANK LTD. VS. HARSHARAN KAUR AND ANOTHER

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assets of the defendants. 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 17.04.2026. 15. 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. Pronounced by me in the open Tribunal . Dated: 27.03.2026

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(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. Smt. Harsharan Kaur and Another

Case brief

What is this about?

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Icici Bank Limited v. Smt. Harsharan Kaur and Another

Case brief

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