Allowed

Icici Bank Limited v. Messrs Thind Builders and Another

DRT23 Jun 2026OA/699/2026

Case brief

AI extract

What is this about?

In an ex parte application under the RDB Act, the Tribunal allowed the bank's claim for recovery of an outstanding loan of Rs. 48 Lakhs. The court reduced the claimed interest rate to 8% p.a. and issued a recovery certificate.

What did the court decide?

Recovery of Rs. 48,04,578.00 with cost and simple interest at 8% p.a. Relief enforceable via SALE of hypothecated vehicles or attachment of personal assets. Recovery Certificate issued.

Icici Bank Limited versus Messrs Thind Builders and Another — Company and Corporate | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO. 699/2026

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 11.05.2026

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DATE OF DECISION: 23.06.2026

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ICICI Bank Limited, 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, Mumbai400051 and having branches all over India and one of its Branch Offices, situated at SCO No.132-134, Sector 9-C, Chandigarh, through its Authorized Signatory, Sh. Jatinder Mishra.

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……..Applicant

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Versus

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M/s Thind Builders, through its proprietor, S.C.O. No.11, 3rd Floor, Airport Road, Above Gagan Realtech Private Limited, Sector-66-A, Mohali, District SAS Nagar, Punjab-160059.

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Sh. Arsh Deep S/o Sh. Harish Chander, Proprietor M/s Thind Builders R/o 512, Block-B2, Wembley Society, Sector-91, Mohali, District SAS Nagar, Punjab-140308.

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2nd Address: Village Moran wala, Tehsil-Jalalabad, District Fazilka, Punjab-152024.

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.……Defendants

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Advocates:

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Argued by Sh. Rahul Garg, Advocate for applicant

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None for Defendants (already ex parte vide order dated 20.06.2026)

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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, against

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2 OA/ 699/2026 ICICI BANK LIMITED VS M/S THIND BUILDERS AND ANOTHER

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the defendants for recovery of Rs. 48,04,578.00 (Rupees Forty Eight Lacs Four Thousand Five Hundred Seventy Eight Only). The Original Application has been filed through Sh. Jatinder Mishra, Authorised Representativ e, of 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 no. 1 through its proprietor defendant no. 2, approached the applicant for Term Loan of Rs. 19,79,900.00 for purchase of vehicle vide Application Form dated 08.06.2023, which is Annexure A2 to this OA.

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Thereafter, the defendant no. 1 through its proprietor defendant no. 2, again approached the applicant for Term Loan of Rs. 39,50,000.00 for purchase of commercial vehicle vide Application Form, which is Annexure A6 to this OA.

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The applicant sanctioned the Term Loan of Rs. 19,79,900.00 for purchase of vehicle vide Credit Facility Application Form dated 09.06.2023, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants.

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Thereafter, the applicant sanctioned the Term Loan of Rs. 39,50,000.00 for purchase of commercial vehicle vide Credit Facility Application Form dated 04.12.2023, which is Annexure A8 to this OA. 4. Defendants hypothecated their vehicles as under: i. ISUZU V Cross 2WD, bearing Registration no. CH01CQ3094, Engine no. AAE821, Chassis no. M3GTGR876NB800243 vide Deed of Hypothecation dated 09.06.2023, which is Annexure A4 to this OA; Form of Particulars, which is Annexure A5 to this OA; ii. Ashok Layland 2825, bearing Engine no. PFPZ132484, Chassis no. MB1H3LHD2PPFX8830 vide Deed of Hypothecation dated 04.12.2023, which is Annexure A9 to this OA; Tax Invoice dated 28.11.2023, which is Annexure A7 to this OA; As per OA, the said vehicle has not been registered with Registration Authority. Documents executed: Loan Recall Notice dated 07.02.2025, which is Annexure A10 to this OA; Loan Recall Notice dated 16.02.2026, which

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3 OA/ 699/2026

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ICICI BANK LIMITED VS M/S THIND BUILDERS AND ANOTHER

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is Annexure A11 to this OA; Statement of Accounts, which are Annexures A12 & A13 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. 48,04,578.00 (Rupees Forty Eight Lacs Four Thousand Five Hundred Seventy Eight 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 summons to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte vide order dated 20.06.2026.

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In support of the OA, affidavit of Sh. Jatinder Mishra, Authorised Representativ e, ICICI Bank Limited, has been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned counsel for applicant 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 A13 to this OA, it is proved that the defendant no. 1 through its proprietor defendant no. 2 approached applicant for availing of the loan facilities, which were granted to them. They had executed all the relevant documents in favour of the applicant. The defendants failed to pay back the loans as per terms and conditions of the agreement between the parties. Subsequently, both the accounts of the defendants were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs. 48,04,578.00 (Rupees Forty Eight Lacs Four Thousand Five Hundred Seventy Eight 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 pendent elite and future rate of interest is concerned, the applicant has claimed interest @24.00%p.a. in both the loan accounts with monthly rests from 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

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4 OA/ 699/2026 ICICI BANK LIMITED VS M/S THIND BUILDERS AND ANOTHER

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crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the hypothecated vehicles, undertaking of the defendants, 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 @8.00% p.a. in both 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 defendants are liable to pay to the applicant a total sum of Rs.48,04,578.00 (Rupees Forty Eight Lacs Four Thousand Five Hundred Seventy Eight Only), jointly and severally, with costs, current and future simple interest @8.00% p.a. in both 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 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 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 08.07.2026 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: 23.06.2026

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

Icici Bank Limited v. Messrs Thind Builders and Another

Case brief

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Icici Bank Limited v. Messrs Thind Builders and Another

Case brief

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