Allowed

Icici Bank Limited v. Ms Nanded Tyres House

DRT21 Aug 2026OA/712/2025

Case brief

AI extract

What is this about?

In this ex-parte decree, the Debts Recovery Tribunal allowed a recovery application filed by ICICI Bank Limited. The court adjudicated a claim of over Rs. 2 crore against four respondents who secured loans but failed to repay, ordering payment of principal along with future interest at 9% p.a. secured by specific mortgaged properties.

What did the court decide?

Defendants ordered to pay Rs. 2,03,14,656.68 with future interest at 9% p.a.; mortgaged properties declared security; Recovery Certificate issued.

Icici Bank Limited versus Ms Nanded Tyres House — Contract and Commercial Disputes | DRT (2026)

¶1

Presented on: 09.10.2025 Registered on: 05.12.2025 Decided on: 21.08.2026 Duration: Y M D 00 10 12

¶2

IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Shri Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 712/2025

¶3

TOTAL CLAIM AMOUNT – Rs. 2,03,14,656.68/-

¶4

ICICI Bank Limited.,

¶5

A Company incorporated under the Companies Act, 1956 and licensed by the Reserve Bank of India under the Banking Regulation Act 1949 and having Corporate Office at ICICI Bank Towers, Bandra Kurla Complex, Bandra (East), Mumbai- 400051 and its branch office at ICICI Bank Ltd., Ram Ashish Building, Visawa Nagar, CTS No. 6395, House No. 1-15-1243, VIP Road, Nanded431602. Through Power of Attorney Holder Shri. Pravin Bhausaheb Gadekar, Age: 30 Years, Occu: Service, R/o: C/o. ICICI Bank Ltd., Cherikar Prestine, Plot No. 4, Opp. LIC Office, Bhagya Nagar, Adalat Road, Chh. Sambhajinagar- 431001.

¶6

… Applicant

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Mobile No.: 7276676703. E-mail: [email protected]

(OA No. 712-2025)

Page 1 of 14

[Ambadas]

Versus

M/s. Nanded Tyres House, … Defendants Through its Proprietor, Mr. Mujahed Javeed Shaikh, Age: 34 Years, Occ. : Business, R/o: S. No. 34, Plot No. 1, Near Khalifa Weigh Latur Road, Dhanegaon, Nanded- 43103. And also; R/o: H. No. 988, Nanded Tyre House, Jawahar Nagar, Village Tuppa, Dist. Nanded- 431603. PAN: BICPM2634K E-Mail: [email protected] And also; R/o: Plot No. 1 (Part), Survey No. 33, Milkar No. 4515, Mouje Dhanegaon, Tal. & Dist. Nanded- 431601. And also; R/o: New Survey No. 33,

(OA No. 712-2025)

Page 2 of 14

[Ambadas]

Old Survey No. 55, Mouje Dhanegaon, Tal. & Dist. Nanded- 431601. And also; R/o: Plot No. 20 (South Part), Survey No. 105/B/1, Hamara Ghar Gruh Nirman Sanstha, Mouje Dhanegaon, Tal. & Dist. Nanded- 431601. 2. Mr. Mujahed Javeed Shaikh, Age: 34 Years, Occ. : Business, R/o: H. No. 988, Nanded Tyre House, Jawahar Nagar, Village Tuppa, Dist. Nanded- 431603. PAN: BCIPM2634K. E-mail: [email protected] Also at;

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R/o: Plot No. 1 (Part), Survey No. 33, Milkar No. 4515, Mouje Dhanegaon, Tal. & Dist. Nanded- 431601.

¶18

And also;

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R/o: Plot No. 1 (Part), Survey No. 33, Milkar No. 4515, Mouje Dhanegaon,

(OA No. 712-2025)

Page 3 of 14

[Ambadas]

Tal. & Dist. Nanded- 431601. And also; R/o: New Survey No. 33, Old Survey No. 55, Mouje Dhanegaon, Tal. & Dist. Nanded- 431601. And also; R/o: Plot No. 20 (South Part), Survey No. 105/B/1, Hamara Ghar Gruh Nirman Sanstha, Mouje Dhanegaon, Tal. & Dist. Nanded- 431601. 3. Arsheen Jahan Kazi Nakhiyoddin, Age: Major, Occu: Bussiness/HomeMaker, R/o: Plot No. 20 (South Part), Survey No. 105/B/1, Hamara Ghar Gruh Nirman Sanstha, Mouje Dhanegaon, Tal. & Dist. Nanded- 431601. And also; R/o: Survey No. 194/6, Makaranpur, Opp. Sugar Factory, Aurangabad Dhule Road, Kannad, Dist. Chh. Sambhajinagar- 431103.

(OA No. 712-2025)

Page 4 of 14

[Ambadas]

And also; R/o: Survey No. 194/4, Opp. Kannad Sugar Factory, Kannad, Tal. Kannd, Dist. Chh. Sambhajinagar431103. 4. Mr. Jaleel Hussain Shaikh, Age: Major, Occu: Business, R/o: H. No. 1/3/301, Nai Abadi, Behind Masjid, Shivajinagar, Dist. Nanded- 431602. And also; R/o: Plot No. 1 (Part), Survey No. 33, Milkar No. 4515, Mouje Dhanegaon, Tal. & Dist. Nanded- 431601. And also; R/o: New Survey No. 33, Old Survey No. 55, Mouje Dhanegaon, Tal. & Dist. Nanded- 431601.

And also;

(OA No. 712-2025)

Page 5 of 14

[Ambadas]

R/o: Plot No. 20 (South Part), Survey No. 105/B/1, Hamara Ghar Gruh Nirman Sanstha, Mouje Dhanegaon, Tal. & Dist. Nanded- 431601.

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APPEARANCES For the Applicant Mr. Umesh N. Shete - Advocate For Defendants Ex-parte

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J U D G M E N T Delivered on (21.08.2026)

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The Applicant Bank has filed the present application for recovery of the sum of Rs. 2,03,14,656.68/- (Rs. Two Crore, Three Lakhs, Fourteen Thousand, Six Hundred Fifty-Six and Sixty-Eight Paisa Only) together with interest with monthly rests in respect of Credit Facility from 26.09.2025 till the full realization of the entire dues and costs from the Defendants.

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Brief facts of the application are as under:

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That the Defendants approached the Applicant Bank and requested for the sanction of Overdraft Credit facilities. Upon

(OA No. 712-2025)

Page 6 of 14

[Ambadas]

considering the Defendant’s representation, request and financial needs, the Applicant Bank sanctioned the Overdraft Credit Facility of Rs. 60,00,000/- (Rs. Sixty Lakhs Only) vide intimation letter dated 20.08.2022. Further, The Applicant Bank enhanced the Overdraft facilities of Rs. 78,00,000/- (Rs. SeventyEight Lakhs Only) vide intimation letter dated 06.12.2022, then again enhanced the Overdraft facilities of Rs. 1,80,00,000/-/(Rs. One Crore Eighty Lakhs Only) vide enhancement request letter dated 21.07.2023 then sanctioned the Working Capital Term Loan facilities under the Emergency Credit Line Guarantee Extension Schemes of Rs. 15,17,223/- vide sanction letter dated 04.03.2023 on certain terms & conditions.

¶42

The agreed rate of interest for the First Overdraft facilities was @9.50% p.a. with monthly rests, for the Second Overdraft facilities it was @10% p.a. with monthly rests and for the third Overdraft facilities it was @10% p.a. with monthly rests.

¶43

In order to secure the aforesaid credit facility, the Defendants executed loan documents in favour of the Applicant Bank namely

(OA No. 712-2025)

Page 7 of 14

[Ambadas]

sanction letter, demand promissory note, request letter, hypothecation agreement, letter of undertaking, mortgage deed etc.

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The Applicant Bank contended that, in order to secure the said loan facilities, the Defendant No. 2 executed Declaration of Mortgage by deposit of title deeds dated 20.08.2022, Declaration of Mortgage by deposit of title deeds dated 06.12.2022, Declaration of Mortgage by deposit of title deeds dated 27.07.2023 executed by Defendant Nos. 2 to 4, in respect of the following immovable properties in favour of the Applicant Bank:

¶49

Survey No. 33 Mouje Dhanegaon, Gram Panchayat Dhanegaon, Kilkat No.4515, Nanded-431603. Adm. 3000 Sq. Ft. (278.80 Sq. Mtr.)

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Four Boundaries as Under:East - Plot of Shaikh Mujahid Pi. Shaikh, West - Land Ad. Area 00. Hec. 9 R of Mahmad Imran & others, South – Land of Haji Abdul Hai & others, North – Nanded Latur Road.

(OA No. 712-2025)

Page 8 of 14

[Ambadas]

Plot No. 1 (Part), Old Survey No. 50, New Survey No. 33, Mouje- Dhanegaon, District Nanded. Adm. 2000 Sq. Ft. (185.92 Sq. Mtr.)

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Four Boundaries as Under:-

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East - Open Plot of Shaikh Javid,

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West - Remaining part of same Plot,

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South – Land of Abdul Hai,

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North – Nanded Latur Road.

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Plot No. 20 South Part, Old Survey No. 105/B/1,

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Hamara Ghar Gruh Nirman Sahakari Sanstha M,

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Dhanegaon, Tal. & Dist. Nanded. Adm. 1125 Sq. Ft. ( 104.55 Sq. Mtr.)

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Four Boundaries as Under:-

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East - 20 Ft. Wide Road,

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West - Plot No.29,

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South – Plot No.21,

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North – Remaining Part portion of Plot No.20 belong to Mr. Nisar Ahmad Pi. Mahmad Abdul Majid.

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The Applicant Bank further contended that the Defendants have failed to keep their promises and commitments agreed by them

(OA No. 712-2025)

Page 9 of 14

[Ambadas]

with regard to due repayment of the loan amount. The Defendants failed to operate the loan account properly and failed to pay the agreed rate of interest as per terms and conditions of the sanction letter. Thereafter the Applicant Bank repeatedly made demand of loan amount and called upon the Defendants to pay with the agreed rate of interest thereon, but the Defendants failed and neglected to pay the same. The loan account of the Defendants became irregular and classified as NPA on 30.03.2025. Therefore, the Applicant Bank issued legal notice to the Defendants through their Advocate. Despite service of Notice, the Defendants failed and neglected to repay the outstanding dues of the Applicant Bank. Hence, this application is filed.

¶73

Despite service, the defendants neither appeared nor filed WS. Hence, they proceeded ex-parte vide Order dated 07.07.2026.

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The Applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Mr. Pravin S/o. Bhausaheb Gadekar, Manager of the Applicant Bank and has produced on record the original loan

(OA No. 712-2025)

Page 10 of 14

[Ambadas]

transaction documents as per Exh. “AW-1/1” to “AW-1/34” along-with List of documents Exh.5, which corroborates the case of the Applicant Bank.

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I have heard arguments of the learned Advocate for the Applicant Bank.

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Since the Defendants failed to file written statement and did not contest the application, I find no reason to disbelieve the unrebutted evidence of the Applicant Bank. Therefore, the Applicant Bank is entitled for the reliefs as claimed.

¶81

The Applicant Bank has claimed future interest at @10% p.a. with monthly rests on loans from 26.09.2025 till the full realization of the entire dues and costs from the Defendants. However, considering the facts of the case, I am of the opinion that awarding future interest at @9% per annum (simple) on outstanding amount, it would be just and reasonable.

¶82

Hence, I pass the following order.

ORDER

(OA No. 712-2025)

Page 11 of 14

[Ambadas]

(A) Original Application No. 712/2025 is allowed with costs.

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(B) The Defendants shall pay Jointly and Severally to the Applicant Bank a sum of Rs. 2,03,14,656.68/- (Rs. Two Crore, Three Lakhs, Fourteen Thousand, Six Hundred Fifty-Six and Sixty-Eight Paisa Only) along-with future interest at @9% per annum (simple) from the date of filing of the Original Application, i.e., 09.10.2025, till full payment/ realization of the said amount.

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(C) The aforesaid adjudicated amount is secured by mortgage of immovable properties in favour of the Applicant Bank vide document Exh. AW-1/8, AW-1/9, AW-1/17, AW-1/24 and AW-1/29 in list of Documents Exh.5. The mortgage properties are described as follows:

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Survey No. 33 Mouje Dhanegaon, Gram Panchayat Dhanegaon, Kilkat No.4515, Nanded-431603. Adm. 3000 Sq. Ft. (278.80 Sq. Mtr.)

(OA No. 712-2025)

Page 12 of 14

[Ambadas]

Four Boundaries as Under:-

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East - Plot of Shaikh Mujahid Pi. Shaikh,

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West - Land Ad. Area 00. Hec. 9 R of Mahmad Imran

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& others,

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South – Land of Haji Abdul Hai & others,

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North – Nanded Latur Road.

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Plot No. 1 (Part), Old Survey No. 50, New Survey No. 33, Mouje- Dhanegaon, District Nanded. Adm. 2000 Sq. Ft. (185.92 Sq. Mtr.)

¶101

Four Boundaries as Under:-

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East - Open Plot of Shaikh Javid, West - Remaining part of same Plot, South – Land of Abdul Hai,

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North – Nanded Latur Road.

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Plot No. 20 South Part, Old Survey No. 105/B/1, Hamara Ghar Gruh Nirman Sahakari Sanstha M, Dhanegaon, Tal. & Dist. Nanded. Adm. 1125 Sq. Ft. ( 104.55 Sq. Mtr.)

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Four Boundaries as Under:-

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East - 20 Ft. Wide Road,

West - Plot No.29,

(OA No. 712-2025)

Page 13 of 14

[Ambadas]

South – Plot No.21,

North – Remaining Part portion of Plot No.20 belong

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to Mr. Nisar Ahmad Pi. Mahmad Abdul Majid.

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(D) The Applicant Bank is entitled to sell the mortgaged immovable properties and Hypothecated assets/ articles/goods etc., to recover its dues.

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(E) Issue Recovery Certificate accordingly.

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(F) The Registrar is directed to send the copy of the Judgment and Recovery Certificate to the applicant and Defendants.

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(G) File be consigned to the record room.

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Sd/-

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(Dr. J. R. Chauhan) Place : Aurangabad Presiding Officer Date : 21.08.2026 Debts Recovery Tribunal, Aurangabad

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(OA No. 712-2025)

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Page 14 of 14

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[Ambadas]

Icici Bank Limited v. Ms Nanded Tyres House

Case brief

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Icici Bank Limited v. Ms Nanded Tyres House

Case brief

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