DT-1, Chandigarh allowed ICICI Bank Limited's application for recovery of a term loan of ₹32.01 lakhs plus interest against the defendants, who proceeded ex parte, and directed the issuance of a Recovery Certificate.
Recovery of ₹32,01,103/ plus interest; Recovery Certificate issued; Direction to Recovery Officer regarding sale proceeds distribution.
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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 73/2022 Date of Institution: 29.12.2021 Date of Decision: 19.02.2026
ICICI Bank Limited having its branches all over India and a branch at SCO 143, A City Emporium Mall, Industrial Area, Phase-I, Chandigarh.
……..Applicant
……….Defendants
Advocates
Sh. Dipti Toni, Counsel for the applicant bank. Defendants - ex parte vide order dated 20.01.2026 .
OA for the Recovery of ₹32,01,103/- with interest @10.26% per annum with yearly rests from 29.12.2021. ORDER
2
| put in appearance. Vide order dated 20.01.2026, they were proceeded_ex_ parte. |
|---|
| 4. In order to prove its case, the Bank has placed on record the |
| affidavit of Mr. Mohammad Vajid, Legal Manager along with the loan and security documents and marked them as Exhibit A-1 to A-9. |
| 5. I have perused the evidence on the record. I am of the considered |
| view that the Bank has proved its case that it had advanced the loan of |
| ₹33.64 Lacs and on 09.09.2021, a sum of ₹32,01,103/- was due. |
| 6. Accordingly, the application of the bank for the recovery of |
| ₹32,01,103/- (Rupees Thirty Two Lacs One Thousand One Hundred |
| Three Only) with interest @10.26% per annum with yearly rests from |
| 29.12.2021, till the date of payment is hereby allowed with costs. The |
| liability of both the defendants would be joint and several. Bank can |
| recover its dues by the sale of mortgaged land fully detailed in para |
| No.5.2 of the application as well as from the personal movable and |
| immovable property(ies) of the defendants. |
| 7. Pending IAs, if any, stand disposed of. |
| 8. Recovery Certificate be issued accordingly. |
| 9. Parties are directed to appear before Recovery Officer on |
| **01.04.2026,**who is directed to distribute the sale proceeds of the |
| hypothecated vehicle as per the provisions of Section 19(20-AB) of the |
| Act**.** |
| 10. A Copy of this order along with Recovery Certificate be sent to |
| the Recovery Officer as well as the parties. |
| Pronounced in the open Court. (A S Narang) Dated: 19.02.2026 Presiding Officer DRT-1, Chandigarh MANOJ KALRA |
2 issues framed by the court
Whether the application for recovery of the outstanding loan amount along with interest and costs should be allowed.
Whether the Recovery Officer should be directed to distribute the sale proceeds of the hypothecated vehicle as per the Act.
2 provisions across 1 enactments
ICICI Bank Limited
Satwant Singh s/o Sh. Sukhwinder Singh
Sharanjeet Kaur
A S Narang
As recorded by the court registry
2 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
