Allowed

Icici Bank Limited v. Sh. Jatinder Singh and Others

DRT25 Feb 2026OA/735/2025

Case brief

AI extract

What is this about?

Debt Recovery Tribunal allowed an original application filed by ICICI Bank against three borrower defendants for recovery of a defaulting loan. The Tribunal confirmed the debt, granted permission for recovery via sale of secured and personal assets, fixed interest at 8% p.a., and issued a Recovery Certificate.

What did the court decide?

Recovered sum of Rs. 37,54,987.23 with costs and simple interest at 8% p.a.; Recovery Certificate issued; liberty to enforce via sale of assets.

Icici Bank Limited versus Sh. Jatinder Singh and Others — Insurance | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.735/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 07.06.2025

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DATE OF DECISION: 25.02.2026

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ICICI Bank Ltd., company incorporated under the Companies Act, 1956 and a Banking Company within the meaning of Banking Regulation Act, 1949, and is having its Registered Office at Land Mark, Race Course Circle, Vadodara-390007 and inter alia having branch at Garg Plaza, Opposite Anaz Mandi, Jakhal Road, Patran, Patiala, Punjab147105, also having Regional Office at SCO 132-133-134, Sector 9C, Chandigarh-160017, through its Manager and Authorized Signatory Sh. Jatinder Mishra

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……..Applicant

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Versus

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Sh. Jatinder Singh S/o Sh. Jagtar Singh, R/o 111, Dera Gobindpur, Village Shutrana, Tehsil Patran, District Patiala, Punjab-147105

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Smt. Prabjot Kaur W/o Sh. Jatinder Singh, R/o 111, Dera Gobindpur, Village Shutrana, Tehsil Patran, District Patiala, Punjab-147105

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Sh. Jagtar Singh S/o Sh. Swaran Singh, R/o 111, Dera Gobindpur, Village Shutrana, Tehsil Patran, District Patiala, Punjab-147105

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…….Defendants

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Advocates:

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Argued by Sh. Himendra Pal Singh, Advocate for the applicant (through VC)

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Defendants already ex parte vide order dated 09.01.2026

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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/735/2025 ICICI BANK VS. JATINDER SINGH AND ANOTHER

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against the defendants for recovery of Rs.37,54,987.23 (Rupees Thirty Seven Lacs Fifty Four Thousand Nine Hundred Eighty Seven and Paise Twenty Three Only). The Original Application has been filed through Sh. Jatinder Mishra , Authorized Representative 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 nos. 1 to 3 approached the applicant for the grant of KCC limit of Rs.17.00 Lacs vide Credit Facility application form dated 06.11.2017, which is Annexures A2 to this OA. Defendant No.4 stood as guarantor. Thereafter, the defendant nos. 1 to 3 approached the applicant for enhancement of the limit of Rs.47.00 Lacs vide preliminary application form and Credit Facility application form, both dated 14.02.2023, which are Annexures A7 and A8 to this OA.

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The applicant sanctioned KCC Limit of Rs.16.25 Lacs for 1^st year and to be enhanced to Rs.23.79 Lacs in the 5^th year vide Sanction letter dated 08.12.2017, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants. Thereafter, the limit was enhanced by the applicant to Rs.49.90 Lacs vide intimation letter dated 22.02.2023, which is Annexure A9 to this OA and terms and conditions were duly accepted by the defendants. Most important terms and conditions, which is Annexure A10 to this OA.

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Defendant nos. 1 to 3 mortgage their immovable property i.e. Land measuring 96Kanal-00Marla situated at Village Shutrana and Rampur Parta, Tehsil Patran, District Patiala, Punjab vide declaration dated 20.11.2017 and 27.02.2023 u/s 4(1) of Punjab Agricultural Credit Operations and Miscellaneous Provisions (Banks) Act, 1978 Act, 1978, which are Annexures A5 and A13 to this OA; Letter to Sub–

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3 OA/735/2025 ICICI BANK VS. JATINDER SINGH AND ANOTHER

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Registrar dated 20.11.2017 and 27.02.2023 for creation of charge,

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which are Annexures A6 and A14 to this OA.

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Documents executed: Deed of Hypothecation dated 08.12.2017 which is Annexure A4 to this OA; Deed of Hypothecation dated 24.02.2023 which is Annexure A11 to this OA; Deed of Guarantee dated 27.02.2023, which is Annexure A12 to this OA; Notice dated 11.11.2024, with postal receipts dated 13.11.2024, which are Annexures A15 and A16 to this OA; Statement of account, which is Annexure A17 to this OA.

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The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs.37,54,987.23 which is recoverable and the defendants were 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.

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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 vide order dated 09.01.2026.

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In support of the OA, affidavit of Sh. Jatinder Mishra, Authorized Representative, ICICI Bank Limited has been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned counsel through video conferencing 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 A18 to this OA, it is proved that the defendants approached applicant for availing of the loan facility 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 conditions of the agreement between the parties. Subsequently, account of the defendants was classified as

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OA/735/2025 ICICI BANK VS. JATINDER SINGH AND ANOTHER

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NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.37,54,987.23 (Rupees Thirty Seven Lacs Fifty Four Thousand Nine Hundred Eighty Seven and Paise Twenty Three Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the accounts.

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In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @11%p.a. with 2% penal interest from 01.11.2024 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 mortgaged property/hypothecated assets, 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 @8.00%p.a. 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.37,54,987.23 (Rupees Thirty Seven Lacs Fifty Four Thousand Nine Hundred Eighty Seven and Paise Twenty Three Only) with costs, current and future simple interest @8.00%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 assets/mortgaged properties 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

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5 OA/735/2025 ICICI BANK VS. JATINDER SINGH AND ANOTHER

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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 12.03.2026. 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: 25.02.2026. (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. Sh. Jatinder Singh and Others

Case brief

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Icici Bank Limited v. Sh. Jatinder Singh and Others

Case brief

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