Allowed

Icici Bank Limited v. Sh. Suliender Singh and Others

DRT25 Aug 2026OA/744/2026

Case brief

AI extract

What is this about?

The Tribunal allowed an ex-parte Original Application filed by ICICI Bank Ltd. for recovery of a defaulted agricultural loan of over Rs. 32 lacs. The court directed realization through sale of mortgaged property and issuance of a Recovery Certificate.

What did the court decide?

Direct recovery of Rs. 32,55,742.00 with interest at 8% p.a.; issue of Recovery Certificate; liberty to enforce claim through sale of mortgaged and personal assets.

Icici Bank Limited versus Sh. Suliender Singh and Others — Banking and Recovery | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.744/2026

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 20.05.2026

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DATE OF DECISION: 25.08.2026

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ICICI Bank Ltd., 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, Gujarat - 390007 and having branches all over India and one of its Branch Offices situated at ICICI Bank Ltd., Derabassi, District S.A.S. Nagar, Mohali, Punjab through its Authorized Signatory Sh. Jatinder Mishra.

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……..Applicant

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Versus

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Sh. Suliender Singh S/o Sh. Ajaib Singh, R/o Village Sarsini, Derabassi, District S.A.S. Nagar, Mohali - 140501, Punjab.

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Smt. Karnail Kaur W/o Sh. Suliender Singh, R/o Village Sarsini, Derabassi, District S.A.S. Nagar, Mohali - 140501, Punjab.

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Sh. Ajaib Singh S/o Sh. Deepak Singh, R/o Village Sarsini, Derabassi, District S.A.S. Nagar, Mohali - 140501, Punjab.

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Sh. Satwinder Singh S/o Sh. Baldev Singh, R/o Village Sarsini, Derabassi, District S.A.S. Nagar, Mohali - 140501, Punjab.

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…….. Defendants

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Advocates:

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Argued by Sh. Gurnam Singh, Advocate proxy for Sh. Rajiv Sharma, Advocate for the applicant (through VC)

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None for defendants (Already ex-parte vide order dated 18.08.2026).

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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 & Bankruptcy Act 1993, against the defendants for recovery of Rs.32,55,742.00 (Rupees Thirty Two Lacs Fifty Five Thousand Seven Hundred and Forty Two Only). The

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2 OA NO.744/2026 ICICI BANK LTD. VS SH. SULIENDER SINGH AND OTHERS

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Original Application has been filed through Sh. Jatinder Mishra, Authorized Signatory 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 grant of Kisan Credit Card Limit of Rs.35,00,000.00 vide Credit Facility Application Form, dated 27.07.2015, which is Annexure A2 to this OA. 3. The applicant sanctioned the Kisan Credit Card Limit of Rs.32,21,000.00 vide Sanction Letter, dated 25.08.2015, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants. Defendant no. 4 stood as guarantor. 4. Defendant nos. 1 & 3 mortgaged their Immovable Property i.e., Total Land measuring 22 Bighas 00 Biswa as per Jamabandi for the year 2012-2013, situated at Village Sarsini, Hadbast No. 153, Derabassi, District SAS Nagar, Mohali, Punjab, vide Request Letter for creation of charge on Land in favour of bank along with declaration u/s 4(1), dated 21.08.2015, which is Annexure A6 to this OA. Documents executed: Hypothecation Deed, Deed of Guarantee, both dated 25.08.2015, which are Annexures A4 & A5 to this OA; Recall Notice, dated 12.08.2025, along with postal receipts, which is Annexure A7 to this OA; Statement of Account, along with certificate, which is Annexure A8 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 the loan account there was a debit of Rs.32,55,742.00, 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. 6. The defendants were served summons to appear before this Tribunal, but no one appeared on behalf of the defendants and they were proceeded ex-parte vide order dated 18.08.2026.

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3 OA NO.744/2026 ICICI BANK LTD. VS SH. SULIENDER SINGH AND OTHERS

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In support of the OA, affidavit of Sh. Jatinder Mishra, Authorized Signatory, ICICI Bank Ltd. has been filed.

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Heard ex-parte arguments and perused record.

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It was argued by learned proxy counsel for applicant through video conferencing 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 A8 to this OA, it is proved that the defendant nos. 1 to 3 a pproached applicant for availing of loan facility which was granted to them, defendant no. 4 stood as guarantor 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, loan account was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.32,55,742.00 (Rupees Thirty Two Lacs Fifty Five Thousand Seven Hundred and Forty Two 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 @12.00%p.a. with yearly rests 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, 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 simple interest @8.00%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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4 OA NO.744/2026 ICICI BANK LTD. VS SH. SULIENDER SINGH AND OTHERS

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant sum of Rs.32,55,742.00 (Rupees Thirty Two Lacs Fifty Five Thousand Seven Hundred and Forty Two Only), jointly and severally, 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 mortgaged property of defendant nos. 1 & 3 i n 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.

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12. Any other application pending stands disposed of .

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Issue Recovery Certificate accordingly.

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Parties to appear before Learned Recovery Officer of this Tribunal on 09.09.2026.

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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.

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Pronounced by me in the open Tribunal .

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Dated: 25.08.2026

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(MRIDULESH KUMAR SINGH)

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Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. Sh. Suliender Singh and Others

Case brief

What is this about?

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Icici Bank Limited v. Sh. Suliender Singh and Others

Case brief

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What did the court decide?

What the court decided

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