Allowed

Icici Bank Limited v. Sh. Vikas Garg

DRT29 Jul 2026OA/763/2026

Case brief

AI extract

What is this about?

A Debt Recovery Tribunal allowed an application by ICICI Bank Limited against Sh. Vikas Garg for recovery of an outstanding loan amount of Rs.41,05,708.00 and directed the issuance of a recovery certificate.

What did the court decide?

Recovery of Rs.41,05,708.00 with costs and simple interest at 8% p.a. via issuance of recovery certificate.

Icici Bank Limited versus Sh. Vikas Garg — Contract and Commercial Disputes | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO. 763/2026

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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: 29.07.2026

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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, Gujarat-390007 and having branches all over India and one of its branch offices situated at ICICI Bank Limited, Feroze Gandhi Market, District Ludhiana, Punjab, through its Authorized Signatory, Sh. Jatinder Mishra.

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.…..Applicant

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Sh. Vikas Garg S/o Sh. Surinder Kumar Garg, R/o H. No. 385, Block D, Rajinder Estate, District Moga-142002 (Punjab).

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2nd Address: Sh. Vikas Garg S/o Sh. Surinder Kumar Garg, R/o Rajiv Hospital, Anesthetic Department, Ferozepur Road, District Moga-142001 (Punjab).

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………. Defendant

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Advocates:

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

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None for Defendant (Already ex parte vide order dated 27.07.2026)

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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 defendant for recovery of Rs.41,05,708.00 (Rupees Forty One Lac Five Thousand Seven Hundred Eight Only). The Original Application has been filed through Sh. Jatinder Mishra, Authorized Signatory, of the applicant, who is competent to institute the Original Application vide Power of

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2 OA/763/2026 ICICI BANK LIMITED VS SH. VIKAS GARG

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Attorney of Bank Official 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 approached the applicant for grant of Personal Loan of Rs.10.00 Lacs and Rs.34.75 Lacs vide Loan Application Form dated 10.02.2020 and 30.04.2022, which are Annexures A2 & A3 to this OA.

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The applicant sanctioned the Personal Loan of Rs.10.00 Lacs and Rs.34.75 Lacs vide Credit Facility Application Form dated 19.02.2022 and 11.05.2022, which are Annexures A4 & A5 to this OA and the terms and conditions were duly accepted by the defendant.

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Documents executed : Photocopy of PAN Card, which is Annexure A6 to this OA; Loan Recall Notice along with Dispatched Proof dated 24.01.2024, which is Annexure A7 to this OA; Statement of Account along with Certificate under Bankers' Books Evidence Act, which are Annexures A8 & A9 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.41,05,708.00 (Rupees Forty One Lac Five Thousand Seven Hundred Eight Only), which is recoverable and the defendant was 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. 6. The defendant was served summons to appear before this Tribunal and after the service of summons, Sh. Ishaan Mathur, Advocate proxy for Sh. Rohit Thakur, Advocate on behalf of defendant, appeared and filed Memo of Appearance of Sh. Rohit Thakur on 13.07.2026. Thereafter, None appeared on behalf of defendant and no Power of Attorney was filed, Therefore, defendant was proceeded ex-parte vide order dated 27.07.2026.

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In support of the OA, affidavit of Sh. Jatinder Mishra, Authorized Signatory, ICICI Bank Limited, has been filed. 8. Heard ex-parte arguments and perused record.

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3 OA/763/2026 ICICI BANK LIMITED VS SH. VIKAS GARG

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It was argued by learned proxy 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 A9 to this OA, it is proved that the defendant approached applicant for availing of the loan facilities, which were granted to him and for that he had executed all the relevant documents in favour of the bank. The defendant failed to pay back the loans as per terms and conditions of the agreement between the parties. Subsequently, both the accounts of the defendant were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.41,05,708.00 (Rupees Forty One Lac Five Thousand Seven Hundred Eight Only), along with interest from the defendant, 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 in relief clause has claimed interest @13.50% p.a. along with 2%p.a. penal interest with monthly rests from 06.03.2026 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 undertaking of the defendant, 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 @08.00%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.

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In the result, the application is allowed declaring that the defendant is liable to pay to the applicant a total sum of Rs.41,05,708.00 (Rupees Forty One Lac Five Thousand Seven Hundred Eight Only), with costs, current and future simple interest @08.00%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

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OA/763/2026 ICICI BANK LIMITED VS SH. VIKAS GARG

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amount by attachment and sale of personal assets of the defendant. 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 13.08.2026 15. Copy of this order be given dasti to the applicant and be sent to defendant 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 .

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Dated:29.07.2026

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

Icici Bank Limited v. Sh. Vikas Garg

Case brief

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Icici Bank Limited v. Sh. Vikas Garg

Case brief

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