Allowed

Icici Bank Limited v. Sh. Nirmal Singh and Others

DRT6 Mar 2026OA/802/2025

Case brief

AI extract

What is this about?

The Tribunal allowed an Original Application filed by ICICI Bank Ltd. for recovering Rs. 33,35,726.00 from four respondents (one borrower and three guarantors) who failed to repay a KCC loan. An ex-parte order granted recovery of dues and finalized interest at 08% p.a.

What did the court decide?

Recovery of Rs. 33,35,726.00 jointly and severally with simple interest @08% p.a. from filing date till realization, recoverable from mortgaged assets or personal assets.

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

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.802/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 02.06.2025

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DATE OF DECISION: 06.03.2026

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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-390007 and its Corporate Office at ICICI Bank Towers, Bandra Kurla Complex, Mumbai - 400051 and having branches all over India and one of its branch offices situated at SCO 132-133-134, Sector 9 C, Chandigarh-160017 through its Authorised Signatory Sh. Jatinder Mishra.

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……..Applicant

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Versus

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Sh. Nirmal Singh S/o Sh. Mukhtar Singh, R/o H. No135, Village Kalie Wala, Tehsil and District Moga, Punjab-142048.

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Sh. Jag Mohan Singh S/o Sh. Nirmal Singh, R/o H.No.23, Village Kalie Wala, Tehsil and District Moga, Punjab-142048.

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Sh. Mukhtiar Singh S/o Sh. Ratan Singh, R/o H.No. 135, Village Kalie Wala, Tehsil and District Moga, Punjab-142048.

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Sh. Charanjeet Singh S/o Sh. Kehar Singh, R/o Village Kalie Wala, Tehsil and District Moga, Punjab-142048.

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.……Defendants

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Advocates:

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Present by Sh. Manav Singal, Advocate for applicant

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Defendants already ex parte vide order dated 27.01.2026

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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, against the defendants for recovery of Rs.33,35,726.00 (Rupees Thirty Three Lacs Thirty Five Thousand Seven Hundred Twenty Six Only). The Original Application has been filed through Sh. Jatinder Mishra, Authorized Signatory of the applicant, who is competent to institute

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2 OA/802/2025 ICICI BANK LIMITED VS. NIRMAL SINGH AND OTHERS

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the Original Application vide Power of Attorney dated 08.01.2025 which isAnnexure A1to this OA.
2. The brief facts of the OA that the defendant nos. 1 to 3
approached the applicant for grant of KCC Limit of Rs.30.00 Lacs vide
Loan Application dated 12.02.2016, which isAnnexure A2to this OA.
Defendant no. 4 stood as guarantor.
3. The applicant sanctioned the KCC Limit of Rs.30.00 Lacs vide
Sanction Letter dated 28.06.2016, which isAnnexure A3to this OA and the terms and conditions are accepted by defendants. Thereafter
the applicant renewed the limit for Rs.27.94 Lacs for 1^stYear to be
increased to Rs.36.60 Lacs for the 5^thYear vide Sanction Letter dated
22.06.2022, which isAnnexure A8to this OA.
4. Defendant no.1 mortgaged his immovable properties detailed as under:
(i) Land Measuring 19Kanal-01Marla situated at Village Kaliawala,
Tehsil and District Moga, Punjab
(ii) Land Measuring 10Kanal-07Marla situated at Village Daulatpura
Ucha, Tehsil and District Moga, Punjab
(iii) Land Measuring 43Kanal-01Marla Situated at Village Burj Sahiba,
Tehsil and District Moga, Punjab
vide Declaration dated 15.06.2016 u/s 4(1) of Punjab
Agricultural Credit Operations and Miscellaneous Provisions (Banks)
Act, 1978, along with its translation, which isAnnexure A6to this
OA; Letter dated 15.06.2016 to Joint Sub Registrar for creation of
charge, which isAnnexure A7to this OA.
Documents executed:- Deed of Hypothecation, Deed of Guarantee
both dated 28.06.2016, which areAnnexures A4 & A5to this OA;
Legal Notice dated 12.08.2024, which isAnnexure A9to this OA;
Statement of Account, which isAnnexure A10to this OA.
5. The loan account became irregular and was classified as NPA
and after adjusting debit and credit entries in loan account there were
a debit Rs.33,35,726.00, which is recoverable and the defendants were
served recall notices but they did not repay the outstanding amount,

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3 OA/802/2025 ICICI BANK LIMITED VS. NIRMAL SINGH AND OTHERS

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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 27.01.2026.

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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 counsel 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 A10 to this OA, it is proved that the defendants approached applicant for availing of the loan facility which was granted to him 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 NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.33,35,726.00 (Rupees Thirty Three Lacs Thirty Five Thousand Seven Hundred Twenty Six Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account. 10. In so far as pendent lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @24%p.a. with yearly rest from 31.10.2024 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

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OA/802/2025

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ICICI BANK LIMITED VS. NIRMAL SINGH AND OTHERS

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Tribunal deems it just and appropriate to grant uniform simple interest @08.00%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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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.33,35,726.00 (Rupees Thirty Three Lacs Thirty Five Thousand Seven Hundred Twenty Six Only), jointly and severally, with costs, current and future simple interest @08.00%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 properties/ hypothecated assets 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 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 24.03.2026. 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: 06.03.2026. (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. Sh. Nirmal Singh and Others

Case brief

What is this about?

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Icici Bank Limited v. Sh. Nirmal Singh and Others

Case brief

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