Allowed

Icici Bank Limited v. Sh. Mandeep Singh and Another

DRT12 Aug 2026OA/808/2026

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by ICICI Bank against two respondents for recovery of a defaulted KCC loan. The amount of Rs. 21,75,874.00 along with costs and future simple interest at 8% per annum was declared recoverable from the respondents or their secured assets.

What did the court decide?

Recovery of Rs. 21,75,874.00, costs, and simple interest @08.00% p.a. until realization; issuance of Recovery Certificate.

Icici Bank Limited versus Sh. Mandeep Singh and… — Contract and Commercial Disputes | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.808/2026

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 29.05.2026

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DATE OF DECISION: 12.08.2026

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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 its Corporate Office at ICICI Bank Towers, Bandra Kurla Complex, Mumbai, Maharashtra- 400051 and having Branches all over India and one of its Branch Offices situated at SCO 132-133-134, Sector 9C, Chandigarh160017 through its Authorized Signatory, Sh. Jatinder Mishra

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……..Applicant

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Versus

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Sh. Mandeep Singh, S/o Sh. Teja Singh, R/o House no. 105, Village Chatha Gobindpura (126), Moonak, Sangrur, Punjab148027

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Sh. Teja Singh, S/o Sh. Jeet Singh, R/o House no. 105, Village Chatha Gobindpura (126), Moonak, Sangrur, Punjab- 148027

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……….Defendants

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Advocates:

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

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None for defendants (already ex-parte vide order dated 10.08.2026)

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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 and Bankruptcy Act, 1993, against the defendants for recovery of Rs. 21,75,874.00 (Rupees Twenty One Lacs Seventy Five Thousand Eight Hundred Seventy Four Only). The Original Application has been filed through Sh. Jatinder Mishra, Authorized Signatory of the applicant, who is competent to

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2 OA NO. 808/2026 ICICI BANK LIMITED VS. MANDEEP SINGH AND ANOTHER

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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 defendants approached the applicant for grant of KCC Limit of Rs. 16.00 Lacs vide Credit Facility Application Form, dated 02.12.2017, which is Annexure A2 to this OA.

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The applicant sanctioned KCC Limit of Rs. 15.00 Lacs for 1^st Year and Rs. 21,96,100.00 for 5^th Year vide Sanction Letter dated 19.12.2017, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants.

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Defendant no. 2 mortgaged his immovable property i.e. Land measuring 62K 02M situated at Chatha Gobindpura, Tehsil Moonak, District Sangrur, Punjab vide Declaration u/s 4 (1) of the Punjab Agricultural Credit Operations and Miscellaneous Provisions (Banks) Act, 1978, which is Annexure A5 to this OA.

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Defendant no. 1 hypothecated his crops of wheat/paddy vide Hypothecation Deed dated 19.12.2017, which is Annexure A4 to this OA.

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Documents executed: Letter to Sub Registrar dated 19.12.2017, which is Annexure A6 to this OA; Loan Recall Notice dated 18.08.2025, which is Annexure A7 to this OA and Statement of Account, which is Annexure A8 to this OA. 5. 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. 21,75,874.00, which is recoverable and the defendants were served recall notice 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 defendants and they were proceeded ex-parte vide order dated 10.08.2026.

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3 OA NO. 808/2026 ICICI BANK LIMITED VS. MANDEEP SINGH AND ANOTHER

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In support of the OA, affidavit of Sh. Jatinder Mishra, Authorized Signatory, ICICI Bank Limited h as been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned counsel (through VC) 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 Annexure A1 to A8 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 NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.21,75,874.00 (Rupees Twenty One Lacs Seventy Five Thousand Eight Hundred Seventy Four 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.

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In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @11.50%p.a. plus 2% penal interest from 31.10.2025 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 hypothecated assets/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 @08.00% p.a. in the loan account from the date of filing of the OA till

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OA NO. 808/2026 ICICI BANK LIMITED VS. MANDEEP SINGH AND ANOTHER

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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 sum of Rs.21,75,874.00 (Rupees Twenty One Lacs Seventy Five Thousand Eight Hundred Seventy Four 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 hypothecated assets of defendant no. 1 and mortgaged property of defendant no. 2 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 28.08.2026. 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: 12.08.2026 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Icici Bank Limited v. Sh. Mandeep Singh and Another

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Icici Bank Limited v. Sh. Mandeep Singh and Another

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