The DRT allowed the bank's application for recovery of dues including interest and enforcement of hypothecated vehicle security, issuing a recovery certificate and directing payment by respondents jointly or severally.
Respondents directed to pay ₹72,38,497.20 with interest; hypothecated property secured; Recovery Certificate issued.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
ORIGINAL APPLICATION NO.93 OF 2022
DEBTS RECOVERY TRIBUNAL No.2, MUMBAI
PRESIDING OFFICER: HARISH KUMAR KAUSHIK
ORIGINAL APPLICATION NO.93 OF 2022
Date of Institution: 20.03.2019 Date of Decision: 28.04.2026
TOTAL CLAIM AMOUNT :
₹ 72,38,497.20/-
ICICI BANK LIMITED,
Banking Company incorporated under the Companies Act,1956 and licensed as a Bank under the Banking Regulation Act, 1949 and having its Registered Office at ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara390 007 and its corporate office at ICICI Bank Towers, 4th floor, South Tower, Bandra-Kurla Complex, Bandra (E), Mumbai-400 051 and its concerned branch office at ICICI Bank Ltd., MIDC Tower, Near TRANS TRADE CENTRE Andheri (E), Mumbai-400 093 through its Power of Attorney Holder Mr Jitendra Patil
… Applicant
Versus
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ORIGINAL APPLICATION NO.93 OF 2022
65, 3rd floor, Aditya Estate, Malad Mind Space, Chincholi Bunder, Malad (West), Mumbai-400 064. 2. GOLDEN HOLIDAY TRAVELS PVT. LTD., 65, 3rd floor, Aditya Estate, Malad Mind Space, Chincholi Bunder, Malad (West), Mumbai-400 064. …Defendants
APPEARANCES For the Applicant : Ms Preeti Tapdiya - Advocate
For Defendants : None – Advocate
J U D G M E N T
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ORIGINAL APPLICATION NO.93 OF 2022
The details of the claim amount are as under:-
| S | Nature of | O/s. | Normal | Penal | Chequ e | O/s. |
|---|---|---|---|---|---|---|
| r N o |
Facility | am ou nt | Interest | Interest |
Bou nce Charges, other Chrages and Interest for m onth |
Amount |
| 1 | Account | ₹24, 08, 5 | ₹3,83, 13 | ₹1,59, 87 | ₹11, 800.00 | as on |
| LUMU M0 00351458 64 |
13.10/ - | 1.50/ - | 4.50/ - | /- | 15.01 .2019 =₹29,63 ,31 9.10/- |
|
| 2 | Account | ₹35, 10, 2 | ₹5,25, 66 | ₹2,26, 88 | ₹12, 390.00 | As on |
| LUMU M0 00351457 93 |
41.20/ - | 0.60/ - | 6.30/ - | /- | 11.01 .201 9=₹42,75,178. 10/- |
|
| Total | ₹59,18, | ₹9,08,7 | ₹3,86,7 6 | ₹24,190 .00 | ₹72,38,497. | |
| Amount | 754.3/- | 92.10/- | 0.80/- | /- | 20/- |
(3) Defendant nos.1 and 2 are the co-borrowers who approached the Applicant Bank and sought financial assistance by way of Vehicle Loan Facility. Pursuant to the loan application vide Preliminary Credit Facility Application Form dated 19.12.2016 bearing no.666-3970494 made by defendants, the Applicant sanctioned the loan vide Credit Facility Application Form dated 19.12.2016 bearing no.666-3970494 in respect of
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ORIGINAL APPLICATION NO.93 OF 2022
Facility-1 in sum of ₹27,24,684/- (Rupees TwentySeven Lakhs Twenty-Four Thousand Six Hundred Eighty-Four Only) payable in 60 EMIs of ₹62,708/- (Rupees Sixty-Two Thousand Seven Hundred Eight Only) with interest at the rate of 13.51% per annum. The 1st instalment was to be paid on 10.01.2017 of ₹62,708/- (Rupees SixtyTwo Thousand Seven Hundred Eight Only), 2nd to 60th Installments 10th day of each successive month for a sum of ₹62,708/-(Rupees Sixty-Two Thousand Seven Hundred Eight Only) and last instalment on 10.12.2021 for a sum of ₹62,708/(Rupees Sixty-Two Thousand Seven Hundred Eight Only). Thereafter, vide Credit Facility Application Form dated 19.12.2016, a sum of ₹40,36,570/(Rupees Forty Lakhs Thirty-Six Thousand Five Hundred Seventy Only) payable in 60 EMIs of ₹92,902/- (Rupees Ninety-Two Thousand Nine Hundred Two Only) with interest at the rate of 13.51% per annum. The 1st instalment was to be paid on 10.01.2017 of ₹92,902/- (Rupees NinetyTwo Thousand Nine Hundred Two Only), 2nd to 60th Installments 10th day of each successive month for a sum of ₹92,902/- (Rupees Ninety-Two Thousand Nine Hundred Two Only) and last instalment on 10.12.2021 for a sum of ₹92,902/(Rupees Ninety-Two Thousand Nine Hundred Two Only).
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ORIGINAL APPLICATION NO.93 OF 2022
The details of the Sanction amount are as under:-
| Sr | Date of |
Amount | ROI | Security | |
|---|---|---|---|---|---|
| No | Sanction | ||||
| 1 | 19.12.2016 | ₹27,24,684/- | 13.51% per annum |
Hypothecatedof being TOYOTA Cruiser Prado/ having Regi No.MH12DT0544 No. JTEBH3FJ29M08 617 No.1KD4519302. |
Vehicle Land VX L stration Chassis 392309 Engine |
| Total Amount |
₹27,24,684/- | - | - | ||
| 2 | 19.12.2016 | ₹40,36,570/- | 13.51% per annum |
Hypothecatedof beingAUDI A8 having Regi no.MH11T9249 No. WAUZMB8G1CC6 and Engine CMF831629. |
Vehicle 3.0 TDI stration Chassis 27102 No. |
| Total Amount |
₹40,36,570/- | - | - |
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ORIGINAL APPLICATION NO.93 OF 2022
CMF831629 to secure the loan.
The details of the documents executed by the Defendants are as under:-
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ORIGINAL APPLICATION NO.93 OF 2022
19.12.2016 alongwith Office copy of the Standard Terms and conditions for Facilities for purchase of/against production in respect of Credit Facility2;
(i) Key Fact Statement and most important information alongwith EMI schedule in respect of Credit Facility-2;
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ORIGINAL APPLICATION NO.93 OF 2022
with further interest and other charges within 7 days from receipt of this notice. Again, on 22.12.2017, a sum of ₹38,53,168.00/- (Rupees Thirty-Eight Lakhs Fifty-Three Thousand One Hundred Sixty-Eight Only) as on 18.12.2017 with interest and other charges within 7 days from receipt of the said notice. Despite receipt of the above-mentioned notices, defendant nos. 1 and 2 failed and neglected to pay.
(6) As on 15.01.2019 under Credit facility no.1 and as on 11.01.2019 under Credit facility no.2, there was owing, due and payable by defendants to the applicant the aggregate sum of ₹72,38,497.20/(Rupees Seventy-Two Lakhs Thirty-Eight Thousand Four Hundred Ninety-Seven and paisa Twenty Only) under Credit facility nos.I and II with future interest @ 24% per annum with monthly rest thereon. The applicant has maintained the loan ledger extract and the entries posted therein are made in the usual and ordinary course of the banking business.
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ORIGINAL APPLICATION NO.93 OF 2022
ORDER
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ORIGINAL APPLICATION NO.93 OF 2022
with costs.
(B) Defendant nos.1 and 2 are ordered and directed to pay to the applicant, either jointly or severally, the aggregate sum of ₹72,38,497.20/- (Rupees Seventy-Two Lakhs Thirty-Eight Thousand Four Hundred Ninety-Seven and paisa Twenty Only) wherein a sum of ₹29,63,319.10/(Rupees Twenty-Nine Lakhs Sixty-Three Lakhs Three Hundred Nineteen and paisa Ten Only) under Credit facility no.1 payable with interest @ 12% per annum and a sum of ₹42,75,178.10/- (Rupees Forty-Two Lakhs Seventy-Five Thousand One Hundred Seventy-Eight and paisa Ten Only) under Credit facility no.2 payable with interest @ 12% per annum thereon from the date of presentation of the Original Application i.e. 20.03.2019 till payment/realization after adjusting the recoveries made by the Applicant under SARFAESI Act, 2002 or any other amount paid by the borrowers after filing of this O.A. No.93 of 2022.
(C) The aforesaid adjudicated amount is secured by the valid and subsisting hypothecated properties, that is, Vehicle being TOYOTA Land Cruiser Prado / VX L having Registration No.MH12DT0544 Chassis No. JTEBH3FJ29M08392309617 Engine No.1KD4519302 and Vehicle being AUDI A8 3.0 TDI having Registration no.MH11T9249 Chassis No. WAUZMB8G1CC627102 and Engine No.
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ORIGINAL APPLICATION NO.93 OF 2022
CMF831629.
(Harish Kumar Kaushik) Presiding Officer, DRT-2, Mumbai
Page 11 of 11
3 issues framed by the court
Whether the Original Application under Section 19(1) of the 1993 Act for recovery of outstanding loan dues and enforcement of hypothecated security deserves to be allowed.
Whether the defendants are liable to pay the adjudicated amount including interest with future interest @24% per annum.
Whether the hypothecated vehicles constitute valid security for the adjudicated amount and if the applicant is entitled to a Recovery Certificate.
1 provisions across 1 enactments
ICICI BANK LIMITED
RONESH BHANDARI
GOLDEN HOLIDAY TRAVELS PVT. LTD.
Harish Kumar Kaushik
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
