Allowed

Icici Bank Limited v. Sh. Sukhdeep Singh

DRT6 Jan 2026OA/954/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of a vehicle loan default of approximately Rs. 23 lakh. The Tribunal issued a recovery certificate and directed recovery through sale of hypothecated assets.

What did the court decide?

Recovery Certificate issued for Rs. 22,99,213.00 plus costs and 8% p.a. interest; recovery through sale of vehicle under SARFAESI Act; appearance before Recovery Officer ordered.

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

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.954/2024

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 27.07.2024

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DATE OF DECISION: 06.01.2026

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ICICI Bank Ltd., having its Registered Office at Near Chakli Circle, Old Padra Road, Vadodara, 390007, Gujarat Inter Alia having a bank branch at Mohali (S.A.S. Nagar), Punjab, through its Attorney/Authorized Representative Sh. Mohammad Vajid, Manager of the Applicant.

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……..Applicant Versus

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Sh. Sukhdeep Singh S/o Sh. Balveer Singh, R/o H. No. 2700, Ist Floor, Sector 79, Mohali (S.A.S. Nagar) -160071.

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……….Defendant

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Advocates:

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Argued by Sh. Sumeet Sehgal, Advocate for the applicant

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Defendant already ex parte vide order dated 09.10.2025

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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.22,99,213.00 (Rupees Twenty Two Lacs Ninety Nine Thousand Two Hundred Thirteen Only). The Original Application has been filed through Sh. Mohammad Vajid, Manager of the applicant, who is competent to institute the Original Application vide Power of Attorney dated 18.09.2019, which is Annexure A1 to this OA. 2. The brief facts of the OA are that the Defendant approached the applicant for grant of Vehicle Loan of Rs.24.00 Lacs vide Preliminary credit facility application form and credit facility application form dated 12.06.2023, which are Annexures A2 and A3 to this OA. 3. The applicant sanctioned Vehicle Loan Rs.24.00 Lacs and terms and conditions duly accepted by the defendant. 4. Defendant hypothecated Car namely FORD ENDEAVOUR 2.2L TITANIUM 4, bearing registration No.CH-01-BU-8989, Chassis No. MAJAXXMRWAJY75207, Engine No. JY75207 vide deed of hypothecation dated 12.06.2023, which is Annexure A4 to this OA; FOP of vehicle, which is Annexure A5 to this OA.

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OA NO. 954/2024 ICICI BANK LIMITED VS. SUKHDEEP SINGH

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Documents executed : Statement of account and foreclosure statement of the account, which are Annexures A6 to A7 to this OA; Copy of the notice dated 13.11.2023, along with postal receipts, which are Annexures A8 to A9 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 loan account there was a debit of Rs.22,99,213.00, which is recoverable and the defendant was served recall notice but he did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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The defendant was served notices to appear before this Tribunal but no one appeared on behalf of defendant and he was proceeded exparte vide order dated 09.10.2025.

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In support of the OA, affidavit of Sh. Mohammad Vajid, Manager, ICICI Bank Limited, h as been filed. 8. Heard ex-parte arguments and perused record. 9. 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 A9 to this OA, it is proved that the defendant approached applicant for availing of the loan facility which was 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 loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendant was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.22,99,213.00 (Rupees Twenty Two Lacs Ninety Nine Thousand Two Hundred Thirteen Only) along with interest from the defendant from the date of filing of the present Original Application till realization of the account.

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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 @15.25% p.a. plus 2% penal interest with monthly rests from 04.05.2024 till the realization. The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the

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OA NO. 954/2024 ICICI BANK LIMITED VS. SUKHDEEP SINGH

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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 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 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.22,99,213.00 (Rupees Twenty Two Lacs Ninety Nine Thousand Two Hundred Thirteen Only) 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 vehicle of the defendant 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 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 19.01.2026. 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 . Dated: 06.01.2026.

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(MRIDULESH KUMAR SINGH)

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Presiding Officer,

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DRT-III, Chandigarh

Icici Bank Limited v. Sh. Sukhdeep Singh

Case brief

What is this about?

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Icici Bank Limited v. Sh. Sukhdeep Singh

Case brief

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