Allowed

Icici Bank Limited v. Manbir Singh

DRT11 Aug 2026TA/58/2023

Case brief

AI extract

What is this about?

The DRT allowed the bank's application to recover a loan of approximately 22.43 lakh rupees secured by a hypothecated vehicle from two borrowers who defaulted on their cash credit facility. Due to the ex-parte absence of respondents, the application was granted along with costs.

What did the court decide?

Order allowed with costs; respondents directed to pay aggregate sum of Rs. 22,43,022 plus future simple interest; secured by hypothecated vehicle; Recovery Certificate issued.

Icici Bank Limited versus Manbir Singh — Banking and Recovery | DRT (2026)

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TRANSFER ORIGINAL APPLICATION NO.58 OF 2023

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DEBTS RECOVERY TRIBUNAL No.2, MUMBAI

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PRESIDING OFFICER: HARISH KUMAR KAUSHIK

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TRANSFER ORIGINAL APPLICATION NO.58 OF 2023 IN

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ORIGINAL APPLICATION NO.428 of 2022

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Date of Institution: 10.12.2021 Date of Decision: 11.08.2026

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TOTAL CLAIM AMOUNT :

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₹ 22,43,022/-

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ICICI BANK LIMITED, A Banking Company incorporated and registered under the provisions of the Companies Act, 1956 and a Scheduled Bank within the meaning of the Reserve Bank of India Act, 1943 and having its registered office at “ICICI Bank Tower”, Near Chakli Circle, Old Padre Road, Vadodara 390 007 and its Corporate Office at ICICI Bank Towers, Bandra Kurla Complex, Mumbai-400051, And other branch office at Sadguru Darshan, Road No.3, Liberty Garden, Malad(West), Mumbai-400064, Through its Constituted Attorney Mr. Sameer Pange. … Applicant

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Versus

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1. MR. MANBIR SINGH BULLAR, Building No-F-9, Room No.6, Sector-3 Kalamboli, Near Police Station, Navi Mumbai-412018.

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Page 1 of 8

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TRANSFER ORIGINAL APPLICATION NO.58 OF 2023

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MRS. KAWALJIT KAUR MANBIR SINGH BULLAR, e-1/1:2 Sector-10 Kalamboli Gurudwara, Navi Mumbai-410218. …Defendants

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APPEARANCES For the Applicant : Ms Mandira Dey M/s. Vidhi Partners - Advocate

For Defendants

: Ex-parte

J U D G M E N T

(1) This is an application under Section 19(1) of the Recovery of the Debts due to Banks and Financial Institutions Act, 1993 renamed as Recovery of the Debt and Bankruptcy Act, 1993 (for short, ‘the 1993 Act’) to recover ₹22,43,022/(Rupees Twenty-Two Lakhs Forty-Three Thousand and Twenty-Two Only) with future interest @ 12.04% per annum alongwith Penal interest @ 24% with monthly rest thereon for LAN No. LVNMU00038412012 , from the date of presentation of the Original Application i.e. 10.12.2021 till payment/realization and to enforce the hypothecated security.

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The details of the claim amount are as under: -

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Sr No	Nat ure o f Fac ilit y	Pri nci pal Out sta ndi ng	Nor mal I ntere st @12. 04%	Pe nal I ntere st @24%	Ot he r C harge s	Total Am ount
1	LAN	₹1 9,8 8,5 70/ -	₹1, 62, 74 8	₹8 4,6 05/ -	₹7, 09 9/ -	₹22, 43, 022/ -
	NO. LVN MU 00 03 84 12 01 2		/-

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Page 2 of 8

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TRANSFER ORIGINAL APPLICATION NO.58 OF 2023

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(2) It is undisputed fact in the matter that the Defendant nos.1 and 2 were duly served with the summons vide order-sheet dated 19.12.2025. Despite service, the defendants did not enter their appearance and therefore, they are set ex-parte on 10.06.2026.

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(3) Defendant no.1 and 2 are the co-borrowers who approached the Applicant Bank and sought financial assistance by way of Cash Credit Facility. Pursuant to the loan application made by defendants, the Applicant sanctioned the loan vide Sanction Letter dated 29.12.2018 in sum of ₹24,58,587/- (Rupees Twenty-Four Lakhs FiftyEight Thousand Five Hundred Seven Only) payable in 59 EMIs of ₹56,065/- (Rupees Fifty-Six Thousand Sixty-Five Only) with interest at the rate of 12.04% per annum fixed interest with additional 24% interest thereon. The 1^st instalment was to be paid on 01.02.2019 and last instalment on 01.12.2023.

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The details of the Sanction amount are as under: -

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Sr	Date of	Nat ure of	Am ount	R OI	Sec ur ity
No	Sa nct io n	Fac ilit ie s
1	29. 12. 20 18	Cas h Cre d it	₹2 4,5 8,5 87/ -	@12. 04% p.a.	Colla teral: Ve hic le r egist e Kohima Na ga la nd Re gis tra tion NL0 1 AC 85 96, Engine 81 E84 48 48 98, Ve hic le C la s s: Carrier,	r ed in RT O, N o. N o. Goods

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Page 3 of 8

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TRANSFER ORIGINAL APPLICATION NO.58 OF 2023

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			Ma nufa ct ur er: T AT A
			Mot ors Lt d.
Total	-	₹24, 58, 587/ -	- -
Am ount

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(4) On the dates given below, defendants signed and executed the loan and security documents as set out in paragraph nos.5 (a) to (h) of the Original Application. Defendants hypothecated Vehicle registered in Kohima RTO, Nagaland, and Registration No. NL01AC8596, Engine No. 81E84484898, Vehicle Class : Goods Carrier, Manufacturer : TATA Motors Ltd . to secure the loan.

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The details of the documents executed by the Defendant are as under: -

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Preliminary Credit Facility Application Form No. 212470 dated 11.12.2018;

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Credit Facility Application Form No.212470 dated 29.12.2018;

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Unattested Deed of Hypothecation by which Vehicle No. NL01AC8596 is hypothecated dated 29.12.2018.

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(5) After availing the loan, defendants did not adhere to the financial discipline and committed default in payment of instalments and repayment of the loan and accordingly the accounts of the borrowers were declared as Non-Performing Assets (N.P.A.) on 31.05.2021 as per RBI Guidelines.

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Page 4 of 8

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TRANSFER ORIGINAL APPLICATION NO.58 OF 2023

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Therefore, on 05.08.2021, the applicant, through its advocate, called upon defendants to liquidate the outstanding in the sum of ₹21,76,308/(Rupees Twenty-One Lakhs Seventy-Six Thousand Three Hundred and Eight Rupees Only) due under Loan Account No.LVNMU00038412012 with further interest at the rate of 12.05% p.a. with monthly rest plus 2% p.a. penal interest due from 28.06.2023 till payment and/or realization within 7 days from receipt of this notice. Despite notice, defendant nos.1 and 2 failed and neglected to pay. (6) As on 10.12.2021, there was owing, due and payable by defendants to the applicant the aggregate sum of ₹22,43,022/- (Rupees TwentyTwo Lakhs Forty-Three Thousand and TwentyTwo Only) with future interest @ 12.04% per annum alongwith Penal interest @ 24% 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. (7) Since, defendants failed and neglected to make the payment, the applicant was left with no other alternate but to file the Transfer Original Application which was presented on 10.12.2021. (8) The applicant has filed affidavit (exhibit-6) in lieu of examination in chief of Mr Ravi Kumar, Manager of the Bank and list of documents

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Page 5 of 8

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TRANSFER ORIGINAL APPLICATION NO.58 OF 2023

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(exhibit-7) thereby adducing in evidence the documents at Exhibit-A to Exhibit-M, which are admitted in evidence, read, recorded and exhibited.

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(9) Accordingly, in the Original Application was filed for the recovery of ₹22,43,022/- (Rupees TwentyTwo Lakhs Forty-Three Thousand and TwentyTwo Only) with future interest @ 12.04% per annum alongwith Penal interest @24% with monthly rest thereon for LAN No. LVNMU00038412012, from the date of presentation of the Transfer Original Application

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i.e. 10.12.2021 till payment/realisation.

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(10) The Tribunal has scrutinised and examined the averments contained in the Original Application and analysed the evidence adduced by the applicant which has gone unchallenged, uncontroverted and unrebutted.

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(11) Upon careful scrutiny and the examination of the Original Application, analysing the evidence and giving due weightage to the documentary evidence adduced by the applicant, the Tribunal views that there is no reason to disbelieve the claim made by the applicant bank.

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(12) In view of the observations made hereinabove, Original Application filed by the applicant deserves to be allowed.

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(13) Hence, the following order:

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Page 6 of 8

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TRANSFER ORIGINAL APPLICATION NO.58 OF 2023

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ORDER

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(A) The Transfer Original Application No.58 OF 2023 in Original Application No.428 of 2022 is allowed with costs.

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(B) Defendant nos.1 and 2 are ordered and directed to pay to the applicant, either jointly or severally, the aggregate sum of ₹22,43,022/(Rupees Twenty-Two Lakhs Forty-Three Thousand and Twenty-Two Only) with future simple interest @ 12% per annum thereon from the date of presentation of the Transfer Original Application i.e. 10.12.2021 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 Transfer Original Application No.58 of 2023.

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(C) The aforesaid adjudicated amount is secured by the valid and subsisting hypothecated property, that is, Vehicle registered in Kohima RTO, Nagaland, and Registration No. NL01AC8596, Engine No. 81E84484898, Vehicle Class : Goods Carrier, Manufacturer : TATA Motors Ltd.

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(D) Defendant nos.1 and 2 are entitled to redeem the hypothecated property as per law failing which the applicant has right to proceed to sell the hypothecated property and recover dues as per law.

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(E) Issue Recovery Certificate.

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Page 7 of 8

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TRANSFER ORIGINAL APPLICATION NO.58 OF 2023

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(F) The learned Registrar is directed to send a copy of the judgment and recovery certificate to (i) the applicant, (ii) defendant and (iii) the Recovery Officer by post and email.

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(Harish Kumar Kaushik)

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Presiding Officer, DRT-2, Mumbai

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Page 8 of 8

Icici Bank Limited v. Manbir Singh

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Manbir Singh

Case brief

What is this about?

What did the court decide?

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