ICICI BANK LIMITED vs YATENDER SINGH on 17 January 2026

FINAL ORDER

This original application has been filed by the applicant bank on 03.10.2022 before DRT-III Delhi and then transferred to DRT-I Delhi under Section 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 Read with Rule 8 of the Debt Recovery Tribunal (Procedure) Rules 1993 against the defendant for recovery of Rs.51,41,155/- (Rupees Fifty One Lacs Forty One Thousand One Hundred Fifty Five only) as on 04.08.2022, out of which Rs.24,45,238/- @10.51% in Commercial Vehicle loan account and Rs.26,95,917.42 in WCTL under GECL loan account @9.25% interest per annum from the date of filing of this application till the date of realization along with costs.

2. The brief facts of the case are that at the request of defendant being proprietor of M/s Chaudhary Transport Company vide loan application dated 28.05.2019, the applicant bank sanctioned Commercial Vehicle loan facility for Rs.33,59,750/- and disbursed an amount of Rs.33,14,399/- to the dealer M/s Himgiri Automobiles Pvt. Ltd. ©10.51% interest per annum on 29.06.2019 after deducting disbursement charges for purchase of commercial vehicle namely ALU-3718, which was to be repayable in 60 Equated Monthly Installments of Rs.73,026/- against hypothecation of vehicle. Further, applicant bank sanctioned GECL loan by way of WCTL for Rs.26,58,834/- under ECLGS on 06.03.2021 @9.25% interest per annum under ECLGS scheme to be repayable in 36 Equated Monthly Installments. The defendant also agreed to pay penal interest @24% per annum in case of default or delay in repayment.

3. That in order to avail the loan facilities, the defendant executed Sanction Letters, Credit Facility Application Form along with Terms & Conditions of Loan, Unattested Deed of Hypothecation, Irrevocable Power of Attorney with the applicant bank on 28.05.2019 and 06.03.2021.

4. That in order to secure the loan facility, the defendant hypothecated the Commercial Vehicle namely ALU-3718 having Engine no.KDPZ124408 & Chassis no.MB1WADHD1KPCK4051 bearing Registration no.UP-13BT-5381 in favour of applicant bank on 06.03.2021.

5. It has been submitted by the applicant bank that after availing the commercial vehicle loan facilities, the defendant failed to comply with the terms and conditions of sanction despite several requests and failed to pay the outstanding dues and monthly installments in time to the applicant bank. The applicant bank terminated the agreements and forced to recall the loan facilities vide notice dated 17.05.2022 to make payment of outstanding amount and handover the possession of commercial vehicle but defendant not cared to reply notices and also to handover the peaceful possession of the vehicle. Hence, the applicant bank has approached this Tribunal for recovery of their dues.

6. Notices of this O.A. were issued to the defendant and despite proper service through publication in newspapers, the defendant has chosen to absent from the proceedings. As per order dated 22.08.2025, the defendant has been proceeded ex-parte as not appeared before the Tribunal and even no written statement, evidence and affidavit of assets have been filed by the defendant.

7. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Sh. Rajat Chandra, authorized representative of the applicant bank who has proved the documents such as Power of Attorney, Credit Facility Application alongwith Terms and Conditions of the loan,

Unattested deed of Hypothecation, Irrevocable Power of Attorney, Sanction Letter, Unattested Deed of Hypothecation, Undertaking, ECLGS for MSMEs Self Undertaking, Notice & Receipts, Statement of Account marked as Ex.AW-1/A to Ex.AW-1/L.

8. The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly proved.

9. The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.

10. In the light of the above discussions and documents on record, the Original Application deserves to be allowed.

ORDER

I, allow this OA and direct the defendant to pay to the applicant bank within a period of 30 days, a sum of Rs.51,41,155/- (Rupees Fifty One Lacs Forty One Thousand One Hundred Fifty Five only) out of which:

- Rs.24,45,238/- @10.51% pendentelite and future interest;

- Rs.26,95,917.42 @9.25% pendentelite and future interest per annum with monthly rests and costs from date of filing of this application failing which the aforesaid amount shall be recovered from sale of hypothecated Commercial Vehicle namely ALU-3718 bearing Registration no.UP-13BT-5381 Engine no.KDPZ124408 & Chassis no.MB1WADHD1KPCK4051. In case of shortfall the same shall be recovered from the sale of movable and immovable assets of the defendant. (II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi. (III) Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 18.03.2026. (IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. j ,....cd....._ ......_ (GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 17.01.2026