ICICI BANK LIMITED vs SUMIT on 31 January 2026

FINAL ORDER

This original application has been filed by the applicant bank on 11.01.2022 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 against the defendants for recovery of Rs.20,02,793.12 (Rupees Twenty Lacs Two Thousand Seven Hundred Ninety Three and paisa Twelve only) as on 30.08.2021, out of which, Rs.16,80,086.12 in Vehicle loan account along with pendentelite and future interest @10% and Rs.3,22,707/- in GECL loan account along with pendentelite and future interest @9.25% 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 on the request of the defendants as co-borrowers, the applicant bank sanctioned Commercial Vehicle loan facility for a sum of Rs.16,05,028/- and disbursed to M/s Cargo Motors Delhi Pvt. Ltd. on 14.11.2019 to be repayable in 59 EMIs of Rs.35,077/- @10% interest per annum with monthly rests for purchase of vehicle namely TATA 1412 against hypothecation of vehicle. Further, the applicant bank sanctioned WCTL (GECL) loan of Rs.3,08,502/- under ECLGS on 25.08.2020 and disbursed Rs.3,07,960/- on 10.09.2020 @9.25% interest per annum to be repaid in 36 EMIs. The defendants also agreed to pay penal interest @2% in case of default or delay in repayment of instalment/interest.

3. In order to avail both the loan facilities, the defendants submitted loan application and executed Credit Facility Application Forms, Unattested Deed of Hypothecation, Irrevocable Power of Attorney, Undertaking in relation to Security, Sanction Letters, ECLGS for MSMEs — Self Undertaking in favour of the applicant bank on 10.10.2019 and 25.08.2020.

4. In order to secure both the loan facilities, the defendants hypothecated the Commercial vehicle namely TATA 1412 having Engine no.497TC41HPY827794 and Chassis no. MAT544055K7H16691 having Registration no.HR-63E-3782 towards the applicant bank.

5. It has been submitted by the applicant bank that after availing the aforesaid loan facilities, the defendants failed to comply with the terms and conditions of sanction and failed to repay the contractual dues / charges/ instalments and interest towards loan facilities to regularize the account with the applicant bank. Ultimately, the applicant bank terminated the agreement and issued notices dated 30.06.2021 and 26.07.2021 to clear the dues but defendants neglected, hence the applicant bank has approached this Tribunal for recovery of their dues.

6. Notices of this O.A. were issued to the defendants and despite of proper service, the defendants have chosen to absent from the proceedings. As per order dated 04.12.2025, the defendants have been proceeded ex-parte as not appeared before the Tribunal and even written statement, evidence and affidavit of assets have not been filed by the defendants.

7. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Ms. Alka Sharma, 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 Letters, Undertaking, ECLGS for MSMEs — Self Undertaking, Recall Notice and Receipts, Statement of Account marked as Ex.AW-1/A to Ex.AW-1/K.

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 approved.

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, the Original Application deserves to be allowed.

ORDER

I, allow this OA and direct the defendants to pay to the applicant bank, within a period of 30 days, jointly or severally, a sum of Rs.20,02,793.12 (Rupees Twenty Lacs Two Thousand Seven Hundred Ninety Three and paisa Twelve only), out of which, Rs.16,80,086.12 in Vehicle loan account along with pendentelite and future interest @10% and Rs.3,22,707/- in GECL loan account along with pendentelite and future interest @9.25% per annum from the date of filing of this application till the date of realization and costs; failing which the aforesaid amount shall be recovered from the sale of hypothecated Commercial Vehicle namely TATA 1412 having Engine no.497TC41HPY827794, Chassis no.MAT544055K7H16691 and Registration no.HR-63E-3782. In case of shortfall, the same shall be recovered from the sale of movable and immovable properties of the defendants. (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 06.04.2026. (IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. (Dictated and pronounced in open court) Dated: 31.01.2026 E c". 0.4 (GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI