Debts Recovery Tribunals and Appellate Tribunals
ICICI BANK LIMITED vs WORLD KING INFRA INDIA OPC PVT. LTD on 7 February 2026
Debts Recovery Tribunal-I, Delhi
4th floor, Jeevan Tara Building,
Parliament Street, New Delhi
Presiding Officer: Shri Govind Ballabh Sharma T.A. No. 2964 of 2022
ICICI Bank Limited
Block E, Videocon Tower
Jhandewalan Extension
New Delhi-110055
Versus
1. World King Infra India OPC Pvt.Ltd.
Through its director
Sh.Arun Nischal,
R/o House No.487-65, 2nd Floor,
C-2, National Market, Peeragarhi,
Above National Properties, Delhi-110087
2.
Sh.Arun Nischal s/o Girdhari Lal Nischal (Co-borrower & Director)
R/o House No.487/65, 3rd Floor,
C-2, National Market, Opp. Bhera Enclave Peeragarhi, Sunder Vihar, Above National Properties, Delhi-110087
Applicant
Defendants
Present: Shri Rachit Bigghe, Counsel for the applicant bank Date of Reserve: 21.01.2026
Date of Pronouncement: 07.02.2026
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FINAL ORDER
This original application has been filed by the applicant bank on 24.10.2019 before DRT III, Delhi & 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) against the defendants for recovery of a sum of Rs.43,97,418.96 (Rupees Forty Three lacs Ninety Seven Thousand Four Hundred Eighteen and paisa Ninety Six only) as on 12.03.2020 along with pendentelite and future interest @10.03% per annum with monthly rest from the date of filing of this application till the date of realization and costs.
2. The brief facts of the case are that at the request of defendants as co-borrowers, the applicant bank sanctioned Commercial Vehicle Loans of Rs.49,50,716/- (Rupees Forty Nine Lacs Fifty Thousand Seven Hundred Sixteen only) for purchase of Two Commercial Vehicles and disbursed an amount of Rs.48,95,918/- on 22.06.2018 to the dealer "Pascos" to be repayable in 48 equated monthly installments of Rs.62,812/- each for purchasing TATA 2518 Fully Built vehicles under Commercial Vehicle scheme of the applicant bank.
3. That in order to avail the said loan facility, the defendants executed Credit Facility Application along with Terms and Conditions of the Loan, Unattested Deed of Hypothecation and Irrevocable Power of Attorney on 28.03.2018.
4. That in order to secure the loan facility, the defendants hypothecated the commercial vehicles TATA 2518 bearing Registration No. NL-01AC-5710 and NL-01AC-5706 in favour of applicant bank.
5. It has been submitted by the applicant bank that after availing the commercial vehicle loan facility, the defendants failed to comply with the terms and conditions and despite several request and reminders the defendants failed to pay ill monthly installments in time to the applicant bank. The applicant bank terminated the agreements and recall the loan through loan recall notice dated 06.09.2019 to adjust the outstanding amount along with interest but defendants have failed to comply with the notice. 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 proper service, the defendants have chosen to absent from the proceedings. As per order dated 06.10.2025, the defendants have 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 defendants.
7. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Arun Chaudhary, authorized representative of the applicant bank who has proved the documents such as Power of Attorney Ex-AW1/A, Credit Facility Application along with Terms and Conditions of the loan Ex- AW1/B, Unattested Deed of Hypothecation Ex-AW1/C, Irrevocable Power of Attorney Ex-AW1/D, Recall Notice Ex- AW1/E, Receipts Ex-AW1/F1 Statement of Account Ex-AW1/G.
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 defendants to pay to the applicant bank within a period of 30 days, jointly or severally, a sum of Rs.43,97,418.96 (Rupees Forty Three lacs Ninety Seven Thousand Four Hundred Eighteen and paisa Ninety Six only) as on 12.03.2020 along with pendentelite and future interest @10.03% 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 TATA 2518 Fully Built having Registration No. NL-01AC-5710 and NL-01AC-5706 and in case of shortfall the same shall be recovered from the sale of movable and immovable assets 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 09.04.2026. (IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. (GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 07.02.2026