ICICI BANK LIMITED vs AMIT NAGAR on 23 March 2026

**FINAL ORDER**

This original application has been filed by the applicant bank on 21.02.2022 before DRT-III, Delhi & then transferred to DRT-I, Delhi under Section 19 of Recovery of Debts Due to *Sd-*

Banks and Financial Institutions Act, 1993 Read with Rule 8 of the Debt Recovery Tribunal (Procedure) Rules 1993 against the defendants for recovery of a sum of Rs.48,71,223.80 (Rupees Forty Eight Lacs Seventy One Thousand Two Hundred Twenty Three & paisa Eighty only) as on 04.12.2021 along with pendentelite and future interest @12.00% per annum with monthly rest from 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 defendant no.1 as proprietor of M/s Amit Nagar Construction along with defendant no.2 as co-borrower vide loan application dated 31.03.2021, the applicant bank sanctioned Commercial Equipment loan of Rs.43,88,900/- (Rupees Forty Three Lacs Eighty Eight Thousand Nine Hundred only) and disbursed an amount of Rs.43,50,999.99 to the dealer M/s Liugong India Pvt.Ltd. on 31.03.2021, which was to be repayable in 47 EMIs of Rs.1,18,350/- for purchase of construction equipment namely 'Liugong CLG921DI Excavator' @12.00% interest per annum. Further, the defendants agreed to pay a penal interest @24% per annum in case of default or delay in repayment.

3. That in order to avail the credit facility, the defendants no.1 and 2 submitted loan application and executed Credit Facility Application along with terms and conditions of the loan, Unattested Deed of Hypothecation and Irrevocable Power of Attorney on 31.03.2021 in favour of applicant bank.

4. That in order to secure the commercial loan facility, the defendants hypothecated the Construction Equipment namely 'Liugong CLG921DI Excavator' having Registration/Serial No. ORG21220005 in favour of applicant bank.

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5. It has been submitted by the applicant bank that after availing the commercial equipment loan facility, the defendants failed to comply with the terms and conditions despite several requests and defendants failed to pay the outstanding dues and monthly installments in time to the applicant bank. The defendants failed to produce the Construction Equipment for inspection of the applicant bank as per consonance with the agreement entered. The applicant bank withdraw the loan facility and issued legal notice dated 21.08.2021 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 through publication in newspapers, the defendants have chosen to absent from the proceedings. As per order dated 18.08.2025, 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 Ms. Alka Sharma, authorized representative of the applicant bank who has proved the documents such as Power of Attorney Ex-AW1/A, Credit Facility Application Form Ex-AW1/B, Unattested Deed of Hypothecation Ex-AW1/C, Irrevocable Power of Attorney Ex-AW1/D, Notice Ex-AW1/E, Receipts Ex-AW1/F and 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 *Sd-*

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.48,71,223.80 (Rupees Forty Eight Lacs Seventy One Thousand Two Hundred Twenty Three & paisa Eighty only) as on 04.12.2021 along with pendentelite and future interest @12% 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 equipment namely 'Liugong CLG921DI Excavator' having Registration/Serial No. ORG21220005. 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 22.05.2026.

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(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

*Sd/-* *23/3/2026*

**(GOVIND BALLABH SHARMA)** **PRESIDING OFFICER** **DRT-I, DELHI**

(Dictated and pronounced in open court)

Dated: 23.03.2026