ICICI BANK LIMITED vs VIKAS AND ANR on 30 April 2026

FINAL ORDER

This original application has been filed by the applicant bank on 05.01.2022 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) Rules 1993 against the defendants for recovery of a sum of Rs.36,80,905/- (Rupees Thirty Six Lacs Eighty Thousand Nine Hundred Five only) as on 04.10.2021 along with pendentelite and future interest @9.81% per annum with monthly rest from the date of filing of this application till its realization and costs. se/

2. The brief facts of the case are that at the request of defendants no.1 and 2 as co-borrowers for purchase of two commercial vehicles vide application dated 28.04.2019, the applicant bank sanctioned and disbursed two Commercial Vehicle Loans of Rs.22,88,228/- and Rs.1,79,555/- each aggregating Rs.49,35,566/- (Rupees Forty Nine Lacs Thirty Five Thousand Five Hundred Sixty Six only) @9.81% and @9.82% rate of interest in favour of M/s PASCOS for purchasing commercial vehicles namely "TATA LPT 2818 CR BS-IV" on 30.04.2019 to be repayable in 54 EMI of Rs.59,550/- and Rs.4,555/- each.

3. That in order to avail the commercial loan facilities, the defendants submitted loan application dated 28.04.2019 and executed Credit Facility Application along with Terms & Conditions of the Loan, Unattested Deed of Hypothecation, Irrevocable Power of Attorney on 30.04.2019.

4. That in order to secure the commercial loan facilities, the defendant hypothecated the commercial vehicles "TATA LPT 2818 CR BS-IV" duly registered with RTO having registration no. RJO9GC-6471 & RJO9GC-6480, Engine No.91A84858399 and 91A84857230, Chasis No.MAT448641K01975 & MAT448641K0B1984 in favour of applicant bank.

5. It has been submitted by the applicant bank that after availing the aforesaid commercial loan facilities, the defendants failed to comply with the terms and conditions and despite several requests, failed to pay the outstanding dues and monthly installments in time to the applicant bank as well as inspection of vehicles to the officials of bank in consonance with loan agreement. Due to defaults in repayment of installments, the applicant bank terminated the agreements and issued recall Notice dated 26.07.2021 to adjust the outstanding amount along with interest but defendants neither cared to reply the notices nor made any efforts to repay the dues. 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 chose to absent from the proceedings. As per order dated 01.08.2024, 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, Credit Facility Application Form, Credit Facility Application Form with Terms & Conditions, Unattested Deed of Hypothecation, Irrevocable Power of Attorney, Statement of Account, Recall Notices. Etc.

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.36,80,905/- (Rupees Thirty Six Lacs Eighty Thousand Nine Hundred Five only) as on 04.10.2021 along with pendentelite and future interest @9.82% per annum with monthly rests from the date of filing of this application and costs, failing which the aforesaid amount shall be recovered from sale of hypothecated Vehicles namely TATA LPT 2818 CR BS-IV" duly registered with RTO having registration no. RJO9GC-6471 & RJO9GC-6480, Engine No.91A84858399 and 91A84857230, Chasis No.MAT448641K01975 and MAT448641K0B1984. 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 01.07.2026. (IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. Col (GOVIND BALLA-Bar -I SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 30.04.2026