ICICI BANK LIMITED vs Satyadeep Bishnoi on 16 May 2026

FINAL ORDER

This original application has been filed by the applicant bank on 31.07.2014 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.36,47,803.22 (Rupees Thirty Six Lacs Forty Seven Thousand Eight Hundred Three &

paisa Twenty Two only) as on 03.06.2014 along with pendentelite and future interest @11.05% 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 as proprietor of M/s Uday Infrastructures vide loan application dated 23.11.2011, the applicant bank sanctioned Construction Equipment loan of Rs.47,80,000/- (Rupees Forty Seven Lacs Eighty Thousand only) and disbursed Rs.47,79,930/- to the dealer M/s Kobelco Construction Equipment India Pvt.Ltd. on 30.11.2011, which was to be repayable in 57 EMIs of Rs.47,000/- plus 3 instalments of Rs.1,13,300/- in order to purchase Construction Equipment namely ISK210LC-8' @11.05% interest per annum. Further, the defendant agreed to pay penal interest @24% per annum in case of default or delay in repayment.

3. That in order to avail the credit facility, the defendant 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 23.11.2011 in favour of applicant bank.

4. That in order to secure the commercial loan facility, the defendant hypothecated the Construction Equipment namely "SK210LC-8" having Registration No. ORG528 towards applicant bank.

5. It has been submitted by the applicant bank that after availing the loan facility, the defendant failed to comply with the terms and conditions despite several requests and failed to 5d pay the monthly installments in time to the applicant bank. The defendant failed to produce the Construction Equipment for inspection of the applicant bank as per consonance with the agreement entered. The applicant bank withdraws the loan facility and issued legal notice dated 02.042014 to adjust the outstanding along with interest but defendant failed to comply with the notice. Hence, the applicant bank has approached this Tribunal for recovery of their dues.

6. Notice 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 21.03.2024, 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.Rajesh Lawania, authorized representative of the applicant bank who has proved the documents such as Power of Attorney Ex-AW1/A, Credit Facility Application Ex-AW1/B, Unattested Deed of Hypothecation Ex- AW1/C, Irrevocable Power of Attorney Ex-AW1/D, Recall Notice Ex-AW1/E, Postal Receipts Ex-AW1/F & 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 $d - 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.36,47,803.22 (Rupees Thirty Six Lacs Forty Seven Thousand Eight Hundred Three & paisa Twenty Two only) as on 03.06.2014 along with pendentelite and future interest @11.05% 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 construction equipment namely ‘SK210LC-8' having Registration ORG528. 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 15.07.2026. (IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. 1.0 (GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 16.05.2026