ICICI BANK LIMITED vs BHIM SINGH on 5 June 2026

FINAL ORDER

This original application has been filed by the applicant bank on 13.02.2019 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.82,14,245/- (Rupees Eighty Two Lacs Fourteen Thousand Two Hundred Forty Five only) as on 15.11.2018 along with pendentelite and future interest @24% per annum from 15.11.2018 till the date of realization along with costs.

2. The brief facts of the case are that at the request of defendant no.1 & 2 as co-borrowers vide their loan application with allotment letter dated 20.03.2015 issued by defendant no.3, the applicant bank sanctioned housing loan for Rs.73,77,000/- (Rupees Seventy Three Lacs Seventy Seven Thousand only) on 26.03.2015 @10.15% interest per annum and disbursed an amount of Rs.71,26,952/- as per request of - defendant no.1 and 2, to be repayable in 120 EMI of Rs.98,102/- in order to purchase under construction Flat no.B3/101, Flat no.B3/101, 1st Floor, Royal Raj Vilas, Shobhagpura Circle, Udaipur-313001 being developed, constructed and sole by defendant no.3.

3. That in order to avail the housing loan facility, the defendant no.1 & 2 submitted housing loan application form with allotment letter and executed Loan Facility Agreement, Loan Disbursement Memo, Agreement to Sell, Demand Note cum Tax Invoice, NOC / Permission to Mortgage issued by defendant no.3 and Permission to Mortgage dated 26.03.2015 with the applicant bank. In addition, the defendants executed Tripartite Agreement with applicant bank on 20.03.2015

4. That in order to secure the housing loan facility, the defendant no.1 & 2 created mortgage of Flat no.B3/101, Flat no.B3/101, 1st Floor, Royal Raj Vilas, Shobhagpura Circle, Udaipur-313001 as per permission to mortgage issued by defendant no.3 towards applicant bank.

5. As per Tripartite Agreement dated 20.03.2015, the defendant no.3 had undertaken that in case of failure of payment of dues by defendant no.1 and 2 as per schedule shall be the entire and exclusive responsibility and liability to pay and clear the dues of the applicant bank. The defendant no.3 also undertaken that on receipt of entire consideration amount, they shall execute proper sale deed/lease deed and shall deliver the sale deed/lease deed directly to the applicant bank and the applicant bank shall have first lien over the flat being constructed and issued no objection for creating equitable mortgage

6. It has been submitted by the applicant bank that after availing the housing loan facility, the defendants failed to pay the outstanding dues in time to the applicant bank. Due to indiscipline in depositing the installments, the applicant bank issued Loan Recall Notice dated 15.11.2017 calling upon the defendants to pay the entire outstanding dues to the applicant bank but the defendants neglected the same, hence the applicant bank has approached this Tribunal for recovery of their dues.

7. 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 25.07.2022, 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.

8. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Anuj Jain, authorized representative of the applicant bank who has proved the documents such as Power of Attorney, Loan Agreement, Loan Disbursement Memo, Agreement to Sell, Demand Note cum Tax Invoice, Allotment Letter, NOC/Permission to Mortgage, Tripartite Agreement, Permission to Mortgage, Payment Receipts, Loan Recall Notice, Loan Foreclosure Statement, Statement of Account, Certificate u/s 2A of Banker's Books of Evidence Act and Certificate u/s 65B of Indian Evidence Act marked as Ex.AW-1/1 to Ex.AW-1/16.

9. 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.

10. 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.

11. 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, jointly or severally, within 30 days a sum of Rs.82,14,245/- (Rupees Eighty Two Lacs Fourteen Thousand Two Hundred Forty Five only) as on 15.11.2018 along with pendentelite and future interest @24% per annum from 15.11.2018 till the date of realization and costs failing which the aforesaid amount shall be recovered from sale of mortgaged Flat no.B3/101, Flat no.B3/101, 1st Floor, Royal Raj Vilas, Shobhagpura Circle, Udaipur-313001. In case of shortfall, the same shall be recovered from the sale of moveable and immovable property 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 Recovery Officer, DRT I, Delhi on 04.08.2026. (IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. Sd - (GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 05.06.2026