ICICI BANK LIMITED vs PREETI AND ANR on 15 June 2026

FINAL ORDER

This original application has been filed by the applicant bank on 03.08.2021 filed 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 a sum of Rs.31,54,764/- (Rupees Thirty One Lacs Fifty Four Thousand Seven Hundred Sixty Four only) as on 03.07.2021 along with pendentelite and future interest @12.03% per annum from the date of filing of this O.A. till its realization and costs.

2. The brief facts of the case are that at the request of defendants vide their loan application dated 22.06.2019, the applicant bank sanctioned Commercial Vehicle loan facility of Rs.28,90,000/- (Rupees Twenty Eight Lacs Ninety Thousand only) @12.03% interest per annum on 22.06.2019 and disbursed the amount to defendants on 29.07.2019 in order to purchase Mahindra Blazo 25/BS4 commercial vehicle which was to repayable in 57 Equated Monthly Installments of Rs.78,001/-. The defendants agreed to pay penal interest @24% per annum in case of default in payment of installments and applicant bank would be entitled to take possession of the commercial vehicle in the event of default.

3. That in order to avail the commercial vehicle loan facility, the defendants submitted loan application dated 22.06.2019 and executed Credit Facility Application along with Terms and Conditions of the Loan, Unattested Deed of Hypothecation and Irrevocable Power of Attorney with the applicant bank on 22.6.2019 towards the applicant bank.

4. It has been submitted by the applicant bank that in order to secure the aforesaid loan facility, the defendants hypothecated the commercial vehicle having Registration No.HR-38Z-6118 purchased from loan in favour of the applicant bank in terms of Deed of Hypothecation dated 22.06.2019.

5. It has been submitted by the applicant bank that after availing the aforesaid loan facility, the defendants failed to adhere to the financial discipline and despite of several requests and reminders for repayment of the dues and monthly installments in time to the applicant bank. Ultimately, the applicant bank issued the recall notice dated 20.02.2021 calling upon the defendants to pay the entire outstanding dues to the sd- applicant bank but the defendants did not clear the dues of the applicant bank, 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 of proper service the defendants have chosen to absent from the proceedings. As per order dated 20.02.2024, 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 cf affidavit of Shri Alka Sharma, authorized representative of the applicant bank who has proved the documents such as Power of Attorney Ex-AW1/1(OSR), Loan Application Ex-AW1/2, Credit Facility Application Form Ex- AW1/3, Unattested Deed of Hypothecation Ex.AW1/4 Irrevocable Power of Attorney Ex-AW1/5, Stamp Paper, Loan Disbursal Memo with other Documents Ex-AW1/7, Loan Recall Notice Ex-AW1/8(Colly), Certified Loan Foreclosure & Statement of Account Ex-AW1/9, Certificate u/s 2A of Bankers' Books of Evidence Act Ex-AW1/10 and Certificate u/s 65-B of Indian Evidence Act Ex-AW1/11.

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, 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.31,54,764/- (Rupees Thirty One Lacs Fifty Four Thousand Seven Hundred Sixty Four only) as on 03.07.2021 together with future interest @12.03% per annum from the date of filing of this O.A. till the date of realization, failing which the aforesaid amount shall be recovered from the sale of hypothecated Vehicle namely Mahindra Blazo-25/BS4 having Registration No.HR-38Z-6118. In case of default, the same shall be recovered from the sale of movable and immovable properties 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 17.08.2026. (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 (Pronounced in open court) Dated: 15.06.2026