ICICI BANK LIMITED vs JOGINDER AND ANR on 27 July 2026

FINAL ORDER

This original application has been filed by the applicant bank before DRT-III, Delhi on 30.09.2021 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.20,77,730/- (Rupees Twenty lacs Seventy Seven Thousand Seven Hundred Thirty Only) as on 20.07.2021 together with pendentelite and future interest at contractual rate i.e. 11.50% from the date of filing of this application till the date of its realization with costs.

2. The brief facts of the case are that at the request of defendant no.1 and 2 as co-borrowers, the applicant bank sanctioned Commercial Vehicle Loan facility for a sum of Rs.18,42,825/- (Rupees Eighteen Lacs Forty Two Thousand Eight Hundred Twenty Five only) @11.50% interest per annum on 25.08.2020 for purchasing LPT 1412 /CAB Chasis BS IV vehicle having Registration no. HR-63E-5071, which was to be repayable in 47 Equated Monthly Installments of Rs.49,070/- against hypothecation of vehicle. The defendant no.2 stood as guarantor for the vehicle loan facility sanctioned by the applicant bank in favour of defendant no.1.

3. That in order to avail the vehicle loan facility, the defendant no.1 submitted loan application dated 25.08.2020 along with KYC documents and executed Credit Facility Application, Unattested Deed of Hypothecation, irrevocable power of attorney with the applicant bank on 25.08.2020 and both the defendants executed Guarantee agreement towards applicant bank.

4. That in order to avail the loan facility, the defendant no.1 purchased the vehicle namely TATA LPT 1412 BS IV from M/s Ashok Auto Ventures LLP having Chasis No. MAT767250L7E04072 and Registration no.HR-63E-5071 duly hypothecated in favour of applicant bank as per Vahan details of RTO Jhajjar.

5. It has been submitted by the applicant bank that after availing the commercial vehicle loan facility, the defendants failed to comply with the terms and conditions and pay the installments and outstanding dues in time to the applicant bank. Ultimately, the applicant bank issued recall notice dated 15.06.2021 calling upon the defendants to pay the entire outstanding dues but defendants did not clear the dues of the applicant bank therefore neglected to pay and 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 have chosen to absent from the proceedings. As per order dated 08.01.2025, the defendants have been proceeded ex-parte as they have not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

7. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Alka Raj, authorized representative of the applicant bank who has proved the documents such as Power of Attorney, Loan Application Form, Credit Facility Agreement Application, Unattested Deed of Hypothecation, Irrevocable Power of Attorney, Loan Disbursal Memo, Loan Recall Notice along with Postal Receipt, Certified Loan Foreclosure & Statement of Account, Certificate under Section 65-B of Indian Evidence Act and Certificate under Section 2A of Banker Books Evidence Act marked as Ex.AW-1/1 to Ex.AW-1/10.

8. 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. 5d

19. 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.20,77,730/- (Rupees Twenty lacs Seventy Seven Thousand Seven Hundred Thirty only) as on 20.07.2021 together with pendentelite and future interest @11.50% per annum with monthly rest from 20.07.2021 till the date of realization, failing which the aforesaid amount shall be recovered from the sale of vehicle TATA LPT 1412 BS IV having Chasis No. MAT767250L7P04072 and Registration no.HR-63E- 5071. In case of shortfall, remaining amount be recovered through 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 25.09.2026 (IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. (GOVIND BALTABH SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 27.07.2026