ICICI BANK LIMITED vs JAYANT AND ANR on 5 August 2026

FINAL ORDER

This original application has been filed by the applicant bank on 15.09.2022 before DRT-III Delhi & then transferred to DRT-I Delhi through Ms Alka Sharma, authorized representative of the applicant bank under Section 19 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.24,99,486/- (Rupees Twenty Four Lacs Ninety Nine Thousand Four

Hundred Eighty Six only) as on 25.05.2022 along with pendentelite and future interest @10.80% per annum with monthly rest from the date of filing of the application till the date of realization and costs.

2. The brief facts of the case are that at the request of defendants, the applicant bank sanctioned and disbursed Commercial Vehicle loan facility of Rs.35,59,259/- (Rupees Thirty Five Lacs Fifty Nine Thousand Two Hundred Fifty Nine only) and disbursed an amount of Rs.35,50,000/- (Rupees Thirty Five lacs Fifty Thousand only) on 30.11.2019 as requested by defendants to the dealer M/s PASCO Motors LLP for purchase of commercial vehicle to be repaid in 35 EMIs of Rs.1,20,825/- @10.80% interest per annum. The defendants further agreed to pay penal interest @24% p.a. on the outstanding equated monthly installments amount and applicant bank entitled to take possession of commercial vehicle.

3. That in order to avail the commercial vehicle loan facility, the defendants submitted application dated 30.11.2019 and executed Credit Facility Application along with Terms and Conditions of the Loan, Unattested Deed of Hypothecation and Irrevocable Power of Attorney on 30.11.2019 in favour of applicant bank.

4. That in order to secure commercial vehicle loan facility, the defendant hypothecated the commercial vehicle namely "TATA LPK 3118" Registration No. HR38AA-0897, Engine No.ISB5.9B4S180K191K63812273 and Chasis No. MAT466461K3K22804 in favour of applicant bank and in case c of default in instalment, agreed for taking over the possession of vehicle.

5. It has been submitted by the applicant bank that after availment of vehicle loan facility, the defendants failed to comply with the terms and conditions despite several reminders to pay the outstanding dues and make the vehicle available for inspection by the applicant bank. The applicant bank recall the loan facility and issued legal notice dated 07.02.2022 to adjust the outstanding along with interest and also handover the possession of commercial vehicle but defendants neither care to reply nor made any efforts to repay. 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 15.12.2025, the defendants have been proceeded ex-parte as they have failed to file written statement, evidence and affidavit of assets.

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 Ex.AW1/A, Credit Facility Application Form along with Terms & Conditions of the Loan Ex-AW1/B, Unattested Deed of Hypothecation Ex.AW1/C, Irrevocable Power of Attorney Ex,AW1/D, Recall Notice Ex.AW1/E, Receipt 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 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, jointly or severally, within a period of 30 days, a sum of Rs.24,99,486/- (Rupees Twenty Four Lacs Ninety Nine Thousand Four Hundred Eighty Six only) as on 25.05.2022 along with pendentelite and future interest @10.80% per annum with monthly rests from date of filing of this OA along and costs failing which the aforesaid amount shall be recovered from sale of hypothecated commercial vehicle namely "TATA LPK 3118" Registration No. HR38AA-08971 Engine No.ISB5.9B4S180K191K63812273 and Chasis No. MAT466461K3K22804. 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 05.10.2026.

(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. (GOVIND BALLA-11H SWARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 05.08.2026