ICICI BANK LIMITED vs GULAB CHAND on 18 December 2025

FINAL ORDER

This original application has been filed by the applicant bank on 26.04.2022 before DRT-III, Delhi and then transferred to DRT-I through Shri Krishna Kumar, authorized representative of the applicant bank 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.27,52,729.46 .(Rupees Twenty Seven Lacs Fifty Two Thousand Seven Hundred Twenty Nine & paisa Forty Six only) as on 27.03.2018 along with pendentelite and future interest @24% per annum from 27.03.2018 till the date of realization along with costs.

2. The brief facts of the case are that on the request of the defendants, the applicant bank sanctioned Commercial Vehicle loan for a sum of Rs.30,36,822/- (Rupees Thirty Lacs Thirty Six Thousand Eight Hundred Twenty Two only) @10.01% and @10.46% interest per annum to be repayable in 59 & 47 equated monthly installments of Rs.28,581/- and Rs.5,258/- respectively for purchase of Two commercial vehicles against hypothecation of vehicles on 30.09.2016. 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 purchased.

3. That in order to avail the commercial loan facilities, the defendants submitted Application form for Loans and executed Credit Facility Application along with Terms and Conditions, Unattested Deed of Hypothecation, Irrevocable Power of Attorney in favour of the applicant bank on 15.09.2016.

4. That in order to secure the commercial vehicle loan facilities, the defendants hypothecated Commercial Vehicles namely AL 1616 having Registration no. HR-38W-0709 and HR- 38W-8771 in favour of the applicant bank.

5. It has been submitted by the applicant bank that after availing the aforesaid loan facilities, the defendants failed to comply with the terms and conditions of sanction and failed to regularize the account with the applicant bank. Ultimately, the applicant bank issued legal notices dated 26.02.2018 but defendants failed to regularize the account 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 of proper service, the defendants have chosen to absent from the proceedings. As per order dated 17.09.2025, the defendants have been proceeded ex-parte as not appeared before the Tribunal and even written statement, evidence and affidavit of assets have not been filed by the defendants.

7. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Krishna Kumar, authorized representative of the applicant bank, who has proved the documents such as Power of Attorney of AR, Copy of PAN Cards, Aadhar Cards, Preliminary Credit Facility Application, Credit Facility Application Form, Deed of Hypothecation, Deed of Hypothecation, Irrevocable Power of Attorney, Disbursements Memo, Vehicle Registrations, Notices, Foreclosure Statements, Statement of Accounts, Certificate u/s 2A of Banker's Book of Evidence Act and Certificate u/s 65B of Indian Evidence Act. marked as and Ex.AW-1/1 to Ex.AW-1/20.

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 approved.

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, jointly or severally, within a period of 30 days, a sum of Rs.27,52,729.46 (Rupees Twenty Seven Lacs Fifty Two Thousand Seven Hundred Twenty Nine & paisa Forty Six only) as on 27.03.2018 together with pendentelite and future interest @12.00% per annum from 27.03.2018 till the date of realization, and costs; failing which the aforesaid amount shall be recovered from sale of hypothecated commercial vehicles AL1616 having registration No.HR-38W-0709, HR-38W-8771. In case of shortfall, 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 16.02.2026.

(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 (Dictated and pronounced in open court) Dated: 18.12.2025