ICICI BANK LIMITED vs RAVI INTEGRATED LOGISTICS INDIA PVT LTD on 20 December 2025

FINAL ORDER

This original application has been filed by the applicant bank on 01.09.2021 before DRT-III, Delhi and then transferred to DRT-I through Ms. Alka Sharma, 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.2,57,19,603.02 (Rupees Two Crores Fifty Seven Lacs Nineteen Thousand Six Hundred Three and paisa Two only) along with pendentelite and future interest @9.50% per annum with monthly rest from the date of filing of this application till the date of realization and costs.

2. The brief facts of the case are that at the request of defendant being private limited company, the applicant bank sanctioned Commercial Vehicles loan facilities for Rs.3,04,92,570/- (Rupees Three Crores Four Lacs Ninety Two Thousand Five Hundred Seventy only) @9.50% interest per annum on 07.05.2019, out of which Rs.2,27,42,570/- was disbursed to dealer 'M/s Himgiri Automobiles Pvt. Ltd.' in order to purchase 10 commercial vehicles namely AL 2518 along with body on 16.05.2019 and disbursed an amount of Rs.77,49,517/- to the defendant as per request, which was to be repayable in 59 Equated Monthly Installments against hypothecation of commercial vehicles. The Defendant also agreed to pay penal interest @24% per annum in case of default in repayment of interest/instalment. The loan agreements was to be repayable in EMIs of Rs.48,770/- and Rs,16,622/- allocated to 20 loan accounts of Rs.22,74,257/- and Rs.7,75,000/-.

3. That in order to avail the commercial vehicles loan facilities, the defendants submitted loan application on 07.05.2019 and executed Credit Facility Application along with Terms and Conditions of the Loan, Unattested Deed of Hypothecation, Irrevocable Power of Attorney on 07.05.2019 with the applicant bank.

4. That in order to secure the commercial vehicle loan facilities, the defendant hypothecated the Commercial vehicles namely AL 2518 having registration Numbers NL-01AD-4804, NL-01AD-4803, NL-01AD-4807, NL-01AD-4802, NL-01AD- 4806, NL-01AD-4801, NL-01AD-4805, NL-01AD-4810, NL- 01AD-4809 and NL-01AD-4808 in favour of the applicant bank.

5. It has been submitted by the applicant bank that after availing the commercial vehicle loan facilities, the defendants failed to comply with the terms and conditions despite several requests and defendants failed to pay the outstanding dues and monthly installments in time to the applicant bank. The applicant bank issued notice dated 10.05.2021 calling upon defendant to pay the outstanding amount but defendants neglected and failed to regularize the account. Hence, the applicant bank has approached this Tribunal for recovery of their dues.

6. Notices of this O.A. were issued to the defendant and despite proper service through publication in newspapers, the defendant has chosen to absent from the proceedings. As per order dated 18.07.2025, the defendant has 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 defendant.

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, Credit Facility Application alongwith Terms and Conditions, Unattested Deed of Hypothecation, Irrevocable Power of Attorney, Recall Notice and Receipt, Statement of Account marked as Ex.AW-1/A to Ex.AW-1/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 defendant to pay to the applicant bank within a period of 30 days, a sum of Rs.2,57,19,603.02 (Rupees Two Crores Fifty Seven Lacs Nineteen Thousand Six Hundred Three and paisa Two only) along with pendentelite and future interest @9.50% per annum with monthly rests from the date of filing of this application till the date of realization failing which the aforesaid amount shall be recovered from sale of hypothecated vehicles namely AL2518 having registration Numbers NL-01AD-4804, NL-01AD- 4803, NL-01AD-4807, NL-01AD-4802, NL-01AD-4806, NL- 01AD-4801, NL-01AD-4805„ NL-01AD-4810, NL-01AD-4809 and NL-01AD-4808. In case of shortfall the same shall be recovered from the sale of movable and immovable assets of the defendant. (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 18.02.2026.

(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: 20.12.2025