ICICI BANK LIMITED vs SHYAM ENTERPRISES AND ORS on 23 December 2025

FINAL ORDER

This original application has been filed by the applicant bank on 16.11.2021 through Sh.Nitesh Vashisht, authorized representative of the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 against the defendant for recovery of a sum of Rs.25,98,155/- (Rupees Twenty Five Lacs Ninety Eight Thousand One Hundred Fifty Five only) as on 06.09.2021 along with pendentelite and future interest @16% per annum from the date of filing of this application till the date of realization along with costs.

2. The brief facts of the case are that on the request of the defendant no.1 through defendant no.2 as proprietor and defendant no.3 as co-borrower, the applicant bank sanctioned Personal Loan Facility for a sum of Rs.25,00,000/- (Rupees Twenty Five Lacs only) on 19.02.2020 @16% rate of interest per annum to be repayable in 36 Equated monthly installments of Rs.88,510/- each. The defendants also agreed to pay penal interest @24% per annum in case of default or delay in repayment as per sanction terms.

3. In order to avail the loan facility, the defendants submitted loan application and executed Loan Agreement and Credit Facility Application Form on 19.02.2020 with applicant bank.

4. It has been submitted by the applicant bank that after availing the aforesaid loan facility, the defendants failed to comply with the terms and conditions and failed to regularize the account with the applicant bank. Ultimately, the applicant bank issued legal notice dated 26.02.2021 but defendants failed to regularize the account and hence the applicant bank has approached this Tribunal for recovery of their dues. Scd —

5. Notices of this O.A. were issued to the defendant and despite of proper service, the defendant has chosen to absent from the proceedings. As per order dated 24.09.2024, 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 defendant.

6. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Sh.Nitesh Vashisht, authorized representative of the applicant bank, who has proved the documents such as Power of Attorney, Preliminary Loan Application, Credit Facility Application, Disbursal Memo with Other Documents, Loan Recall Notice with Postal Receipts, Certified Foreclosure & Statement of Account, Certificate under Section 65-B of Indian Evidence Act and Section 2A of Banker Books Evidence Act marked as Ex.PW1/1 to Ex.PW1/8.

7. 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.

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.

9. As per the provision of Section 19(20) of the Recovery of Debts Due to Banks and Financial Institution Act, 1993 which is analogous to Section 34 of CPC, on filing of the suit/claim, the contract between the parties comes to an end and the Court/Tribunal has a discretion to award the same depending upon the circumstances of each case. Same principle has been laid down by the Hon'ble Apex Court in the case of Central Bank 5d- of India Vs. Ravindra & Others. Taking stock of all the circumstances and keeping in view that there is a drastic fall in rates of interest globally and domestically, I am of the opinion that interest of justice will be served if the interest at the rate of 12% p.a. is awarded

10. In the light of the above discussions, the Original Application deserves to be allowed.

ORDER

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.25,98,155/- (Rupees Twenty Five Lacs Ninety Eight Thousand One Hundred Fifty Five only) as on 06.09.2021 together with pendentelite and future interest @12% per annum with monthly rests from the date of filing this application till the date of realization and costs; failing which the aforesaid amount shall be recovered from the sale of hypothecated stock etc. In case of shortfall, the same shall be recovered from the sale of movable and immovable properties 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 20.02.2026. (IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. (GOVIND BALLABH SHAR A) PRESIDING OFFICER DRT-II DELHI (Dictated and pronounced in open court) Dated: 23.12:2025