ICICI BANK LIMITED vs SH. GURPARDEEP SINGH AND ANOTHER on 17 April 2025

FINAL ORDER

1. Present Transfer Application was instituted by the applicant under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the defendants for recovery of Rs.68,33,277.00 (Rupees Sixty Eight Lacs Thirty Three Thousand Two Hundred Seventy Seven Only). The Transfer Application has been filed through Mr. Mohamad Vajid., Authorized Representative of the applicant, who is competent to institute the Transfer Application vide Power of Attorney dated 18.09.2019, which is Annexure A1 to this TA.

2. The brief facts of the TA are that the defendants had approached the applicant for the grant of Vehicle Loans of Rs.57,89,608.00 for

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purchase of Two commercial vehicle and Rs.9.47 Lacs for their body making vide Loan Application dated 01.12.2018, which are Annexures A2 and A3 to this TA.

3. The applicant sanctioned Vehicle Loans of Rs.57,89,608.00 for purchase of Two commercial vehicle and Rs.9.47 Lacs vide Credit Facility Form dated 01.06.2019, which is Annexure A4 to this TA.

4. Defendant no.1 had hypothecated his movable properties/ Assets i.e. a. Vehicle Namely MTB Blazo 49 bearing Engine No.VBJZH20371, Chessis No. MA1VDAPGDJ6H99914 and Registration No.PB05AK9658 vide FOP, filed in compliance of the order dated 29.10.2024 vide diary no.1660 dated 03.02.2025.

b. Vehicle Namely Tata Signa

S bearing Engine No.91D63781717, Chessis No. MAT704149KAD08274 and Registration No.PB05AL3058 vide FOP, which is Annexure A7 to this TA. Documents executed:- Unattested Deed of Hypothecation dated 01.06.2019, which are Annexures A5 and A6 to this TA; Statement of Accounts and Certificate, which are Annexures A8 to A12 to this TA and Recall Notice dated 18.02.2021, which are Annexures A13 and A14 to this TA.

5. The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in all the loan accounts there was a debit of Rs.68,33,277.00, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

6. The defendants were served notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte on 24.10.2024.

7. In support of the TA, affidavit of through Mr. Mohamad Vajid., Authorized Representative, ICICI Bank Ltd. has been filed.

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8. Heard arguments and perused record.

9. It was argued by learned proxy counsel of applicant that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexures A1 to A14 to this TA, it is proved that the defendants approached applicant for availing of the loans facilities which were granted to them and for that they had executed all the relevant documents in favour of the applicant. The defendants failed to pay back the loans as per terms and conditions of the agreement between the parties. Subsequently, accounts of the defendants were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.68,33,277.00 (Rupees Sixty Eight Lacs Thirty Three Thousand Two Hundred Seventy Seven Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Transfer Application till realization of the accounts.

10. In so far as pendent elite and future rate of interest is concerned the applicant in relief clause has claimed interest @10.54%p.a. plus from 14.07.2021 till the realization.

The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the mortgaged property, undertaking of the defendants, quantum of loans and prevalent market rates of interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @8.00%p.a. in all the loan accounts from the date of filing of the TA till realization of the amount ordered vide this final order. It is ordered accordingly.

11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of

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Rs.68,33,277.00 (Rupees Sixty Eight Lacs Thirty Three Thousand Two Hundred Seventy Seven Only) with costs, current and future simple interest @8.00%p.a. in all the loan accounts from the date of filing of TA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated/mortgaged properties of the defendants in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the applicant still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law.

12. Any other application pending stands disposed of.

13. Issue Recovery Certificate accordingly.

14. Parties to appear before Learned Recovery Officer of this Tribunal on 16.05.2025.

15. Copy of this order be given Dasti to the applicant and be sent to defendants through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned. Pronounced by me in the open Tribunal. Dated: 17.04.2025

(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh