Debts Recovery Tribunals and Appellate Tribunals
ICICI BANK LIMITED vs SACHIN CHAVAN on 17 January 2024
Registered on: 05.11.2015
Decided on: 17.01.2024
IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI
TRANSFER ORIGINAL APPLICATION NO. 220 of 2016
(OA No. 717/2015 is Transferred from DRT-III, Mumbai &
Registered as TOA No. 220/2016)
ICICI BANK LIMITED, Having its registered office at: Landmark, Race Course Circle, Vadodara- 390007 and inter alia a branch office at: ICICI Bank Towers, South Towers, 4th Floor, Bandra Kurla Complex, Bandra East, Mumbai 400 051.
…. APPLICANT
VERSUS
1. MR. SACHIN UTTAM CHAVAN An
Adult Residing at Room No. 22, Shivnath
Sheth Chawl, GP Road, Ghatkopar W,
Mumbai 400 086.
2. MR.
UTTAM
RAMCHANDRA
CHAWAN An Adult Residing at Room
No. 2, Shivnath Chouthi Murari Chawl
Parsiwadi, Ghatkopar W, Mumbai 400
086.
… DEFENDANTS
____________________________________________
Counsel for the Applicant : Advocate Indrajeet Deshmukh i/b Vidhi Partners Counsel for the Defendant : Already Ex-parte
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J U D G M E N T
1. The Original Application has been filed by the Applicant against the Defendants before Ld. DRT-III, Mumbai, which stands transferred to this Tribunal as per the Govt. Notification dated 26/09/2016 and registered as TA No. 220/2016. The OA has been filed by the Applicant for recovery of Rs. 13,54,615 (Rupees Thirteen Lakh Fifty Four Thousand Six Hundred Fifteen Only) with further interest @ 24 % p.a. from the date of filing the present OA till its realisation.
2. Facts as succinctly set out in the present OA/TA are that sometime on 28.06.2013, Defendant approached the Applicant for credit facility for the purpose of purchasing commercial vehicles as a Service Provider. Pursuant to the said request, Applicant granted an amount of Rs. 12,75,000/- to the Defendant.
3. In consideration of sanction the vehicle loan, the Defendant secured the said loan by executing Certificate of Registration issued by the Regional Transport Officer & Irrevocable Power of Attorney in favour of the Applicant.
4. In order to further secure the aforesaid loan, Defendants executed the deed of hypothecation & Guarantors executed deed of guarantee in favour of the Applicant.
5. However, after availing the aforesaid facility, the Defendant failed to make payments, thus, the account was classified as NPA on 31.05.2014. Thereafter, the Applicant was constrained to recall the aforesaid facility vide its notice dated 31.05.2014 in respect of the credit facilities. Hence, the present OA has been filed.
6. Notice was issued to the Defendants. Despite service, none appeared for the Defendant No. 1 & 2 nor filed the WS thus, they were proceeded ex-parte vide order dated 13.06.2017.
7. The Applicant Bank has produced all the Original Loan documents and other relevant documents along with their Claim Affidavit filed on 02.06.2022 through Manager Amol Shirsath.
8. I have heard the Ld. Counsel for the Applicant Bank and perused the record.
9. The witness of the Applicant Bank has fully corroborated the averments made in the OA, even otherwise the whole case of the Applicant Bank is based on documents and the witness has duly proved all these documents as against the defendants. In my view there is no question of disbelieving the evidence led by the Applicant Bank and the Applicant Bank has proved its case beyond reasonable doubt. The liability of Defendant No. 1 & 2 is joint and several.
10. In view of the submission made herein above the Original Application filed by the Applicant Bank deserves to be allowed against the Defendant No. 1 & 2.
O R D E R
(i) I allow the present O.A. and direct the Defendant No. 1 & 2, to pay to the Applicant, jointly and severally, within a period of 60 days, a sum of Rs. 13,54,615 (Rupees Thirteen Lakh Fifty Four Thousand Six Hundred Fifteen Only) with further interest @ 24 % p.a. from the date of filing the present OA till its realisation.
(ii) Failing which the aforesaid amount shall be recovered from the sale of hypothecated assets, immoveable assets as well as other personal moveable and of the Defendants.
(iii) Defendants are hereby directed not to deal with their properties till further direction of Ld. Recovery Officer.
(iv) Defendants shall also pay the cost and expenses of the OA.
(v) Recovery Certificate be issued forthwith and be sent to the Recovery Officer of this Tribunal. Copy of this order be sent to the parties as per rules. File be consigned to record.
Place: Mumbai.
(Dr. Rekha G. Dhakar) Date : 17.01.2024
Presiding Officer, DRT-1, Mumbai.
Tjs/-