ICICI BANK LIMITED vs MUNIYAPPA VINOD KUMAR Mrs.Smitha.B.M/S Omkar Sale Corporation Mr.B.Ravi Gowda M/S.Narayana Enterprises M/S.Citrus Ventures P.Ltd on 5 December 2025

FINAL ORDER

1. The Application was filed before the Debts Recovery Tribunal-I, Bengaluru on 30.06.2016 Under Section 19 (1) of the Recovery of Debt And Bankruptcy Act, 1993 and numbered as OA No. 1483/2016, seeking for issuance of a Recovery Certificate for Rs. 1,20,75,686.70 (Rupees one crore twenty lakh seventy-five thousand six hundred eighty-six and paisa seventy only). Subsequently, owing to bifurcation of jurisdiction vide Government of India Gazette Notification dated 30.01.2017, the

Application (OA No. 1483/2016) was transferred from Debts Recovery Tribunal -I, Bangalore to this Tribunal and renumbered as TA No. 726/2017.

2. It is the case of the applicant that Defendant No. 1, as the borrower, and Defendant Nos. 2 and 3, as co-borrowers, availed a home loan of Rs. 1,20,00,000/- (Rupees One Crore Twenty Lakh only) for the purpose of purchasing the schedule property, pursuant to which an amount of Rs. 1,14,31,500/- (Rupees One Crore Fourteen Lakh Thirty-One Thousand Five Hundred only) was disbursed to the borrowers. Defendant Nos. 1 and 2 had entered into an Agreement to Sell in respect of the schedule property with Defendant Nos. 4 to 6, and Defendant No. 6 had issued a No Objection Certificate permitting Defendant Nos. 1 and 2 to mortgage the schedule property in favour of the applicant. However, Defendant Nos. 1 to 3, in collusion with Defendant Nos. 4 to 6, failed to complete the sale transaction despite the disbursement of the loan amount by the applicant bank.

3. It is also the case of the Applicant that, in view of the above loan, the Defendants executed the necessary loan documents in favour of the Applicant Bank to secure the loan and also created the requisite security interest over the scheduled property to ensure due repayment of the loan.

4. It is the case of the Applicant that the Defendants, despite availing the credit facility, after agreeing with the Terms and Conditions for the loan, failed in complying with the same, resulting in defaults and consequentially turning the loan accounts as Non-Performing Asset (NPA).

5. In the above circumstances, the applicant approached this Tribunal by filing this TA seeking issuance of Recovery Certificate for the amount due in the account.

6. Summons were duly served on the Defendants. Defendant Nos. 1 to 3 and Defendant No. 6 entered appearance through their counsels but failed to file their written statements. Defendant Nos. 4 and 5 failed to appear and were therefore placed ex parte. Subsequently, as all the Defendants continued to remain absent, the entire set of Defendants was placed ex parte on 24.02.2025.

7. The applicant had let in evidence through AW-1, who filed Proof Affidavit reiterating the contentions taken in the TA and also produced Exhibits A-1 to A-12 and got the same marked in evidence.

8. Heard the Ld. Counsel for the Applicant and considered the contentions as taken in the TA in the light of documentary evidence and the proof affidavit.

9. The following issues arise for consideration in this matter: i) Whether the applicant had succeeded in proving the TA claim as against the defendants? ii) What order are to be passed?

Both these issues are gone into and decided together.

10. The case put forth by the applicant in the Application remains unrebutted as defendants remained ex parte. The evidence tendered by the applicant remains uncontroverted and undisputed. The evidence put forth by the applicant were found admissible and are sufficient to prove the availment of credit facilities as stated in the TA, creation of security interest as claimed by the applicant bank and the defaults committed in the accounts. The liability of the defendants and the claim as the amount due is also proved by the above documents. The claim of the applicant is well within the limitation.

11. Hence in view of the finding arrived herein above, this Tribunal find both these issues in favour of applicant and hence this Tribunal is of the view that TA is liable to be allowed.

12. Taking into consideration the facts that the credit facilities are availed for housing loan purpose and also that the TA claim is arrived at by calculating interest at the agreed rate, this Tribunal in view of the TA can be allowed with a reduced interest of 8.00% (simple).

13. In the result, TA.No.726/2017, stands allowed,

i) The applicant is allowed to recovery an aggregate sum of Rs. 1,20,75,686.70 (Rupees one crore twenty lakh seventy five thousand six hundred eighty six and paisa seventy only) with further interest @ 8.00% p.a. (simple) from the date of filing TA till the realization, from the defendants jointly and severally after giving credit to all the amount recovered and received during the pendency of the TA and allowed the same to be recovered by proceeding against the schedule property. Properties schedule to the TA be the schedule to the recovery certificate.

ii) If the sale proceeds are not found sufficient to cover the amount due and payable to the applicant bank, the defendant Nos.1 to 3 jointly and severally and their assets are liable for all such amounts due under the loan accounts.

iii) The applicant bank is allowed cost of the proceedings which applicant to file cost memo within 7 days from the date of receipt of the order.

iv) The Recovery Certificate to be drawn in terms of this order and transferred to Recovery for execution.

v) Interim application pending, if any, are disposed of with this

Final Order.

14. Communicate a copy of the order to the parties concerned in terms of Section 19(21)(i) of the RDB Act, read with Rule 16 of DRT (Procedure) Rules, 1993. (Dictated to PY directly on the Computer, after its transcription, corrected and pronounced by me in the open Court on this the 05th day of December, 2025)

Sd/- (T. RAJESH)

PRESIDING OFFICER

ANNEXURES WITNESSES EXAMINED FOR THE APPLICANT BANK: AW-1: Sri. Pramodh G, Manager, of Applicant Bank. Exhibits on the part of the Applicant:

Exhibit Nos. Date Particulars of Documents A1 -- Power of Attorney A2 -- Loan Application A3 -- Partnership Reconstruction Deed A4 14.07.2015 Sanction letter A5 -- Disbursal memo A6 30.07.2015 Sale agreement A7 30.07.2015 Letter A8 06.08.2015 NOC Letter A9 06.08.2015 Facility agreement A10 20.01.2016 Letter A11 19.02.2016 Notice and postal proof A12 -- Statement of account

Witness Examined for the Defendants: -Nil - List of Documents Exhibited for the Defendants: -Nil -

Sd/- (T. RAJESH) PRESIDING OFFICER