Debts Recovery Tribunals and Appellate Tribunals
ICICI BANK LIMITED vs RAJNEESH SREEDHAR on 21 December 2019
**IN THE DEBTS RECOVERY TRIBUNAL II, KARNATAKA
AT BENGALURU**
Dated this the 21<sup>st</sup> day of December 2019
**:Present:**
**Shri K Ravindran Nair
Hon'ble Presiding Officer
In-charge-DRT-II**
**T.A.No.842/2017
(O.A.No.1516/2016-DRT-I)**
**BETWEEN:**
**ICICI Bank Limited.,
Mystree Centre, No.4/10,
Hosur Road, Bommanahalli,
Bengaluru-560 068.
Represented by its Authorized Signatory
Mr. Vishal Shukla.**
** ...APPLICANT**
**AND:**
**Mr. Rajneesh Sreedhar.,
S/o Sri V.A. Sreedharan,
r/at: No.2597/5, 5<sup>th</sup> 'C' Main, Behind Corporation Bank, RPC Layou, Vijayanagar, Bengaluru-560 040.**
** ...DEFENDANT**
**Counsels on record/appeared for:**
**Applicant : Sri. S. Ramakrishnan
Defendant : Ex-parte**
**FINAL ORDERS**
The present Application came to be registered on 18.07.2016 in DRT-I Bengaluru number as OA 1516/2016. There 2T.A.842/2017 in
after renumbered as TA No.842/2017 upon transfer to DRT-II Bengaluru on the point of Jurisdiction, under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, seeking recovery of an amount of Rs.11,16,877.50/-(Rupees Eleven lakh sixteen thousand eight hundred seventy seven and paise fifty only) from the Defendant together with interest and cost.
2. The case of the applicant bank is that defendant had approached the applicant bank seeking financial assistance for Staff Loan. The applicant bank considered his request and sanctioned personal loan of Rs.5 lakh under employee benefit scheme vide sanction letter dated 14.11.2007. Defendant has executed necessary documents in favour of the applicant bank. After availing the loan, the defendant failed to regularize the loan account and also failed to pay the interest/installments, and did not come forward to repay the balance outstanding. The Applicant bank has issued legal notice dated 21.10.2013 to the defendant, for which the defendant has not taken any steps to 3T.A.842/2017 in
clear the dues. Hence, the present O.A was filed in DRT-I and now re-numbered as TA.842/2017 upon transfer to DRT-II. The applicant bank has produced the documents in favour of its case viz., loan application, sanction letter, promissory note, demand legal notice, legal notice, certified copy of account extract etc.
3. Further the defendant agreed to repay the above loan with variable rates of interest, as applicable from time to time as per the directions of the Head Office/Central Office of the Applicant Bank and penal interest in case of default and to keep the account regular by paying installments as and when due to the satisfaction of the Applicant Bank, as detailed in the OA by the Applicant Bank.
4. The defendant after utilizing the entire loan proceeds for the above said purpose have failed to make the repayments of the loan dues as agreed, not serviced the interest thereon as per the terms and conditions agreed by them and became chronic 4T.A.842/2017 in
defaulters and hence, the recovery process is initiated against the defendant to recover the dues.
5. In the light of these factors, it is contended by the Applicant Bank that, Defendant is liable to pay a sum of Rs.11,16,877.50/- (Rupees Eleven lakh sixteen thousand eight hundred and seventy seven and paise fifty only) .
6. After filing the OA, summons were sent through RPAD and same was served on the defendant, summons sent to the defendant returned with postal shara as 'unclaimed'. Thereafter paper publications were made, when defendant was called out, he remained absent and hence, placed ex parte.
7. To prove the case of the Applicant Bank, its Manager, Mr. Pramodh G, has filed his affidavit by way of evidence and same was considered as evidence of AW-1 and marked at Ex. A-1 and list of documents came to be marked as Ex.A-2 and 7documents came to be marked as Ex.A-3 to Ex.A-9.
5T.A.842/2017 in
1. 8. No evidence on behalf of the Defendant.
2. 9. Arguments of Learned Counsel for the Plaintiff/ applicant bank heard and perused the records of the case.
3. 10. Following points arise for my consideration:
1. a) Whether Plaintiff/applicant bank proves its case as contended in the plaint/application?
2. b) What order?
4. 11. For the following reasons, I answer the above referred points in the following manner:
**REASONS**
1. 12. Mr. Pramodh G. Manager of the applicant bank came to be examined as AW-1. His affidavit by way of evidence reiterates the facts pleaded in the plaint and his affidavit is also corroborated by the above referred Ex.A-3 to Ex.A-9 which clearly establish the case of the applicant bank to allow the present TA. Added to this, the defendant remained absent, hence it is to be construed that the defendant have admitted the entire case pleaded by the 6T.A.842/2017 in
applicant bank as sought in the present TA.
13. Therefore, for these reasons, present TA is to be allowed with costs as sought by the applicant bank.
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**:ORDER:**
Present TA stands allowed with costs.
Defendant is personally liable to pay Rs.11,16,877.50/- (Rupees Eleven lakh sixteen thousand eight hundred seventy seven and paise fifty only) with interest at the rate of 8% P.A. from the date of application till the date of final realization, as sought by the Applicant Bank in the TA.
Applicant Bank shall file fresh Memo of calculation of TA amount together with interest, costs etc., to be paid by Defendant duly taking into account the amount/s if any paid by the Defendant and/or amount realized by sale of assets, etc., during the intervening period after filing the TA, to enable the 7T.A.842/2017 in office to prepare Recovery Certificate for the amount to be paid by the Defendant to the Applicant Bank.
Office is directed to issue Recovery Certificate.
(Dictated to the Stenographer, after its transcription and necessary corrections, signed and pronounced by me in the Open Court on this the **21<sup>st</sup> day of December, 2019**)
**(K. Ravindran Nair)** **Presiding Officer** **I/C -DRT II, Bengaluru**
8T.A.842/2017 in O.A.No.1516/2016**ANNEXURES:****LIST OF WITNESSES EXAMINED ON BEHALF OF APPLICANT- BANK:**
AW.1 – Mr. Pramodh G. Manager of Applicant bank
**LIST OF DOCUMENTS MARKED ON BEHALF OF APPLICANT BANK:**
Ex.A1 : Affidavit of AW.1 Ex.A2 : List of documents Exs.A3 – A.9 : 7 documents
**LIST OF WITNESSES EXAMINED ON BEHALF OF DEFENDANT :**
- NIL –
**LIST OF DOCUMENTS MARKED ON BEHALF OF DEFENDANT:**
-NIL-
**(K Ravindran Nair) Presiding Officer I/c-DRT-II, Bengaluru**
\*SS\*