ICICI BANK LIMITED vs YASH TRANS LOGISTICS PVT LTD AND ANR on 21 October 2026

**FINAL ORDER**

This original application has been filed by the applicant bank on 05.04.2022 before DRT III, Delhi & then transferred to DRT-I, Delhi under Section 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 read with Rule 8 of the Debt Recovery Tribunal (Procedure) against the defendants for recovery of a sum of Rs.31,94,655.18 (Rupees Thirty One lacs Ninety Four Thousand Six Hundred Fifty Five & Eighteen only) as on 30.08.2021 along with pendentelite and future *sd-*

interest @10.00% per annum with monthly rest from the date of filing of this application till the date of realization and costs.

2. The brief facts of the case are that at the request of defendants as co-borrowers vide their loan application dated 26.02.2019, the applicant bank sanctioned Commercial Vehicle loans facility for Rs.39,56,000/- (Rupees Thirty Nine Lacs Fifty Six Thousand only) for purchase of Two Commercial Vehicles and disbursed an amount of Rs.35,24,000/- to M/s VMT Motors & Rs.3,94,738/- in account of defendant no.1 on 30.03.2019 which was to be repaid in 47 equated monthly installments of for purchasing **TATA 2518** Fully Built vehicles under Commercial Vehicle scheme of the applicant bank. Due to Covid 19 pandemic and Government policy, the tenure of repayment increased to 56 months.

3. That in order to avail the vehicle loan facilities, the defendants executed Credit Facility Application along with Terms and Conditions of the Loan, Unattested Deed of Hypothecation and Irrevocable Power of Attorney on 26.02.2019 in favour of applicant bank.

4. That in order to secure the loan facilities, the defendants hypothecated the commercial vehicles TATA 2518 bearing Registration No. NL-01AD-3475 and NL-01AD-3474 along with body in favour of applicant bank on 31.03.2019.

5. It has been submitted by the applicant bank that after availing the commercial vehicle loan facility, the defendants failed to comply with the sanction terms and conditions even after taking the benefits of moratorium period, neglected to pay monthly instalments in time to the applicant bank. The Scl-

defendants also failed to produce the vehicle for inspection, therefore, the applicant bank constrained to issue recall notice dated 30.06.2021 to the defendants but not replied nor made any effort to repay the outstanding dues, hence, the applicant bank has approached this Tribunal for recovery of their dues.

6. Notices of this O.A. were issued to the defendants and despite proper service, the defendants have chosen to absent from the proceedings. As per order dated 28.09.2026, the defendants have been proceeded ex-parte as not appeared before the Tribunal and even no written statement, evidence and affidavit of assets have been filed by the defendants.

7. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Ms.Alka Sharma, authorized representative of the applicant bank who has proved the documents such as Power of Attorney Ex-AW1/A, Credit Facility Application along with Terms and Conditions of the loan Ex-AW1/B, Unattested Deed of Hypothecation Ex-AW1/C, Irrevocable Power of Attorney Ex-AW1/D, Recall Notice Ex-AW1/E, Postal Receipts Ex-AW1/F, Statement of Account Ex-AW1/G.

8. 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 proved.

9. The case filed by the applicant bank gone unrebuted and there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.

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10. In the light of the above discussions and documents on record, the Original Application deserves to be allowed.

ORDER

I, allow this OA and direct the defendants to pay to the applicant bank within a period of 30 days, jointly or severally, a sum of Rs.31,94,655.18 (Rupees Thirty One lacs Ninety Four Thousand Six Hundred Fifty Five & Eighteen only) as on 30.08.2021 along with pendentelite and future interest @10.00% per annum with monthly rests and costs from date of filing of this application failing which the aforesaid amount shall be recovered from sale of hypothecated commercial vehicle namely **TATA 2518** Fully Built having Registration No. No. NL-01AD-3475 and NL-01AD-3474. In case of shortfall, the same shall be recovered from the sale of movable and immovable assets of the defendants.

(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 21.12.2026.

(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

*Sd - on 2026* **(GOVIND BALLABH SHARMA)** **PRESIDING OFFICER** **DRT-I, DELHI**

(Dictated and pronounced in open court) Dated: 21.10.2026