ICICI BANK LIMITED vs DEEPAK BHADANA AND ANR on 21 October 2026

**FINAL ORDER**

This original application has been filed by the applicant bank on 03.10.2022 before DRT-III, Delhi & then transferred to DRT-I, Delhi through Mr.Rajat Chandra, authorized representative of the applicant bank 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) Rules 1993 against the defendants for recovery of a sum of Rs.20,17,166/- (Rupees Twenty Lacs Seventeen *Sd/-*

Thousand One Hundred Sixty Six only) as on 16.12.2021 along with pendentelite and future interest @11.00% per annum with monthly rest from 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 vide loan application dated 08.11.2019, the applicant bank sanctioned and disbursed Commercial Equipment loan of Rs.21,93,440/- (Rupees Twenty One Lacs Ninety Three Thousand Four Hundred Forty only) on 19.11.2019 @11.00% interest per annum to M/s Leo Earthmovers Pvt.Ltd. which was to be repaid in 48 equated monthly installments of Rs.57,951/- for purchase of 'JCB/JCB3DX' against hypothecation. Further, the defendants agreed to pay a penal interest @24% per annum in case of default or delay.

3. That in order to avail the commercial equipment loan facility, the defendants no.1 and 2 submitted loan application and executed Credit Facility Application form along with terms and conditions, Unattested Deed of Hypothecation and Irrevocable Power of Attorney on 08.11.2019 in favour of applicant bank.

4. That in order to secure the commercial equipment loan facility, the defendants hypothecated the Construction Equipment vehicle namely JCB/JCB3DX having Registration No.HR-29AU-0714, Engine No.H00243011 and Chasis No.HAR3DXSSA02815536 in favour of applicant bank.

5. It has been submitted by the applicant bank that after availing the commercial equipment vehicle loan facility, the sd-

defendants failed to comply with the terms and conditions despite several requests and defendants failed to pay the outstanding dues and monthly installments in time to the applicant bank. The defendants failed to produce the Construction Equipment for Inspection of the applicant bank as per consonance with the agreement entered. The applicant bank withdrawn the loan facility and issued legal notice dated 18.10.2021 to adjust the outstanding amount along with interest but defendants have failed to comply with the notice. 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 through publication in newspapers, 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 Sh.Rajat Chandra, authorized representative of the applicant bank who has proved the documents as such as Power of Attorney Ex-AW1/A, Credit Facility Application along with Terms & Conditions of the Loan Ex-AW1/B, Unattested Deed of Hypothecation Ex-AW1/C, Notice Ex-AW1/D, Postal Receipts Ex-AW1/E, Statement of Account Ex-AW1/F.

8. The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the SA-

applicant bank is based on the documents and the same have been duly proved.

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

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.20,17,166/- (Rupees Twenty Lacs Seventeen Thousand One Hundred Sixty Six only) as on 16.12.2021 along with pendentelite and future interest @11.20% 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 equipment namely JCB/JCB3DX having Registration No.HR-29AU-0714, Engine No.H00243011 and Chasis No.HAR3DXSSA02815536. 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.

Sd-

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

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

(Dictated and pronounced in open court) Dated: 21.10.2026