Debts Recovery Tribunals and Appellate Tribunals
ICICI BANK LIMITED vs S.S. TRADERS on 6 November 2026
IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
TA No: 29/2024
Date of Institution: 29.10.2024
Date of Decision: 06.11.2026
ICICI Bank Limited having its branches all over India and a branch at SCO.143, A City Emporium Mall, Industrial Area, Phase-1 Chandigarh.
……..Applicant
Vs.
1. S.S. Traders through its proprietor Sh. Deepak Sharmа. #1, New Shankar Garden, Jalandhar Punjab.
2. Deepak Sharma s/o Sh. Dhruv Dev Sharma, r/o H.No.1, New Shankar Garden, Jalandhar, Punjab.
3. Hardesh Sharma s/o Sh. Hans Raj, r/o H.No.1, New Shankar Garden, Jalandhar, Punjab.
4. Dhruv Dev Sharma s/o Sh. Hans Raj, r/o H.No.1, New Shankar Garden, Jalandhar, Punjab.
……….Defendants
Advocates
Sh. Sanjay Sagar proxy counsel for Ms. Dipti Toni, Counsel for the applicant bank.
Defendants- ex parte vide order dated 12.08.2025.
TA for the Recovery of ₹72,26,445.48p with interest from 29.10.2024.
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ORDER
1. On 29.10.2024, ICICI Bank Limited, filed the application for the recovery of ₹72,26,445.48p with interest against S.S. Traders and others (defendants) in the DRT-II Chandigarh. However, vide order dated 29.10.2024, Assistant Registrar, DRT-II, Chandigarh, transferred this suit to DRT-I, Chandigarh.
2. Bank’s case is that it had granted the following loan facilities to defendant Nos.1 to 4 for business purpose. S.No. Loan No. Loan Amount Disb. Date
1. LVJAL00043455608 ₹2,50,000/- 25-03-2021
2. LVJALO0048325024 ₹49,00,000/- 10-07-2023
3. LVJAL00048325023 ₹5,00,000/- 10-07-2023
4. UVJAL00045759548 ₹24,09,000/- 21-05-2022 To secure the aforementioned facilities, Defendant Nos.1 to 4 had hypothecated vehicles (fully detailed in para No.3A of the application). All the loan facilities were chargeable at different rates of interest. On 25.09.2024, a sum of ₹72,26,445.48p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, the suit.
3. On 12.03.2025, summonses were sent to the defendants by registered post, which were duly served. However, they did not put in appearance. Vide order dated 12.08.2025, they were proceeded ex parte.
4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Mohammad Vajid, Manager Legal, along with the original loan and security documents.
5. I have perused the evidence on the record. I am of the considered view that the Bank has proved its case that it had advanced the loans under various schemes and on 25.09.2024, a sum of ₹72,26,445.48p was due.
6. Accordingly, the case of the bank for the recovery of ₹72,26,445.48p (Rupees Seventy Two Lacs Twenty Six Thousand Four Hundred Forty Five and Paise Forty Eight Only) with interest @9.25% per annum with monthly rests from 29.10.2024, till the date of payment is hereby allowed with costs. The liability of all the defendants would be joint and several. Bank can recover its dues by the sale of hypothecated vehicles fully detailed in para No.3A of the application as well as from the personal movable and immovable property(ies) of the defendants.
7. Pending IAs, if any, stand disposed of.
8. Recovery Certificate be issued accordingly.
9. Parties are directed to appear before Recovery Officer on 11.12.2026.
10. A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties.
Pronounced in the open Court.
(A S Narang) Dated: 06.11.2026 Presiding Officer DRT-1, Chandigarh MANOJ KALRA