w w w . L a w y e r S e r v i c e s . i n



ICICI Bank Ltd V/S Puneet Cargo Express


Company & Directors' Information:- ICICI LIMITED [Amalgamated] CIN = U99999MH1955PLC009456

Company & Directors' Information:- ICICI BANK LIMITED [Active] CIN = L65190GJ1994PLC021012

Company & Directors' Information:- E D S CARGO PRIVATE LIMITED [Amalgamated] CIN = U63013MH2001PTC131419

Company & Directors' Information:- Y & H CARGO PRIVATE LIMITED [Active] CIN = U63013DL2011PTC212841

Company & Directors' Information:- A T EXPRESS INDIA LIMITED [Strike Off] CIN = U93030DL2009PLC193660

Company & Directors' Information:- PUNEET INDIA PRIVATE LIMITED [Active] CIN = U74899DL1995PTC074164

Company & Directors' Information:- M S CARGO PRIVATE LIMITED [Active] CIN = U60231DL1999PTC102378

Company & Directors' Information:- S G C CARGO PRIVATE LIMITED [Strike Off] CIN = U06302MP1996PTC011200

Company & Directors' Information:- D R CARGO PRIVATE LIMITED [Active] CIN = U63000DL2011PTC222316

Company & Directors' Information:- N R EXPRESS PRIVATE LIMITED [Active] CIN = U63040WB1999PTC089271

Company & Directors' Information:- E P L CARGO PRIVATE LIMITED [Active] CIN = U63011DL1998PTC097479

Company & Directors' Information:- Z-CARGO PRIVATE LIMITED [Under Process of Striking Off] CIN = U63090DL1996PTC084155

Company & Directors' Information:- K. K. CARGO PRIVATE LIMITED [Active] CIN = U74120MH2013PTC243450

Company & Directors' Information:- E A S CARGO PRIVATE LIMITED [Under Process of Striking Off] CIN = U74899DL1989PTC037830

Company & Directors' Information:- S. G. CARGO INDIA PRIVATE LIMITED [Active] CIN = U74140DL2011PTC220590

Company & Directors' Information:- S R C EXPRESS CARGO PRIVATE LIMITED [Active] CIN = U60200MH2009PTC197906

Company & Directors' Information:- P J EXPRESS PRIVATE LIMITED [Strike Off] CIN = U63040WB1995PTC075515

Company & Directors' Information:- E-CARGO INDIA PRIVATE LIMITED [Strike Off] CIN = U74900DL2011PTC226026

Company & Directors' Information:- I C S CARGO PRIVATE LIMITED [Strike Off] CIN = U63011DL2002PTC114908

Company & Directors' Information:- Q & S CARGO PRIVATE LIMITED [Active] CIN = U64200HR2015PTC055983

Company & Directors' Information:- M R CARGO PVT LTD [Strike Off] CIN = U99999MH1982PTC028815

Company & Directors' Information:- K AND A CARGO PRIVATE LIMITED [Strike Off] CIN = U63090DL1994PTC059838

Company & Directors' Information:- G M S EXPRESS PRIVATE LIMITED [Active] CIN = U64120KA2006PTC040159

Company & Directors' Information:- U C EXPRESS PRIVATE LIMITED [Strike Off] CIN = U64120MH2004PTC148038

Company & Directors' Information:- K R CARGO PRIVATE LIMITED [Strike Off] CIN = U63012TN2005PTC055243

Company & Directors' Information:- R R EXPRESS PRIVATE LIMITED [Active] CIN = U97000DL2014PTC267284

Company & Directors' Information:- R M CARGO PRIVATE LIMITED [Strike Off] CIN = U18109DL2015PTC280249

Company & Directors' Information:- K V CARGO PRIVATE LIMITED [Active] CIN = U63011DL2003PTC119798

Company & Directors' Information:- N D EXPRESS CARGO PRIVATE LIMITED [Strike Off] CIN = U63090DL2006PTC153115

Company & Directors' Information:- S F EXPRESS PRIVATE LIMITED [Active] CIN = U64120DL2015PTC279322

Company & Directors' Information:- J. K. EXPRESS PRIVATE LIMITED [Strike Off] CIN = U63090GJ2012PTC070288

Company & Directors' Information:- D K G EXPRESS PRIVATE LIMITED [Strike Off] CIN = U15499UP1982PTC005721

Company & Directors' Information:- EXPRESS CARGO PVT LTD [Strike Off] CIN = U60221PB1982PTC004913

Company & Directors' Information:- P AND G EXPRESS PRIVATE LIMITED [Strike Off] CIN = U64120MH2003PTC139461

    OA No. 427/2018

    Decided On, 06 February 2020

    At, Debts Recovery Tribunal Delhi

    By, THE HONORABLE JUSTICE: DHARMINDER SINGH
    By, (PRESIDING OFFICER)

    For Petitioner: Satish Kashyap



Judgment Text

1. This original application has been filed by the applicant bank, on 26.02.2018, through Sh. Anushrav Dixit, Authorized Representative of the applicant bank, who is well conversant with the facts of the case and is authorized to institute the present OA by virtue of a Power of Attorney in his favor, under Section 19 of the Recovery of Debts Due to Banks and Financial Institution Act, 1993 against the defendant for recovery of a sum of ` 26,37,922.76 (Rupees Twenty Six lakhs, Thirty Seven Thousand, Nine Hundred Twenty Two and Paise Seventy Six only) along with costs & pendente lite and future interest @ 24.0 % per annum from 18.12.2017 till its realization in full, along with costs and expenses.

2. Facts as succinctly set out in the OA are that in the month of February 2016, the defendant approached and requested the applicant bank for the sanction of a Loan under Commercial Vehicle Loan Scheme of ` 40.95 Lakhs against the security of Hypothecation of Two Commercial Vehicles (Chassis & Body) namely PSV 4-186.

3. It is stated that on such request made by the defendant Nos. 1 & 2, the applicant bank sanctioned and disbursed four separate loans of totaling ` 40,95,000/- on 25.05.2016, repayable as under:



4. In consideration of sanction of the said loan, the defendant executed on 23.02.2016 the Facility Agreement containing deed of hypothecation and irrevocable power of Attorney and undertaking to repay the Term Loan as per the repayment Schedule. As per contractual agreement, the defendant was liable to pay interest @ 24% p.a. in case of default.

5. Further, it is stated that after availing the loan, the Defendant failed to maintain financial discipline, defaulted on due installments and despite reminders failed to regularize the account resulting in the account being classified as NPA. The applicant bank issued the Recall notice dated 30.10.2017, calling upon the defendant to pay the dues of the applicant bank, but the same was not complied with by the defendant. Hence, the applicant bank was left with no option except to file the present original application against the defendants.

6. Notice was issued. Despite service, none of the defendants appeared before this Tribunal. The case was directed to proceed ex-parte against all the defendants vide order dated 04.02.2020 of this Tribunal.

7. To prove its case, the applicant bank leads its evidence by filling the affidavit of Sh. Anushrav Dixit, Authorized Representative of the applicant bank, who has proved the documents filed on behalf of applicant bank which includes Copy of Power of Attorney as (Ex. AW-1/1); Copy of PAN Card of Defendant (Mark-A); Copy of Aadhar Card (Mark-B); Copy of Election Identity Card (Mark-C); Original Credit Facility Agreements as (Ex-AW-1/2 & AW-1/3); Deed of Hypothecation (Ex-AW-1/4); Irrevocable Power of Attorney (Ex. AW-1/5); Disbursement Memos (Ex. AW-1/6 to AW-1/9); Vehicle Registration Reports (Mark-D & E); Copies of Notice dated 30.10.2017 as (Ex. AW-1/10 Colly); Statements of Account as (Ex. AW-1/11 to AW-1/18) and Certificates under Bankers Book of Evidence Act & Indian Evidence Act (Ex. AW-1/19 & AW-1/20).

8. Heard and record has been thoroughly perused.

9. The witness of the applicant bank has proved the averments made in the OA. Even otherwise the whole case of the applicant bank is based on documents and the witness of the applicant bank has proved the case as against the defendant with the help of documents filed. In my view there is no question of disbelieving the evidence led by the applicant bank and the applicant bank has proved its case beyond reasonable doubt.

10. The Applicant bank has claimed pendente lite and future interest @ 24.0 % per annum from the date of filing the present application till its realization in full. However, the Credit Facility Application Form (Exh. No. AW-1/2) states that the contractual rate of interest applicable is fixed @ 10.75% p.a. only and only that is allowed.

11. In the light of the above discussions, the OA deserves to be allowed against the defendant.

ORDER

(i) I allow this OA and direct the defendant, to pay the sum of ` 26,37,922.76 (Rupees Twenty Six Lakhs, Thirty Seven Thousand, Nine Hundred Twenty Two and Paise Seventy Six only) along with costs & pendente lite and future interest @ 10.75% per annum from 18.12.2017 till its realization in full, failing which the aforesaid amount shall be recovered from the sale of Two Commercial Vehicles of PSV 4-186 Make, bearing Registration Nos. UP-81-BT-6292 & UP-81-BT-6293 as well as personal movable & immovable properties of the Defendant and its Proprietor.

Please Login To View The Full Judgment!

/>(ii) The cost of litigation be also borne by the defendant. (iii) The applicant bank is also directed to file the revised statement of account before the Ld. Recovery Officer of this Tribunal. (iii) The Recovery certificate be issued forthwith and be sent to the Recovery Officer. (iv) Parties are directed to appear before the Recovery Officer-I, DRT-I, Delhi on 18.03.2020. (v) Copies of the final order be sent to all concerned free of costs. Files be consigned to records.
O R