Delhi District Court
Icici Bank Ltd vs Shakti Rastogi on 21 December, 2023
IN THE COURT OF DISTRICT JUDGE
(COMMERCIAL COURT) (DIGITAL-04),
SOUTH, SAKET COURTS, NEW DELHI
Presiding Officer: Sh. RAJEEV BANSAL
CS (Comm) No. 255/2022
In the matter of:
ICICI BANK LIMITED
Having Its Registered Office At :-
Landmark, Race Course Circle,
Vadodra-390007.
HAVING ITS BRANCH OFFICE AT :-
E-3/1, Jhandewalan, New Delhi-110055 ............Plaintiff
Vs.
SHAKTI RASTOGI
S/o Sh. Pawan Rastogi,
R/o C-22/226, Goverdhan Apartment,
Gali No. 5, Guru Nanak Pura, East
Delhi, Laxmi Nagar, Delhi-110092.
ALSO AT :
EDFORA INFOTECH PVT. LTD.
N-161-A, Saira Tower, 2nd Floor,
Gulmohar Commercial Complex,
New Delhi-110049. .........Defendant
Date of institution : 21.04.2022
Date on which argument was concluded : 21.12.2023
Date of pronouncement of the order : 21.12.2023
EX-PARTE JUDGMENT
1.This suit has been filed for recovery of an amount of Rs. 10,91,533/- along with pendente-lite and future interest @ 24% per annum alongwith cost.
CS (Comm) No. 255/22 ICICI Bank Ltd. vs. Shakti Rastogi Page 1 of 6 Digitally signed by RAJEEV RAJEEV BANSAL
BANSAL Date:
2023.12.21
16:04:29 +0530
2. It is stated that the Plaintiff Bank is a Body incorporated under the Provisions of The Companies Act, 1956 and is having its registered office at Land Mark, Race Course Circle, Vadodra-390007 and Branch Office at S-26-24, Veera Towers, Ground Floor, Green Park Extension, New Delhi-110038. The present suit has been filed through Sh. Nitesh Vashisht, who has been authorized vide Power of Attorney dated 11.10.2007.
3. It is stated that the defendant had approached the Plaintiff Bank on 07.01.2021 for grant of Business/Personal Loan, pursuant to which a Loan of Rs. 11 Lakhs was sanctioned to the defendant on 13.01.2021 vide Loan Account No. LP DEL 000 4290 5303 and the same was duly disbursed. It is stated that the loan carried an interest @ 10.99% per annum and was repayable in 60 EMIs of Rs. 24,042/-. It is further stated that the defendant executed various documents (like his PAN Card, Aadhar Card, etc) for taking the loan facility.
4. It is further stated that as per the Agreement, in case of delay in payment of installment, the defendant would pay penal interest @ 24% p.a. on the outstanding EMIs and plaintiff would be entitled to recall the entire loan and take further steps for recovery and enforcement security.
5. It is further stated that the defendant made the last payment on 14.12.2021 and thereafter failed to keep the terms of Agreement and did not pay the EMIs and interest despite reminder and a Loan Recall Notice dated 18.10.2021 was issued, demanding an amount of Rs. 11,25,341/- from the Defendant, which he failed to pay. It is CS (Comm) No. 255/22 ICICI Bank Ltd. vs. Shakti Rastogi Page 2 of 6 Digitally signed RAJEEV by RAJEEV BANSAL BANSAL Date: 2023.12.21 16:04:37 +0530 stated that hence the present Suit was filed for recovery of an amount of Rs. 10,91,533/- with 24 % interest p.a.
6. Alongwith the Suit an application u/s 12-A of the Commercial Courts Act was filed seeking exemption from invoking the provision of Pre-Institution Mediation on the ground that another application under Order 38 Rule 5 CPC whereby attachment of Bank Account No. 9200 100 1882 0566 of the Defendant was prayed as a security.
7. The defendant was served on 14.06.2023. An Advocate appeared on behalf of the Defendant on 27.07.2023 and he was given time to file the Written Statement within the statutory period, in accordance with law, and the matter was adjourned to 19.10.2023. At his request, the matter was also referred to Mediation. However, a Non-Starter Report dt. 21.09.2023 was received from the Mediation Centre.
8. On 19.10.2023, an Advocate Sh. Himanshu appeared for the Defendant through VC. Observing that no Written Statement was filed on behalf of the Defendant within the statutory period of 120 days from the date of service of summons on 14.06.2023, the right of the defendant to file the Written Statement was closed and the matter was adjourned to 21.12.2023 for recording uncontested PE on behalf of the Plaintiff.
9. On 21.12.2023, i.e. today, nobody appeared for the Defendant, whereas Plaintiff led its uncontested PE.
CS (Comm) No. 255/22 ICICI Bank Ltd. vs. Shakti Rastogi Page 3 of 6 Digitally signedRAJEEV by RAJEEV BANSAL BANSAL Date: 2023.12.21 16:04:46 +0530
10. In order to prove the case, the plaintiff bank has led its evidence wherein Sh. Nitesh Vashisht, AR of the Plaintiff Bank was examined and he reiterated the contents of plaint in his affidavit in evidence Ex. PW1/A and has relied upon the following documents:-
Sr. No. Documents Exhibit Page No.
1. Power of Attorney Ex. PW1/1 20-24
(OSR)
2. Preliminary Credit Facility Ex. PW1/2 25-26
Application form dated 07.01.2021
3. Credit Facility Application form Ex. PW1/3 27-30
dated 13.01.2021
4. Loan recall notice dated 18.10.2021 Ex. PW1/4 35-37
5. Postal receipt of Loan recall notice Mark X 38
6. Statement of Account dated Ex. PW1/5 45-48
18.12.2021
7. Certificate under Section 65B of Ex. PW1/6 53-54
Indian Evidence Act
8. Certificate under Section 2A of the Ex. PW1/7 55
Banker's Books of Evidence Act,
1891
11. Ld. counsel appearing for the plaintiff has stated that during the course of trial, the Defendant has paid an amount of Rs. 1,08,460/- and hence the prayer stands reduced by Rs. 1,08,460/-. She argued that due to the defaults committed by the defendant, the present suit has been filed for recovery of the unpaid amounts of the Loan Account, with interest and cost.
12. I have heard learned counsel for the plaintiff bank and have perused the records of the case.
CS (Comm) No. 255/22 ICICI Bank Ltd. vs. Shakti Rastogi Page 4 of 6 Digitally signed by RAJEEV RAJEEV BANSAL
BANSAL Date:
2023.12.21
16:04:54 +0530
13. Ex. PW1/2 is the Loan Application dated 07.01.2021; Ex. PW1/3 is the Credit Facility Application dated 13.01.2021. Ex. PW1/4 is Loan Recall Notice wherein the defendant was informed that there is an outstanding of Rs. 11,25,341/- as on 18.10.2021. Postal Receipts of having sent this letter is Mark X. Ex. PW1/5 is the Bank Account Statement of the Loan Account, according to which there was a balance of Rs. 10,33,301/- as on 18.12.2021.
14. Ld. Counsel for Plaintiff, on instructions from the AR of the Plaintiff Bank, informed the Court during the course of arguments that the Defendant has paid an amount of Rs. 1,08,460/- to the Plaintiff Bank after filing of the present Suit. Thus, the liability of Rs. 10,33,301/- as on 18.12.2021 as reflected in Statement of Account Ex. PW-1/5, will stand reduced by Rs. 1,08,460/- to Rs. 9,24,841/-.
15. In view of the above discussion, the plaintiff has been able to prove that the defendant was under a liability to pay Rs. 9,24,841 /- towards Loan Account No. LP DEL 000 4290 5303 as on today i.e. 21.12.2023. According to the Agreement between the parties, the above amount is payable with interest @ 10.99% per annum. The Defendant shall be liable to pay the entire amount @ 10.99% per annum.
16. The present suit is within limitation as the loan was disbursed on 13.01.2021. The present suit was filed on 21.04.2022 and hence, the Suit is within the limitation period of 03 years from the date of disbursement of loan.
CS (Comm) No. 255/22 ICICI Bank Ltd. vs. Shakti Rastogi Page 5 of 6 Digitally signed RAJEEV by RAJEEV
BANSAL
BANSAL Date: 2023.12.21
16:05:02 +0530
17. The loans were disbursed from Green Park, Branch of the ICICI Bank and hence, this Court has the territorial jurisdiction to entertain this plaint.
18. The plaintiff is thus, entitled to recover an amount of Rs. 9,24,841/- from the defendant with 10.99% Interest per annum w.e.f. 21.12.2023. The plaintiff shall also be entitled to cost of Rs. 40,000/- towards the cost of litigation, which includes the Court Fees and other legal expenses. The defendant shall be entitled to the adjustment of any amounts paid by him to the plaintiff bank after today.
19. Defendant is therefore directed to pay an amount of Rs. 9,24,841/- to the plaintiff bank with interest @ 10.99% per annum w.e.f. 21.12.2023 till the date of realization and an amount of Rs. 40,000/- towards cost of litigation, within a period of 06 (six) months from today.
20. As a result, the present suit is decreed in favour of the plaintiff bank and against the defendant in the above terms.
Decree Sheet be drawn accordingly.
File be consigned to be Record Room.
Digitally signed by RAJEEV RAJEEV BANSAL
Announced in open Court BANSAL Date:
2023.12.21
on 21.12.2023 16:05:09 +0530
(RAJEEV BANSAL)
District Judge
(Commercial Court) (Digital-04)
South, Saket, ND/21.12.2023
CS (Comm) No. 255/22 ICICI Bank Ltd. vs. Shakti Rastogi Page 6 of 6