ISHRAR AHMED Vs. ICICI BANK LIMITED

JUDGEMENT

(1.) The present writ petition has been filed under Article 226 of the Constitution of India seeking quashing of the order dtd. 7/12/2023 ('impugned order') passed by the Debts Recovery Tribunal-II, New Delhi ('DRT-II') in R.C. No. 136/2015 in O.A. No. 295/2013 titled as ICICI Bank Limited v. Rakesh Kumar Singhal, whereby the objections filed by the Petitioner herein have been dismissed.

(2.) In the objections, the Petitioner sought setting aside of the order dtd. 18/4/2023, whereby the Court Receiver was directed to take physical possession of Flat no. F-2, 1st Floor, Plot No. B-1/99, DLF, Dilshad Extension-II, Ghaziabad, Uttar Pradesh ('subject property' or 'mortgage property').

(3.) It is stated that Respondent No. 2- the principal borrower, availed a loan amounting to Rs.10,20,000.00 from Respondent No.1- Bank against the mortgage of the subject property. Upon default in payment of the said loan amount, the Respondent No. 1- Bank initiated recovery proceedings under Recovery of Debts Due to Banks and Financial Institutions Act, 1993 ('DRT Act') by filing O.A. No. 295/2013 before DRT-II. By an ex-parte judgment dtd. 16/3/2015, the DRT-II held Respondent No. 1-Bank entitled to recover a sum of Rs.29,60,184.00 with simple interest @ 8.25% per annum from Respondent No.2 herein and his wife, namely, Mrs. Rachna Singhal, jointly and/or severally.