ICICI BANK LTD. Vs. ANIRUDH CHAUHAN

JUDGEMENT

(1.) The present petition under Article 227 of the Constitution of India read with Sec. XIII (1A) of the Commercial Courts Act, 2015 (hereinafter 'the Act') arises out of the order dtd. 30/8/2022 passed by the court of the learned District Judge, Commercial Court-03, Central District, New Delhi (hereinafter 'Commercial Court') in CS(COMM) No.3614/2021 titled as 'ICICI Bank Ltd vs Anirudh Chauhan' (hereinafter 'Impugned Order'). Vide the impugned order, the learned Commercial Court allowed the application filed by the respondent/defendant seeking a condonation of delay in filing their written statement.

(2.) The facts relevant for the disposal of the present petition are that the respondent herein approached the petitioner bank, requesting a grant of a personal loan for the amount Rs.10,00,000.00 vide a credit facility application. Upon execution of the credit facility application, along with the terms and conditions for the loan agreement, the loan was granted to the respondent herein. As per the terms of agreement, the respondent agreed to repay the loan in 60 equated monthly instalments of Rs.21,965.00 each, with an interest rate of 11.50% per annum. The loan agreement was executed on 8/8/2019.

(3.) As per the loan account maintained by the petitioner till 31/7/2021, the respondent has paid an amount of Rs.3,90,412.00 towards the monthly equated instalments and had defaulted in the payment of Rs.1,14,783.00 along with late payment and cheque bouncing charges of Rs.22,891.00 amounting to Rs.1,37,674.00. Other than this, the respondent is yet to pay the equated monthly instalment amount of Rs.8,12,686.00 as on 31/7/2021.