VIJAY SINGH RANA Vs. ICICI BANK LTD.

JUDGEMENT

(1.) This writ petition impugns order dated 06.01.2016 passed by the Debts Recovery Appellate Tribunal, Delhi (in short the 'Appellate Tribunal') in Appeal No. 257/2015 arising from O.A. No. 275/2012 (DRTII) titled as "ICICI Bank Limited v. Vijay Singh Rana". The impugned order allows the appeal filed by M/s ICICI Bank Limited ('respondent-bank') and holds that the O.A. filed by them for recovery against the petitioner was not barred by limitation.

(2.) The brief facts, required to be noted, are that the respondent-bank had advanced a loan of Rs. 16.50 lacs to Vijay Singh Rana ('petitioner') by way of overdraft facility vide a credit arrangement letter dated 09.02.2006 for a period of 12 months, from 08.02.2006 till 09.02.2007. The facility was thereafter extended from time to time on request made by the petitioner with the respondent bank, as per the terms and conditions in the credit arrangement letters. The rate of interest was also stipulated in these letters.

(3.) The petitioner having failed to repay the loan amount, the respondent bank had sent a Legal Notice dated 27.06.2012 requiring the petitioner to pay Rs. 26,59,178.12/- with interest @ 12.50% p.a. and costs. When the petitioner failed to make the payment, the respondent-bank on 14.09.2012 had filed O.A.No.275/2012 seeking recovery of the said outstanding amount of Rs. 26,59,178/- along with pendente lite and future interest.