AKSHAY GUPTA & ANR. versus ICICI BANK LIMITED & ORS.

AKSHAY GUPTA & ANR. versus ICICI BANK LIMITED & ORS.

Having found that the parties fully complied with the settlement terms recorded by this Court, the Bank had no further claim in respect of the loans; accordingly the Court directed the loan accounts be closed as repaid, directed the builder to hand over possession by a fixed date and to issue written acknowledgments, ordered withdrawal of recovery proceedings by the Bank and withdrawal of RERA proceedings by appellants, and disposed of the appeals.

Parties
Appellants / Borrowers (flat Owners): Akshay Gupta & Anr.; Respondents / Bank (lender): ICICI Bank Limited & Ors.; Builder / Respondent: Rajsanket Realty Ltd.
Jurisdiction
India
Judgment Date
25 March 2025
Procedural Posture
Civil Appeal Under Section 23 of the Consumer Protection Act, 1986 / Final Disposal by Supreme Court (appeals Disposed)
Outcome
Appeals disposed of.
Legal Topics
Settlement, Recovery Proceedings, Possession of Apartments, Loan Account Closure, Acknowledgment of Payment
Consumer Protection Banking Real Estate Settlement Recovery Proceedings Possession of Apartments Loan Account Closure Acknowledgment of Payment

Case Brief

Summary, issues, holding and outcome

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Parties

Akshay Gupta & Anr.

Appellants / Borrowers (flat Owners)

ICICI Bank Limited & Ors.

Respondents / Bank (lender)

Rajsanket Realty Ltd.

Builder / Respondent

Procedural Posture

Civil Appeal Under Section 23 of the Consumer Protection Act, 1986 / Final Disposal by Supreme Court (appeals Disposed)

Legal Issues

  1. 1 Whether the Bank should be directed to remove the word 'settlement' from the loan account statement and treat the loan account as repaid/fully paid
  2. 2 Whether possession of the apartments should be handed over to the appellants and by what timeline
  3. 3 Whether the builder should issue written acknowledgment of payments made by the appellants

Ratio Decidendi

Having found that the parties fully complied with the settlement terms recorded by this Court, the Bank had no further claim in respect of the loans; accordingly the Court directed the loan accounts be closed as repaid, directed the builder to hand over possession by a fixed date and to issue written acknowledgments, ordered withdrawal of recovery proceedings by the Bank and withdrawal of RERA proceedings by appellants, and disposed of the appeals.

Court Disposition

Appeals disposed of.

Orders

  • Treat the loan account as repaid/fully paid and close the loan account; Bank to make necessary incorporations in its records to that effect
  • Possession of the apartments, fully completed in all respects as required under law, to be handed over to the appellants on or before 31.03.2025