HC refuses to expunge remarks on ICICI Bank

Standing by its earlier view that banks like ICICI cannot employ musclemen to recover loans, the Delhi High Court has refused to modify its previous order that virtually indicted the bank for abetting the suicide of a youth who reportedly defaulted on his credit repayment.

The observations made by the Delhi High Court in its earlier order dated July 13 ‘‘were made consciously and there are no reasons to expunge the same,’’ Justice S. N. Agarwal observed in an order while dismissing ICICI Bank’s application seeking the expunging of certain critical observations made by him.

In the July 13 order, Agarwal while directing the police to expedite investigations into the suicide of Himanshu Dev Sharma, 34, allegedly abetted by the strong arm tactics adopted by the bank, passed strong observations against new generation financial institutions for employing musclemen to recover their loans.