Delhi High Court - Orders
Pramod Kumar Kansal vs Iifl Home Finance Ltd on 22 October, 2021
Author: Prateek Jalan
Bench: Prateek Jalan
$~45 (2021 Cause List)
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ W.P.(C) 11917/2021 with CM APPL. 36869/2021
PRAMOD KUMAR KANSAL ..... Petitioner
Through: Ms. Ekta Choudhary, Advocate
with Ms. Chakshu Thakral,
Advocate
versus
IIFL HOME FINANCE LTD. ..... Respondent
Through: Mr. Pallav Saxena Advocate with
Ms. Bindu Das, Advocate
CORAM:
HON'BLE MR. JUSTICE PRATEEK JALAN
ORDER
% 22.10.2021 The proceedings in the matter have been conducted through video conferencing.
CM APPL. 36870/2021 (exemption) Exemption allowed, subject to all just exceptions. The application stands disposed of.
W.P.(C) 11917/2021 with CM APPL. 36869/2021 (for stay)
1. Issue notice. Mr. Pallav Saxena, learned counsel, accepts notice on behalf of the respondent.
2. The petitioner has approached this Court against an order dated 27.09.2021, passed by the Chief Metropolitan Magistrate under Section 14(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ["SARFAESI Act"] at the Signature Not Verified Digitally Signed By:SHITU NAGPAL Signing Date:22.10.2021 21:41:01 W.P.(C) 11917/2021 Page 1 of 3 instance of the respondent. By the aforesaid order, the CMM has appointed a Receiver over the petitioner's residential property [H. No. D- 442, Gali No.9, Near Kali Mandir, Bhajanpura, Delhi, North West Delhi- 53] and directed him to take possession of the same. The Receiver has since issued a notice dated 08.10.2021 proposing to take possession of the property in question tomorrow, i.e., 23.10.2021 at 11:00 A.M.
3. The contention of the petitioner is that he took a loan of approximately Rs. 20 lakhs from the respondent for which he gave security of the property in question. The petitioner claims to have paid the monthly instalments of Rs. 34,759/- regularly until March 2020, after which he availed of the benefit of the moratorium imposed by the Reserve Bank of India in the wake of the COVID-19 pandemic. The petitioner has resumed payments since June 2021.
4. The respondent has, however, approached the CMM and the Receiver has been appointed as aforesaid.
5. Ms. Ekta Choudhary, learned counsel for the petitioner, states that the petitioner would like to approach the respondent for restructuring of the loan and would like to liquidate the loan. For the present, she submits that the petitioner would like to regularise the loan by payment of the overdue amounts. Mr. Saxena states that the respondent is also agreeable to discussing the possible regularisation/liquidation of the account with the petitioner.
6. The parties are therefore directed to attempt to settle the matter amongst themselves as far as the regularisation or liquidation of the outstanding amount is concerned. The Receiver is directed to defer the taking of possession of the property in question until 30.11.2021. This Signature Not Verified Digitally Signed By:SHITU NAGPAL Signing Date:22.10.2021 21:41:01 W.P.(C) 11917/2021 Page 2 of 3 order is passed subject to payment of amount of Rs. 2 lakhs by 29.10.2021 and a further sum of Rs. 3 lakhs by 15.11.2021. Failure to deposit either of the aforesaid instalments will render the present order automatically vacated and the Receiver will be entitled to take possession of the property upon 48 hours' notice.
7. The petitioner is directed to maintain status quo with regard to the title, possession and character of the property in question, until the next date of hearing.
8. List on 29.11.2021.
PRATEEK JALAN, J OCTOBER 22, 2021 'j' Signature Not Verified Digitally Signed By:SHITU NAGPAL Signing Date:22.10.2021 21:41:01 W.P.(C) 11917/2021 Page 3 of 3