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[Cites 3, Cited by 0]

Gujarat High Court

M/S Jashkamal Infrastructures vs Religare Housing Development Finance ... on 24 March, 2021

Equivalent citations: AIRONLINE 2021 GUJ 212

Author: Vipul M. Pancholi

Bench: Vipul M. Pancholi

         C/SCA/12407/2020                                               ORDER




          IN THE HIGH COURT OF GUJARAT AT AHMEDABAD

         R/SPECIAL CIVIL APPLICATION NO. 12407 of 2020
==========================================================
              M/S JASHKAMAL INFRASTRUCTURES
                            Versus
 RELIGARE HOUSING DEVELOPMENT FINANCE CORPORATION LTD.
==========================================================
Appearance:
MR NV GANDHI(1693) for the Petitioner(s) No. 1
MR DHRUVIK K PATEL(7769) for the Respondent(s) No. 1,2,3
MR KALPESH R PATEL(7896) for the Respondent(s) No. 1,2,3
==========================================================
 CORAM: HONOURABLE MR. JUSTICE VIPUL M. PANCHOLI
                    Date : 24/03/2021
                     ORAL ORDER

1. In this petition, which is filed under Article 226 of the Constitution of India, the petitioner has prayed that the respondent Financial Institution be directed to accept the One­Time Settlement proposal (OTS) produced by the petitioner at Annexure­A of the compilation.

2. Heard learned advocate Mr.N.V. Gandhi for the petitioner and learned advocate Mr.Dhruvik Patel for the respondents.

3. Learned advocate for the petitioner referred the averments made in the memo of the petition and, thereafter, contended that as per the last demand notice issued under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ("SARFAESI Act" for short), the respondent Financial Page 1 of 6 Downloaded on : Thu Mar 25 02:25:29 IST 2021 C/SCA/12407/2020 ORDER Institution had calculated the outstanding loan amount of the petitioner at Rs.4,46,39,961.11 payable as on 08.08.2019. Learned advocate has referred Paragraph­11 of the memo of the petition. It is further submitted that the petitioner has shown willingness to pay the amount of approximately Rs.4,39,00,000/­ as per the OTS proposal given by it on 09.03.2020. Copy of the said application is placed on record at Page­29 of the compilation. At this stage, learned advocate Mr.Gandhi appearing for the petitioner has referred the order dated 21.10.2020 passed by this Court while issuing notice, which reads as under:

"Heard learned advocate Mr. N.V. Gandhi for the petitioner through video conference.
Learned advocate Mr.Gandhi has placed on record the additional affidavit pursuant to the order dated 12th October 2020 suggesting the schedule of payment of Rs. 3,67,51,639/. According to the schedule of payment, the amount shall be repaid in six installments before 16th March, 2021.
Considering the above facts, issue Notice returnable on 4th November, 2020 on a condition that the first installment of Rs.1,00,00,000/­ (Rupees One Crore only) shall be deposited by the petitioner with the Registry of this Court as per the schedule.
Registry is directed to accept the amount to be deposited by the petitioner.
Registry is directed to provide a copy of writ of this order to learned advocate for the petitioner through email so as to enable him to Page 2 of 6 Downloaded on : Thu Mar 25 02:25:29 IST 2021 C/SCA/12407/2020 ORDER serve the same upon the respondents through Email/ RPAD. Direct service is permitted."

3.1 It is also pointed out that thereafter, this Court has passed another interim order dated 09.12.2020, which reads as under:

"Heard learned advocate Mr. N.V. Gandhi for the petitioner and learned advocate Mr. Dhruvik K. Patel for the respondents through video conference.
Learned advocate Mr. Gandhi states that the petitioner is ready to deposit the amounts stated in the Schedule in the additional affidavit filed by the petitioner. However, the respondents are not accepting the amount and therefore, the petitioner could not deposit the installments of Rs.50,00,000/­ each on 16th November, 2020 and 16th December, 2020.
On the other hand, learned advocate Mr. Patel states that the respondents are ready to accept the amount to be deposited by the petitioner, which will be kept in a separate account, during the pendency of this petition.
Be that as it may, the petitioner is hereby directed to deposit the amount of Rs.1,00,00,000/­ (Rupees One Crore only) on or before 24th December, 2020 before the respondents and the balance installments which fall due on 16th January, 2021 and 16th February, 2021 are also to be deposited with the respondents and the respondents are directed to keep the amount to be despited by the petitioner in a separate account.
Stand over to 18th February, 2021."

3.2 Thereafter, learned advocate Mr.Gandhi submitted that till today, the petitioner has deposited an Page 3 of 6 Downloaded on : Thu Mar 25 02:25:29 IST 2021 C/SCA/12407/2020 ORDER amount of Rs.1,00,00,000/­ before the Registry of this Court vide the interim order dated 21.10.2020 passed by this Court and the remaining amount of approximately Rs.2,67,00,000/­ + Rs.42,50,000/­ is deposited with the respondent Bank. The said aspect has been verified by the learned advocate Mr.Dhruvik Patel from the officer of the respondent.

3.3 It is also submitted by learned advocate Mr.Gandhi that the petitioner will now deposit the remaining amount of Rs.30,00,000/­ with the respondent Financial Institution and the petitioner has filed an Affidavit­cum­Undertaking dated 17.03.2021 to that effect. The said Undertaking reads as under:

"I, Prashant Rameshchandra Amin, Gender:
Male, Aged about 47 years, Indian inhabitant, Partner of the Petitioner herein, state on oath as under:
I say that, as per the additional affidavit dtd. 12.10.2020 (Pg. Nos.139­140), till date I had deposited the total amount of Rs.3,67,51,639/­. As agreed, on or before 16.04.2021, I further proposed and undertake to deposit an amount of Rs.30 Lacs with the Resp. ­ Financial Institution towards full and final settlement of the outstanding loan account of the petitioner­firm. In view of this settlement, I have no objection, if the respondents are permitted to withdrawn the amount of Rs.1 Crore deposited by me before this Hon'ble Court."

3.4 In view of the aforesaid, learned advocate urged that the respondent Financial Institution be directed to accept the OTS submitted by the petitioner and Page 4 of 6 Downloaded on : Thu Mar 25 02:25:29 IST 2021 C/SCA/12407/2020 ORDER appropriate direction be issued to the respondent to withdraw the proceedings filed before the concerned Forum/Court against the petitioner and release the property, which is mortgaged with the respondent Financial Institution.

4. On the other hand, learned advocate Mr.Dhruvik Patel appearing for the respondent is not in a position to dispute the fact that as per the interim orders passed by this Court, the petitioner has deposited the required amount in time and till today, the petitioner has deposited the total amount of Rs.4,09,50,000/­.

4.1 Learned advocate for the respondents is also not in a position to dispute the fact that in the notice issued under Section 13(2) of the SARFAESI Act, the amount demanded from the petitioner was Rs.4,46,39,961.11.

5. In the peculiar facts and circumstances of the present case, when the petitioner has deposited the amount as per the interim orders passed by this Court with the respondent Financial Institution and before this Court and now the Undertaking has been filed by the petitioner to deposit the remaining amount of Rs.30,00,000/­ on or before 16.04.2021, the respondent Financial Institution is directed to accept the OTS submitted by the petitioner and accept the total amount of Rs.4,39,00,000/­.

Page 5 of 6 Downloaded on : Thu Mar 25 02:25:29 IST 2021 C/SCA/12407/2020 ORDER

6. As stated above, the petitioner vide order dated 21.10.2020 has already deposited an amount of Rs.1 crore, therefore, the respondent Financial Institution shall make an application before the Registry of this Court along with this order. On submission of the application by the respondent Financial Institution, the Registry is directed to handover an account payee cheque in favour of respondent Financial Institution after due verification on, or before, 30.03.2021.

7. The respondent Financial Institution is also directed to transfer the amount deposited by the petitioner from separate account to its loan account. After the receipt of the total remaining amount of Rs.30,00,000/­, the respondent Financial Institution shall issue No Objection Certificate and release the mortgaged property. The respondent Financial Institution shall withdraw the proceedings, if any, filed by it against the petitioner pending before the concerned Court/Forum.

8. In view of the aforesaid observations and directions, the petition stands disposed of. Direct Service is permitted.

(VIPUL M. PANCHOLI, J) piyush Page 6 of 6 Downloaded on : Thu Mar 25 02:25:29 IST 2021