Delhi High Court - Orders
Ved Prakash Yadav vs Uco Bank on 13 December, 2021
Author: Amit Bansal
Bench: Amit Bansal
$~24
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ CM(M) 1148/2021
VED PRAKASH YADAV ..... Petitioner
Through: Mr. M.A. Niyazi, Mr. Sandeep
Khatri, Mr. Kunal Kishore, Ms Kirti
Jaswal and Ms. N. Sethi, Advocates
versus
UCO BANK ..... Respondent
Through: Mr. Rajesh Ratan, Advocate
CORAM:
HON'BLE MR. JUSTICE AMIT BANSAL
ORDER
% 13.12.2021 CM No.44769/2021 (for Exemption)
1. Allowed, subject to all just exceptions.
2. The application is disposed of.
CM(M) 1148/2021 and CM No.44770/2021 (for Stay)
3. The present petition under Article 227 of the Constitution of India has been filed seeking to restrain the respondent bank from dispossessing the petitioner from the property bearing No. 21 and 22, ad measuring 2653.5 sq. ft. situated at Humayun Pur, Krishna Nagar, South District, Delhi.
4. The counsel for the petitioner submits that a Securitization Application (SA) has already been filed before the Debt Recovery Tribunal (DRT)-II, Delhi. However, the same could not be taken up for hearing on account of the said DRT not being functional due to unavailability of the Presiding Officer. Therefore, the petitioner is constrained to approach this Court by way of the present petition. Counsel for the petitioner admits that Signature Not Verified Signed By:ARUNA KANWAR CM(M) 1148/2021 Page 1 of 3 Signing Date:13.12.2021 22:28:05 the petitioner has been in default of last seven instalments of EMIs, which amounts to Rs.8,50,000/- and the default was on account of the situation created by the COVID-19 pandemic.
5. Counsel appearing on behalf of respondent bank on advance notice submits that the account of the petitioner was declared as Non Performing Asset (NPA) even before the onset of the pandemic. It is further submitted that the petitioner is a habitual defaulter and no amounts have been paid since May, 2021. It is stated that the overdue amount in respect of EMIs is around Rs.15,00,000/-.
6. The details of the balance outstanding amount towards EMIs will be communicated by the counsel for the respondent bank to the counsel for the petitioner within one week from today.
7. The petitioner will have a right to approach respondent bank for waiver of the various charges other than the EMIs levied by the respondent bank.
8. The present petition is being entertained only on account of non- functioning of the DRT and the urgency of the relief sought.
9. Issue notice.
10. Notice is accepted by the counsel for the respondent bank.
11. Subject to the petitioner paying to the respondent bank the following amounts in the manner indicated below, there shall be a stay of the possession notice of the court receiver dated 02nd December, 2021.
(i) Rs.5,00,000/- shall be paid by the petitioner to the respondent bank on or before 17th December, 2021;
(ii) Rs.5,00,000/- shall be paid by the petitioner to the respondent bank on or before 31st December, 2021; and Signature Not Verified Signed By:ARUNA KANWAR CM(M) 1148/2021 Page 2 of 3 Signing Date:13.12.2021 22:28:05
(iii) The balance amount, if any, as communicated by the respondent bank after considering the request of waiver on behalf of the petitioner, shall be paid by the petitioner to the respondent bank on or before 15th January, 2021.
12. It is made clear that if there is any default in the aforesaid payment schedule, the stay order passed by this Court today shall automatically stand vacated and the court appointed receiver would be free to act in terms of the impugned possession notice dated 02nd December, 2021, without any further recourse to this Court.
13. After the aforesaid payments are made, the counsel for the petitioner may approach respondent bank for regularization of the loan account.
14. Petitioner, through counsel, further undertakes to make regular payment of EMIs with effect from January, 2022.
15. The aforesaid directions have been based on an interim arrangement only on account of non-functioning of the DRT. The SA filed by the petitioner before the DRT shall be taken up for consideration as and when the said DRT becomes functional, uninfluenced by any observations made in this order. The stay of the impugned possession notice dated 02nd December, 2021 shall remain in operation till the SA filed on behalf of the petitioner is taken up for consideration by the DRT and shall be subject to orders that may be passed by the DRT.
16. The petition and pending application stand disposed of in the above terms.
AMIT BANSAL, J.
DECEMBER 13, 2021/dk Signature Not Verified Signed By:ARUNA KANWAR CM(M) 1148/2021 Page 3 of 3 Signing Date:13.12.2021 22:28:05