Delhi High Court - Orders
Ajay Jain vs Iifl Home Finance Ltd on 4 December, 2021
Author: Amit Bansal
Bench: Amit Bansal
$~1
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ CM(M) 1104/2021
AJAY JAIN ..... Petitioner
Through: Mr. Yogendra Verma and Mr.
Vinayak Batta, Advocates along with
Petitioner in person.
versus
IIFL HOME FINANCE LTD. ..... Respondent
Through: Mr. Nishant Awana and Mr. G.S.
Awana Advocates.
CORAM:
HON'BLE MR. JUSTICE AMIT BANSAL
ORDER
% 04.12.2021 [VIA VIDEO CONFERENCING] CM No. 43496/2021 (for exemption)
1. Allowed, subject to all just exceptions.
2. The application is disposed of.
CM(M) 1104/2021 & CM No. 43495/2021(for stay)
3. The present petition under Article 227 of the Constitution of India impugns the order dated 24th July, 2019 passed by the Chief Metropolitan Magistrate (CMM), Shahdara, Karkardooma Courts, Delhi in SF No.131/2019, whereby a receiver has been appointed and the possession notice dated 18th November, 2021 issued by the Court appointed receiver to take physical possession of the Land admeasuring 37.55 Sq.Yds. Out of Plot No. 57, Jawahar Park, Block-F, Village Khureji Khas, Shahdara, Delhi on Signature Not Verified Signed By:SAKSHI RAMOLA CM(M) 1104/2021 Page 1 of 3 Signing Date:12.04.2021 17:55:42 6th December, 2021 at 10:30 PM.
4. The counsel appearing on behalf of the petitioner states that he had taken a business loan upon the mortgage of his property and on account of the Covid-19 pandemic and other circumstances, he has defaulted in the payment of the EMIs due to the respondent Bank.
5. The counsel appearing on behalf of the respondent Bank on advance notice states that the defaults were committed by the petitioner even before the onset of the Covid-19 pandemic and the notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 was sent as far back on 20th December, 2018. He submits that as on date the amount in default is about Rs.8,70,000/- and an additional sum of Rs.1,10,000/- is payable towards legal charges.
6. The counsel for the petitioner states that a Securitisation Application (SA) has been filed by the petitioner before the Debt Recovery Tribunal (DRT) -III on 1st December, 2021, however, the same could not be taken up for hearing as the said DRT is not operational. Accordingly, the petitioner is constrained to approach this Court by way of present petition.
7. The present petition is being entertained only on account of the non- functioning of the DRT and the urgency of the relief sought.
8. Issue Notice.
9. Notice is accepted by the counsel appearing on behalf of the respondent Bank.
10. Reply be filed within ten days.
11. Subject to the petitioner paying a sum of Rs.6,00,000/- to the respondent Bank in the manner indicated below, there shall be a stay of the Signature Not Verified Signed By:SAKSHI RAMOLA CM(M) 1104/2021 Page 2 of 3 Signing Date:12.04.2021 17:55:42 Possession Notice dated 18th November, 2021 till the next date of hearing:
I. Rs.3,00,000/- will be paid by the petitioner to the respondent Bank on or before 7th December, 2021; and II. a further sum of Rs.3,00,000/- will be paid by the petitioner to the respondent Bank on or before 15th December, 2021.
12. An undertaking with regard to the aforesaid payment shall be filed by the petitioner Ajay Jain within two days from today. Consequences of breach of the undertaking have been explained through counsel appearing on behalf of the petitioner.
13. It is made clear that if there is a default in the aforesaid payment schedule/undertaking, the stay order passed today shall automatically stand vacated and the Court appointed receiver would be free to act in terms of the impugned possession notice dated 18th November, 2021, without any further recourse to this Court.
14. The aforesaid directions have been passed as an interim arrangement only on account of the 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.
15. List on 17th December, 2021.
AMIT BANSAL, J DECEMBER 4, 2021 Sakshi R. Signature Not Verified Signed By:SAKSHI RAMOLA CM(M) 1104/2021 Page 3 of 3 Signing Date:12.04.2021 17:55:42