Delhi High Court - Orders
Iifl Home Finance Ltd vs M/S Nav Bharat Impex And Ors on 2 September, 2021
Author: Vibhu Bakhru
Bench: Vibhu Bakhru
$~9
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ O.M.P.(I) (COMM.) 295/2021
IIFL HOME FINANCE LTD. ..... Petitioner
Through: Mr Pallav Saxena and Ms Bindu Das,
Advocates.
versus
M/S NAV BHARAT IMPEX AND ORS. ..... Respondents
Through
CORAM:
HON'BLE MR. JUSTICE VIBHU BAKHRU
ORDER
% 02.09.2021
IA No. 11039/2021
1. Exemption is allowed, subject to all just exceptions.
2. The application stands disposed of.
O.M.P.(I) (COMM.) 295/2021 and IA No. 11037/2021
3. The petitioner has filed the present petition under Section 9 of the Arbitration and Conciliation Act, 1996 (hereafter the 'A&C Act'), inter alia, praying as under: -
"a.) Pass an order restraining respondents from transferring or alienating or selling or otherwise dealing with or disposing off or encumbering or creating any third-party interests over and respect of the property viz. piece and parcel of the Plot No. 74 area measuring 300 sq. yards., Block-B-1, Safdarjung Enclave, New Delhi-110029 mortgaged in favour of the Petitioner;
b.) attach amount lying in the bank account No. Signature Not Verified Digitally Signed By:DUSHYANT RAWAL 919010097365341 at Axis Bank, having its branch at Ravissance House, Ground Floor, I, Ring Road, Lajpat Nagar-IV, New Delhi - 110024, belonging to the Respondent No.3 and restrain the Respondent No.3 from making any withdrawal therefrom;
c.) direct the Respondents to submit a solvent security such as a bank guarantee or a fixed deposit receipt to cover the amount claimed by the Petitioner under the credit facilities;
d.) Pass ex parte ad-interim orders in respect of the aforesaid prayers, being operative till the final disposal of the present petition;"
4. The petitioner claims that it had extended credit facility to the extent of ₹10,07,50,000/- (Rupees Ten crores, seven lacs and fifty thousand only) to the respondents in terms of the sanctioned letter dated 31.05.2017. Thereafter, a Loan Agreement was entered into to secure the petitioner. The respondent also deposited original title deeds of the property described as Plot No. 74, area measuring 300 sq. yards., Block-B-1, Safdarjung Enclave, New Delhi-110029 (hereafter 'the property') with the petitioner. It is stated that thereafter, on 23.06.2017, a charge in respect of the said property was registered in favour of the petitioner.
5. The petitioner claims that the respondents have failed to perform their payment obligation under the Loan Agreement. Consequently, on 11.11.2020, the loan account of the respondents was classified as a Non- performing Asset (NPA) by the petitioner. Thereafter, on 03.02.2021, the petitioner issued a notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) calling upon the respondents to pay a sum of Signature Not Verified Digitally Signed By:DUSHYANT RAWAL ₹11,35,10,690/-, which according to the petitioner was due and payable to it as on 03.02.2021.
6. The petitioner states that respondent no.2 has since expired and his heirs, who are also co-borrowers in their individual capacities, are beneficiaries of certain insurance policies. He claims that respondent no.3 has acknowledged the receipt of the substantial amounts against the said insurance policies and the same have been credited in his bank account bearing no. 919010097365341 maintained with the Branch of Axis Bank at Ravissance House, Ground Floor, I, Ring Road, Lajpat Nagar-IV, New Delhi- 110024. The petitioner apprehends that the respondents would divert the funds collected against the insurance policies and the same would effectively frustrate the enforcement of any award that may be secured against the respondents.
7. Insofar as the mortgaged property is concerned, the petitioner has already taken steps under the SARFAESI Act. Considering the same, this Court does not consider it apposite to pass any orders in that regard. The petitioner has efficacious remedies provided under the SARFAESI Act for enforcement of its security interest. It is, thus, not necessary for this Court to pass any order in this regard.
8. Insofar as the petitioner's request for attachment of respondent no.3's bank account (bearing no. 919010097365341) maintained with Axis Bank is concerned is concerned; this court considers it apposite to restrain respondent no.3 for any withdrawing any amount from the said bank account in excess of ₹50,000, till the next date of hearing. It is so directed.
Signature Not Verified Digitally Signed By:DUSHYANT RAWAL9. In the meanwhile, the petitioner shall take immediate steps for service of notice of the present petition.
10. The notice shall go by speed post and electronic modes. Dasti, in addition. Dasti notice shall be served in person.
11. An affidavit of service be filed at least one week before the next date of hearing.
12. List on 27.09.2021.
VIBHU BAKHRU, J SEPTEMBER 2, 2021 RK Signature Not Verified Digitally Signed By:DUSHYANT RAWAL