Delhi High Court - Orders
Ashima Goyal And Ors vs Reserve Bank Of India & Anr on 19 October, 2022
Author: Sanjeev Narula
Bench: Sanjeev Narula
$~105
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ W.P.(C) 14779/2022, CM APPLs. 45420/2022 & 45421/2022
ASHIMA GOYAL AND ORS ..... Petitioners
Through: Mr. Anil Kumar Gupta, Advocate.
versus
RESERVE BANK OF INDIA & ANR. ..... Respondents
Through: Mr. Sanjeev Bhandari and Mr. Kunal
Mittal, Advocates.
CORAM:
HON'BLE MR. JUSTICE SANJEEV NARULA
ORDER
% 19.10.2022
1. The Petitioners are co-borrowers of loan extended by Respondent No.2 (M/s. Cholamandalam Investment and Finance Company Limited) by mortgaging property bearing No. B-49, C.C. Colony Malka Ganj, Near Rana Pratap Bagh, New Delhi-110007 as collateral security.
2. Due to Petitioners' default and their loan account being classified as an NPA, Respondent No. 2 issued a demand notice under Section 13(2) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter 'the Act'), followed by a possession notice under Section 13(4) of the Act. Petitioners availed their statutory remedy by filing a Securitization Application under Section 17 before the DRT, which was dismissed vide order dated 14th September, 2022. Now, Respondent No. 2 is at the verge auctioning the secured asset, which is scheduled for 21st October 2022, hence, the Petitioner has approached this Signature Not Verified Digitally Signed W.P.(C) 14779/2022 Page 1 of 4 By:SAPNA SETHI Signing Date:19.10.2022 20:57:00 court.
3. Petitioners have an alternate statutory remedy of filing an appeal against the order of the DRT, which has not been availed yet. Despite that, the Petitioners seek the following prayers:
"(i) to issue appropriate writ, order or direction to the respondent no.1 RBI to consider petitioner's request letter dated 28.09.2022 and to ensure that respondent no 2&3 acts in accordance with its regulation and do not act arbitrarily by auctioning the house/property of property no. B-49, C.C. Colony Malka Ganj Near Rana Pratap Bagh, New Delhi 110007 of the petitioner and
(ii) to grant interim stay, restraining the respondents no.2&3 against from the proposed sale/auction dated 21.10.2022 of the house/property B-49, C.C. Colony Malka Ganj Near Rana Pratap Bagh, New Delhi 110007 of the petitioners, pending decision of the writ petition; and
(iii) to direct the respondents no.2&3 to consider the petitioner's request dated 20.09.2022, render the loan accounts of the petitioner as per RBI Guide lines and to do one time settlement with petitioner after all just adjustments of the paid amount by the petitioner:
(iv) Further direct the respondents to provide specified detailed statement of account of the paid and outstanding loan amount bifurcating the interest B-
49, C.C. Colony Malka Ganj Near Rana Pratap Bagh, New Delhi 110007 therein belonging to Petitioner no.3 & 4 are illegal, void ab initio and nullis juris;
(v) Quash and set aside the impugned Notice of sale of immovable property dated 03.10.2022 issued under rule 9(1) of) of the Security Interest (Enforcement) Rules, 2002 (Rule 8 & 9)."
4. Having regard to the well-settled position in law regarding maintainability of a writ petition in matters pertaining to SARFAESI Act, the Court prima facie finds no good ground to entertain the present petition.
5. Nevertheless, Mr. Anil Kr. Gupta, counsel for the Petitioners, states at the outset, that Petitioners are interested to settle the matter, in response to which, Mr. Sanjeev Bhandari, counsel for the Respondent No. 2, states that while the Respondent are interested in the same, Petitioners should first establish their bona fides by making a deposit in a no lien account.
6. In light of the above statement, Mr. Gupta, on instructions, states that Signature Not Verified Digitally Signed W.P.(C) 14779/2022 Page 2 of 4 By:SAPNA SETHI Signing Date:19.10.2022 20:57:00 amount of Rs. 50 lakhs shall be deposited with this Court on or before 1st November, 2022 and a further Rs. 50 lakhs by 30th November, 2022.
7. Next, Mr. Bhandari has expressed an apprehension that in the event the Petitioners' proposal does not come through, Respondent No. 2 would be severely prejudiced on account of delay caused. He states that in such circumstances, if settlement talks fall through, Petitioner should be liable to pay interest for the intervening period at the rate of 12% per annum, being the current lending rate of Respondent No. 2. Mr. Gupta is agreeable to this suggestion.
8. In view of the above, following directions are passed:
a. The statements made by respective counsel are taken on record and parties are held bound to the same.
b. Petitioners shall submit their settlement proposal to Respondent No.2, within a period of fifteen days from today, setting out a detailed repayment plan.
c. Petitioners shall deposit Rs. 50 lakhs with this Court on or before 1st November, 2022, and a further Rs. 50 lakhs by 30th November, 2022. d. In case the Petitioners do not make the abovementioned deposit within, stipulated timelines, Respondent No. 2 will be free to take action as per law.
e. In order to facilitate the settlement process, parties are referred to Delhi High Court Mediation and Conciliation Centre. The Mediation Centre is requested to appoint Mr. Sudhanshu Batra, Senior Advocate as the Mediator in the present case, who is requested to conduct the same expeditiously, and attempt to conclude, not later than 1 month from today.Signature Not Verified Digitally Signed W.P.(C) 14779/2022 Page 3 of 4 By:SAPNA SETHI Signing Date:19.10.2022 20:57:00
f. In the event settlement between the parties does not fructify, Petitioners shall be liable to pay interest at the rate of 12% per annum on the outstanding amount of Rs. 5,26,85,370/-, from today, till date the date final decision is taken with respect to the settlement proposal by Respondent No. 2. The interest liability as per the above agreed terms shall be adjusted against the deposit made by Petitioner, as mentioned in para (b), as per directions of the Court, if and when need so arises.
g. Considering the above stand of the parties, action of the bank of auctioning the property shall be kept in abeyance till the next date of hearing.
9. It is clarified that the above directions are without prejudice to the rights of the parties.
10. List before the Mediation Centre on 28th October, 2022.
11. List before the Court for reporting of outcome of mediation, if any, on 12th December, 2022.
12. This order be given dasti under the signatures of Court Master.
SANJEEV NARULA, J OCTOBER 19, 2022 nk Signature Not Verified Digitally Signed W.P.(C) 14779/2022 Page 4 of 4 By:SAPNA SETHI Signing Date:19.10.2022 20:57:00