Delhi High Court - Orders
Bhupinder Singh Sachdeva & Anr vs Bank Of India on 7 October, 2021
Author: Amit Bansal
Bench: Amit Bansal
$~29
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ CM(M) 695/2021
BHUPINDER SINGH SACHDEVA & ANR. ..... Petitioners
Through: Mr. Sujeet Beniwal with Mr. Ankit
Rana, Mr. Nitin Bansal, Mr. Amit
Kashyap & Mr. Hitesh Yadav,
Advocates.
versus
BANK OF INDIA ..... Respondent
Through: Mr. Vipin Jai, Advocate.
CORAM:
HON'BLE MR. JUSTICE AMIT BANSAL
ORDER
% 07.10.2021 CM No. 35545/2021(for exemption)
1. Allowed, subject to all just exceptions.
2. The application is disposed of.
CM(M) 695/2021 & CM No. 35544/2021(for stay)
3. The present petition has been filed under Article 227 of the Constitution of India impugning the Possession Notice dated 24th June, 2021 issued by the respondent Bank, seeking to take possession of the petitioners' property i.e. Entire First Floor of Property Bearing No. 23, 1st Floor, Block D-1, Model Town-2, Delhi-110009, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (Act).
4. The counsel for the petitioners contends that the petitioners are constrained to approach this Court by way of the present petition since the Signature Not Verified Digitally Signed CM(M) 695/2021 Page 1 of 3 By:ARUNA KANWAR Signing Date:07.10.2021 15:49:00 Debt Recovery Tribunal, Delhi (DRT)-3 has not been functioning. The counsel for the petitioners submits that he has filed the Securitisation Application (SA) under Section 17 of the Act before the DRT on 5th October, 2021 but the same could not come up for hearing on account of the DRT not functioning.
5. The counsel for the petitioners has also drawn the attention of this Court, via screen sharing, to an undated notice issued by the Court Receiver (the said notice has also been emailed to the Court), stating that the possession of the concerned property would be taken on 8th October, 2021 at around 12.00 P.M. The counsel for the petitioners further submits that the said notice was pasted on the premises of the petitioners on 24 th/25th September, 2021.
6. The counsel for the respondent Bank appearing on advance notice submits that the account of the petitioners was declared as a 'Non- Performing Asset' with effect from 31st March, 2021. No payment has been received from the petitioners for more than the last one and a half years and a sum of approximately Rs.4,00,00,000/- is due as on date from the petitioners.
7. The present petition is being entertained only on account of the non- functioning of the DRT and the urgency of the relief sought. Therefore in the facts and circumstances of the case, it is directed that there shall be a stay on the Possession Notice dated 24th June, 2021 and the aforesaid undated notice, subject to the petitioners depositing a sum of Rs.50,00,000/- with the respondent Bank. The payment of the aforesaid amount of Rs.50,00,000/- shall be in the following manner:
(i) a sum of Rs. 10,00,000/- shall be deposited by tomorrow;Signature Not Verified Digitally Signed CM(M) 695/2021 Page 2 of 3 By:ARUNA KANWAR Signing Date:07.10.2021 15:49:00
(ii) a sum of Rs. 20,00,000/- shall be deposited within 15 days from today; and
(iii) the remaining sum of Rs. 20,00,000/- shall be deposited within 30 days from today.
8. The respondent Bank shall inform the Court Receiver of the order passed today.
9. The petition stands disposed of.
10. It is clarified that no observation on the merits of the case has been made while passing the present order and the SA filed by the petitioner shall be considered by the DRT, uninfluenced by any observations made in this order.
11. The aforesaid amounts paid by the petitioners to the respondent Bank shall be taken into account by the DRT when the SA filed by the petitioners is heard.
AMIT BANSAL, J OCTOBER 7, 2021 Sakshi R. Signature Not Verified Digitally Signed CM(M) 695/2021 Page 3 of 3 By:ARUNA KANWAR Signing Date:07.10.2021 15:49:00