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Mohd. Aslam & Anr vs Karvy Financial Services Ltd & Anr on 22 December, 2021

Author: Amit Bansal

Bench: Amit Bansal

                          $~35
                          *    IN THE HIGH COURT OF DELHI AT NEW DELHI
                          +    CM(M) 1044/2021 & CM No.41238/2021 (for Stay)

                                MOHD. ASLAM & ANR.                                 ..... Petitioners
                                             Through:            Mr. Virendra Singh, Advocate

                                                    versus

                                KARVY FINANCIAL SERVICES LTD & ANR. ..... Respondents
                                                   Through: Ms. Surbhi and Mr. Rahul Kumar,
                                                              Advocates
                                CORAM:
                                HON'BLE MR. JUSTICE AMIT BANSAL
                                            ORDER

% 22.12.2021

1. The present petition under Article 227 of the Constitution of India impugns the Possession Notice dated 20th October, 2021 and further proceedings consequent thereto, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, in relation to the secured asset of the petitioner bearing no. 42/4, Khasra No. 26/29, Gali No. 5, Near Bari Masjid, Village Khurejee Khas, Shahdara, Delhi-110051.

2. The petition came up for hearing before this Court on 22 nd November, 2021 when a sum of Rs.20,00,000/- was handed over by the petitioner to the respondent in Court. Thereafter, the matter was referred for mediation to Delhi High Court Mediation and Conciliation Centre. Today, the counsels for the parties informed the Court that the mediation has not been successful. Counsel for the petitioner states that he had offered a sum of Rs.8,00,000/- to the respondent whereas as per the respondent the amount due as on date is Rs.14,00,000/-.

3. Counsel for the respondent states that till date no application under Section 14 of the SARFAESI Act has not been filed on behalf of the respondent before the Chief Metropolitan Magistrate (CMM) for taking physical possession of petitioner's property.

4. The counsel for the respondents further submits that Debt Recovery Tribunal (DRT)-III has now become operational with effect from 14th December, 2021 as the Presiding Officer in DRT, Allahabad has been given additional charge of the DRT-III and the present petition maybe disposed of accordingly.

5. Accordingly, the present petition is disposed of with the following directions:

(i) The petitioner shall file a Securitization Application under Section 17 of the SARFAESI Act within two weeks from today before the DRT.

(ii) The concerned DRT is directed to hear the case of the petitioner atleast on the aspect of interim relief and pass appropriate orders as expeditiously as possible and at the latest by 31st January, 2022.

(iii) Subject to any orders that maybe passed by DRT, the impugned possession notice dated 20th October, 2021 shall not be given effect to till 31st January, 2022. In the meanwhile, the petitioner may approach the respondent to settle the amount due.

6. It is clarified that no observations with regard to merits of the case of the petitioners have been made in the present order. The DRT would proceed with the adjudication of the SA filed by the petitioner uninfluenced by any observation made by this Court.

AMIT BANSAL, J.

DECEMBER 22, 2021/dk Signature Not Verified Digitally Signed CM(M) 1044/2021 Page 2 of 2 By:MAMTA ARYA Signing Date:23.12.2021 14:34:22