HIGH COURT OF JUDICATURE FOR RAJASTHAN
BENCH AT JAIPUR
S.B. Civil Writ Petition No. 7093/2021
M/s. Dsr Infra
----Petitioner
Versus
Punjab National Bank
----Respondent
For Petitioner(s) : Mr. Abhay Bhandari, Senior Counsel assisted by Mr. Bhrigu Sharma, Mr. Anshul Sharma & Mr. Akarsh Mathur For Respondent(s) :
HON'BLE MR. JUSTICE INDERJEET SINGH Order 12/07/2021 Heard learned Senior Counsel appearing on behalf of the petitioner.
The issue involved in this writ petition has been considered by the Co-ordinate Bench of this Court in the matter of M/s. Sunrise Naturopathy and Health Resort Pvt. Ltd. Vs. State of Rajasthan, S.B. Civil Writ Petition No. 4579/2021 (Annexure-8), wherein on 08.04.2021 following order was passed:-
"Learned counsel for the petitioners submits that the Supreme Court in Small Scale Industrial Manufactures Association Vs. Union of India (UOI) & Ors., Writ Petition No.476/2020 along with connected matters, decided vide order dated 23.03.2021 has vacated the interim relief granted earlier not to declare the accounts of borrowers as NPA. While deciding the case on 23.03.2021, learned counsel submits that earlier in Gajendra Sharma Vs. Union of India & Anr., the Supreme Court vide its order dated 03.09.2020 directed that the accounts which (Downloaded on 14/07/2021 at 09:46:34 PM) (2 of 3) [CW-7093/2021] were not declared NPA till 31.08.2020 shall not be declared NPA till further orders.
Learned counsel submits that the Supreme Court also granted Moratorium during Pandemic period from March 2020 upto 31.08.2020 and further on 10.09.2020 observed relating to charging of compound interest and credit rating/downgrading facility during Moratorium Period. Learned counsel submits that in view of earlier orders, the Bank could not have declared the accounts of the petitioners as NPA till passing of the order dated 23.03.2021 as there was a Moratorium. Even thereafter, the Supreme Court has now passed an order on 23.03.2021. It is submitted that the rule relating to NPA to declare NPA of the borrowers shall have effect from 23.03.2021 only and if the borrowers' accounts become NPA after 90 days then alone the Bank or the Financial Institution would declare the account as NPA as it had not declared the petitioners' accounts as NPA, immediately on the judgment having been passed on 23.03.2021. The financial institution could not have declared the petitioners' accounts as NPA on the next date nor proceedings under Section 13(2) of the SARFAESI Act could have been issued on the said basis.
Learned counsel submits that the period from 01.03.2020 upto 31.08.2020 has to be excluded and as the petitioners' accounts were not declared NPA as on 31.08.2020, the subsequent period from 31.08.2020 upto 23.03.2021 has to be also unnecessarily excluded for the purpose of declaring the accounts as NPA and the period of 90 days has to be now counted from 23.03.2021.
The matter requires to be considered and examined.
Issue notice on the writ petition as well as stay application, returnable within four weeks. Notices be given 'dasti', as prayed.
In the meanwhile and till further orders, the effect and operation of order dated 27th March, 2021 shall remain stayed and the petitioners' accounts shall not be treated as NPA. The petitioners would be free to deposit the loan installments as being paid prior to March 2020".
In that view of the matter, issue notice to the respondent(s) on the writ petition as well as on the stay application, returnable on 05.08.2021. (Downloaded on 14/07/2021 at 09:46:34 PM)
(3 of 3) [CW-7093/2021] Meanwhile and till further orders the effect and operation of the order/demand notice dated 17.05.2021 (Annexure-5) shall remain stayed and the petitioners' account shall not be treated as NPA. The petitioner is directed to deposit the loan installments as being paid prior to March, 2020.
List along with S.B. Civil Writ Petition No. 7092/2021 on 05.08.2021.
(INDERJEET SINGH),J CHETNA BEHRANI /9(Court No-9) (Downloaded on 14/07/2021 at 09:46:34 PM) Powered by TCPDF (www.tcpdf.org)