HIGH COURT OF JUDICATURE FOR RAJASTHAN
BENCH AT JAIPUR
S.B. Civil Writ Petition No. 11333/2021
1. Shri Akshay Jain S/o Lt. Col Padam Kumar Jain, Aged
About 42 Years, Residing At 209, Gajraj Apartment, C-68,
Sarojini Marg, C-Scheme Jaipur 302001
2. Payal Sharma Wife Of Akshay Jain, Aged About 42 Years,
Residing At 209, Gajraj Apartment, C-68, Sarojini Marg,
C-Scheme Jaipur 302001
3. Lt. Col. Padam Kumar Jain Son Of Late Shri Panna Lall
Jain, Aged About 72 Years, Residing At 209, Gajraj
Apartment, C-68, Sarojini Marg, C-Scheme Jaipur 302001
4. Jyoti Jain Wife Of Lt. Col Padam Kumar Jain, Aged About
65 Years, Residing At 209, Gajraj Apartment, C-68,
Sarojini Marg, C-Scheme Jaipur 302001
----Petitioners
Versus
Fullerton India Credit Company Limited, A Non Banking Finance
Company Incorporated Under The Companies Act, 1956 And
Registered With Reserve Bank Of India, Having Its Registered
Office, Megh Towers, 3Rd Floor, Old No. 307, New No. 165,
Poonamallee High Road, Maduravoyal, Chennai 6000095, Tamil
Nadu, Through Its Regional Office Situated At North And South
Wing, Saurabh Tower, 1St Floor Office No. 5-12, Plot No. C-2,
Gautam Marg, Vaishali Nagar, Jaipur 302021
----Respondent
For Petitioner(s) : Mr. Ram Naresh Vijay For Respondent(s) : Mr. Vinit Sharma JUSTICE DINESH MEHTA Judgment 01/10/2021
1. By way of the present writ petition, the petitioners have challenged the order dated 28.9.2021 passed by the Debt (Downloaded on 01/10/2021 at 09:38:29 PM) (2 of 3) [CW-11333/2021] Recovery Tribunal, Jaipur, whereby petitioners' objection has been rejected by the learned Tribunal.
2. Learned counsel for the petitioners argues that the learned Member of the Tribunal has cursorily rejected petitioners' objection regardless of the fact that various circulars and judgments were brought to the notice of the learned Tribunal.
3. While pointing out that possession of the petitioners' secured assets has been taken by the respondent-NBFC, learned counsel submits that if the petitioners are relegated to prefer an appeal before the Debt Recovery Appellate Tribunal, they would be required to deposit at least 25% of the amount for maintaining the appeal. The remedy of appeal is therefore inefficacious, he argues.
4. Having made aforesaid submission, learned counsel submits that the petitioners are ready and willing to clear the entire over-due amount of the respondent-NBFC, within a period of one month. The respondent-NBFC however be directed to hand over the possession of the property back to them, so that they can carry out their business.
5. In order to show their bonafides, learned counsel produced a Manager's Cheque No.041393 dated 1.10.2021 of Rs.10,00,000/- of HDFC Bank drawn in the name of respondent-NBFC.
6. The same has been handed over to Mr. Vinit Sharma, learned counsel appearing for the respondent-NBFC.
7. Learned counsel for the respondent-NBFC though raises an objection of availability of alternative remedy, however, concedes that in case the petitioners clear the over-due (Downloaded on 01/10/2021 at 09:38:29 PM) (3 of 3) [CW-11333/2021] amount of the respondents (Rs.38,17,552/- as on today), the respondent-NBFC shall hand over the possession of the assets of the petitioners forthwith.
8. The present writ petition is therefore, disposed of with a direction to the petitioners to deposit remaining amount Rs.28,17,552/- within a period of one month from today.
9. In case, the over-due amount (Rs.10,00,000/- paid today+Rs.28,17,552/-) is cleared, the respondent- NBFC shall hand over the secured assets taken in possession forthwith to the petitioners.
10. Once the over-due amount is cleared, the petitioners shall be required to adhere to their commitment qua monthly installment of Rs.2,60,466/-.
11. In case of further default, the respondents- NBFC will be free to proceed in accordance with law, including taking recourse of provisions of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 in accordance with law.
12. The stay application also stands disposed of accordingly.
(DINESH MEHTA),J C P GOYAL /163 (Downloaded on 01/10/2021 at 09:38:29 PM) Powered by TCPDF (www.tcpdf.org)