Pradeep K. Pandeya vs Delhi Financial Corporation And ...
2002 Latest Caselaw 1722 Del

JUDGMENT

Manmohan Sarin, J.

Rule.

1. With the consent of the parties, writ petition is taken up for disposal.

2. Counsel for the parties have been heard. The petitioner has filed this writ petition seeking a restraint on the respondents from taking possession of the mortgaged property bearing No. A-9, Rampuri, Chandra Nagar, Ghaziabad, U.P. Petitioner also seeks quashing of the order dated 22.8.2002, being the notice under Section 29 of SECS Act, as issued.

3. The essential facts for the purpose of disposal of the relief claimed in the present writ petition and the pending proposal are as under:-

Respondents vide their letter dated 7.6.2002 had accepted a one time settlement, at Rs. 6,88,063.19 in full and final settlement. Petitioner was required to pay 25% of the above amount within 30 days and the entire amount within 6 months from the date of the letter. Petitioner had issued a cheque for 10% and he further required the respondents to encash the same after expiry of 61 days. Petitioner also sought time to deposit the balance 90% within 6 months from the initial date. This was not acceptable to the respondents.

4. Counsel for the parties have been heard today. With the consent of the parties the following order is passed:-

The petitioner will ensure that funds are available for encashment of cheque bearing No. 952901 dated 6.7.2002 for the sum of Rs. 6,88,063.19 within 15 days. Respondents shall be at liberty to present the cheque for encashment on or after 9.10.2002. Upon the encashment of the cheque, the respondents shall issue a letter to the petitioner authorising the petitioner to submit offers, if any in respect of the sale of property bearing No. A-9, Rampuri, P.O. Chandra Nagar, Ghaziabad, U.P. The said offers, if any, be submitted within 45 days of the receipt of the letter from the respondents. Petitioner shall also deposit remaining balance of 15% of the one time settlement amount within 60 days from today, to make a total of 25%. Respondent shall also be free to invite the offers in the meanwhile. Unless the offer of the petitioner is higher, respondent shall be free to proceed with the sale of the property. It is made clear that the petitioner shall adhere to the time schedule fixed scrupulously and no further indulgence with regard to extension would be given as this is a case where the petitioner has already been granted sufficient time. In case of any default by the petitioner, respondents would be free to proceed with the sale of mortgaged property.

Writ petition stands disposed of in the above terms.

Copy of the order be given dusty to counsel for the parties.