Punjab-Haryana High Court
M/S Virtuous Advertising And Anr vs M/S Bajaj Finance Limited And Ors on 4 September, 2023
CWP No. 433 of 2021 (O&M) 1
2023:PHHC:116119-DB
IN THE HIGH COURT OF PUNJAB AND HARYANA AT
CHANDIGARH
CWP No. 433 of 2021(0&M)
Date of Decision:04.09.2023
M/s Virtuous Advertising and another
sesees Petitioners
Versus
M/s Bajaj Finance Limited and others
sesees Respondents
CORAM:- HON'BLE MRS.JUSTICE LISA GILL
HON'BLE MRS. JUSTICE RITU TAGORE
Present: Mr. Sachin Jain, Advocate
for Mr. Sandeep Jain, Advocate
for the petitioners.
Mr. Hitender Kansal, Advocate
for the respondents.
36 2k 3k ie 3
LISA GILL, J(Oral).
1, Petitioners in this writ petition seek a direction to the
respondents to restructure and reschedule their loan account.
2. It is submitted that petitioners availed loan facility of
~15,03,000/- for a period of three years from the respondents at the rate of
18% per annum. Sum of €14,77,505/- was released in the petitioners account
on 04.10.2019 after mandatory deductions. It is submitted that petitioners
were repaying the loan regularly, however due to outbreak of the Pandemic
COVID-19, they suffered a setback due to which default occurred. Learned
counsel for the petitioners submit that petitioners sought the benefits in
terms of guidelines of Government of India and Reserve Bank of India
during the period of COVID-19 and requested the respondents to restructure
their loan. The petitioners, it is submitted after availing the moratorium
SANJAY KHAN
2023.09.13 11:20
I attest to the accuracy and
integrity of this document
period from April 2020 to August 2020 even started repayment of the loan
amount in September and October 2020, when the respondents, it is
contended, without the petitioners consent enhanced the monthly installment
unilaterally. Letter dated 18.11.2020, Annexure P-6, from respondents no.1
and 2, it is submitted was incorrectly issued for commencement of
Arbitration proceedings. In this factual background, petitioners seek
restructuring and rescheduling of their loan account. It is thus prayed that
this writ petition be allowed.
3. Notice of motion was issued in this writ petition on 11.01.2021
by Coordinate Bench, while recording willingness of the petitioners to
deposit installments for the month of November and December 2020, which
were due as well as their willingness to settle their account with the
respondents. Vide order dated 27.01.2021, it was duly recorded that
petitioners would deposit three installments for the month of November,
December 2020 and January 2021 within a period of ten days thereof and
that petitioners would approach the respondents within one week thereafter,
so that an amicable resolution with regard to settlement of accounts can be
worked out. The matter was also placed before the Mediation and
Conciliation Centre of this Court, but to no avail.
4. Learned counsel for the respondents points out that One Time
Settlement (OTS) was sanctioned in favour of the petitioners on 29.05.2023
for a sum of ¥3,80,000/- qua total outstanding amount of ¥16,27,179/-,
which was to be paid as under:-
Date Amount(Rs.)
29-May-2023 80,000.00
20-June-2023 150,000.00
20-July-2023 150,000.00
SANJAY KHAN
2023.09.13 11:20
I attest to the accuracy and
integrity of this document
5. Learned counsel for the respondents submits that an amount of
12,47,179/- was waived of by the respondent-Financial institution, but the
petitioners failed to deposit even the OTS amount by 20.07.2023.
6. Learned counsel for the petitioners is unable to deny that OTS
in their favour was indeed sanctioned on 29.05.2023, but the terms and
conditions thereof have not been complied with by the petitioners.
7. Learned counsel for the petitioners is unable to point out any
ground whatsoever which calls for interference by this Court in exercise of
jurisdiction under Article 226 of the Constitution of India. It is also to be
noted that relief claimed in this writ petition is qua a private non banking
financial institution, thus the matter is squarely covered against the
petitioners in view of judgment of Hon'ble the Supreme Court in Phoenix
ARC Private Limited vs. Vishwa Bharti Vidya Mandir and others, 2022
(1) RCR (Civil) 888.
8. Writ petition is accordingly dismissed with liberty to the
petitioners to avail the remedy/ies as available to them in accordance with
law. It is clarified that there is no expression of opinion on the merits of the
matter. Pending application/s, if any, stand/s disposed of accordingly.
(LISA GILL )
JUDGE
(RITU TAGORE)
September 04 , 2023. JUDGE
s.khan
Whether speaking/reasoned : Yes/No.
Whether reportable : Yes/No.
SANJAY KHAN
2023.09.13 11:20
I attest to the accuracy and
integrity of this document
