Rajasthan High Court
M/S. Dsr Infra vs Punjab National Bank on 12 July, 2021
Bench: Inderjeet Singh
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
(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.
(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)
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