Rajasthan High Court
M/S Shri Shyam Printers vs Reserve Bank Of India on 10 November, 2021
Bench: Inderjeet Singh
HIGH COURT OF JUDICATURE FOR RAJASTHAN
BENCH AT JAIPUR
S.B. Civil Writ Petition No. 12821/2021
M/s Shri Shyam Printers
----Petitioner
Versus
Reserve Bank Of India
----Respondent
For Petitioner(s) : Mr. Aditya Jain.
Ms. Neha Gyamlani.
For Respondent(s) :
HON'BLE MR. JUSTICE INDERJEET SINGH
Order
10/11/2021
Counsel for the petitioner submits that the issue involved in
this writ petition has been considered by the Co-ordinate Bench of
this court in the matter of Sunrise Naturopathy and Health
Resort Pvt. Ltd. Vs. State of Rajasthan (S.B. Civil Writ Petition
No.4579/2021) wherein on 08.01.2021 it has been held as
under:-
"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 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
(2 of 3) [CW-12821/2021]
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."
(3 of 3) [CW-12821/2021]
In that view of the matter, issue notice to the respondent(s),
returnable on 29.11.2021.
In the meanwhile, and till further orders, the effect and
operation of the order dated 03.09.2021 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.
List on 29.11.2021 along with CW No.4579/2021.
(INDERJEET SINGH),J
MG/135
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