Rajasthan High Court
Shri Akshay Jain S/O Lt. Col Padam ... vs Fullerton India Credit Company ... on 1 October, 2021
Bench: Dinesh Mehta
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
(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
(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
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