M/S. Ishwar Micro Minerals ... vs Shriram City Union Finance Ltd
2022 Latest Caselaw 940 Raj

HIGH COURT OF JUDICATURE FOR RAJASTHAN AT JODHPUR S.B. Civil Writ Petition No. 931/2022

M/s. Ishwar Micro Minerals Industries, Through Its Sole Proprietor Raj Kumar S/o Ishwar Singh Purohit, Aged About 51 Years, Plot No. 2/11, Nandari Road, Defence Colony, Banar, Jodhpur.

----Petitioner Versus

1. Shriram City Union Finance Ltd., Through Authorized Representative Mr. Rajesh Kumar Choudhary, Branch Office- 3Rd Floor, Sai Tower, Above Rings And Tolls Restaurant, I.c.i.c.i. Bank Road, Jaljog Circle, Jodhpur.

2. Shriram City Union Finance Limited, Registered Office -

123, Angappa Naiken Street, Chennai.

----Respondents

For Petitioner(s) : Mr. Narendra Thanvi through VC

JUSTICE DINESH MEHTA

Order

19/01/2022

1. It is asserted that on account of general financial constrain

arising out of spread of COVID-19, the petitioner was unable to

honour its financial commitments.

2. This Court is not oblivious of its limitation of interference in

the matters relating to action taken under the provisions of

Securitization and Reconstruction of Financial Assets and

Enforcement of Security Interest Act, 2002 (hereinafter referred to

as the 'SARFAESI Act') in light of catena of judgments of Hon'ble

the Supreme Court, however, considering that the petitioner has

approached this Court with bonafide intention to settle the dues,

this Court is inclined to exercise its equitable jurisdiction.

(2 of 2) [CW-931/2022]

3. Learned counsel submits that petitioner is genuinely desirous

of squaring off the loan amount and settle the bank's dues and if

the respondent - bank seizes residential property of the petitioner,

the same will affect petitioner's family.

4. Learned counsel for the petitioner, on instructions, submits

that out of the total dues of Rs.58,62,107/-, as mentioned in the

respondent - Bank's statement dated 07.01.2022 (Annex.4), the

petitioner would deposit a sum of Rs.25 lacs on or before

20.02.2022.

5. In view of the above undertaking, let notices be issued to the

respondents, returnable within six weeks.

6. In case petitioner subscribes to the above said undertaking,

the respondent - Bank shall stand restrained from taking

possession of petitioner's residential property situated at Plot

No.2, Southern Part of Plot No.11, Khasra No.42, Village Nandari,

Jodhpur for auction.

6. Needless to observe that in the event of petitioner's failure to

adhere to any of the abovementioned commitments, the

respondents shall be free to proceed in accordance with law.

(DINESH MEHTA),J 43-A.Arora/-

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