Ajay Sharma And Another vs Deewan Housing Finance Corporation Limited And Another

Manoj Kumar Tiwari, J

Petitioners are borrower, against whom recovery proceedings have been initiated by the non-banking finance company (respondent no.1), due to default committed by them.

Learned counsel for the petitioners submits that petitioners shall deposit a sum of Rs. 5,00,000/-with respondent no. 1, positively within two weeks from today. He further submits that petitioners are ready and willing to re-pay the balance loan amount, provided some reasonable time is given to the petitioners for the purpose.

Learned counsel for the respondent no.1 submits that petitioners are chronic defaulter, therefore, they do not deserve any relief.

In view of the readiness shown by the petitioners to re-pay the loan, the writ petition is disposed of with the following directions:

(i) Petitioners shall approach the Competent Authority in the respondent non-banking company, by making representation, within two weeks from today.

(ii) If petitioners make such representation within the stipulated period alongwith upfront deposit of Rs. 5,00,000/- to show their bonafide, then the respondent no.1 shall inform the petitioners, within four days from date of receipt of representation alongwith certified copy of this order, about the exact amount, which they are liable to re-pay.

(iii) The secured asset mortgaged with the respondent no. 1 shall be de-sealed immediately, as soon as petitioners deposit a sum of Rs. 5,00,000/- with respondent no. 1.

(v) Petitioners shall deposit the balance amount, to be informed by respondent no. 1, positively within a period of eight weeks from the date of payment of first installment of Rs. 5,00,000/-.

(vi) In case of any default by the petitioners, they shall not be entitled to protection of this order and respondent no.1 will be free to proceed against them, in accordance with law.