Courts can exercise writ jurisdiction in exceptional cases where the petitioner demonstrates a genuine intention to settle the dues, especially in light of unprecedented situations such as the COVID-19 pandemic.

ORDER

Dinesh Mehta, J. - Mr. Thanvi, learned counsel for the petitioner submits that the petitioner was regularly depositing the loan installment. In the meantime, on account of general financial constraints arising out of spread of COVID-19, the petitioner was unable to honour his 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 writ jurisdiction.

3. Learned counsel submits that petitioner is genuinely desirous of squaring off the loan account and settle the bank’s dues and if the respondents - Bank seizes residential house of the petitioners, the same will affect petitioner’s family.

4. Learned counsel for the petitioner, on instructions, submits that out of the total dues of Rs.60,71,502/-, as mentioned in the respondent - Bank’s notice dated 06.09.2021, petitioners would deposit the amount as follows:

(i) A sum of Rs.30 lacs by 20.03.2022 and

(ii) The remaining amount by 30.06.2022.

5. Having regard to submissions made and considering that petitioner is bonafidely interested in paying off the loan and having regard to unprecedented situation on account of pandemic, it is deemed expedient and hence ordered that in case the petitioner deposits a sum of Rs.30 lacs as per condition No.(i) above, the respondent-Bank shall forthwith handover the possession of the petitioner’s residential house situated at Plot No.1, Araji No.-26, 27, 28,/1, inside of Ambedkar Circle, Behind Shakti Nagar, Banswara and issue necessary instructions to HPCL to continue petitioner’s supply of petroleum products.

6. Writ petition stands disposed of in the above terms.

7. Needless to observe that attachment of petitioner’s assets in light of notice under Section 13(2) & 13(4) of the SARFAESI Act shall continue until the entire due amount is settled. 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, including filing of contempt petition for not adhering to the undertaking.

8. Stay petition also stands disposed of accordingly.