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HIGH COURT OF RAJASTHAN (JODHPUR BENCH)
MR. JUSTICE VINIT KUMAR MATHUR, J
SURESH KUMAR – Appellant
Versus
AU SMALL FINANCE BANK LIMITED – Respondent
CW / 19363 / 2023
Order :
S.B. Civil Writ Petition No. 8042/2024:-
1. Heard learned counsel for the parties.
2. Learned counsel for the parties are in agreement that the writ petition may be disposed of by giving liberty to the petitioner to deposit entire due amount to the respondent-Bank within a period of three months.
3. The submissions made by the learned counsel for the petitioner is agreed to by the learned counsel for the respondent-Bank.
4. Accordingly, the present writ petition is disposed of with a direction to the petitioner to deposit the entire due amount to the respondent-Bank within a period of three months from today.
5. It is made clear that if the payment due to the respondent- Bank is paid by the petitioner within three months, then the proceedings under the SARFAESI Act, 2002 shall come to an end and the respondent-Bank will return all the documents to the petitioner. In case, the petitioner fails to obey the commitment made before this Court, the respondent-Bank will be free to take appropriate measures for recovery of the loan amount from the petitioner.
6. The stay petition as well as other pending misc. applications, if any, stand disposed of.
S.B. Civil Writ Petition No. 19363/2023:-
1. Heard learned counsel for the parties.
2. Learned counsel for the parties are in agreement that the writ petition may be disposed of by giving liberty to the petitioner to deposit entire due amount to the respondent-Bank within a period of four months.
3. The submissions made by the learned counsel for the petitioner is agreed to by the learned counsel for the respondent-Bank.
4. Accordingly, the present writ petition is disposed of with a direction to the petitioner to deposit the entire due amount to the respondent-Bank within a period of four months from today.
5. It is made clear that if the payment due to the respondent- Bank is paid by the petitioner within four months, then the proceedings under the SARFAESI Act, 2002 shall come to an end and the respondent-Bank will return all the documents to the petitioner. In case, the petitioner fails to obey the commitment made before this Court, the respondent-Bank will be free to take appropriate measures for recovery of the loan amount from the petitioner.
6. The stay petition as well as other pending misc. applications, if any, stand disposed of.
Timely payment of dues under the SARFAESI Act prevents recovery proceedings and mandates return of documents to the debtor.
The court upheld the necessity of adhering to payment commitments made in court, allowing the Bank to initiate recovery if the petitioners default.
Non-compliance with a court's interim order precludes the granting of relief in a writ petition.
Parties in financial distress can negotiate repayment terms, impacting the enforcement of recovery actions.
The court grants an installment repayment plan for a loan default under the SARFAESI Act, balancing creditor rights and debtor ability.
Court allows defaulting borrowers to repay loan in installments while suspending coercive measures.
Court allows loan defaulting petitioner to repay in installments under SARFAESI Act.
The court emphasized the procedure for loan regularization under the SARFAESI Act and the responsibilities of the borrower in repayment.
Court grants relief and establishes repayment terms for a loan default under the SARFAESI Act.
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