The court upheld the necessity of adhering to payment commitments made in court, allowing the Bank to initiate recovery if the petitioners default.

ORDER :

(VINIT KUMAR MATHUR, J.)

Heard learned counsel for the parties.

2. The present writ petition as been filed with the following prayers : -

“I. By an appropriate writ, order and direction, the respondent may be directed to not to take possession of the property in question.

II. By an appropriate writ, order and direction, the respondent may be directed to regularize the loan accounts of the petitioner firm.

III. By an appropriate writ, order and direction, the respondent may be directed to withdraw the possession notice dated 26.11.2024 (Annexure-3) and drop the proceedings initiated against the present petitioner under the SARFAESI Act, 2002 which has commenced vide notice under section 13(2) of SARFAESI Act dated 10.09.2024 (Annexure-2) and withdraw the notice dated 27.11.2024(Annexure-4) and 03.12.2024 (Annexure-5).

IV. Pass any other writ order or direction which this Hon’ble Court deems just and proper in the facts and circumstances of the case in favour of the petitioner."

3. Learned counsel for the petitioners submits that the petitioners are ready and willing to pay the entire dues of the respondent-Bank provided certain time is granted to them. Learned counsel submits that the petitioners are ready to deposit Rs.1,00,00,000/- (Rupees : One Crore Only) by 31.03.2025 and for rest of the amount, the petitioners are ready to deposit the amount in four installments on or before 31.12.2025.

4. The submissions made by learned counsel for the petitioners is gracefully accepted by learned counsel for the respondent-Bank. He submits that if the petitioners do not adhere to the commitment made before this Court, the respondents may be granted liberty to take appropriate measures for recovery of the amount due from the petitioners at any stage.

5. In view of the submissions made before this Court, the writ petition is disposed of with a direction to the petitioners to deposit Rs.1,00,00,000/- (Rupees : One Crore Only) on or before 31.03.2025 and for balance of the amount, which shall be calculated by the respondent-Bank on 01.04.2025, be paid by the petitioners in four installments on or before 31.12.2025.

6. It is also made clear that if the petitioners fail to adhere to the commitment made before this Court hereinabove, the respondents will be free to take appropriate proceedings for recovery of their loan amount at the stage on which the petitioners have committed the default.

7. The stay application and other pending application, if any, also stand disposed of.