JUDGMENT

Sanjiv Berry, J.

Present Writ Petition has been filed under Article 226/227 of the Constitution of India for issuance of a writ in the nature of certiorari for quashing the impugned order dated 11.03.2022 (Annexure P-7) passed by respondent No.3, under Section 14 of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (for short, 'the SARFAESI Act'), the impugned notice dated 05.01.2023 (Annexure P-8) issued by respondent No.4 for taking over the possession of property in question and also for direction to respondents No. 1 to 4 to grant appropriate time to deposit the balance of the loan amount in pursuance to the One Time Settlement dated 25.09.2019.

2. Brief facts pleaded in the petition are that the petitioner is owner in possession of residential house fully described in para No. 2 of the petition for which he had availed loans from respondents No. 1 and 2 by mortgaging the said property vide loan accounts No.00000284 and No. 00000530 to the tune of Rs.42,00,000/- and Rs.89,00,000/-, respectively. However, due to unavoidable circumstances the petitioner failed to repay the loan amount as per the schedule and the said loan accounts were declared Non-Performing Assets (NPAs). Thereafter, the petitioner entered into One Time Settlement (OTS) with respondents No. 1 and 2 wherein, it was stipulated that to settle the loan account No.00000284, an amount of Rs.42,00,000/- was to be paid in three installments as per Annexure-1 and similarly, qua loan account No. 00000530, an amount of Rs.89,00,000/- was to be paid in five installments as per Annexure P-2. In pursuance of the said One Time Settlement, the petitioner deposited Rs.19,00,000/-, out of Rs.42,00,000/- on 25.09.2019 and also Rs.30,50,000/- out of Rs.89,00,000/- on 31.10.2019 with respondents No. 1 and 2 vide receipts (Annexure P-3 & P-4) respectively.

3. Thereafter, due to his inability to deposit the settled amount as per the One Time Settlement (OTS), he sent legal notice to respondents No. 1 and 2 to grant time to deposit the balance amount along with simple interest prevailing at present. However, the respondents got issued the order dated 11.03.2022 (Annexure P-7) under Section 14 of the SARFAESI Act and consequent notice for possession of the property dated 05.01.2023 (Annexure P-8).

4. Since advance notice of the petition was served upon the respondents, Ms. Sidhi Bansal, Advocate, has put in appearance on behalf of the respondents No. 1 and 2.

5. We have heard learned counsel for the parties.

6. At the very outset learned counsel for the petitioner contends that the petitioner happens to be bona fide borrower, who had availed two loans, by mortgaging the property, i.e the residential house. Further submitted that due to certain unavoidable circumstances and Covid-19, the petitioner could not repay the loan amount in both the accounts, resulting the same being declared Non Performing Assets (NPA) and ultimately vide Annexures P-1 and P-2, One Time Settlement (OTS) was effected amounting to Rs.42,00,000/- and Rs.89,00,000/- respectively. Learned counsel for the petitioner further submitted that although the petitioner deposited an amount of Rs.19,00,000/- and Rs.30,50,000/-, in the aforementioned accounts, respectively, but could not repay remaining installments as per the One Time Settlement of the respective accounts.

7. Learned counsel for the petitioner has submitted that possession notice under Section 14 of SARFAESI Act (Annexure P-7) has been passed by the District Magistrate, Rohtak, qua the mortgaged property and to save the same being the residential property the petitioner is willing to deposit the balance amount as per the One