JUDGMENT

Tejinder Singh Dhindsa, J.

Challenge in the instant petition is to the recall notice dated 10.11.2022 (Annexure P-7) issued by the respondent-Indiabulls Housing Finance Limited whereby a Repayment Structure/OTS letter dated 01.09.2021 (Annexure P-2) stands terminated. Further challenge is to the notice dated 19.12.2022 issued under Section 13 (2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter to be referred to as the 2002 Act). A writ of mandamus is also sought directing the respondent to adhere to the repayment structure/OTS letter dated 01.09.2021 (Annexure P-2) and not to adopt any coercive steps against the petitioners.

2. We may take note that identical issue/prayer came to be raised in terms of filing CWP No.575-2023 (M/s Vatika One India Next Pvt.Ltd. and another v. Indiabulls Commercial Credit Ltd.). Such petition was at the hands of a group company and also assailed the termination of the repayment structure/OTS letter dated 01.09.2021 issued by Indiabulls Housing Finance Limited. Such petition came up for preliminary hearing before this Court on 18.01.2023 and while issuing notice for 23.02.2023, the respondent was restrained from taking any coercive steps pursuant to the impugned recall notice. The respondent filed SLP (C ) No.1855 of 2023 against the order dated 18.01.2023 passed by this Court and the SLP was disposed of vide order dated 30.01.2023 in the following terms:-

UPON hearing the counsel the Court made the following

ORDER

1 A writ petition under Article 226 of the Constitution has been instituted before the High Court of Punjab and Haryana by the respondents seeking a writ for:

(i) Quashing a recall notice dated 10 November 2022 issued by the petitioner, which has terminated a repayment structure embodied in a One Time Settlement letter dated 1 September 2021 on the ground of default in timely payment of interest every month;

(ii) Quashing a demand notice dated 12 December 2022 under section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 ; and

(iii) Adherence to the terms of an OTS contained in a letter dated 1 September 2021.

2 The Division Bench of the High Court, while entertaining the petition, by its order dated 18 January 2023, issued an interim direction by which coercive steps in pursuance of the recall notice dated 10 November 2022 are stayed till the next date of hearing.

3 Mr. Shyam Divan, senior counsel appearing on behalf of the petitioner, submits that:

1 "OTS"

2 "SARFAESI Act"

(i) The petitioner being a private entity is not amenable to the writ jurisdiction of the High Court;

(ii) In view of the provisions of the SARFAESI Act, the respondents would have to pursue their remedies after the adoption of measures under Section 13 (4) and, hence, a petition under Article 226 of the Constitution could not have been entertained.

4. Dr. Abhishek Manu Singhvi, senior counsel appearing on behalf of the respondents, responding to the above submissions, has sought to urge that the recall notice which was issued on 10 November 2022