Ims (Institute of Mathematical Sciences) & Ors. Vs Cholamandalam Investment and Finance Company Ltd. & Anr.

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$~87

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IN THE HIGH COURT OF DELHI AT NEW DELHI

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- W.P.(C) 9603/2026

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IMS (INSTITUTE OF MATHEMATICAL SCIENCES) & ORS.

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.....Petitioners

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Through: Mr J.M.Junaid Mr Fatesh Kumar Sahu, Advs. versus CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LTD. & ANR. ....Respondents Through: Mr Kirti Uppal Sr Adv with Mr Sidharth Chopra Adv, Navneet Thakran and Adith Menon Adv

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CORAM: HON'BLE MR. JUSTICE JASMEET SINGH O R D E R % 21.07.2026

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W.P.(C) 9603/2026

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This is a writ petition filed under Article 226 of the Constitution of India seeking the following prayers :-

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“(a) issue an appropriate writ, order or direction directing Respondent No. 1 to place the Petitioner’s regularisation request dated 27.06.2026 and restructuring request dated 11.07.2026, together with all supporting documents, before the competent authority under its presently applicable Boardapproved policy framed pursuant to paragraphs 13 to 17 of the RBI Directions, 2025;

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(b) direct Respondent No. 2 to call for the relevant policy and decision record from Respondent No. 1, examine the Petitioner’s regulatory grievance under the RBI Directions, 2025, and take such supervisory action as is warranted in

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This is a digitally signed order.

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The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 25/07/2026 at 12:04:11

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accordance with law;

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(c) direct Respondent No. 1 to restructure/regularise the loan accept the current and subsequent contractual EMIs tendered by the Petitioners, without prejudice to the parties' rights and without treating acceptance as a waiver of lawful remedies; (e) In the alternative, direct Respondent No. 1 to extend the time for full and final payment by at least six months, or for such period as this Hon’ble Court deems fit.

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(f) Direct Respondent No. 1 to forthwith permit the Petitioners and their family to enter and access their only residential home....”

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For the reasons stated in the petition, issue notice.

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Mr. Chopra, learned counsel accepts notice on behalf of the respondent No. 1.

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There is nobody appearing on behalf of the respondent No. 2, however, the matter is taken up for hearing.

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In the present case, the petitioner No. 1 is an educational institution of which the petitioner No. 2 is the director. The brief facts of the case are that the respondent No. 1 sanctioned a loan facility of Rs. 4,21,30,000/- on 31.08.2026 for a tenure of 180 months repayable through monthly instalments of Rs. 5,12,427/-.

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The loan was secured by mortgage of two adjoining ground-floors of properties bearing Nos. 453-454 and 455-456 situated at New Rajender Nagar, New Delhi. Under the loan agreement the petitioner No. 1 was the principal borrower and petitioner Nos. 2, 3, and 4 were co-borrowers. The mortgaged properties are the residential houses of petitioner Nos. 2 and 3,

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This is a digitally signed order.

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The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 25/07/2026 at 12:04:11

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where they reside along with their family members including petitioner Nos. 5 and 6, daughters of petitioner Nos. 2 and 3 respectively.

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The petitioner No. 1 owing to its financial constraints defaulted on its loan and consequently, proceedings were initiated by the respondent No. 1 under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (“SARFAESI”) Act, 2002.

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Mr. Sahu, learned counsel for the petitioners, requests for interim order of stay and operation of the auction sale notice dated 03.07.2026 and of restraining the respondent No. 1 from proceeding with confirmation of the e-auction scheduled for 21.07.2026.

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Mr. Uppal, learned senior counsel for the respondent No. 1, on instructions, very fairly states that in case the petitioners gives an undertaking to comply with the condition contained in the letter dated 27.06.2026 i.e., clearing the entire loan dues by 31.08.2026, the respondent No. 1 will not proceed with the auction and it will be kept in abeyance till that date. However, the said undertaking is subject to the petitioners depositing Rs. 10 lakhs within 1 week from today.

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The same is acceptable to the petitioner No. 2 and he states that he will file an undertaking in this regard within 2 weeks from today.

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In view of the aforesaid, the learned counsel for the petitioner does not press the present petition.

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The parties are at liberty to revive the petition in case of any further cause of action.

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JASMEET SINGH, J

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JULY 21, 2026/AS

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This is a digitally signed order.

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The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 25/07/2026 at 12:04:11

Ims (Institute of Mathematical Sciences) & Ors. v. Cholamandalam Investment and Finance Company Ltd. & Anr.

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Ims (Institute of Mathematical Sciences) & Ors. v. Cholamandalam Investment and Finance Company Ltd. & Anr.

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