Allowed

Suresh Kumar Sahoo v. Regional Manager, Rbi, Bbsr

Orissa HC23 Jun 2022WP(C)/14240/2022

Case brief

AI extract

What is this about?

A writ petition filed to restrain seizure of a vehicle was entertained despite general non-maintainability against private finance companies, given the petitioner's willingness to deposit 50% of dues and repay on rephasing. The court directed the vehicle not be seized if dues are deposited within four weeks.

What did the court decide?

Vehicle bearing Registration No. OD-09-J-5967 shall not be seized if petitioner deposits 50% of outstanding dues within four weeks and undertakes to pay remaining dues on rephasing.

Suresh Kumar Sahoo Vs Regional Manager, Rbi, Bbsr — Banking and Recovery | Orissa HC (2022)

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IN THE HIGH COURT OF ORISSA AT CUTTACK

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W.P.(C) No.14240 OF 2022

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Suresh Kumar Sahoo Petitioner

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Mr. Braja Mohan Sarangi, Advocate

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-versus-

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…. Regional Manager, Reserve Bank of Opp. Parties India, Bhubaneswar and another

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CORAM: JUSTICE K.R. MOHAPATRA

ORDER

Order No.

23.06.2022

This matter is taken up through hybrid mode.

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This writ petition has been field apprehending forceful seizure of vehicle bearing Registration No.OD-09-J-5967 (Truck) of the Petitioner.

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Mr. Sarangi, learned counsel for the Petitioner submits that due to non-payment of regular installments with regard to the aforesaid vehicle, the Petitioner apprehends seizure of the vehicle in question by the Opposite Parties without following the guidelines given by the Hon’ble Supreme Court in ICICI Bank Ltd. -v- Prakash Kaur and other s, reported in (2007) 2 SCC 711. He further submits that the Petitioner had not moved this Court earlier in respect of the aforesaid vehicle in relation to the loan account in question.

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In course of hearing, Mr. Sarangi, learned counsel for the Petitioner submits that the Petitioner is ready and willing to pay 50% of the total outstanding loan dues as on date and in that event, his vehicle may not be seized. He also undertakes to pay the monthly installments regularly on rephasement of his loan account.

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Page 1 of 2

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// 2 //

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The writ petition against a private Finance Company is not maintainable in view of the ratio decided in Federal Bank Ltd. -vSagar Thomas & Ors , reported in 2003(III) CLR 801. However, since the Petitioner is ready and willing to pay 50% of the total outstanding loan dues as on date, this Court entertains the writ petition.

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Taking into consideration the submission of learned counsel for the Petitioner as well as the pandemic of COVID-19, this Court disposes of the writ petition with a direction that in the event the Petitioner deposits 50% of the total outstanding loan dues as on date within a period of four weeks hence, the vehicle bearing Registration No.OD-09-J-5967 (Truck) shall not be seized. The Petitioner shall also file an undertaking before the Branch Manager, Srei Equp. Finance Co. Ltd., Keonjhar-Opposite Party No.2 to pay the monthly installments regularly on rephasement of the rest of the loan dues. The Petitioner shall be provided with details of outstanding loan dues within two days from the date of filing of an application to that effect. The rest of the outstanding loan amount will be settled on rephasement basis keeping in mind the Regulatory Package issued by the Reserve Bank of India on 21^st May, 2020 during the pandemic situation of COVID-19.

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It is made clear that on failure on the part of the Petitioner to pay the installments regularly after rephasement, the Opposite Party No.2 would be at liberty to take over possession of the vehicle in question.

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Urgent certified copy of this order be granted on proper application.

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(K.R. Mohapatra) Judge

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bks

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Suresh Kumar Sahoo v. Regional Manager, Rbi, Bbsr

Case brief

What is this about?

What did the court decide?

Suresh Kumar Sahoo v. Regional Manager, Rbi, Bbsr

Case brief

What is this about?

What did the court decide?

What the court decided

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