Ningappa Irappa Honkali And ANR v. The Authorized Officer Punawala Housing Finance Ltd. Pune And ORS

908. wp 961.22

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

CIVIL APPELLATE JURISDICTION WRIT PETITION NO. 961 OF 2022 Mr. Ningappa Irappa Honkali and anr. .. Petitioners Vs.

The Authorised Officer, Punawala Housing Finance Ltd., and anr. .. Respondents Mr. Shrivallabh Panchpor a/w Mr. Shantanu Joshi, for Petitioners.

Ms. Nikita Pawar i/b S. I. Joshi & Co., for Respondents. CORAM: DIPANKAR DATTA, CJ & M. S. KARNIK, J.

Digitally signed by URMILA PRAMOD INGALE Date:

2022.03.15 16:05:26 +0530 URMILA PRAMOD INGALE DATE:

MARCH 11, 2022 P.C.:

The petitioners have submitted a proposal for one-time settlement of the dues before the respondent no.1. It is submitted on their behalf that they are desirous of clearing their liability. The respondent no.1, it is submitted, is interested in payment of its dues; so, it is not averse to consider the proposal for one-time settlement of its dues. We direct the respondent no.1 to consider such proposal in accordance with law as early as possible, preferably within a week from date and communicate the resultant decision to the petitioners. If the decision is favourable to the petitioners, they shall be at liberty to act in accordance with the terms thereof. If the proposal for one-time settlement of the dues is not accepted, the petitioners shall have the liberty to pursue their remedy before the appropriate forum provided by the Urmila Inglae, PS

908. wp 961.22 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

The sum of Rs. 13,50,000/- paid by the petitioners in terms of the interim order passed by this Court shall not be adjusted with the dues and be retained by the respondent no.1 for a period of a fortnight after an appropriate order is passed by it on the proposal, as aforesaid, or by the Debts Recovery Tribunal, as the case may be, on the application of the petitioners (if at all an approach is made), whichever is earlier.

The writ petition is disposed of. No costs. All contentions are left open.

(M. S. KARNIK, J.) (CHIEF JUSTICE) Urmila Inglae, PS