HDFC Bank Ltd. vs Kavita Rao And Ors.

J.M. Malik, J

Counsel for the parties present. Final arguments heard. Notice under Section 13(2) of the SRFAESI Act goes to reveal that total demand in the sum of Rs. 87,60,272/- as on 18.11.2009 was raised. The said amount was not paid within time. Respondent No. 1 filed an SA before the learned Trial Court. The learned Trial Court vide order dated 18.5.2010 gave time of 36 months to pay the amount in dispute from May 2010 onwards without any interest. Counsel for the respondent has partially complied with the said order.

This is also transpired that there is matrimonial dispute between respondent Nos. 1 and 2. Counsel for the respondent No. 1 submits that the husband is not paying the amount. Smt. Kavita Rao, respondent No. 1 is paying the entire amount as she is working as Air Hostess in Indian Airlines and has family to maintain. Consequently, I take a lenient view.

Secondly, respondent Nos. 4 and 5 namely M/s. PRK Exports Private Limited and M/s. Premier Overseas are the firms. They have not appeared despite the service effected upon them. Mr. J.M. Bari, Counsel used to appear for respondent Nos. 2 to 5 as is apparent from my order-sheet dated 28.6.2010 onwards. Subsequently, those did not appear before this Court and did not make any representation.

After having considered the pros and cons of these facts, the respondent Mrs. Kavita Rao is further given one year's time, as prayed. The appellant will also get interest @ 10% p.a. simple from the date of NPA i.e. 18.11.2009 on reducing balance basis. The said amount be deposited in four quarterly instalments. The first instalment would be payable on 1.8.2011 and subsequently on 1.11.2011, 1.2.2012 and 1.5.2012. In case the said amount is not paid in time, the appellant will be at liberty to proceed against the appellant as per law. This is made clear that no further adjournment or extension of time shall be granted.

In case the entire amount stands paid 'no due certificate' and title deeds be returned to the respondent within four days from the receipt of the entire amount.

Counsel for the respondent submits that the respondent has deposited Rs. 50,000/- as per my order dated 21.3.2011 and is again tendering Rs. 50,000/-. The cheque is handed over to the appellant. Counsel for the respondent further submits that if Rs. 50,000/- is still to be paid the same will be paid within one week failing which the stay already granted shall stand vacated.

I also award costs of the case in the sum of Rs. 25,000/- which will be paid by the respondent on 1.5.2012.

Appeal stands disposed of.

Copies of this order be furnished to the parties as per law and one copy be sent to the learned DRT forthwith.