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Judgment
Ajit J. Gunjal, J.—The father of petitioners 1 and 2 and husband of petitioner 3 along with respondent 3 had taken a loan under the deed of hypothecation in favour of respondents 1 and 2. There was default by the borrower. Hence, as on 22-7-2009, the outstanding dues is Rs. 88,96,047/-. Since the petitioners are chronic defaulters, the property in question i.e., Marriage Hall and Theatre were seized under the State Financial Corporations Act, 1951 (for short, ''the Act''). It appears thereafter, on 29-5-2009 and on 10-7-2009, paper publications were issued indicating that the Convention Hall is proposed to be sold for realising the loan borrowed by the petitioners. At this point of time, this writ petition is filed.
On notice, Mr. Bipin Hegde, learned Counsel has entered appearance. He submits that if the petitioners deposit 50% of the interest arrears, with other debts, the order of possessing the property u/s 29 of the Act would be recalled.
Apparently, it is noticed that the outstanding dues as on 22-7-2009 is Rs. 88,96,047/-. It is also submitted by the respondents that DRS facility for chronic defaulters is issued wherein the petitioners are entitled for waiver of Rs. 19,90,565/-. The proposal made by the Corporation is accepted inasmuch as the petitioners have agreed to deposit 50% of the interest arrears along with other debts amounting to Rs. 17,59,235/-. Indeed if the said amount is deposited, the Corporation is required to recall the order of possessing the property u/s 29 of the Act. The Corporation will also reschedule the loan.
Hence, following order is passed:
(a) The petitioner shall deposit 50% of the interest arrears with other debts amounting to Rs. 17,59,235/- within a period of eight weeks.
(b) On such deposit, the order possessing the property u/s 29 of the Act shall be recalled.
(c) The respondent shall reschedule the loan of the petitioners.
(d) Petitions stand disposed of accordingly.