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TMI Blog2019 (10) TMI 220X X X X Extracts X X X X X X X X Extracts X X X X ..... etition, when the petitioner makes out extraordinary ground. In the case on hand, no extraordinary ground is made out to entertain the writ petition except saying that if petitioner is granted some time he would make payment. The petitioner has not complied with the terms of one time settlement. Hence, as the petitioner has alternate and efficacious remedy under the SARFAESI Act, the writ petition is not entertained - petition dismissed. - WP NO 110509 OF 2019 (GM-RES) - - - Dated:- 6-6-2019 - MR S.G. PANDIT, J. For The Petitioner : SRI. BALAGOUDA A PATIL, ADV. For The Respondent : None ORDER The petitioner is before this Court under Article 226 of the Consti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SI Act. The petitioner counsel seeks extension of time for payment of remaining OTS amount. Hence, prays for allowing the writ petition. 5. Admittedly the petitioner has availed financial assistance from the respondent-Bank. Thereafter, the petitioner committed default in repayment of the loan amount with interest. The respondent-Bank initiated recovery proceedings under SARFAESI Act. The petitioner offered to settle the loan account under one time settlement. The respondent-Bank sanctioned OTS to the petitioner and intimated under communication dated 28.09.2018. The respondent-Bank came forward to accept ₹ 3,89,15,393/- to clear the loan amount and granted six months time to the petitioner to pay the amount. The petiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ging commercial practices and financial sector reforms resulting in tardy recovery of defaulting loans and mounting non-performing assets of banks and financial institutions. The Narasimhan Committee I and II as also the Andhyarujina Committee constituted by the Central Government Act had suggested enactment of new legislation for securitisation and empowering banks and financial 8 institutions to take possession of securities and sell them without court intervention which would enable them to realise long term assets, manage problems of liquidity, asset liability mismatches and improve recovery. The proceedings under the Recovery of Debts due to Banks and Financial Institutions Act, 1993, (hereinafter referred to as the DRT Act ) with pas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ery of taxes, cess, fees, etc. seriously impedes execution of projects of public importance and disables them from discharging their constitutional and legal obligations towards the citizens. In cases relating to recovery of the dues of banks, financial institutions and secured creditors, stay granted by the High Court would have serious adverse impact on the financial health of such bodies/institutions, which (sic will) ultimately prove detrimental to the economy of the nation. 15 Therefore, the High Court should be extremely careful and circumspect in exercising its discretion to grant stay in such matters. Of course, if the petitioner is able to show that its case falls within any of the exceptions carved out in Baburam Prakash Chandra M ..... X X X X Extracts X X X X X X X X Extracts X X X X
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