Prathiba M. Singh JUDGMENT
Prathiba M. Singh, J.
1. This judgment has been pronounced through video conferencing.
2. The present writ petition has been filed challenging the impugned letter dated 26th May, 2020 sent by Respondent No. 1/IL&FS Financial Services Ltd. (hereinafter 'IL&FS'), by which it has revoked the in-principle agreement for one-time settlement (hereinafter 'OTS') with the Petitioners in relation to repayment of debt. The reliefs prayed for are set out below:
"a) Issue a Writ of mandamus and/or any other appropriate writ/direction/or order setting aside Respondent's letter dated 26.05.2020 and grant all consequential reliefs;
b) Pass any appropriate writ/direction/or order directing the Respondent to extend the time by 3 months for repayment under the terms of Respondent's in principle agreement for one-time settlement dated 03.03.2020/17.03.2020.
c) Issue a Writ of mandamus and/or any other writ/direction/or order directing the Respondent to not take any coercive/adverse steps against the subject properties of the Petitioners.
d) Issue a Writ of mandamus and/or any other appropriate writ/order/direction thereby directing the Respondent to not take any coercive/adverse steps against the subject properties of the Petitioner.
e) pass any other order(s) as this Hon'ble Court may deem fit and proper in the facts and circumstances of the case."
Brief Background
3. A perusal of the facts in the present case shows that the Petitioners had availed of various credit facilities from IL&FS between the period 2006 to 2018. Thereafter, due to the defaults of the Petitioners in repayment, a loan recall notice was issued way back in June, 2018 and their account was classified as a Non-Performing Asset (hereinafter, 'NPA') on 1st July, 2018. Out of the two properties which were mortgaged with IL&FS by the Petitioner, physical possession of the Anand Lok property was taken over in 2018 itself and a Section 14, SARFAESI Act application was filed by IL&FS qua the Chhatarpur property as well. A receiver was appointed qua the Chhatarpur property by the ld. CMM.
4. Thereafter, the Petitioners approached the DRT in a Section 17 application being S.A. 281/2018 for seeking quashing of all proceedings initiated by IL&FS under the SARFAESI Act. The appointment of receiver by the ld. CMM in respect of the Chhatarpur property was also challenged. In view of the fact that the DRT did not grant an interim order in the said application, a writ petition was filed by the Petitioners being W.P.(C) 12091/2018, wherein the following directions were issued on 3rd November, 2018:
"10. At this stage, Mr. Chandhiok, learned Senior Counsel states that the petitioners undertake to deposit a sum of ` 10 crores within a period of two weeks from today. He also submits that the petitioners would repay the entire dues within a period of 12 months from today.
11. The petitioners are bound down to the undertaking given on their behalf that they shall deposit a sum of ` 10 crores within a period of two weeks from today. In view of this undertaking, this Court considers it apposite to direct that the Receiver shall not take over the possession of the property till the DRT considers the petitioners' request for interim relief in accordance with law."
5. As per the above directions, a sum of Rs. 10 crores was to be deposited by the Petitioners within two weeks and the entire dues were to be cleared within 12 months. The Court recorded these statements on behalf of the Petitioners as undertakings.
6. Admittedly, these directions were not complied........