ADAPA DURGA Vs. HDB FINANCIAL SERVICES LTD.

JUDGEMENT

(1.) The petitioner had purchased a Lorry bearing No.AP16TC4468 by borrowing a sum of Rs.11,90,000/- from the 1st respondent, which is a private financial services Ltd. The petitioner had hypothecated the vehicle to the respondents, as security for repayment of the loan on 23.06.2019. This loan was to be repaid by way of monthly installments. As the petitioner defaulted in payment of two monthly installments, the respondents had repossessed the vehicle at Cuttack, Orissa State, when the vehicle was transporting Iron ore. The petitioner alleges that this repossession was done without following any of the guidelines for such seizure. The respondent issued a pre-sale notice dated 31.10.2020 calling upon the petitioner to pay a sum of Rs.11,96,541/-, failing which the vehicle of the Petitioner would be sold.

(2.) The petitioner assailed the said seizure and subsequent refusal of the respondents to release the vehicle of the Petitioner along with the iron ore, even upon an offer of the petitioner to pay two monthly installments, which had fallen due. It is submitted that the said seizure is in violation of the guidelines laid down by the Hon'ble Supreme Court in ICICI Bank v. Prakash Kaur and Ors., 2007 2 SCC 711.

(3.) The learned Counsel appearing for the petitioner relies upon a judgment of the Hon'ble Supreme Court reported as ICICI Bank v. Shanti Devi Sharma,2008 3 Supreme 683 , to contend that a writ petition, against a private party, would also be maintainable. In this case the issue before the Hon'ble Supreme Court was whether a part of the judgment of the High Court should be expunged as the High Court had passed certain observations, which were objected to by the Appellant. This case was not on the question of maintainability of a writ petition.