OPC Asset Solutions Private Limited Vs Hero Fincorp Limited & Anr. (Delhi High Court)
The matter came before the Delhi High Court. Counsel for defendant No.1 referred to the order dated 01.12.2023 stating that the defendant was not taking any steps pursuant to the notice dated 03.07.2023 issued under Section 13(2) of the SARFAESI Act and that the notice would be withdrawn. On instructions, counsel for defendant No.1 further stated that the defendant had no monetary claims against the plaintiff and that any communication sent to National E-Governance Services Limited classifying the plaintiff as a debtor would be withdrawn within four weeks. It was also clarified that the plaintiff was neither a borrower nor a debtor and that any classification of the plaintiff as a non-performing asset would be withdrawn.
Procedural History
The plaintiff sought permission to withdraw the petition in view of the statement made by defendant No.1. The plaintiff also submitted that defendant No.2 was under liquidation and an official liquidator had already been appointed.
Legal Issue
Whether the petition should continue after the statements made by defendant No.1 regarding withdrawal of the SARFAESI notice and debtor classification.
Relevant Statutory Provisions
- Section 13(2) of the SARFAESI Act
Parties’ Submissions
- Defendant No.1: Submitted that it had no monetary claims against the plaintiff, would withdraw the Section 13(2) SARFAESI notice, withdraw communications classifying the plaintiff as a debtor within four weeks, and clarified that the plaintiff was neither a borrower nor a debtor and that any NPA classification would be withdrawn.
- Plaintiff: Sought leave to withdraw the petition in view of the statement made by defendant No.1 and informed the Court that defendant No.2 was under liquidation with an official liquidator appointed.
Court’s Findings and Directions
