M/S Sr Creations Through Its Proprietor Shri Anand Goyal vs The State Of Madhya Pradesh

NEUTRAL CITATION NO. 2026:MPHC-IND:25060
1 WP-14311-2026
IN THE HIGH COURT OF MADHYA PRADESH
AT INDORE

BEFORE
HON'BLE SHRI JUSTICE SANDEEP N. BHATT
th
ON THE 8 OF SEPTEMBER, 2026
WRIT PETITION No. 14311 of 2026
M/S SR CREATIONS THROUGH ITS PROPRIETOR SHRI ANAND
GOYAL AND OTHERS
Versus
THE STATE OF MADHYA PRADESH AND OTHERS
Appearance:
Shri Lucky Jain - Advocate for the petitioners.
Shri Nilesh Agrawal - Advocate for the respondent no.3
ORDER
The present petition under Article 226 of the Constitution of India has
been filed praying for the following reliefs:
"RELIEF SOUGHT :-
In view of the facts and circumstances stated hereinabove, it is most
respectfully prayed that this Hon'ble Court may be pleased to:
a) Kindly, Direct the Respondent to adhere to and give effect to the One-Time
Settlement (OTS) agreed upon between the parties, after duly accounting for
the payments already made by the Petitioners, and to permit the Petitioners to
clear the remaining outstanding amount in a structured and time-bound manner
as per the said settlement.
b) Kindly, issue an appropriate writ, order or direction, including a writ of
certiorari, quashing and setting aside the impugned demand notice dated
30.10.2025 (Annexure-P/1) issued under Section 13(2) of the SARFAESI Act,
2002, as well as all consequential actions taken pursuant thereto, including the
possession notice issued under Section 13(4) of the Act,
c) Kindly, issue an appropriate writ, order or direction restraining the
Respondent, its officers, agents or any person acting on its behalf from taking
any coercive steps against the Petitioners, including dispossession, auction, sale
or creation of third-party rights in respect of the secured asset;
Signature Not Verified
Signed by: SEHAR HASEEN
Signing time: 08-09-2026
17:55:48

NEUTRAL CITATION NO. 2026:MPHC-IND:25060
2 WP-14311-2026
d) Pass any other or further order(s) as this Hon'ble Court may deem fit and
proper in the facts and circumstances of the present case."

2. It is submitted during the course of arguments that 'One Time
Settlement'[OTS] is given to the respondent/financial institution and now the
petitioners have already offered closure of loan account by paying an amount
of Rs. 3,92,74,245/-[Rupees Three Crores Ninety Two Lakhs, Seventy Four
Thousand Two Hundred and Forty Five].
3. Pursuant to that, it is stated by the counsel for petitioners that
undertakings have also been filed by the petitioners which are similar of all
the four borrowers i.e. Anshul Goyal, Snehlata Goyal, Rammanohar Goyal
and Anand Goyal giving similar assurance by way of filing affidavits. The
undertakings given by all the four petitioners are same. Therefore, it is
fruitful to reproduce one of the undertaking, which is as follows:

"AFFIDAVIT
(In support of the Application)
1. I, the deponent solemnly affirm on oath as under :-
Name : Anand Goyal
Father's Name : Shri Rammanohar Goyal
Age : 40 Years,
Occupation : Business,
Address : 235/1, Bicholi Mardana, Springfield Colony,
Indore
2. That, I am the Proprietor / authorised signatory of Petitioner no. 1 firm and Petitioner no.
5 in the present petition. I am duly authorised to swear this affidavit. I am well acquainted
with the facts and circumstances of the present case and I am competent to depose this
affidavit.
3. That, Petitioners has filed this petition to enforce one time settlement taken place
between the parties and to secure the ends of justice. During the pendency of the present
Petition, Respondent no. 3 and 4 has offered to foreclose our loan account no. 1232641 by
Signature Not Verified
Signed by: SEHAR HASEEN
Signing time: 08-09-2026
17:55:48

NEUTRAL CITATION NO. 2026:MPHC-IND:25060
3 WP-14311-2026
paying an amount of Rs. 3,92,74,245/- (Rupees Three Crores Ninety Two Lakhs Seventy
Four Thousands Two Hundred and Forty Five only), which is equal to the principal amount
due over petitioner as on 31-08- 2026, in a time bound manner.

4.That, Petitioners hereby undertakes to repay this outstanding cipal amount to the
Respondent no. 3 and 4, in a stipulated period. To show the bonafide, all the Petitioners
undertakes to pay an amount of Rs. 35,00,000/- (Rupees Thirty Five lakhs) immediately
within 3 days from the date of order and Petitioners further undertakes to pay the remaining
amount within a period of 12 months from today, without any default. Contents in above
paras are true and correct to my personal knowledge, nothing is stated false and nothing
material has been concealed herein.

VERIFICATION
I, the deponent above named, do solemnly verify that the contents of this Affidavit in
paragraphs No. 1, & 2 above are true according to my personal knowledge, nothing stated
therein is false and nothing has been suppressed.
Identified by me :
Lucky Jain,
Adv.
4. In the light of aforestated undertaking given by all the four
petitioners, who are the borrowers, learned counsel for the petitioners
submitted that the petition can be disposed of by directing the
respondent/financial institution to issue 'No Objection Certificate' after
accepting the amount.
5. Pursuant to that, learned counsel for the respondent/financial
institution has also drawn my attention towards the affidavit sworn-in by one
Ankita Patil, who is the authorized signatory of the respondent/financial
institution on 07.09.2026 and the same reads as under:
"AFFIDAVIT
(In support of the Application)
I, the deponent solemnly affirm on oath as under :-
1. Name : Ankita Patil
Signature Not Verified
Signed by: SEHAR HASEEN
Signing time: 08-09-2026
17:55:48

NEUTRAL CITATION NO. 2026:MPHC-IND:25060
4 WP-14311-2026
Father's Name : Shri Suresh Patil

Age : 31 Years,
Occupation : Service,
Address : 202-B, 9/1/2, 3rd Floor, Khandelwal, Business Park-2, M. G.
Road, South Tukoganj, Indore
2. That, I am the authorised signatory of Respondent no. 3 and 4 company herein. I am duly
authorised to swear this affidavit on behalf of the Respondent no. 3 and 4. I am well
acquainted with the facts and circumstances of the present case and I am competent to
depose this affidavit. The copy of POA is annexed and marked hereto as Annexure R/1.
3. That, Petitioner has filed this petition on the ground that, Petitioner has taken financial
assistance from Respondent no. 3 & 4, where he committed default and later on Respondent
and Petitioners entered into one time settlement, as per one time settlement Petitioners paid
partial amount and later the same was also dishonoured by the Petitioners and now
Petitioners want that, to enforce such ousted one Time settlement through this Hon'ble
court, which is impermissible in the eye of law.
4. That, Petitioners has defaulted again and again and therefore Respondents were
constrained to initiate legal actions permissible under the law against the petitioners to
recover the financial assistance extended to the Petitioners. Respondent no. 3 and 4 cannot
revive the one time settlement as alleged by the Petitioners.
5. That, In the interest of justice as a last indulgence, Respondents no. 3 and 4 offers
Petitioners to foreclose their loan account no. 1232641 by paying an amount of Rs.
3,92,74,245/- (Rupees Three Crores Ninety Two Lakhs Seventy Four Thousands Two
Hundred and Forty Five only), which is equal to the principal amount due over petitioner as
on 31-08-2026, in a time bound manner. If Petitioners, pay this outstanding principal
amount to the Respondent no. 3 and 4, in a stipulated period, then Respondents will waive
the interest and other penal charges imposed over Petitioners and undertakes that, they will
issue NOC with respect to afore mentioned loan account of Petitioners and will also release
their property, and will not take any coercive steps against petitioners or against the secured
asset. The copy of Foreclosure letter and applicable rate of interest sheet is annexed and
marked hereto as Annexure R/2 and R/3 respectively. Contents in above paras are true and
correct to my personal knowledge and official records maintained by the Respondents No
part thereof is false and nothing material has been concealed herein.
VERIFICATION
I, the deponent above named, do solemnly verify that the contents of this Affidavit in
paragraphs No. 1, & 2 above are true according to my personal knowledge, nothing stated
therein is false and nothing has been suppressed.
Identified by me :
Nilesh Agrawal, Advocate
Signature Not Verified
Signed by: SEHAR HASEEN
Signing time: 08-09-2026
17:55:48

NEUTRAL CITATION NO. 2026:MPHC-IND:25060
5 WP-14311-2026
I Know the Deponent


6. Heard, learned counsel for the parties.
7. Considering the documents annexed with the affidavits which are
part of the record, it transpires that now the respondent/financial institution
has practically entered into compromise with the petitioners by accepting the
OTS given by the petitioners for closing the account and accepting the
amount of Rs. 3,92,74,245/- , which will be paid in a time bound manner.
8. In view of the above,the petition is disposed off by referring to the
above mentioned undertakings given by the parties and by directing the
respondent/financial institution that on receipt of the amount as mentioned in
the undertaking and as accepted in the undertaking given by the authorized
signatory on behalf of the respondent/financial institution by making
averment in para 5, the respondent/financial institution shall issue NOC after
receipt of Rs. 3,92,74,245/- from the petitioners.
9. It is also expected from the petitioners that they shall abide by the
undertakings and adhere to the terms of undertakings in true sense.
10. It is needless to observe that in view of the above mentioned
development arrived between the parties, the respondent/ financial institution
will not take any coercive action till the time mentioned in the undertaking
gets over.
11. With the aforesaid directions, petition stands disposed off.
(SANDEEP N. BHATT)
JUDGE
Signature Not Verified
Signed by: SEHAR HASEEN
Signing time: 08-09-2026
17:55:48