Court No. - 21
Case :- WRIT - C No. - 10781 of 2018 Petitioner :- M/S D.K Traders Respondent :- State Of U P And 2 Others Counsel for Petitioner :- Dhirendra Pratap Singh Counsel for Respondent :- C.S.C.,Shashi Dhar Sahai
Hon'ble Krishna Murari,J. Hon'ble Ajay Bhanot,J.
Petitioner availed the cash credit limit to the tune of Rs. 1,00,000/- in the year 2016 from the respondent-bank. Admittedly, there was a default in repayment of the loan amount. Thereafter the respondent-bank initiated proceedings under the SARFAESI Act, 2002 for recovery of its outstanding dues.
Aggrieved by the same, the petitioner has approached this Court by filing instant writ petition.
Learned counsel for the petitioner at the outset stated that the petitioner is ready and willing to liquidate the entire outstanding dues provided he is permitted to do so in instalments on account of stringent financial situation.
Shri Shashi Dhar Sahai, learned counsel appearing for the bank has no serious objection to the prayer being granted.
After considering the submission and perusing the records, the writ petition is disposed of with the direction that further recovery proceeding against the petitioner shall be kept in abeyance with liberty to the petitioner to deposit the demanded amount in four equal instalment. The first instalment be paid by 30th April, 2018, the second instalment by 31st August, 2018, the third instalment by 31st December, 2018 and the last instalment by 30 April, 2019. After deposit of third instalment, the bank shall issue a calculation chart showing the outstanding interest which the petitioner shall be under liability to pay till the date of depositing last instalment and the same shall be deposited by the petitioner along with the last instalment. Any amount deposited by the petitioner after issuance of the recovery certificate shall be adjusted.
It is made clear that in case of default in payment of any of the instalment as directed aforesaid, this order shall stand automatically vacated and the respondents will be at liberty to realize the entire amount in accordance with law.
With the aforesaid observations and directions, writ petition stands disposed of finally.
Order Date :- 29.3.2018 OP