Court No. - 3
Case :- WRIT - C No. - 7315 of 2021 Petitioner :- Smt. Jyoti Sharma Respondent :- State of U.P. and Another Counsel for Petitioner :- Hardev Prajapati Counsel for Respondent :- C.S.C.,Sanjai Singh
Hon'ble Naheed Ara Moonis,J. Hon'ble Saumitra Dayal Singh,J.
Heard Sri Hardev Prajapati, learned counsel for the petitioner; Sri Sanjai Singh, learned counsel appearing for respondent - Bank and; learned Standing Counsel for the State-respondents.
Challenge has been raised to the notice dated 09.11.2020 issued by the respondent- Bank under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as "SARFAESI Act"), whereby the petitioner has been called upon to pay Rs. 8,07,402/-.
Upon instructions, learned counsel for the respondent- Bank states that as on date Rs.10,64,964/- is due against the petitioner.
At the outset, learned counsel for the petitioner has stated that some time may be granted to the petitioner to clear the entire defaulted amount in installments.
Learned counsel for the respondent- Bank is agreeable if the entire amount may be paid in installments.
In view of above, no useful purpose would be served in keeping the present petition pending or calling for counter affidavit, at this stage. Present writ petition is disposed of with the following directions:
(i) The petitioner shall clear the entire arrears due, within the period of four months i.e. not later than 31st December 2021.
(ii) In discharge of dues, the petitioner shall deposit a sum of Rs. 4,64,964/- with the respondent - Bank, on or before 30 September, 2021 and the balance in two equal installments of Rs. 3,00,000/- each payable on or before 31 October 2021 and 30 November 2021 respectively.
(iii) Upon deposit of Rs. 4,64,964/- made by the petitioner, the respondent - Bank shall immediately communicate to the petitioner the exact amount being claimed from her including interest computation on reducing balance.
(iv) The amount of interest being claimed by the respondent - Bank may be paid, by way of last installment, on or before 31 December, 2021. Any amount deposited by the petitioner after 09.11.2020 may be adjusted against third instalment.
Subject to the continued compliance being made by the petitioner, the proceeding under Section 13(2) of 'SARFAESI Act' may be kept in abeyance so however that the attachment shall continue but the secured asset may not be auctioned and physical possession may not be disturbed.
Upon entire payment being made, the Bank may issue 'no objection certificate' and also return the original papers to the petitioner along with the possession over the secured asset.
In case of default of the conditions as mentioned above, the present order shall stand automatically vacated and recovery proceedings shall revive from that stage.
Order Date :- 19.8.2021 A.Kr.