Court No. - 29
Case :- WRIT - C No. - 22990 of 2019 Petitioner :- Kanhaiya Lal Bind Respondent :- State Of U.P. And 2 Others Counsel for Petitioner :- Ratnesh Kumar Jaiswal Counsel for Respondent :- C.S.C.,Habib Ahmad
Hon'ble Pankaj Mithal,J.
Hon'ble Virendra Kumar Srivastava,J.
Heard learned counsel for the petitioner and Sri Habib Ahmad, learned counsel for the Allahabad Bank.
The petitioner is a defaulter of the loan amount and as such there is a recovery of Rs. 18,64,485/- as on 27.5.2019. In order to recover the said amount the proceedings have been drawn under Section 13 of the SARFASEI Act, 2002.
Sri Habib Ahmad learned counsel appearing for the Bank submits that very shortly or by tomorrow a notice under Section 13 (4) of the Act will be issued to the petitioner demanding the aforesaid amount, failing which, the possession of the secured assets would be taken over.
Learned counsel for the petitioner without going into the merits submits that he is not disputing the recovery amount and that the petitioner is ready and willing to make the payment of the entire dues provided some reasonable time is allowed and installments are fixed.
Sri Habib Ahmad submits that the Bank is ready and willing to have the entire amount cleared rather than proceeding with the litigation.
In view of the aforesaid facts and circumstances, we dispose of the writ petition with the direction to the petitioner to deposit a sum of Rs. 6,64,485/- within a period of one month from today. On deposit of the aforesaid amount, proceedings for possession of the secured assets would remain in abeyance temporarily provided petitioner deposits remaining of Rs. 12 lakhs in three quarterly installments of Rs. 4 lakhs each payable in the months of November, 2019, February, 2020 and May 2020.
The last installment shall include the miscellaneous charges and the interest which may accrue on the aforesaid amount in the meantime.
In the event of default in payment of any of the instalments, it will be open for the respondents to proceed against the petitioner in accordance with law and to recover the entire outstanding amount immediately and the benefit of this order would come to an end automatically.
Order Date :- 26.7.2019 SKS