Court No. - 21
Case :- WRIT - C No. - 7886 of 2018 Petitioner :- Kanhaiya Lal Mishra Respondent :- State Bank Of India Counsel for Petitioner :- Arif Ikbal Counsel for Respondent :- Satish Chaturvedi Hon'ble Krishna Murari,J. Hon'ble Ajay Bhanot,J.
Heard learned counsel for the petitioner and Sri A.C. Tiwari, learned counsel for respondent-bank.
Petitioner has approached this Court challenging impugned notice dated 9.2.2018 issued by respondent Bank for auction sale of the mortgaged property in realization of the outstanding dues of the bank.
Admittedly, the petitioner availed the loan facility from the respondent Bank and there was default in payment of the instalment as a result Bank has initiated proceedings under SARFAESI Act, 2002 for recovery of its outstanding dues and in pursuance whereof the impugned notice for auction sale has been published.
Learned counsel for the petitioner at the outset states that petitioner instead of contesting the matter on merits is ready and willing to pay the entire outstanding dues but looking into stringent financial condition, he may be permitted to deposit the same in easy instalments. Sri A.C. Tiwari, learned counsel appearing for the respondent-bank has no 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 along with up to date interest accrued in four equal instalments. The first instalment be paid by 31st March 2018, second instalment by 30th July, 2018, third instalment by 30th November 2018 and the last instalment by 31st March 2019. After deposit of third instalment, the Bank shall issue a calculation chart showing the outstanding interest which might accrue 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 notice shall be adjusted. In case, the petitioner deposits the entire demanded amount as directed aforesaid, the recovery proceeding shall be dropped.
It is made clear that in case of default in payment of any of the instalment as directed aforesaid or the averment that this is the first writ petition is false, this order shall lose its efficacy and the respondents will be at liberty to realize the entire amount in accordance with law.
Order Date :- 28.2.2018/Ashish Tripathi