Court No. - 32
Case :- WRIT - C No. - 10247 of 2018 Petitioner :- Kuldeep Sharma And 2 Ors. Respondent :- State Of U.P. And 2 Ors. Counsel for Petitioner :- Manoj Kumar Tripathi Counsel for Respondent :- C.S.C.,Gyan Prakash Shrivastava Hon'ble Krishna Murari,J. Hon'ble Ajay Bhanot,J.
Petitioner availed the cash credit limit to the tune of Rs. 18 lacs 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 outstanding dues, which is under challenge in this petition.
When the matter was taken up on 20.3.2018 on the request made by Shri G.P. Srivastava, learned counsel for the respondent, we grated time to seek instruction. Today, Shri G. P. Srivastava, on the basis of instructions states that mortgage property has not been auctioned and the bank has no objection if the petitioner pays all the outstanding dues in instalments.
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 30th 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 alongwith 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 above, 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 observation and directions, writ petition stands disposed of finally.
Order Date :- 30.3.2018 Ravi Prakash