Court No. - 39
Case :- WRIT - C No. - 21703 of 2021 Petitioner :- M/S Maa Janki Industries And Another Respondent :- Union Of India And 3 Others Counsel for Petitioner :- Tejasvi Misra,Vagish Kumar Misra Counsel for Respondent :- C.S.C.,Ashish Agrawal
Hon'ble Manoj Kumar Gupta,J. Hon'ble Deepak Verma,J.
Heard Sri Tejasvi Misra, learned counsel for the petitioners, Sri Ashish Agrawal, learned counsel for respondent Nos. 1 and 2 and learned Standing Counsel for respondent Nos. 3 and 4.
With their consent, the writ petition is being disposed of without inviting a formal counter affidavit.
The petitioners have prayed inter alia, for the following relief :-
A) Issue a writ, order or direction in the nature of certiorari quashing the following :-
i) The notice of sale dated 11.11.2020 (Annexure No.2)
ii) The order dated 18.03.2021 and Recovery Certificate issued pursuant to it (Annexure No. 3)
iii) Recovery Certificate dated 2505.2021 (Annexure No.5)
B) Issue a writ, order or direction in th nature of mandamus commanding the respondent not to proceed against the petitioners and grant some further time by fixing a reduced monthly installments for repayment of the loan.
It is an admitted fact that the petitioners had taken financial assistance in the shape of credit limit of Rs.20 lacs for working capital and Rs.100.4 lacs for plant and machinery from respondent No. 1. As a result of default in repaying the loan, proceedings were initiated against petitioner firm under the provision of Securitization and Reconsideration of Financial Assets and Enforcement of Security Interest Act, 2002, Debt Recovery Tribunal, Allahabad and under U.P. Agricultural Credit Act, 1973.
The sole submission made by learned counsel for the petitioners is that the petitioners are ready to repay the loan in monthly installments.
Sri Ashish Agrawal, learned counsel for respondent Nos. 1 and 2 states that as per instructions, the bank is ready to accept entire defaulted amount plus interest in installments provided at least 25 per cent of the total dues is deposited as lump sum.
Learned counsel for the petitioners after consulting the petitioners has made a statement that petitioners are ready to pay 25 per cent of the total dues in lump sum provided a reasonable time is granted to them.
Sri Ashish Agrawal states that the balance amount is around Rs.1,20,24,750.53/-
Accordingly and with the consent of learned counsel for the parties, we dispose of the writ petition as under :-
A. Petitioners shall deposit 25 per cent of the total dues in lump sum within 30 days from today before respondent No. 2 along with true attested copy of the instant order.
B. Upon deposit of 25 per cent of the total dues, respondent No. 2 will provide a statement account to the petitioners. As per the statement, the petitioners shall deposit the remaining amount in four quarterly installments within next one year.
C. In case of default in making deposits as per above schedule, this order shall stand vacated and it shall be open to the respondent-Bank to recover the remaining amount in accordance with law.
(Deepak Verma, J.) (Manoj Kumar Gupta, J.) Order Date :- 27.9.2021/Md Faisal