Court No. - 7
Case :- WRIT - C No. - 37785 of 2018 Petitioner :- Mante Yadav Respondent :- Purvanchal Bank Branch Kaudiram District Gorakhpur Counsel for Petitioner :- Vinay Kumar Singh Counsel for Respondent :- Gyan Prakash Shrivastava
Hon'ble Saumitra Dayal Singh,J.
1. Heard learned counsel for the petitioner and the learned counsel appearing for the respondent-bank.
2. With the consent of learned counsel for the parties, this writ petition is being disposed of at this stage without calling for a counter affidavit.
3. By this writ petition, the petitioner has prayed for quashing the impugned notice dated 12.10.2018 issued by the respondent bank for recovery of Rs. 3,90,274/- plus interest.
4. The petitioner had taken a loan of Rs. 5,00,000/-- for purchase of tractor in the year 2012. It is admitted to the petitioner that a default has been committed by him in making timely repayments of that loan. Consequently recovery proceedings have been initiated against him. In the impugned notice, it has been stated that the vehicle (tractor) shall be seized if the petitioner fails to deposit the aforesaid amount.
5. Learned counsel for the petitioner submits that the petitioner is ready to deposit the entire recovery amount within the time fixed by this Court.
6. Learned counsel appearing for the bank fairly states that the bank is interested in realizing the entire amount alongwith interest. If the petitioner deposits the amount within the time allowed by this Court, no further action shall be taken against the petitioner by the bank. He also states that the tractor has yet not been seized.
7. On the facts and circumstances of the case and in the interest of justice, the writ petition is disposed of with the following directions:
(i) The petitioner shall deposit the entire amount due to the bank in four equal quarterly instalments beginning from 31.12.2018.
(ii) By way of first instalment, the petitioner shall deposit Rs. 75,000/- on or before 31.12.2018.
(iii) On depositing the aforesaid amount of Rs.75,000/-, the respondent bank shall provide a statement of account to the petitioner within two weeks thereafter disclosing the exact amount disbursed by the bank as loan; exact amount/s repaid by the petitioner together with dates of deposit; rate of interest and amount/s of interest charged by the bank. Such statement be expressed in such terms/language as may be easy to comprehend even by a layman such as the petitioner.
(iv) The bank shall, in the statement so supplied, itself calculate and indicate the amount/s of each instalment together with the date of payments due.
(v) Thus, the balance amount so indicated by the bank shall be deposited by the petitioner through the remaining three equal quarterly instalments beginning from 31.03.2019.
(vi) If the entire amount is deposited by the petitioner, as directed above, no recovery charge shall be realized from the petitioner as, admittedly, he is a farmer in default.
(vii) 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 :- 27.11.2018 AHA