Court No. - 3
Case :- WRIT - C No. - 9427 of 2021 Petitioner :- Mohd.Arif And 2 Others Respondent :- State Of U.P. And 3 Others Counsel for Petitioner :- Umair Mahmood Counsel for Respondent :- C.S.C.,Ramesh Kumar Shukla
Hon'ble Naheed Ara Moonis,J. Hon'ble Saumitra Dayal Singh,J.
Heard Sri Umair Mahmood, learned counsel for the petitioners; Sri Ramesh Kumar Shukla, learned counsel appearing for respondent - Bank and; learned Standing Counsel for the State-respondents.
Challenge has been raised to the proceeding under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as "SARFAESI Act"), whereby a sum of Rs.12,57,852/- has demanded from the petitioner by notice dated 03.02.2021 At the outset, learned counsel for the petitioners has stated that some time may be granted to the petitioner to clear the entire defaulted amount, in installments. He further submits that the property has yet not sold though it has been in the possession of the Bank.
Learned counsel for the respondent- Bank is agreeable if the entire amount may be paid in installments.
In view of above, no useful purpose would be served in keeping the present petition pending or calling for counter affidavit, at this stage. Present writ petition is disposed of with the following directions:
(i) The petitioners shall clear the entire arrears due, within the period of four months i.e. not later than 31st December 2021.
(ii) In discharge of dues, the petitioners shall deposit a sum of Rs. 4,57,852/- with the respondent - Bank, on or before 30 September, 2021 and the balance in two equal installments of Rs. 4,00,000/- each payable on or before 31 October 2021 and 30 November 2021 respectively.
(iii) Upon deposit of Rs. 4,57,852/- made by the petitioners, the respondent- Bank shall immediately communicate to the petitioners the exact amount being claimed from their including interest computation on reducing balance.
(iv) The amount of interest being claimed by the respondent- Bank may be paid, by way of last installment, on or before 31 December, 2021. Any amount deposited by the petitioners after 03.02.2021 may be adjusted against third instalment.
Subject to the continued compliance being made by the petitioners, the proceeding under Section 13(2) of 'SARFAESI Act' may be kept in abeyance so however that the attachment shall continue but the secured asset may not be auctioned and physical possession may not be disturbed.
Upon entire payment being made, the Bank may issue 'no objection certificate' and also return the original papers to the petitioners along with the possession over the secured asset.
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 :- 19.8.2021 A.Kr.