Court No. - 21
Case :- WRIT - C No. - 7862 of 2018 Petitioner :- M/S Monika Garment Respondent :- State Of U.P. And 2 Others Counsel for Petitioner :- Sanjay Kumar Srivastav Counsel for Respondent :- C.S.C.,Brahmanand Singh
Hon'ble Krishna Murari,J. Hon'ble Ajay Bhanot,J.
Heard learned counsel for the petitioner, learned Standing Counsel for the respondent nos. 1 to 3 and Shri B.N. Singh, learned counsel for the respondent No. 4.
This petition has been filed challenging the recovery proceedings for recovery of dues. It has been stated in paragraph no. 1 that this is the first writ petition against the recovery proceedings.
Admittedly, the petitioner availed the facility of loan from the respondent-Bank and there has been default, on account which, the Bank initiated proceedings for recovery of its outstanding dues.
Learned counsel for the petitioner states that the petitioner is ready and willing to pay the entire dues in instalments.
Learned counsel appearing for the respondent-bank has no serious 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 proceedings 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 31st July, 2018, third instalment by 30th November, 2018 and the last instalment by 31st March, 2019. Any amount deposited by the petitioner after issuance of the recovery certificate shall be adjusted. In case, the petitioner deposits the entire demanded amount as directed aforesaid, demand of recovery charges shall stand waived and the recovery proceedings shall be dropped.
It is made clear that in case of default in payment of any of the instalments as directed aforesaid or the averment that this is the first writ petition is false, this order shall stand automatically vacated and the respondents will be at liberty to realize the entire amount in accordance with law.
Order Date :- 28.2.2018 VKS