Court No. - 29
Case :- WRIT - C No. - 23229 of 2019 Petitioner :- Mukesh Agrawal Respondent :- District Magistrate Collector And 2 Others Counsel for Petitioner :- Ankit Agarval Counsel for Respondent :- C.S.C.,Shashi Dhar Sahai
Hon'ble Pankaj Mithal,J.
Hon'ble Virendra Kumar Srivastava,J.
Heard learned counsel for the petitioner and Sri Shashi Dhar Sahai, learned counsel appearing for Corporation Bank.
The petitioner has preferred this petition against the order dated 01.07.2019 passed by the District Magistrate/Collector under Section 14 of the SARFAESI Act.
The aforesaid order has been passed as the petitioner was unable to pay the outstanding bank dues of Rs. 4,29,337/- which on 07.04.2019 stands on Rs. 4,83,749/-
Learned counsel for the petitioner though has a remedy under Section 17 of the SARFAESI Act against the said order but as the counsel for the petitioner submits that he is ready and willing to make the entire payment provided some reasonable time is allowed, we dispose off the writ petition with the direction to the petitioner to deposit Rs. 1,83,749/- by 15th August, 2019 and the balance amount of Rs. 3,00,000/- in 3 monthly installments of Rs. 1,00,000/- each to be payable by 15th September, 15th October and 15th November. The last installment shall include the miscellaneous charges and the interest that may have accrued on the aforesaid outstanding amount in the meantime.
In the event of default in any of the above installments, it will be open for the respondents to proceed and to recover the entire amount by the sale of secured assets.
On the deposit of the above installments, the vehicle which has been seized as a secured assets would immediately be released. It will also be open for the petitioner to request the bank concerned for the release of the vehicle earlier.
The petition stands disposed off. Order Date :- 26.7.2019 Nirmal Sinha