Court No. - 38
Case :- WRIT - C No. - 28245 of 2018 Petitioner :- Naresh Kumar And Another Respondent :- State Bank Of India And Another Counsel for Petitioner :- Vijit Saxena,Kuldeep Saxena Counsel for Respondent :- Satish Chaturvedi
Hon'ble Abhinava Upadhya,J. Hon'ble Rajiv Gupta,J.
Heard Sri Kuldeep Saxena, learned counsel for the petitioner and Sri Satish Chaturvedi, learned counsel appearing for the respondents.
By means of this writ petition, the petitioners have challenged the Recovery Certificate for a sum of Rs. 40 lakhs plus interest and other charges.
The petitioners had taken a Cash Credit Facility from respondent no. 2 on 29.10.2015. On account of default, the account has been declared as NPA and proceeding under the SERFAESI Act has been initiated.
Learned counsel for the petitioners submits that the petitioners accept the entire liability and are ready to pay amount provided this Court fixes easy instalment for the payment.
It is to be noted that once proceedings under SERFAESI Act has been initiated, this Court is reluctant to interfere in the proceedings as the petitioners have a remedy of filing an appeal under Section 17(1) of the Act.
In case the petitioners are ready to pay entire amount, even during proceedings initiated under the SERFAESI Act, the petitioners are at liberty to pay under Section 13(8) of the SERFAESI Act.
The writ petition is disposed of with the direction that in case the petitioners file an application under Section 13(8) of the SERFAESI Act., the same may be considered and decided in accordance with law by the respondent Bank.
Order Date :- 21.8.2018 KU (Rajiv Gupta,J.) (Abhinava Upadhya,J.)