Court No. - 21
Case :- WRIT - C No. - 7809 of 2018 Petitioner :- Omveer Respondent :- State Of U.P. 2 Others Counsel for Petitioner :- Rakesh Pati Tiwari Counsel for Respondent :- C.S.C.
Hon'ble Krishna Murari,J. Hon'ble Ajay Bhanot,J.
Heard learned counsel for the petitioner and learned Standing Counsel for the State respondents.
Petitioner has availed home loan facility from the respondent Finance Company. Admittedly, there was a default in repayment of the loan amount. Thereafter the respondent Finance Company initiated proceedings under the SARFAESI Act, 2002. An application under Section 14 of the Act was made by the respondent Finance Company seeking assistance from the State authorities for taking over actual possession of the mortgaged property which was allowed vide order dated 27.11.2017 which is impugned in this petition.
Learned counsel for the petitioner states that the petitioner is ready and willing to liquidate the entire outstanding dues provided he is permitted to do so in instalments on account of stringent financial situation.
Considering the facts that the property mortgaged is residential house and the amount is outstanding to the tune of Rs.7,33,174/-, we deem it appropriate that the petitioner may deposit the outstanding amount in four equal instalments.
After considering the submission and perusing the records, the writ petition is disposed of with the direction that further recovery proceeding against the petitioner shall be kept in abeyance with liberty to the petitioner to deposit the demanded amount in four equal instalment. The first instalment shall 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.
It is made clear that in case of default in payment of any of the instalment as directed aforesaid, this order shall stand automatically vacated and the respondents will be at liberty to realize the entire amount in accordance with law. However since the bank is not represented it shall be open to it to seek modification/clarification of this order in case it feels aggrieved.
With the aforesaid observations and directions, writ petition stands disposed of finally.
Order Date :- 28.2.2018 OP