Court No. - 7
Case :- WRIT - C No. - 42266 of 2018 Petitioner :- Rajpal Singh Respondent :- State Of U P And 3 Others Counsel for Petitioner :- Shrawan Dwivedi Counsel for Respondent :- C.S.C.
Hon'ble Saumitra Dayal Singh,J.
1. Heard Sri Shrawan Dwivedi, learned counsel for the petitioner and Sri P.C. Srivastava, Advocate holding brief of Sri Tarun Verma, learned counsel for the respondent- bank.
2. With the consent of learned counsel for the parties, this writ petition is being finally disposed of at this stage without calling for a counter affidavit.
3. By this writ petition, the petitioner has prayed for quashing the citation notice dated 17.11.2018 of Rs. 2,15,000/- plus interest.
4. The petitioner had taken a loan of Rs. 6,00,000/- for purchasing a tractor in the year 2011. It is admitted to the petitioner that a default has been committed by him in making timely repayments of that loan. Consequently, recovery proceedings have been initiated against him.
5. Learned counsel for the petitioner submits that the petitioner is ready to deposit the entire recovery amount within the time fixed by this Court.
6. Learned counsel appearing for the bank fairly states that the bank is interested in realizing the entire amount alongwith interest. If the petitioner deposits the amount within the time allowed by this Court, no further action shall be taken against him by the bank.
7. On the facts and circumstances of the case and in the interest of justice, the writ petition is disposed of with the following directions:
(i) The petitioner shall deposit the entire amount due to the bank in six installments.
(ii) By way of first installment, the petitioner shall deposit Rs. 40,000/- on or before 31.01.2019.
(iii) On depositing the aforesaid amount of Rs. 40,000/-
the respondent bank shall provide a statement of account to the petitioner within two weeks thereafter disclosing the exact amount disbursed by the bank as loan; exact amount/s repaid by the petitioner together with dates of deposit; rate of interest and amount/s of interest charged by the bank. Such statement be expressed in such terms/language as may be easy to comprehend even by a lay-man such as the petitioner. Subject to payment of Rs. 40,000/- by way of first installment, the tractor that has been repossessed by the respondent-bank may be released in favour of the petitioner under an undertaking that the same not be transferred till entire dues of the bank are discharged.
(iv) The bank shall in the statement so supplied, itself calculate & indicate the amount/s of each remaining installment together with the date of payments due.
(v) Thus, the balance amount so indicated by the bank shall be deposited by the petitioner through the remaining five equal quarterly installments beginning 30.04.2019.
(vi) If the entire amount is deposited by the petitioner as directed above, no recovery charge shall be realized from the petitioner as admittedly, he is a farmer in default.
(vii) 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 :- 20.12.2018 S.Chaurasia