Court No. - 29
Case :- WRIT - C No. - 41882 of 2018 Petitioner :- Ram Kishan Gupta Respondent :- Syndicate Bank Regional Office And Another Counsel for Petitioner :- Ashish Goyal Counsel for Respondent :- Ravi Shanker Tripathi
Hon'ble Pankaj Mithal,J. Hon'ble Pankaj Bhatia,J.
Heard learned counsel for the petitioner and Sri Ravi Shanker Tripathi, learned counsel for the Syndicate Bank.
The petitioner is aggrieved by the notice dated 27.11.2018 issued to him under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the Act) demanding a sum of Rs.5,01,243/-.
Learned counsel for the petitioner submits that the petitioner is ready and willing to make the entire payment but it does not possible to do so within a period of 60 days of the notice. However, he will make the payment within a reasonable time as may be determined by the court.
Learned counsel for the respondent bank submits that the bank is interested in getting the entire amount and it is not necessary that it should be recovered by the sale of the property.
In view of above, we dispose of the writ petition with the direction to the petitioner to deposit a sum of Rs.1,01,243/- by 15th January, 2019. On deposit of the other amount further proceedings would remain in abeyance provided the petitioner deposits the remaining amount of Rs.4,00,000/- in four equal installments of Rs.1,00,000/-each by 15th February, 2019, 15th March, 2019, 15th April, 2019 and 15th May, 2019. The last installment shall include all accrued interest and other miscellaneous charges if any and in the said installment adjustment shall also be given to any amount which may have been paid by the petitioner subsequent to the issuance of the aforesaid notice.
In the event of default in payment of any installments the benefit of this order would come to an end. It will be open for the respondents to realise the entire amount in accordance with law.
The Writ Petition is disposed of.
Order Date :- 18.12.2018 piyush