Court No. - 29
Case :- WRIT - C No. - 41331 of 2018 Petitioner :- Ramesh Chandra Gupta Respondent :- State Of U.P. And 3 Others Counsel for Petitioner :- Ravi Kumar Singh,Prateek Kumar Counsel for Respondent :- C.S.C.,Ajay Shankar
Hon'ble Pankaj Mithal,J. Hon'ble Pankaj Bhatia,J.
Heard learned counsel for the petitioner, learned Standing Counsel for the State-respondents and Sri Ajay Shankar, learned counsel appearing for the respondents no. 3 and 4 (UCO Bank).
There is a demand and recovery of Rs. 24,80,204.91 as on 31.7.2016 against the petitioner. In the respect of the said demand, he is facing the proceedings under section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 but admittedly till date the property of the petitioner has not been advertised for sale and no sale has taken place. The petitioner in pursuance of the interim order of this Court dated 14.12.2018 has already deposited a sum of Rs. 4,81,000/- and is ready and willing to pay the balance amount of Rs. 20 lakhs with interest accruing with effect from 31.7.2016 in installments.
Sri Ajay Shankar, learned counsel for the respondent bank, submits that as the property has not been advertised for sale, the petitioner may be permitted to make the payment within a reasonable time, as may be deemed proper by the Court.
In view of the facts and circumstances, we dispose of the writ petition with the direction to the petitioner to deposit the balance amount Rs. 20 lakhs plus interest in four quarterly installments of Rs. 5 lakhs each. The first installment shall be payable by the 10th of February, 2019, the second installment by 10th of May, 2019, the third by 10th of August, 2019 and the fourth by 10th of November, 2019. The last installment will also include the interest that may have accrued on the outstanding amount with effect from 31.7.2016.
In the event the petitioner defaults in the payment of any of the installments, the benefit of this order would come to an end automatically and it would be open for the respondents to initiate the recovery of the entire amount and to proceed in accordance with law.
With the aforesaid directions, the writ petition is disposed of.
Order Date :- 20.12.2018 Puspendra