Court No. - 29
Case :- WRIT - C No. - 29127 of 2019 Petitioner :- Sabra Begum Respondent :- State Of U.P. And Another Counsel for Petitioner :- Sanjay Kumar Srivastav Counsel for Respondent :- C.S.C.,Vaibhav Tripathi
Hon'ble Pankaj Mithal,J. Hon'ble Saral Srivastava,J.
Heard Sri Sanjay Kumar Srivastav, learned counsel for the petitioner and Sri Vaibhav Tripathi, learned counsel for Syndicate Bank.
The petitioner has preferred this petition aggrieved by the notice of demand dated 23.01.2019 issued under Sections 13(2) & 13(4) of SARFAESI Act whereby a sum of Rs.9,61,828/- has been demanded from the petitioner as outstanding on 31.03.2018.
Learned counsel for the petitioner at the very outset submits that the petitioner is ready and willing to pay the entire amount provided some reasonable time is allowed to pay the same and installments are fixed.
Learned counsel for the bank is also interested in getting the amount cleared at the earliest and to avoid any further proceedings.
In view of the aforesaid facts and circumstances, the writ petition is disposed off with the direction to the petitioner to deposit a sum of Rs.1,61,828/- by 31st October, 2019 and the balance amount of Rs.8 lacs in four installments of Rs.2 lacs each payable in the months of December, 2019, February, 2020, April, 2020 and June, 2020. Last installment would adjust any amount which the petitioner may have deposited after 31.03.2018 and may also include any interest that may have accrued on it after the said date.
In the event of default in payment of any installment, the benefit of this order would come to an end automatically.
Order Date :- 26.9.2019 S.Sharma