Court No. - 29
Case :- WRIT - C No. - 38721 of 2018 Petitioner :- M/S Satya Automobiles And 2 Others Respondent :- Bank Of Baroda Head Office Mandvi Road And 2 Others Counsel for Petitioner :- Umesh Kumar Dubey Counsel for Respondent :- Anadi Krishna Narayana
Hon'ble Pankaj Mithal, J. Hon'ble Pankaj Bhatia, J.
Heard Sri Umesh Kumar Dubey, learned counsel for the petitioners, Sri Anadi Krishna Narayana, learned counsel for the respondents.
The petitioners are facing recovery of Rs.12,17,572/- as on 31.12.2017 plus interest and other expanses. In respect of the aforesaid outstanding amount, proceedings under Sections 13(2) and 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, hereinafter referred to as 'the Act', have been initiated against them.
Learned counsel for the petitioners at the very outset submits that the petitioners are ready and willing to clear the entire outstanding dues within a reasonable time or as per the instalments fixed by the Court.
Sri Anadi Krishna Narayana, learned counsel appearing for the respondents has no objection if the amount is deposited by the petitioners within time as may be prescribed by the Court.
In the present case, till date no publication has been done regarding public auction of the secured assets of the petitioners.
In view of the above facts and circumstances of the case and coupled with the fact that sub section (8) of Section 13 of the Act provides that if the borrower clears the entire dues with all costs, charges and expenses at any time before the date of publication of the notice for public auction, the sale of the secured assets will not take place and the same will not be transferred, we direct the petitioners to deposit a sum of Rs.2,17,572/- within a period of one month from today and the balance amount of Rs.10 lacs be deposited by them in 10 monthly instalments of Rs. one lac each commencing from January 2019 and ending in October 2019. In the last instalment, the petitioners shall also add the amount of all miscellaneous expanses with up to date interest. In case the petitioners deposits the aforesaid amount of Rs.2,17,572/- as provided above, the recovery of the balance amount shall remain stayed and their secured assets would not be auctioned and transferred. In the event the petitioners default in the payment of any of the instalments, 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 :- 27.11.2018 Hasnain