Court No. - 3 Case :- WRIT - C No. - 18959 of 2021 Petitioner :- M/S Sharif Body Builder @ Repairs Respondent :- Bank Of Baroda And 2 Others Counsel for Petitioner :- Pankaj Kumar,Gautam Dubey Counsel for Respondent :- Anadi Krishna Narayana Hon'ble Naheed Ara Moonis,J. Hon'ble Saumitra Dayal Singh,J.
Heard Sri Kavindra Dwivedi, Advocate holding brief of Sri Pankaj Kumar, learned counsel for the petitioner and Sri Vijay Prakash Mishra, learned counsel for the respondents-Bank.
Challenge has been raised to the sale proclamation dated 9.9.2020 through e-auction dated 10.9.2020 issued by the respondents-Bank for recovery of its dues under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
At the outset learned counsel for the petitioner states that the petitioner is willing to deposit the entire amount being claimed by the respondents-Bank, in installment, if sometime is allowed.
On the other hand, learned counsel appearing for the respondents-Bank states that the Bank is only interested in the recovery of its dues. Thus, the Bank is agreeable if the entire amount of Rs. 7,15,499/- as on 9.8.2021 together with interest and other charges, as may be due, till date may be paid in installments.
In view of the offer made by the petitioner, no useful purpose would be served in keeping the present petition pending or calling for a counter affidavit, at this stage.
Accordingly, the present writ petition is disposed of with the following directions:
(i) The petitioner shall clear the entire arrears due, within the period of three months i.e. not later than 30 November 2021.
(ii) In discharge of dues, the petitioner shall deposit a sum of Rs.3,15,499/- with the respondent - Bank, on or before 30 September 2021 and the balance in two equal installments of Rs.2,00000/- each payable on or before 31 October 2021 and 30 November 2021.
(iii) Upon deposit of Rs.3,15,499/- made by the petitioner, the respondent - Bank shall immediately communicate to the petitioner the exact amount being claimed from him including interest computation up to 30 November 2021 (on reducing balance).
(iv) Petitioner shall thereafter deposit the remaining amount in two equal installments as above.
(v) The amount of interest being claimed by the respondent - Bank may be paid, by way of last installment, on or before 30 November 2021.
Subject to the continued compliance being made by the petitioner, the auction proceedings may be kept in abeyance so however that the attachment shall continue but the secured asset may not be auctioned and physical possession may not be disturbed.
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 :- 24.8.2021
M. Tariq