Court No. - 29
Case :- WRIT - C No. - 41835 of 2018 Petitioner :- Shashi Kumar Pandey Respondent :- State Of U.P. And Another Counsel for Petitioner :- Mayank Srivastava,Manoj Kumar Bhatt Counsel for Respondent :- C.S.C.,Anadi Krishna Narayana
Hon'ble Pankaj Mithal,J. Hon'ble Pankaj Bhatia,J.
Heard learned counsel for the petitioner and learned counsel for the respondent-Bank of Baroda.
The petitioner has come up in this petition against the notice 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) for the realisation of Rs.4,07,576.51 paisa as on 06.11.2018 plus interest from the said date.
Learned counsel for the petitioner submits that he is ready and willing to make the payment but is unable to do it within 60 days allowed by the aforesaid notice. He will make the payment within some reasonable time if installments are fixed.
Learned counsel for the bank submits that as the property has not been advertised for sale and transfer has taken place, the petitioner may make the payment within a reasonable time as may be provided by the court to avoid the sale of the property.
In view of above and in the light of the provisions of Section 13(8) of the Act, we dispose of the writ petition with the direction to the petitioner to deposit a sum of Rs.1,07,576.51 paisa on or before 10th January, 2019 and the balance of Rs.3,00,000/- in three equal installments of Rs.1,00,000/- each payable by 10th February, 2019, 10th April, 2019 and 10th June, 2018. The last installment shall include the interest w.e.f.01.04.2018 till its payment and all other misc. charges if any.
In the event of default in payment of any installments the benefit of this order would come to an end and it will be open for the respondents to realise the entire amount in accordance with law.
The Writ Petition is disposed of.
Order Date :- 19.12.2018 piyush