Hon'ble Mrs. Sunita Agarwal,J.
It appears that the petitioner took loan from the respondent nos. 4 and 5 for purchasing a Truck.
The petitioner purchased a Truck bearing Registration No. UP 72 F 9756.
According to the respondent nos. 4 and 5, the petitioner committed default in payment of instalments in respect of the said loan, and consequently the aforesaid Truck was repossessed by the respondent nos. 4 and 5.
The case of the petitioner is that the possession of the aforesaid Truck was taken by the respondent nos. 4 and 5 without complying with the guidelines laid down by the Reserve Bank of India in this regard.
After the arguments of both the sides concluded on 29.3.2012, Shri Umesh Vats, learned counsel for the respondent nos. 4 and 5 prayed for adjournment of the case so that efforts could be made for arriving at settlement between the parties.
The case was, thereafter, put-up on various dates, as mentioned in the Order-Sheet.
Lastly, by the Order dated 11.4.2012, the case was directed to be put-up on 12.4.2012, i.e., today.
The case has accordingly been put up today.
Shri Bhola Nath Yadav, learned counsel for the petitioner and Shri Umesh Vats, learned counsel for the respondent nos. 4 and 5, are present.
Shri Bhola Nath Yadav, learned counsel for the petitioner and Shri Umesh Vats, learned counsel for the respondent nos. 4 and 5 state that instead of deciding the Writ Petition on merits, the Writ Petition may be disposed of with the following terms, conditions and directions:
(1) The petitioner will now be required to pay total amount of Rs. 2,92,318/- towards full and final payment in respect of the aforesaid loan.
(2) On or before 14th May, 2012, the petitioner will pay to the respondent nos. 4 and 5 an amount of Rs. 1,06,265/-. However, out of the said amount of Rs. 1,06,265/-, the petitioner will be entitled to deduct an amount of Rs. 40,000/- towards repairing of the aforesaid Truck, and thus, the petitioner will deposit an amount of Rs. 66,265/- only towards the first instalment.
(3) On receipt of the aforesaid amount of Rs. 66,265/- from the petitioner, the respondent nos. 4 and 5 will handover the possession of the aforesaid Truck to the petitioner within 48 hours of the receipt of the said amount.
(4) Balance amount i.e. Rs. 2,92,318/- minus Rs. 1,06,265/-, i.e., Rs. 1,86,053/- will be paid by the petitioner to the respondent nos. 4 and 5 as per the following schedule:
a. Rs. 26,579/- on or before 16th July, 2012.
b. Rs. 26,579/- on or before 16th August, 2012.
c. Rs. 26,579/- on or before 17th September, 2012.
d. Rs. 26,579/- on or before 17th October, 2012.
e. Rs. 26,579/- on or before 20th November, 2012.
f. Rs. 26,579/- on or before 18th December, 2012.
g. Rs. 26,579/- on or before 21st January, 2013.
(5) Alongwith the first instalment to be paid on or before 14th May, 2012, as mentioned in Condition No. 2 above, the petitioner will handover to the respondent nos. 4 and 5, Post Dated Cheques in respect of the aforesaid seven instalments mentioned in Condition No. 4 above.
(6) In the event of default on the part of the petitioner in making payment of any of the instalments as mentioned in Condition No. 4 above, this order will stand automatically vacated, and the respondent nos. 4 and 5 will be entitled to initiate proceedings against the petitioner in accordance with law, including proceedings for repossession of the aforesaid Truck in accordance with law and the guidelines laid down by the Reserve Bank of India, for recovery of the balance amount out of the aforesaid amount of Rs. 2,92,318/- after adjusting the amounts already paid by the petitioner.
(7) In case all the instalments are paid in accordance with the schedule laid down above, the respondent nos. 4 and 5 will issue No-Dues Certificate as well as relevant Form/Document regarding release the vehicle from hypothication to the petitioner within three weeks of the payment of the last instalment.
(8) The petitioner as well as the respondent nos. 4 and 5 through their respective learned counsel undertake to perform their respective part of the aforesaid arrangement.
In view of the statement made above, we dispose of the present Writ Petition, without going into the merits thereof, with the aforesaid terms, conditions and directions.
It is made clear that this Court has not adjudicated upon the claim of the petitioner on merits.
Order Date :- 12.4.2012 Ajeet