Court No. - 29
Case :- WRIT - C No. - 30467 of 2019 Petitioner :- M/S Vardan Trading Company Respondent :- State Of U.P. And 3 Others Counsel for Petitioner :- Abhishe Pandey Counsel for Respondent :- C.S.C.,Sanjai Singh
Hon'ble Pankaj Mithal,J. Hon'ble Saral Srivastava,J.
Heard learned counsel for the petitioner and learned counsel appearing for the Punjab National Bank.
The grievance of the petitioner is regarding the notices under Section 13(2) and 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 so as to recover a sum of Rs.25,44,376.52/- as on 01.01.2019.
Learned counsel for the petitioner accepts the liability to pay the aforesaid amount but submits that after adjusting the amount which the petitioner has deposited after 01.01.2019, some reasonable time may be allowed for depositing the entire amount.
Learned counsel for the bank is also more interested in getting the outstanding amount cleared rather than in prolonging the procedure.
Accordingly, in the interest of justice, we dispose off the writ petition with the direction to the petitioner to deposit a sum of Rs.5,44,376.52/- by 31st of October, 2019 and the balance amount of Rs.20 lacs in four equal installments of Rs.5 lac each payable in the months of December, 2019, February, 2020, April, 2020 and June, 2020.
In the last installment, any amount which the petitioner may have deposited or the amount of interest etc. which may have accrued on the aforesaid amount during this time, may be included and adjusted.
In the event of default in the payment of the above installments, the benefit of this order shall come to an end automatically.
The writ petition is disposed off.
Order Date :- 26.9.2019 Sattyarth