Partly allowed

Amarjeet Singh v. State of U.P. and 2 Others

Allahabad HC24 Jul 2018WRIC/23429/2018

Case brief

AI extract

What is this about?

In this writ petition, the petitioner sought to stay recovery proceedings against him for a defaulted loan. The High Court allowed the petition, staying the proceedings if the petitioner deposits the outstanding amount with interest in specified installments within the stipulated timelines.

What did the court decide?

Recovery proceedings stayed pending payment of the entire outstanding amount with interest in six installments; no recovery charges if payments are made as per schedule.

Amarjeet Singh Vs State of U.P. and 2 Others — Banking and Recovery | Allahabad HC (2018)

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Court No. - 36

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Case :- WRIT - C No. - 23429 of 2018 Petitioner :- Amarjeet Singh Respondent :- State Of U.P. And 2 Others Counsel for Petitioner :- Bhupendra Kuamr Tripathi Counsel for Respondent :- C.S.C.,Neeraj Dwivedi

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Hon'ble Mrs. Sunita Agarwal,J.

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Heard learned counsel for the petitioner, learned Standing Counsel and Shri Neeraj Dwivedi, learned counsel for the respondent Bank.

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The petitioner had taken a loan and was unable to pay the installments on time. Consequently, recovery proceedings have been instituted to recover the balance amount.

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There is no illegality in the recovery proceeding but the petitioner contends that he is willing to pay the entire amount in installments.

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Learned Standing Counsel as well as counsel for the Bank are agreeable to the prayer made by the petitioner provided he repays the entire dues with interest regularly.

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Considering the aforesaid facts, the writ petition is disposed of with the following directions:-

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The recovery proceedings shall remain in abeyance provided;

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(1) The petitioner pays the entire outstanding amount with up-to-date interest in six installments to be deposited before the revenue authorities.

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(2) The first installment of Rs.2,00,000/- shall be paid within a period of 15 days and amount of Rs.7,00,000/- shall be deposited within a further period of one month.

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(3) On deposit of the first installment, the respondent bank would furnish the complete statement of accounts showing all the deposits which have been made by the petitioner till date and the balance amount payable.

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(4) Rest of the amount shall be deposited by the petitioner in equal quarterly installments.

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(5) Any amount already deposited shall be given adjustment.

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(6) The petitioner shall make deposit of the last installment along with upto-date interest.

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(7) In the event of default in any of the installments, it would be open to the respondents to recover the amount forthwith.

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(8) As only the citation has yet been issued and the recovery has not been proceeded with, it is,therefore, directed that, in case, the petitioner makes deposit as per the schedule above, no recovery charges shall be realised from him.

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Order Date :- 24.7.2018/Jyotsana

Amarjeet Singh v. State of U.P. and 2 Others

Case brief

What is this about?

What did the court decide?

Amarjeet Singh v. State of U.P. and 2 Others

Case brief

What is this about?

What did the court decide?

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