Disposed

Mankesh Kumar and 2 Others v. State of U P and 2 Others

Allahabad HC25 Jul 2018WRIC/24262/2018

Case brief

AI extract

What is this about?

The High Court stayed recovery proceedings against a bank loan petitioner who could not repay on time. The court sanctioned repayment via eight equal installments and directed the bank to waive recovery charges upon compliance with this scheme.

What did the court decide?

Recovery proceedings stayed pending payment via installments; recovery charges waived upon compliance; respondent bank to furnish account statement after first installment.

Mankesh Kumar and 2 Others 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. - 24262 of 2018

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Petitioner :- Mankesh Kumar And 2 Others Respondent :- State Of U P And 2 Others Counsel for Petitioner :- Juned Alam Counsel for Respondent :- C.S.C.,Krishna Mohan Asthana

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Hon'ble Mrs. Sunita Agarwal,J.

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Heard learned counsel for the petitioners, learned Standing counsel and Sri K.M.Asthana,learned counsel for the respondent Bank.

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The petitioners had taken a loan and were 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 petitioners contend that they are 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 petitioners provided they repay 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 petitioners pay the entire outstanding amount with upto date interest in eight equal installments to be deposited before the revenue authorities.

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(2) The first installment shall be paid on or before 26th September, 2018.

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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 petitioners till date and the balance amount payable.

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(4) Rest of the amount shall be deposited by the petitioners in seven quarterly installments.

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

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(6) The petitioners shall make deposit of the last installment

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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 petitioners make deposit as per the schedule above, no recovery charges shall be realised from them.

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Order Date :- 25.7.2018 Pratima

Mankesh Kumar and 2 Others v. State of U P and 2 Others

Case brief

What is this about?

What did the court decide?

Mankesh Kumar and 2 Others v. State of U P and 2 Others

Case brief

What is this about?

What did the court decide?

What the court decided

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