Disposed

Sudeshpal v. State of U.P. and 3 Others

Allahabad HC23 Jul 2018WRIC/24720/2018

Case brief

AI extract

What is this about?

In this writ petition, the petitioner who could not pay bank loan installments on time sought a stay on recovery proceedings. The court directed that recovery remain in abeyance if the petitioner repays the entire outstanding amount with interest in six equal installments within a specified period.

What did the court decide?

Recovery proceedings stayed if petitioner pays entire dues with interest in six equal installments, first installment due on 24.8.2018; default allows immediate recovery.

Sudeshpal Vs State of U.P. and 3 Others — Banking and Recovery | Allahabad HC (2018)

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Court No. - 36 Case :- WRIT - C No. - 24720 of 2018 Petitioner :- Sudeshpal Respondent :- State Of U.P. And 3 Others Counsel for Petitioner :- Virendra Kumar Jaiswal,Ashok Kumar Singh Counsel for Respondent :- C.S.C.,Fahd Iqbal

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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 Fahd Iqbal 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 equal installments to be deposited before the revenue authorities.

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(2) The first installment of Rs.50,000/- shall be paid on or before 24th August 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 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 :- 23.7.2018/Jyotsana

Sudeshpal v. State of U.P. and 3 Others

Case brief

What is this about?

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Sudeshpal v. State of U.P. and 3 Others

Case brief

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