This Single Judge disposed of a writ petition challenging a recovery notice by staying proceedings, allowing the petitioner to repay loan dues in equal installments within six months without recovery charges upon fulfilling terms.
Recovery proceedings stayed; recovery permitted in six equal installments; no recovery charges upon compliance.
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Court No. - 36
Case :- WRIT - C No. - 26359 of 2018
Petitioner :- Harveer Singh Respondent :- State Of U P And 3 Others Counsel for Petitioner :- Dinesh Kumar Singh Counsel for Respondent :- C.S.C.,Tarun Varma
Hon'ble Mrs. Sunita Agarwal,J.
Heard learned counsel for the petitioner,learned Standing Counsel and Sri Tarun Varma, learned counsel for the respondent-Bank.
The present petition is directed against the recovery notice dated 22.1.2018, which has been issued for recovery of outstanding dues namely a tractor loan to the tune of Rs. 7,76,763/- and KCC loan of Rs. 3,00,718/-.
Learned counsel for the petitioner submits that the petitioner is ready and willing to pay the entire amount.
So far as KCC loan is concerned, learned counsel for the petitioner is ready to pay 50,000/- within a period of one month and with respect to tractor loan, an amount of Rs. 2,00,000/within one month. Rest of the amount is requested to be realized in easy installments.
To the prayer of the petitioner to repay the loan in easy installments, learned counsel for the responent-bank raises no objection. However, he submits that the petitioner should deposit some money immediately to show his bonafide.
In view thereof, the present petition is disposed of with the following directions :-
The recovery proceedings shall remain in abeyance provided;
(1) The petitioner pays the entire outstanding amount with upto date interest in six equal installments to be deposited before the revenue authorities.
(2) The first installment of Rs. 2,00,000/- for tractor loan and Rs. 50,000/- for KCC loan shall be paid on or before 7th September, 2018.
(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.
(5) Any amount already deposited shall be given adjustment.
(6) The petitioner shall make deposit of the last installment along with upto date interest.
(7) In the event of default in any of the installments, it would be open to the respondents to recover the amount forthwith.
(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.
Order Date :- 6.8.2018
Pratima
1 issue framed by the court
Whether to stay recovery proceedings against a defaulting loan payer who IS ready and willing to pay outstanding dues in installments.
Harveer Singh
State Of U P
Bank
3 Others
Sunita Agarwal
As recorded by the court registry
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