Disposed

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

Allahabad HC7 Aug 2018WRIC/26473/2018

Case brief

AI extract

What is this about?

High Court paused recovery proceedings for a bank loan default. It permitted installment repayment over six periods without incurring recovery charges, conditioned on timely deposits and provision of account statements.

What did the court decide?

Recovery proceedings stayed pending full repayment in six installments with interest; no recovery charges on compliance. Bank to provide account statement after first payment.

Kuldeep 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. - 26473 of 2018

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Petitioner :- Kuldeep Singh Respondent :- State Of U.P. And 2 Others Counsel for Petitioner :- Manoj Kumar Gautam Counsel for Respondent :- C.S.C.,Brahmanand Singh

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Hon'ble Mrs. Sunita Agarwal,J.

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Heard learned counsel for the petitioner, learned Standing counsel and Sri Brahmanand Singh 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 upto date interest in six equal installments to be deposited before the revenue authorities.

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(2) The first installment of Rs. 2,00,000/- shall be paid on or before 8th 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 petitioner till date and the balance amount payable.

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(4) Rest of the amount shall be deposited by the petitioner in five 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

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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 petitioner makes deposit as per the schedule above, no recovery charges shall be realised from him.

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Order Date :- 7.8.2018 Pratima

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

Case brief

What is this about?

What did the court decide?

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

Case brief

What is this about?

What did the court decide?

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