Petitioner sought to restrain bank from demanding full dues and seeking instalment permission. Court dismissed writ petition citing existence of alternative remedy under SARFAESI Act and reiterating that instalment terms are contractual matters for negotiation between parties.
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Court No. - 39
Case :- WRIT - C No. - 34271 of 2018
Petitioner :- Dilip Dhameja Respondent :- Bank Of Baroda Govind Nagar Kanpur Nagar And Another
Counsel for Petitioner :- K.K. Tripathi Counsel for Respondent :- Anadi Krishna Narayana
Hon'ble B. Amit Sthalekar,J. Hon'ble Surya Prakash Kesarwani,J.
Heard Sri K.K. Tripathi, learned counsel for the petitioner and Sri Anadi Krishna Narayana, learned counsel for the respondents.
The petitioner in the writ petition is seeking a direction to the respondents not to insist or demand total dues of Rs. 25 Lakhs within four weeks of the Cash Credit Limit and the petitioner may be permitted to deposit Rs. 1 lakh per month with interest upto the year 2019. We find that the petitioner was issued notice under Section 13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short 'the SARFAESI Act').
If the petitioner is aggrieved by this notice he has a remedy of filing his objections under Section 13 (3A) of the SARFAESI Act. Even otherwise, it is not the business of the High Court to fix instalments for the petitioner as that is purely contractual matter between the petitioner and the Bank. The petitioner may file his objections and negotiate the amount and manner in which the amount is to be deposited with the Bank itself.
The writ petition is dismissed on the ground of alternative remedy.
Order Date :- 10.10.2018 Kirti
1 issue framed by the court
Whether the High Court can fix instalments for debt repayment or direct banks to allow partial deposits.
2 provisions across 1 enactments
Dilip Dhameja
Bank Of Baroda Govind Nagar Kanpur Nagar
Another
B. Amit Sthalekar
Surya Prakash Kesarwani
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
