Disposed

Radhey Shyam v. State of U.P. and 02 Others

Allahabad HC22 Nov 2018WRIC/38246/2018

Case brief

AI extract

What is this about?

In a writ petition concerning banking recovery proceedings, the court stayed the recovery process on the petitioner's contingent agreement to clear the outstanding loan amount with interest through a specified installment schedule.

What did the court decide?

Recovery proceedings stayed pending payment of dues as per the approved installment schedule; no recovery charges applicable if schedule is met.

Radhey Shyam Vs State of U.P. and 02 Others — Contract and Commercial Disputes | Allahabad HC (2018)

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Court No. - 36 Case :- WRIT - C No. - 38246 of 2018 Petitioner :- Radhey Shyam Respondent :- State Of U.P. And 02 Others Counsel for Petitioner :- Vinay Kumar 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 petitioner, learned Standing Counsel and Sri K.M. Asthana, 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 equal installments to be deposited before the bank authorities.

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(2) The first amount of Rs. 1,00,000/- shall be paid within a period of one month from today.

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(3) On the deposit of the aforesaid amount, 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 eight 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 :- 22.11.2018/Brijesh

Radhey Shyam v. State of U.P. and 02 Others

Case brief

What is this about?

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Radhey Shyam v. State of U.P. and 02 Others

Case brief

What is this about?

What did the court decide?

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