Disposed

Ran Vijay Singh and Another v. State of U.P. and 3 Others

Allahabad HC12 Dec 2018WRIC/41017/2018

Case brief

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What is this about?

High Court disposed of a writ petition seeking quashing of a bank recovery notice. The court directed the petitioners to deposit the dues in installments, with the bank providing a simplified account statement and waiving recovery charges for farmer borrowers who adhere to the scheme. Default would revive proceedings.

What did the court decide?

Petitioners directed to deposit loan dues in eight installments; bank to provide simplified account statement; recovery charges waived on compliance; default revives proceedings.

Ran Vijay Singh and Another Vs State of… — Contract and Commercial Disputes | Allahabad HC (2018)

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Court No. - 7

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Case :- WRIT - C No. - 41017 of 2018

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Petitioner :- Ran Vijay Singh And Another Respondent :- State Of U.P. And 3 Others Counsel for Petitioner :- Sheetala Prasad Pandey Counsel for Respondent :- C.S.C.,Gyan Prakash Shrivastava

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Hon'ble Saumitra Dayal Singh,J.

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Heard Sri Sheetala Prasad Pandey, learned counsel for the petitioners and Sri Gyan Prakash Shrivastava, learned counsel for respondent-bank.

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With the consent of learned counsel for the parties, this writ petition is being finally disposed of at this stage without calling for a counter affidavit.

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By this writ petition, the petitioners have prayed for quashing the impugned notice dated 22.11.2018 for Rs. 8,25,188/- plus other charges.

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The petitioners had taken a loan of Rs. 4,00,000/- for the purpose of purchasing a tractor in the year 2010. It is admitted to the petitioners that a default has been committed by them in making timely repayments of that loan. Consequently, recovery proceedings have been initiated against them.

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Learned counsel for the petitioners submits that the petitioners are ready to deposit the entire recovery amount within the time fixed by this Court.

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Learned counsel appearing for the bank fairly states that the bank is interested in realizing the entire amount alongwith interest. If the petitioners deposit the amount within the time allowed by this Court, no further action shall be taken against them by the bank.

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On the facts and circumstances of the case and in the interest of justice, the writ petition is disposed of with the following directions:

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(i) The petitioners shall deposit the entire amount due to the bank in eight installments.

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(ii) By way of first installment, the petitioners shall deposit Rs. 1,00,000/- on or before 31.01.2019.

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(iii) On depositing the aforesaid amount of Rs. 1,00,000/the respondent bank shall provide a statement of account to the petitioners within two weeks thereafter disclosing the exact amount disbursed by the bank as loan; exact amount/s repaid by the petitioners together with dates of deposit; rate of interest and amount/s of interest charged by the bank. Such statement be expressed in such terms/language as may be easy to comprehend even by a lay-man such as the petitioners.

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(iv) The bank shall in the statement so supplied, itself calculate & indicate the amount/s of each remaining installment together with the date of payments due.

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(v) Thus, the balance amount so indicated by the bank shall be deposited by the petitioners through the remaining seven equal quarterly installments beginning 31.03.2019.

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(vi) If the entire amount is deposited by the petitioners as directed above, no recovery charge shall be realized from the petitioners as admittedly, they are farmer in default.

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(vii) In case of default of the conditions as mentioned above, the present order shall stand automatically vacated and recovery proceedings shall revive from that stage.

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Order Date :- 12.12.2018 Israr

Ran Vijay Singh and Another v. State of U.P. and 3 Others

Case brief

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Ran Vijay Singh and Another v. State of U.P. and 3 Others

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