Shivam Chaurasia Vs Idbi Bank Limited Sharda Business Plaza

Court No. - 29

Case :- WRIT - C No. - 32580 of 2019

Petitioner :- Shivam Chaurasia Respondent :- Idbi Bank Limited Sharda Business Plaza Counsel for Petitioner :- Deepak Yadav,Yadvesh Yadav Counsel for Respondent :- Pranjal Mehrotra

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Hon'ble Pankaj Mithal,J. Hon'ble Vivek Agarwal,J.

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Heard learned counsel for the petitioner and Sri Deepak Kapoor, who has filed appearance on behalf of the IDBI Bank.

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The petitioner has come up in this writ petition against the notice dated 7.8.2019 issued under section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for the recovery of Rs. 5,37,435/-.

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The submission of the counsel for the petitioner is that so far no further notice under section 13(4) of the Act has been issued and that the petitioner is ready and willing to pay the entire amount as demanded with up to date interest provided some reasonable time is allowed for payment or installments be fixed.

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Learned counsel for the petitioner and the Bank also submit that the Bank is more interested in getting the amount rather than in prolonging the recovery proceedings.

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In view of the aforesaid facts and circumstances of the case, we dispose of the writ petition in the ends of justice with direction to the petitioner to deposit a sum of Rs. 1,37,435/- by 15.11.2019 and balance amount of Rs. 4,00,000/- shall be payable by the petitioner in four equal installments of Rs. One lakh each payable on or before 31.12.2019, 31.1.2020, 28.2.2020 and 31.3.2020 respectively. The last installment shall include up to date interest on the aforesaid outstanding amount, if any. In the event of default in payment of any of the installments, the benefit of this order will come to an end.

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The petition stands disposed off.

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Order Date :- 18.10.2019 S.K.S.

Shivam Chaurasia v. Idbi Bank Limited Sharda Business Plaza

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Shivam Chaurasia v. Idbi Bank Limited Sharda Business Plaza

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