Disposed

Rajendra Prasad v. State of U P and 3 Others

Allahabad HC7 Dec 2019WRIC/39797/2019

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What is this about?

Court disposed of writ petition in agricultural loan recovery dispute. Directed bank to provide account statement and installment details. Petitioner to deposit first installment by decree date preventing coercive recovery if stipulations met.

What did the court decide?

Bank directed to provide statement and installment details; petitioner directed to deposit first installment; no coercive recovery until default.

Rajendra Prasad Vs State of U P and 3 Others — Banking and Recovery | Allahabad HC (2019)

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Court No. - 5

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Case :- WRIT - C No. - 39797 of 2019

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Petitioner :- Rajendra Prasad Respondent :- State Of U P And 3 Others Counsel for Petitioner :- Rakesh Chandra Counsel for Respondent :- C.S.C.,Amrish Sahai

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Hon'ble Surya Prakash Kesarwani,J.

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Heard Sri Rakesh Chandra, learned counsel for the petitioner, learned standing counsel for respondent Nos.1 and 2 and Sri Amrish Sahai, learned counsel for the respondent Nos.3 and 4-Bank.

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Learned counsel for the petitioner states that the petitioner took agricultural loan of Rs.1,60,000/- (Loan A/c No.11720500002264) from the respondents-bank but he could not deposit the entire amount within time due to which a recovery certificate for Rs.2,83,389.57 has been issued. He states that the petitioner is ready and willing to deposit the entire amount of arrears and interest in four equal quarterly instalments.

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Learned counsel for the respondent Nos.3 and 4 - Bank states that the bank is ready and willing to accept the arrears of loan amount in four quarterly installments and in the event, first installment is paid by 31.12.2019 and the remaining three installments are paid regularly, then the Bank shall not proceed with the recovery.

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In view of the statement made by the learned counsel for the respondent Nos.3 and 4 - Bank, this writ petition is disposed of providing as under:-

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(i) The respondent bank shall give to the petitioner an upto date statement of account indicating the entire amount as may be due and payable as on 31.12.2019, within a week from today.

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(ii) The bank shall also intimate within a week from today the amount of each installment falling due on 31.12.2019, 31.3.2020, 30.6.2020 and 30.9.2020.

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(iii) The petitioner shall deposit the first installment by 31.12.2019 as may be indicated by the bank as aforesaid and shall continue to deposit the remaining installments as may be fixed by the respondent bank.

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(iv) On deposit of first installment, no coercive action for recovery shall be taken by the respondent bank. In the event, the petitioner fails to deposit any of the installment, the respondent bank shall be free to proceed to recover entire arrears in accordance with law.

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(v) In the event, the entire amount of arrears within a stipulated period as aforesaid is deposited by the petitioner, then after payment of the last installment and interest, the bank shall issue a No Dues Certificate to the petitioner.

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With the aforesaid directions as agreed by the parties, this writ petition is disposed of . Order Date :- 7.12.2019 NLY

Rajendra Prasad v. State of U P and 3 Others

Case brief

What is this about?

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Rajendra Prasad v. State of U P and 3 Others

Case brief

What is this about?

What did the court decide?

What the court decided

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