Dismissed

Brajesh Kumar v. the State of U.P. and 3 Others

Allahabad HC7 Dec 2019WRIC/40194/2019

Case brief

AI extract

What is this about?

Petitioner challenged recovery proceedings under an agricultural loan agreement. The court recorded mutual agreement on installment payment terms. Petitioner was directed to deposit installments to avoid coercive recovery.

What did the court decide?

Petitioner to be granted written settlement terms for installment repayment; no coercive recovery to be initiated upon initial deposit; No Dues Certificate to be issued after full clearance.

Brajesh Kumar Vs the 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. - 40194 of 2019

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Petitioner :- Brajesh Kumar Respondent :- The State Of U.P. And 3 Others Counsel for Petitioner :- Gaurav Sharma Counsel for Respondent :- C.S.C.,Manoj Nigam

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Hon'ble Surya Prakash Kesarwani,J.

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Heard Sri Gaurav Sharma, learned counsel for the petitioner, learned standing counsel for respondent State-respondents and Sri Manoj Nigam, learned counsel for the respondent No.4Bank.

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Learned counsel for the petitioner states that the petitioner took agricultural loan of Rs.80,000/- in the year 2011 for purchasing buffaloes. He could deposit only Rs.28,500/-, therefore, the recovery certificate of Rs.1,46,630/- has been issued by the respondent No.4Bank against the petitioner. 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 No.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. He further states that if there is any scheme of some waiver or deduction in rate of interest, then its benefit shall also be extended to the petitioner provided that he is entitled for that.

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In view of the statement made by the learned counsel for the respondent No.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

Brajesh Kumar v. the State of U.P. and 3 Others

Case brief

What is this about?

What did the court decide?

Brajesh Kumar v. the 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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