Disposed

Rishi Sharma and Another v. State of U.P. and Another

Allahabad HC18 Jan 2020WRIC/1665/2020

Case brief

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What is this about?

The High Court disposed of a writ petition filed by loan defaulters. It ordered payment of the total dues in five installments within a year. Recovery proceedings were kept in abeyance provided the installments are met, with no recovery charges if complied with.

What did the court decide?

Order to deposit the entire amount due to the bank in five installments. Recovery proceedings kept in abeyance during the period.

Rishi Sharma and Another Vs State of U.P. and Another — Banking and Recovery | Allahabad HC (2020)

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Court No. - 32

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Case :- WRIT - C No. - 1665 of 2020

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Petitioner :- Rishi Sharma And Another Respondent :- State of U.P. and Another Counsel for Petitioner :- Rajesh Sharma Counsel for Respondent :- C.S.C.,Ravindra Nath

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Hon'ble Shashi Kant Gupta,J. Hon'ble Piyush Agrawal,J.

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Heard Mr. Rajesh Sharma, learned counsel for the petitioners, learned counsel for the respondent Bank and learned Standing Counsel for the State respondents.

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Learned counsel for the petitioners does not dispute the amount which is sought to be recovered from them.

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Admittedly, the petitioners took loan from the respondent-Bank concerned out of which petitioners have not paid substantial amount.

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Learned counsel for the petitioners submits that the petitioners are ready to deposit the entire amount in easy installments. Learned counsel for the Bank states that the anxiety of the Bank is that the entire amount should be realised and has no objection if the installments are fixed in the matter by this Court.

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Accordingly, this 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 five installments.

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(ii) Petitioners shall deposit a sum of Rs. 10 lacs on or before 30.04.2020. Thus, the balance amount shall be deposited in four quarterly instalments, i.e. on 31st July, 2020, 30th October, 2020, 31st January, 2021 and 30th April, 2021 respectively.

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(iii) Petitioners may file an application for supply of statement of account along with the duly stamped self addressed envelope. In case any such application is filed, the bank will give the same to the petitioners after deposit of the first installment within fifteen days and in calculating the arrears, the amount (if any) already paid will be adjusted.

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(iv) If the entire amount is deposited by the petitioners as directed above, no recovery charges shall be realized from the petitioners.

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(v) Recovery proceedings during this period shall remain in abeyance. In case petitioners commit default in depositing any of the aforesaid installments within the stipulated period of time, it will be open to the respondents to start the recovery proceedings again by taking coercive process.

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(vi) If any fact stated by the petitioners are found to be incorrect, it will be open for the authorities to move an application for modification/recall of the order.

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Order Date :- 18.1.2020 Amit Mishra

Rishi Sharma and Another v. State of U.P. and Another

Case brief

What is this about?

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Rishi Sharma and Another v. State of U.P. and Another

Case brief

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