Disposed

Dayanand Pandey v. State of U P and 2 Others

Allahabad HC10 Nov 2021WRIC/26720/2021

Case brief

AI extract

What is this about?

The High Court disposed of the writ petition by directing the petitioner to deposit the outstanding bank loan in installments over eight months. Upon payment of the first installment, the bank was directed to issue a simplified account statement, after which the remaining balance must be paid in equal quarterly installments. Non-compliance would revive recovery proceedings.

What did the court decide?

petitioner directed to pay dues in installments; bank ordered to provide simplified account statement; non-compliance leads to revival of recovery proceedings.

Dayanand Pandey Vs State of U P and 2… — Contract and Commercial Disputes | Allahabad HC (2021)

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Court No. - 6

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Case :- WRIT - C No. - 26720 of 2021

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Petitioner :- Dayanand Pandey Respondent :- State Of U P And 2 Others Counsel for Petitioner :- Sandeep Kumar Singh Counsel for Respondent :- C.S.C.,Abhishek Mishra,Manoj Nigam

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Hon'ble Rohit Ranjan Agarwal,J.

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Heard Sri Sandeep Kumar Singh, learned counsel for the petitioner and Sri Manoj Nigam, learned counsel for the respondents-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 petitioner has prayed for quashing auction notice dated 19.8.2021 for Rs.3,52,210/- plus other charges. Sri Nigam, counsel for Bank states that outstanding as on 30.09.2021 is Rs.6,03,372/-.

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The petitioner had taken a loan of Rs.4,50,000/- for installing the mini dairy. It is admitted to the petitioner that a default has been committed by the petitioner in making timely repayments of that loan. Consequently, recovery proceedings have been initiated against him.

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Learned counsel for the petitioner submits that the petitioner is 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 petitioner deposits the amount within the time allowed by this Court, no further action shall be taken against the petitioner 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 petitioner shall deposit the entire amount due to the bank in eight installments beginning from 31.12.2021.

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ii) By way of first installment, the petitioner shall deposit

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Rs.1,50,000/- on or before the date 31.12.2021.

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(iii) On depositing the aforesaid amount of Rs.1,50,000/-, the respondent bank shall provide a statement of account to the petitioner within two weeks thereafter disclosing the exact amount disbursed by the bank as loan; exact amount/s repaid by the petitioner 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 petitioner.

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(iv) The bank shall in the statement so supplied, itself calculate & indicate the amount/s of each 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 petitioner through the remaining seven equal quarterly installments from 01.03.2022 onwards.

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(vi) If the entire amount is deposited by the petitioner as directed above, no recovery charge shall be realized from the petitioner.

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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 :- 10.11.2021 Kushal

Dayanand Pandey v. State of U P and 2 Others

Case brief

What is this about?

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Dayanand Pandey v. State of U P and 2 Others

Case brief

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