Allowed

Ravindra Kumar Singh v. State of U.P Thru. Collector Sultanpur and 3 Others

Allahabad HC13 Jun 2022/3726/2022

Case brief

AI extract

What is this about?

The High Court granted liberty to the petitioner to repay a bank loan in installments instead of a lump sum. Staying the auction of the petitioner's property, the court directed a 25% deposit with balance in five quarterly installments. Default would result in loss of this order.

What did the court decide?

Petitioner granted liberty to repay loan in installments (25% deposit + 5 quarterly installments); auction stayed subject to compliance.

Ravindra Kumar Singh Vs State of U.P Thru. Collector… — Banking and Recovery | Allahabad HC (2022)

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Court No. - 7

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Case :- WRIT - C No. - 3726 of 2022

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Petitioner :- Ravindra Kumar Singh Respondent :- State Of U.P Thru. Collector Sultanpur And 3 Others Counsel for Petitioner :- O.P. Tiwari Counsel for Respondent :- C.S.C.,Sanjeev Kumar Singh

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Hon'ble Subhash Vidyarthi,J.

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Heard learned counsel for the petitioner and Shri Sanjeev Kumar Singh, learned counsel for the opposite party-Bank.

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By means of the instant writ petition, the petitioner has challenged the auction notice dated 06.06.2022 issued in furtherance of the notice dated 07.12.2021 issued by the Uttar Pradesh Sahkari Gram Vikas Bank Limited for recovery of amount of loan given to the petitioner's father alongwith interest thereof.

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At the outset, learned counsel for the petitioner states that the petitioner is willing to pay the amount of loan but as he cannot arrange the requisite sum in one lump sum, the petitioner is praying for liberty to repay the amount in installments.

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Learned counsel for the opposite party-Uttar Pradesh Sahkari Gram Vikas Bank Limited bank has no objection to the aforesaid prayer of the petitioner.

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Keeping in view the aforesaid submission, it is provided that the petitioner will deposit a sum of rupees equivalent to 25% of the amount due against him including interest thereon by 27th June, 2022 and he will repay the balance amount in 5 quarterly installments.

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The respondent-Bank will provide a statement of account to the petitioner within a week.

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As the petitioner is willing to repay the amount due against him, it is provided that his property will not be auctioned in furtherance of the notice dated 07.12.2021 as well as auction notice dated 06.06.2022. However, in case the petitioner makes default in paying the any of the installments, the benefit of this order will not be available to him.

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With the aforesaid direction, the writ petition is disposed of .

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Order Date :- 13.6.2022 Jaswant

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Digitally signed by JASWANT KUMAR Date: 2022.06.14 15:14:28 IST Reason: Location: High Court of Judicature at Allahabad, Lucknow Bench

Ravindra Kumar Singh v. State of U.P Thru. Collector Sultanpur and 3 Others

Case brief

What is this about?

What did the court decide?

Ravindra Kumar Singh v. State of U.P Thru. Collector Sultanpur and 3 Others

Case brief

What is this about?

What did the court decide?

What the court decided

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