Disposed

Raghav Sharan Pandey v. Collector/Distt. Magistrate, Gonda and 2 Others

Allahabad HC20 Dec 2022/9193/2022

Case brief

AI extract

What is this about?

This High Court disposed of a writ petition seeking quashing of a bank notice. The court directed the petitioner to pay Rs. 1.5 lakh upfront, followed by quarterly installments, forbade coercive measures for compliance, and allowed the bank to recover with interest from the notice date.

What did the court decide?

Petitioner to pay Rs. 1.5 lakh upfront; balance and interest in eight quarterly installments; no coercive measures if terms are met; bank to fix installment frequency.

Raghav Sharan Pandey Vs Collector/Distt… — Contract and Commercial Disputes | Allahabad HC (2022)

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Court No. - 20

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Case :- WRIT - C No. - 9193 of 2022

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Petitioner :- Raghav Sharan Pandey Respondent :- Collector/Distt. Magistrate, Gonda And 2 Others Counsel for Petitioner :- Pankaj Kumar Singh Counsel for Respondent :- C.S.C.,Ankit Srivastava

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Hon'ble Manish Kumar,J.

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Vakalatnama filed by Sri Jitendra Kumar Pandey, Advocate on behalf of respondent no. 2 is taken on record.

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The present writ petition has been preferred for quashing of the recovery/demand notice dated 29.01.2020 issued by the respondent no. 2 i.e. the Bank to the tune of Rs. 6,37,370/- plus interest and to provide correct statement of account to the petitioner to enable him to deposit the actual due amount and to further direct not to adopt coercive measures in realization of due amount and accept the same in easy installments.

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Learned counsel for the petitioner submitted that the petitioner had taken a loan of Rs. 4,50,000/- on 20.10.2012 for purchase of agricultural instruments. It is further submitted that due to unavoidable and unforeseen circumstances, the petitioner could not pay the installments within time.

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Learned counsel for the petitioner on the basis of instructions has stated that petitioner is ready to pay the entire outstanding loan amount in easy installments as stipulated by this Court.

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The learned counsel appearing for the Bank has no objection if directions to pay the entire outstanding loan amount in easy installments with interest from the date of recovery/demand notice dated 29.01.2020 till the payment of last installment.

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Accordingly, this writ petition is finally disposed of with the following directions:-

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(i) The petitioner shall deposit a sum of Rs. 1,50,000/- within one month from today.

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(ii) The respondent Bank shall inform the petitioner in regard to the amount of quarterly installments within a period of two weeks from the date of deposit of Rs. 1,50,000/-.

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(iii) Rest of the outstanding amount including the interest thereon from 21.02.2023 till the date of last installment shall be

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deposited in eight equal quarterly installments.

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(iv) It is further provided that the last installment under this order shall include the accrued amount of interest by that date.

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(v) In case, the petitioner abides by the terms of this order, no coercive measures shall be taken against the petitioner.

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In case, any default of this order is committed by the petitioner, it shall be open to the respondent-Bank to proceed against him by taking all measures including coercive measures, which may be available under the law.

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Order Date :- 20.12.2022 Nitesh

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Digitally signed by NITESH KUMAR TEWARY Date: 2022.12.20 17:52:20 IST Reason: Location: High Court of Judicature at Allahabad, Lucknow Bench

Raghav Sharan Pandey v. Collector/Distt. Magistrate, Gonda and 2 Others

Case brief

What is this about?

What did the court decide?

Raghav Sharan Pandey v. Collector/Distt. Magistrate, Gonda and 2 Others

Case brief

What is this about?

What did the court decide?

What the court decided

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