M/S Khadi Gram Udyog Jan Sewa Sansthan and Another Vs State of U.P. and 3 Others

Court No. - 21

Case :- WRIT - C No. - 10180 of 2022

Petitioner :- M/S Khadi Gram Udyog Jan Sewa Sansthan And Another Respondent :- State Of U.P. And 3 Others Counsel for Petitioner :- Kuldeep Singh Chahar Counsel for Respondent :- C.S.C.

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Hon'ble Manoj Kumar Gupta,J. Hon'ble Chandra Kumar Rai,J.

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The petitioners have prayed for quashing of notice dated 06.01.2022 issued by Authorised Officer, UCO Bank in exercise of power under Rule 8(1) of the Rules framed under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 whereby the public in general has been informed not to deal with the property as the bank had taken its possession on 06.01.2022. The notice itself gives option to the borrower/guarantor to avail benefit of Section 13(8) of the Act in redeeming the secured assets.

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Counsel for the petitioners submitted that on account of various reasons beyond the control of the petitioners, they could not pay the loan amount. He submitted that the petitioners are ready to pay the entire sum to the bank in installments.

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Learned counsel for the respondent-bank submitted that the prayer for installment can be considered by the respondent bank in exercise of powers conferred under Section 13(8) of the Act.

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Accordingly, we dispose of the instant petition with liberty to the petitioners to approach the respondent-bank with

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their request to accept the entire amount, as contemplated under Section 13(8) of the Act, in installments and in which event, the respondent bank shall consider the said request sympathetically by passing a speaking order within next three weeks.

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The petition stands disposed of.

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(Chandra Kumar Rai, J.) (Manoj Kumar Gupta, J.)

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Order Date :- 7.6.2022 P Kesari

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Digitally signed by PRACHI KESARWANI Date: 2022.06.09 10:44:38 IST Reason: Location: High Court of Judicature at Allahabad

M/S Khadi Gram Udyog Jan Sewa Sansthan and Another v. State of U.P. and 3 Others

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M/S Khadi Gram Udyog Jan Sewa Sansthan and Another v. State of U.P. and 3 Others

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