Allowed

Suresh Chandra v. State of U P and 3 Others

Allahabad HC5 May 2022WRIC/10938/2022

Case brief

AI extract

What is this about?

The court disposed of a writ petition challenging a bank's recovery citation. It allowed the petitioner to repay the entire due amount in installments over a period of years, subject to strict terms. Upon compliance, the bank cannot charge further penalties.

What did the court decide?

Petitioner directed to repay ₹10,08,024 and interest in installments over 4 years; on compliance, no further penalties or recovery charges allowed.

Suresh Chandra Vs State of U P and 3 Others — Execution and Attachment | Allahabad HC (2022)

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Court No. - 38

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Case :- WRIT - C No. - 10938 of 2022

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Petitioner :- Suresh Chandra Respondent :- State Of U P And 3 Others Counsel for Petitioner :- Naveen Kumar,Alok Sharma Counsel for Respondent :- C.S.C.,Anadi Krishna Narayana

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Hon'ble Saumitra Dayal Singh,J.

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Heard Mr. Naveen Kumar, learned counsel for the petitioner and Shri Sandeep Kumar Singh, learned counsel for the respondent Bank.

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Pursuant to the last order, learned counsel for the petitioner has obtained instructions. He states that petitioner is ready to repay the loan amount to the Bank in installments.

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Challenge has been made to the recovery citation issued against the petitioner by the respondent-Bank. Against the agricultural loan availed by the petitioner's father late Raja Ram being Rs.7,19,000/- and Rs.2,00,000/-. At present, the bank is claiming Rs. 10,08,024/- to be due against the petitioner together with due interest and other charges as on 20.04.2022.

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At the outset learned counsel for the petitioner states that loan of Rs.7,19,000/- and Rs.2,00,000/- have been availed by the petitioner's father. Owing to unforeseen circumstances, the petitioner could not repay the loan. In any case, the petitioner is desirous of liquidating his entire liability subject to latitude of time being granted. The bank has agreed to the same.

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In such circumstances, no useful purpose may be served in keeping the petition pending or for calling counter affidavit. Accordingly the present petition is disposed of with the consent of parties on the following terms:

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(i) The petitioner may deposit the entire amount of Rs. 10,08,024/- together with due interest directly with the respondent-Bank in ten installments.

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(ii) The first installment of Rs.2,08,024/- shall be paid on or before 15 June, 2022.

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(iii) Upon deposit of Rs.2,08,024/- by the petitioner, the respondent - Bank shall immediately communicate to the petitioner the exact amount being claimed from him including interest computation up to 20.04.2022 (on reducing balance).

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(iv) Petitioner shall thereafter deposit the remaining amount in equal quarterly installment of Rs.1,00,000/- each, which shall be paid on or before 15 September, 2022, 15 December, 2022, 15 March, 2023, 15 June, 2023, 15 September, 2023, 15

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December, 2023, 15 March, 2024 and 15 June, 2024 respectively. The amount of interest (if any) being claimed by the respondent - Bank may be paid, by way of last installment, on or before 15 September, 2024.

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(v) Any amount that may have been deposited by the petitioner pursuant to the impugned recovery citation, may be adjusted against the deposit to be made under this order.

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Subject to the petitioner complying with all the terms of this order, no further amount may be charged by the bank and no amount shall become due by way of penalty or recovery charges as the entire amount would have been paid in compliance of directions issued under Article 226 of the Constitution.

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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 :- 5.5.2022 Shiv

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Digitally signed by SHIV KUMAR SHARMA Date: 2022.05.05 16:11:40 IST Reason: Location: High Court of Judicature at Allahabad

Suresh Chandra v. State of U P and 3 Others

Case brief

What is this about?

What did the court decide?

Suresh Chandra v. State of U P and 3 Others

Case brief

What is this about?

What did the court decide?

What the court decided

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