Disposed

Narendra Singh v. State of U P and 3 Others

Allahabad HC11 Jul 2022WRIC/13325/2022

Case brief

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What is this about?

Petitioner sought quashing of a recovery citation issued against him by a Bank. The Court disposed of the petition with consent, allowing repayment of the principal amount in installments while barring future penalties provided terms are met.

What did the court decide?

Recovery citation set aside subject to payment of principal in installments; bank barred from charging further amounts upon compliance.

Narendra Singh Vs State of U P and 3 Others — Consumer Protection | Allahabad HC (2022)

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Court No. - 38

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Case :- WRIT - C No. - 13325 of 2022

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Petitioner :- Narendra Singh Respondent :- State Of U P And 3 Others Counsel for Petitioner :- Abhishek Mayank,Abhishek Srivastava Counsel for Respondent :- C.S.C.,Manoj Nigam

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Hon'ble Saumitra Dayal Singh,J.

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Heard Sri Abhishek Srivastava, learned counsel for the petitioner and Sri Manoj Nigam, learned counsel for the respondent-bank.

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Challenge has been made to the recovery citation issued against the petitioner by the respondent-Bank. Against a loan of Rs.4,00,000/-, the bank is claiming Rs.9,77,100/- to be due against the petitioner together with due interest and other charges.

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At the outset learned counsel for the petitioner states that loan of Rs.4,00,000/- has been availed by the petitioner for agricultural purposes. 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.9,77,100/- together with due interest directly with the respondent-Bank in ten installments.

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(ii) The first installment of Rs.1,77,100/- shall be paid on or before 15 August 2022.

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(iii) Upon deposit of Rs.1,77,100/- by the petitioner, the respondent - Bank shall immediately communicate to the petitioner the exact amount being claimed from him including interest computation up to 15 August 2024 (on reducing balance).

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(iv) Petitioner shall thereafter deposit the remaining amount in eight equal quarterly installment of Rs.1,00,000/- each, which shall be paid on or before 15 November 2022, 15 February 2023, 15 May 2023, 15 August 2023, 15 November 2023, 15 February 2024, 15 May 2024 and 15 August

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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 November 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 :- 11.7.2022 S.Chaurasia

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Digitally signed by SHUBHAM CHAURASIA Date: 2022.07.11 18:30:17 IST Reason: Location: High Court of Judicature at Allahabad

Narendra Singh v. State of U P and 3 Others

Case brief

What is this about?

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Narendra Singh v. State of U P and 3 Others

Case brief

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What did the court decide?

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