Allowed

Gurpreet Singh v. State of U.P. and 3 Others

Allahabad HC6 Jul 2022WRIC/18185/2022

Case brief

AI extract

What is this about?

The High Court disposed of a writ petition challenging a bank recovery citation on consent. The petitioner was ordered to repay the detained loan principal and interest in specific installments, securing immunity from further penalties upon full compliance.

What did the court decide?

Petitioner directed to repay loan principal and interest in installments; no further penalty/charges upon compliance.

Gurpreet Singh Vs State of U.P. and 3 Others — Banking and Recovery | Allahabad HC (2022)

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Court No. - 38

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Case :- WRIT - C No. - 18185 of 2022

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Petitioner :- Gurpreet Singh Respondent :- State Of U.P. And 3 Others Counsel for Petitioner :- Ram Yash Maurya,Mamta Maurya Counsel for Respondent :- C.S.C.,Anadi Krishna Narayana

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Hon'ble Saumitra Dayal Singh,J.

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Heard Shri Sudhakar Yadav, Advocate, holding brief of learned counsel for the petitioner and Shri Sandeep Kumar Singh, 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. 4,75,000/-, the bank is claiming Rs. 4,60,040/- (as on 1.2.2018) 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. 4,75,000/- has been availed by the petitioner. 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. 4,60,040/- together with due interest directly with the respondent-Bank in five installments.

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(ii) The first installment of Rs. 1,60,040/- shall be paid on or before 15 August 2022.

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(iii) Upon deposit of Rs. 1,60,040/- by the petitioner, the respondent - Bank shall immediately communicate to the petitioner the exact amount being claimed from him including interest computation up to 31 July 2023 (on reducing balance).

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

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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 :- 6.7.2022

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Prakhar

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Digitally signed by PRAKHAR SRIVASTAVA Date: 2022.07.07 10:35:35 IST Reason: Location: High Court of Judicature at Allahabad

Gurpreet Singh v. State of U.P. and 3 Others

Case brief

What is this about?

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Gurpreet Singh v. State of U.P. and 3 Others

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