Partly allowed

Jai Shree v. State of U.P. and 3 Others

Allahabad HC17 Oct 2022WRIC/31077/2022

Case brief

AI extract

What is this about?

The Court disposed of a writ petition filed by Jai Shree challenging a recovery citation. By consent of parties, the court framed terms allowing the petitioner to settle the claimed bank dues through a schedule of installments, with protection from further penalties upon compliance.

What did the court decide?

The petitioner is granted time to pay the claimed amount via installments; upon compliance, no further penalties or recovery proceedings shall be initiated against the petitioner.

Jai Shree Vs State of U.P. and 3 Others — Contract and Commercial Disputes | Allahabad HC (2022)

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Court No. - 36

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Case :- WRIT - C No. - 31077 of 2022

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Petitioner :- Jai Shree Respondent :- State Of U.P. And 3 Others Counsel for Petitioner :- Sanjay Kumar Yadav Counsel for Respondent :- C.S.C.,Manoj Nigam

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Hon'ble Saumitra Dayal Singh,J.

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Heard Sri Sanjay Kumar Yadav, learned counsel for the petitioner, learned Standing Counsel for the State respondents and Mr 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 dairy loan of Rs. 1,50,000/-/-, the bank is claiming Rs. 4,06,395/- 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. 1,50,000/- has been availed by the petitioner for opening dairy. 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. 4,06,395/- together with due interest directly with the respondent-Bank in six installments.

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(ii) The first installment of Rs. 1,06,395/- shall be paid on or before 30 November 2022.

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(iii) Upon deposit of Rs. 1,06,395/- 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 January 2024 (on reducing balance).

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(iv) Petitioner shall thereafter deposit the remaining amount in four equal quarterly installment of Rs. 75,000/- each, which shall be paid on or before 28 February 2023, 31 May 2023, 31

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August 2023 and 30 November 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 29 February 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 :- 17.10.2022 Faraz

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Digitally signed by FARAZ AHMAD Date: 2022.10.18 14:11:13 IST Reason: Location: High Court of Judicature at Allahabad

Jai Shree v. State of U.P. and 3 Others

Case brief

What is this about?

What did the court decide?

Jai Shree v. State of U.P. and 3 Others

Case brief

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What did the court decide?

What the court decided

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