Disposed

Raghuvir Singh and 2 Others v. State of U.P. and 2 Others

Allahabad HC16 Jan 2023WRIC/1341/2023

Case brief

AI extract

What is this about?

In a writ petition, the High Court stayed further recovery proceedings by the bank against the petitioners regarding an agricultural loan default. The court imposed conditions requiring an initial 25% deposit and subsequent installment payments, allowing full repayment to stay the proceedings.

What did the court decide?

Further recovery proceedings kept in abeyance subject to deposit of 25% of outstanding amount and repayment of balance in four equal monthly installments.

Raghuvir Singh and 2 Others Vs State of U.P. and 2… — Banking and Recovery | Allahabad HC (2023)

¶1

Court No. - 34

¶2

Case :- WRIT - C No. - 1341 of 2023

¶3

Petitioner :- Raghuvir Singh And 2 Others Respondent :- State Of U.P. And 2 Others Counsel for Petitioner :- Satya Narayan Yadav Counsel for Respondent :- C.S.C.,Ashish Agrawal

¶4

Hon'ble Vipin Chandra Dixit,J.

¶5

Sri Pranjal Mehrotra, learned counsel has put in appearance on behalf of respondent no. 3 by filing his appearance slip which is taken on record.

¶6

Heard Sri Satya Narayan Yadav, learned counsel for the petitioners, learned Standing Counsel for the State-respondents and perused the record.

¶7

The petitioner herein seek for quashing of the impugned recovery notice dated 01.07.2022 amounting Rs. 13,18,150/issued by respondent no. 2 against the petitioners.

¶8

Learned counsel for the petitioners submits that the petitioner has taken loan for a sum of Rs. 12,50,000/- from the respondent no. 2 on 21.02.2017 for agriculture purposes. It is further submitted there was some default in depositing the loan amount so that the recovery proceeding was initiated by respondent no. 2 against the petitioners. Lastly, it is submitted by learned counsel for the petitioners, that the petitioners herein are ready and willing to repay the entire outstanding dues in easy installments, in case some reasonable time is provided to them.

¶9

Sri Pranjal Mehrotra, learned counsel appearing on behalf of respondent no.3 has no objection if the entire outstanding is deposited by the borrowers/petitioners within reasonable time.

¶10

In view of the contention of the learned counsel for the parties and having perused the record, it is provided that further proceeding undertaken by the bank for recovery of outstanding dues shall be kept in abeyance subject to the following conditions:-

¶11

(1) The petitioner shall deposit 25% of the total outstanding amount along with interest within a period of one month from today.

¶12

(2) On the said deposit, the bank shall be under obligation to provide the complete statement of account adjusting all the

¶13

deposits made by the petitioners till date and the outstanding dues with up-to-date interest.

¶14

(3) Rest of the outstanding shall be payable in four equal monthly installments.

¶15

(4) The last installment shall be paid with up-to-date interest.

¶16

In case of default on the part of the petitioners in making the payment as per the schedule mentioned above, it would be open for the respondent bank to proceed in accordance with law.

¶17

The writ petition is, accordingly, disposed of.

¶18

Order Date :- 16.1.2023 PS

¶19

Digitally signed by :- POOJA SHARMA High Court of Judicature at Allahabad

Raghuvir Singh and 2 Others v. State of U.P. and 2 Others

Case brief

What is this about?

What did the court decide?

Raghuvir Singh and 2 Others v. State of U.P. and 2 Others

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Sunny Singh Vs State of U.P. and Another

Smt.Shakuntala Devi Vs State of U.P. and 4 Others

Shri Ramesh Chandra Gupta vs Shri Ajay Sharma

Shani Vs State of U.P. and 3 Others

Akbar Ali Vs State of U P and 9 Others

Smt Soni and 4 Others Vs Presiding Officer and 5 Others