Disposed

Anil Kumar Chaturvedi v. State of U.P. and 3 Others

Allahabad HC20 Jul 2023WRIC/20972/2023

Case brief

AI extract

What is this about?

The High Court disposed of a writ petition challenging SARFAESI Act proceedings by settling the dues amount. The petitioner was directed to pay a part sum immediately and the balance in installments to stay coercive action, pending the Bank's withdrawal of measures upon compliance.

What did the court decide?

Petitioner directed to deposit Rs.3 Lakhs within a month and pay balance in two bi-monthly installments; coercive action stayed upon payment.

Anil Kumar Chaturvedi Vs State of U.P. and 3 Others — Banking and Recovery | Allahabad HC (2023)

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Neutral Citation No. - 2023:AHC:144944-DB

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Court No. - 46 Case :- WRIT - C No. - 20972 of 2023

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Petitioner :- Anil Kumar Chaturvedi Respondent :- State Of U.P. And 3 Others Counsel for Petitioner :- Raj Kumar Singh Counsel for Respondent :- C.S.C.

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Hon'ble Ashwani Kumar Mishra,J. Hon'ble Syed Aftab Husain Rizvi,J.

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Petitioner has approached this Court challenging the proceeding initiated by the Bank under the SARFAESI Act only on the ground that the petitioner is willing to pay the entire amount due and payable to the Bank by him.

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Sri P.K. Sinha has entered appearance on behalf of the respondent Bank and submits that in the event petitioner is willing to repay the entire amount within two bi-monthly installments, the respondent Bank is willing to accept such amount together with interest. He also informs the Court that amount payable by petitioner, as on date, is Rs.11,04,381/-. He also submits that interest on the amount shall be payable for the future periods.

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Learned counsel for the petitioner readily accepts the proposal made by the learned counsel for the Bank.

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In view of the statement made above, this petition stands disposed of on following terms:-

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(i) Petitioner shall deposit Rs.3 lakhs of the dues payable to the Bank within a month from today.

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(ii) In the event such amount is deposited, the petitioner will be at liberty to pay the balance amount in two bi-monthly installments. No coercive action shall be taken against the petitioner for the above periods subject to its compliance.

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In the event such deposits are made, the Bank shall withdraw all coercive steps taken against the petitioner. However, in the event of any failure in complying with the above directions, the interim protection granted against coercive measures shall stand automatically vacated and the Bank shall be at liberty to proceed against the defaulter in accordance with law.

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Order Date :- 20.7.2023 SP/-

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Digitally signed by :- SANDEEP PAL High Court of Judicature at Allahabad

Anil Kumar Chaturvedi v. State of U.P. and 3 Others

Case brief

What is this about?

What did the court decide?

Anil Kumar Chaturvedi 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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